1 Exhibit Index on Page 6 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): September 3, 1999 Commission File Number: 1-11954 VORNADO REALTY TRUST (Exact name of registrant as specified in its charter) MARYLAND 22-1657560 (State or other jurisdiction of incorporation) (I.R.S. employer identification number) PARK 80 WEST, PLAZA II, SADDLE BROOK, NEW JERSEY 07663 (Address of principal executive offices) (Zip Code) (201) 587-1000 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report)
2 ITEMS 1-4. NOT APPLICABLE ITEM 5. OTHER EVENTS ISSUANCE OF SERIES D-3 PREFERRED UNITS BY VORNADO REALTY L.P. On September 3, 1999, Vornado Realty L.P., a Delaware limited partnership through which Vornado Realty Trust conducts its business (the "Operating Partnership"), sold $200 million of Series D-3 Preferred Units of limited partnership interest (the "Series D-3 Preferred Units") to an institutional investor in a private placement, resulting in net proceeds of $194.5 million. The Series D-3 Preferred Units are perpetual and may be redeemed without penalty in whole or in part by the Operating Partnership at any time on or after September 3, 2004 for cash equal to $25 per Series D-3 Preferred Unit and any accumulated and unpaid distributions owing in respect of the Series D-3 Preferred Units being redeemed. At any time on or after the Series D-3 Effective Date (as defined below), holders of Series D-3 Preferred Units will have the right to have their Series D-3 Preferred Units redeemed by the Operating Partnership for (i) cash equal to the holder's capital account after the carrying values of all Operating Partnership assets are adjusted pursuant to the limited partnership agreement of the Operating Partnership and the holder's capital account is adjusted accordingly for the Series D-3 Preferred Units being redeemed or (ii) at the option of Vornado Realty Trust, one Series D-3 8.25% Cumulative Redeemable Preferred Share of Beneficial Interest (liquidation preference $25 per share), no par value (the "Series D-3 Preferred Shares"), of Vornado Realty Trust for each Series D-3 Preferred Unit redeemed. The "Series D-3 Effective Date" means the sooner of (i) September 3, 2009, (ii) the first business day following any period in which the Operating Partnership has failed to make full distributions in respect of the Series D-3 Preferred Units for six quarters, whether or not consecutive, (iii) the first business day following receipt by the holder of the Series D-3 Preferred Units of either notice from Vornado Realty Trust, or an opinion of counsel, that the Operating Partnership is or likely is a "publicly-traded partnership," as defined in the Internal Revenue Code of 1986, as amended, and (iv) the first business day following the date on which the institutional investor to which the Series D-3 Preferred Units were issued reasonably determines that there is an imminent and substantial risk that the Series D-3 Preferred Units held by it represent or will represent 19.5% or more of the total profits or capital interests in the Operating Partnership for a taxable year. The Series D-3 Preferred Shares will be perpetual and will be redeemable at the option of Vornado Realty Trust at any time on and after September 3, 2004 for cash equal to $25 per Series D-3 Preferred Share plus dividends accumulated and unpaid prior to the date of redemption. No Series D-3 Preferred Shares are now outstanding. Vornado Realty Trust and the purchaser of the Series D-3 Preferred Units have entered into a registration rights agreement with respect to the Series D-3 Preferred Shares that may be issued upon redemption of Series D-3 Preferred Units. -2-
3 ISSUANCE OF SERIES D-4 PREFERRED UNITS BY THE OPERATING PARTNERSHIP Also on September 3, 1999, the Operating Partnership sold $125 million of Series D-4 Preferred Units of limited partnership interest (the "Series D-4 Preferred Units") to another institutional investor in a private placement, resulting in net proceeds of approximately $122 million. The Series D-4 Preferred Units are perpetual and may be redeemed without penalty in whole or in part by the Operating Partnership at any time on or after September 3, 2004 for cash equal to $25 per Series D-4 Preferred Unit and any accumulated and unpaid distributions owing in respect of the Series D-4 Preferred Units being redeemed. At any time on or after the Series D-4 Effective Date (as defined below), holders of Series D-4 Preferred Units will have the right to have their Series D-4 Preferred Units redeemed by the Operating Partnership for (i) cash equal to $25 for each Series D-4 Preferred Unit and any accumulated and unpaid distributions owing in respect of the Series D-4 Preferred Units being redeemed or (ii) at the option of Vornado Realty Trust, one 8.25% Series D-4 Cumulative Redeemable Preferred Share of Beneficial Interest, no par value (the "Series D-4 Preferred Shares"), of Vornado Realty Trust for each Series D-4 Preferred Unit redeemed. The "Series D-4 Effective Date" means the sooner of (i) September 3, 2009, (ii) the first business day following any period in which the Operating Partnership has failed to make full distributions in respect of the Series D-4 Preferred Units for six quarters, whether or not consecutive, (iii) the first business day following receipt by the holder of the Series D-4 Preferred Units of either notice from Vornado Realty Trust, or an opinion of counsel, that the Operating Partnership is or likely is a "publicly-traded partnership," as defined in the Internal Revenue Code of 1986, as amended, and (iv) the first business day following the date on which the institutional investor to which the Series D-4 Preferred Units were issued reasonably determines, or delivers to Vornado Realty Trust an opinion of counsel, that there is an imminent and substantial risk that the Series D-4 Preferred Units held by it represent or will represent 19.5% or more of the total profits or capital interests in the Operating Partnership for a taxable year and Vornado Realty Trust agrees with such conclusion, such agreement not to be unreasonably withheld. The Series D-4 Preferred Shares will be perpetual and will be redeemable at the option of Vornado Realty Trust at any time on and after September 3, 2004 for cash equal to $25 per Series D-4 Preferred Share plus dividends accumulated and unpaid prior to the date of redemption. No Series D-4 Preferred Shares are now outstanding. Vornado Realty Trust and the purchaser of the Series D-4 Preferred Units have entered into a registration rights agreement with respect to the Series D-4 Preferred Shares that may be issued upon redemption of Series D-4 Preferred Units. ITEM 6. NOT APPLICABLE -3-
4 ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. The following exhibits are furnished in accordance with the provisions of Item 601 of Regulation S-K: Exhibit No. Description - ----------- ----------- 3.1 Articles Supplementary to Declaration of Trust of Vornado Realty Trust with respect to the Series D-3 Preferred Shares, dated September 3, 1999, as filed with the State Department of Assessments and Taxation of Maryland on September 3, 1999 3.2 Articles Supplementary to Declaration of Trust of Vornado Realty Trust with respect to the Series D-4 Preferred Shares, dated September 3, 1999, as filed with the State Department of Assessments and Taxation of Maryland on September 3, 1999 3.3 Ninth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of September 3, 1999 3.4 Tenth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of September 3, 1999 99.1 Press release of Vornado Realty Trust, dated September 3, 1999 ITEM 8. NOT APPLICABLE -4-
5 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VORNADO REALTY TRUST (Registrant) By: /s/ Irwin Goldberg --------------------------------- Name: Irwin Goldberg Title: Vice President, Chief Financial Officer Date: October 25, 1999 -5-
6 Index to Exhibits Exhibit No. Description - ----------- ----------- 3.1 Articles Supplementary to Declaration of Trust of Vornado Realty Trust with respect to the Series D-3 Preferred Shares, dated September 3, 1999, as filed with the State Department of Assessments and Taxation of Maryland on September 3, 1999 3.2 Articles Supplementary to Declaration of Trust of Vornado Realty Trust with respect to the Series D-4 Preferred Shares, dated September 3, 1999, as filed with the State Department of Assessments and Taxation of Maryland on September 3, 1999 3.3 Ninth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of September 3, 1999 3.4 Tenth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of September 3, 1999 99.1 Press release of Vornado Realty Trust, dated September 3, 1999 -6-
1 Exhibit 3.1 VORNADO REALTY TRUST ARTICLES SUPPLEMENTARY SERIES D-3 8.25% CUMULATIVE REDEEMABLE PREFERRED SHARES (LIQUIDATION PREFERENCE $25.00 PER SHARE) Vornado Realty Trust, a Maryland real estate investment trust (the "Trust"), hereby certifies to the State Department of Assessments and Taxation of Maryland that: FIRST: Under a power contained in Article VI of the Amended and Restated Declaration of Trust of the Trust (the "Declaration"), the Board of Trustees of the Trust (the "Board of Trustee"), by unanimous written consent, classified and designated 8,000,000 shares (the "Shares") of the Preferred Stock, no par value per share (as defined in the Declaration), of the Trust as shares of Series D-3 8.25% Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, with the following preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption, which upon any restatement of the Declaration, shall be deemed to be part of Article VI of the Declaration, with any necessary or appropriate changes to the enumeration or lettering of sections or subsections hereof: SERIES D-3 8.25% CUMULATIVE REDEEMABLE PREFERRED SHARES SECTION 1. NUMBER OF SHARES AND DESIGNATION. This series of Preferred Stock shall be designated as Series D-3 8.25% Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share (the "Series D-3 Preferred Shares"), and 8,000,000 shall be the number of shares of Preferred Stock constituting such series. SECTION 2. DEFINITIONS. For purposes of the Series D-3 Preferred Shares, the following terms shall have the meanings indicated: "Board of Trustees" shall mean the Board of Trustees of the Trust or any committee authorized by such
2 Board of Trustees to perform any of its responsibilities with respect to the Series D-3 Preferred Shares. "Business Day" shall mean any day other than a Saturday, Sunday or a day on which state or federally chartered banking institutions in New York, New York are not required to be open. "Common Shares" shall mean the common shares of beneficial interest of the Trust, par value $.04 per share. "Dividend Payment Date" shall mean the first calendar day of January, April, July and October, in each year, commencing on the first of January 1, April 1, July 1 or October 1 to follow the Issue Date; provided, however, that if any Dividend Payment Date falls on any day other than a Business Day, the dividend payment due on such Dividend Payment Date shall be paid on the first Business Day immediately following such Dividend Payment Date. "Dividend Periods" shall mean quarterly dividend periods commencing on January 1, April 1, July 1 and October 1 of each year and ending on and including the day preceding the first day of the next succeeding Dividend Period (other than the initial Dividend Period with respect to each Series D-3 Preferred Share, which shall commence on the date on which such Series D-3 Preferred Share was issued by the Trust and end on the next succeeding January 1, April 1, July 1 or October 1 to occur (whichever occurs first)). "Issue Date" shall mean the first date on which any Series D-3 Preferred Shares are issued. "Junior Shares" shall mean the Common Shares and any other class or series of shares of beneficial interest of the Trust constituting junior shares of beneficial interest as described in paragraph (c) of Section 9 hereof. "Liquidation Preference" shall have the meaning set forth in paragraph (a) of Section 4 hereof.
3 "Operating Partnership" shall mean Vornado Realty L.P., a Delaware limited partnership. "Parity Shares" shall mean any shares of beneficial interest as described in paragraph (b) of Section 9 hereof. "Person" shall mean any individual, firm, partnership, corporation, limited liability company or other entity, and shall include any successor (by merger or otherwise) of such entity. "Redemption Date" shall have the meaning set forth in paragraph (c) of Section 5 hereof. "Redemption Price" shall have the meaning set forth in paragraph (a) of Section 5 hereof. "Series D-3 Preferred Shares" shall have the meaning set forth in Section 1 hereof. It is the intention of the Trust in establishing the Series D-3 Preferred Shares, that, except to the extent otherwise set forth herein, each Series D-3 Preferred Share shall be substantially the economic equivalent of a Series D-3 Preferred Unit in respect of which it was issued. "Series D-3 Preferred Units" shall mean the Series D-3 Preferred Units of limited partner interest of the Operating Partnership. "Set apart for payment" shall be deemed to include, without any action other than the following, the recording by the Trust in its accounting ledgers of any accounting or bookkeeping entry which indicates, pursuant to a declaration of a dividend or other distribution by the Board of Trustees, the allocation of funds to be so paid on any series or class of shares of beneficial interest of the Trust; provided, however, that if any funds for any class or series of Junior Shares or any class or series of shares of beneficial interest ranking on a parity with the Series D-3 Preferred Shares as to the payment of dividends are placed in a separate account of the Trust or delivered to a disbursing, paying or other similar agent, then "set apart for payment" with respect to the Series D-3 Preferred Shares shall mean placing such funds in a separate account or delivering -3-
4 such funds to a disbursing, paying or other similar agent. "Transfer Agent" means First Union National Bank, Charlotte, North Carolina, or such other agent or agents of the Trust as may be designated by the Board of Trustees or its designee as the transfer agent for the Series D-3 Preferred Shares. "Voting Preferred Shares" shall have the meaning set forth in Section 10 hereof. SECTION 3. DIVIDENDS. (a) The holders of Series D-3 Preferred Shares shall be entitled to receive, when, as and if authorized by the Board of Trustees and declared by the Trust out of assets legally available for that purpose, dividends payable in cash at the rate per annum of $2.125 per Series D-3 Preferred Share (the "Annual Dividend Rate"). Such dividends with respect to each Series D-3 Preferred Share shall be cumulative from the date on which such Series D-3 Preferred Share was issued by the Trust, whether or not in any Dividend Period or Periods there shall be assets of the Trust legally available for the payment of such dividends, and shall be payable quarterly, when, as and if authorized by the Board of Trustees and declared by the Trust, in arrears on Dividend Payment Dates commencing with respect to each Series D-3 Preferred Share on the first Dividend Payment Date after the date on which such Series D-3 Preferred Share was issued by the Trust. Dividends are cumulative from the most recent Dividend Payment Date to which dividends have been paid, whether or not in any Dividend Period or Periods there shall be assets legally available therefor. Each such dividend shall be payable in arrears to the holders of record of the Series D-3 Preferred Shares, as they appear on the share records of the Trust at the close of business on such record dates, not more than 30 days preceding the applicable Dividend Payment Date (the "Dividend Payment Record Date"), as shall be fixed by the Board of Trustees. Accumulated and unpaid dividends for any past Dividend Periods may be authorized and declared and paid at any time, without reference to any regular Dividend Payment Date, to holders of record on such date, not exceeding 45 days preceding the payment date thereof, as may be fixed by the Board of Trustees. (b) The amount of dividends payable for each full Dividend Period for each Series D-3 Preferred Share shall be computed by dividing the Annual Dividend Rate by four. The -4-
5 amount of dividends payable for the initial Dividend Period, or any other period shorter or longer than a full Dividend Period, on the Series D-3 Preferred Shares shall be computed on the basis of twelve 30-day months and a 360-day year. Holders of Series D-3 Preferred Shares shall not be entitled to any dividends, whether payable in cash, property or stock, in excess of cumulative dividends, as herein provided, on the Series D-3 Preferred Shares. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or payments on the Series D-3 Preferred Shares that may be in arrears. (c) So long as any Series D-3 Preferred Shares are outstanding, no dividends, except as described in the immediately following sentence, shall be authorized and declared or paid or set apart for payment on any series or class or classes of Parity Shares for any period unless full cumulative dividends have been or contemporaneously are authorized and declared and paid or authorized and declared and a sum sufficient for the payment thereof set apart for such payment on the Series D-3 Preferred Shares for all Dividend Periods terminating on or prior to the Dividend Payment Date on such class or series of Parity Shares. When dividends are not paid in full or a sum sufficient for such payment is not set apart, as aforesaid, all dividends authorized and declared upon Series D-3 Preferred Shares and all dividends authorized and declared upon any other series or class or classes of Parity Shares shall be authorized and declared ratably in proportion to the respective amounts of dividends accumulated and unpaid on the Series D-3 Preferred Shares and such Parity Shares. (d) So long as any Series D-3 Preferred Shares are outstanding, no dividends (other than dividends or distributions paid solely in shares of, or options, warrants or rights to subscribe for or purchase shares of, Junior Shares) shall be authorized and declared or paid or set apart for payment or other distribution authorized and declared or made upon Junior Shares, nor shall any Junior Shares be redeemed, purchased or otherwise acquired (other than a redemption, purchase or other acquisition of Common Shares made for purposes of and in compliance with requirements of an employee incentive or benefit plan of the Trust or any subsidiary, or as permitted under Article VI of the Declaration), for any consideration (or any moneys to be paid to or made available for a sinking fund for the redemption of -5-
6 any shares of beneficial interest) by the Trust, directly or indirectly (except by conversion into or exchange for Junior Shares), unless in each case (i) the full cumulative dividends on all outstanding Series D-3 Preferred Shares and any other Parity Shares of the Trust shall have been paid or set apart for payment for all past Dividend Periods with respect to the Series D-3 Preferred Shares and all past dividend periods with respect to such Parity Shares and (ii) sufficient funds shall have been paid or set apart for the payment of the dividend for the current Dividend Period with respect to the Series D-3 Preferred Shares and any Parity Shares. (e) Any accumulated distributions on Series D-3 Preferred Units that remain unpaid at the time such Series D-3 Preferred Units are acquired by the Trust for Series D-3 Preferred Shares shall also be deemed to be accumulated and unpaid dividends in respect of such Series D-3 Preferred Shares as of the date of issuance of such Series D-3 Preferred Shares and shall be paid when declared by the Board of Trustees. SECTION 4. LIQUIDATION PREFERENCE. (a) In the event of any liquidation, dissolution or winding up of the Trust, whether voluntary or involuntary, before any payment or distribution of the assets of the Trust (whether capital or surplus) shall be made to or set apart for the holders of Junior Shares, the holders of Series D-3 Preferred Shares shall be entitled to receive Twenty Five Dollars ($25.00) per Series D-3 Preferred Share (the "Liquidation Preference") plus an amount equal to all dividends (whether or not earned or declared) accumulated and unpaid thereon to the date of final distribution to such holder; but such holders of Series D-3 Preferred Shares shall not be entitled to any further payment. If, upon any such liquidation, dissolution or winding up of the Trust, the assets of the Trust, or proceeds thereof, distributable among the holders of Series D-3 Preferred Shares shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any other Parity Shares, then such assets, or the proceeds thereof, shall be distributed among the holders of such Series D-3 Preferred Shares and any such other Parity Shares ratably in accordance with the respective amounts that would be payable on such Series D-3 Preferred Shares and any such other Parity Shares if all amounts payable thereon were paid in full. For the purposes of this Section 4, (i) a consolidation or merger of the Trust with one or more entities, (ii) a statutory share -6-
7 exchange and (iii) a sale or transfer of all or substantially all of the Trust's assets, shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the Trust. (b) Subject to the rights of the holders of shares of any series or class or classes of shares of beneficial interest ranking on a parity with or prior to the Series D-3 Preferred Shares upon liquidation, dissolution or winding up, upon any liquidation, dissolution or winding up of the Trust, after payment shall have been made in full to the holders of the Series D-3 Preferred Shares, as provided in this Section 4, any series or class or classes of Junior Shares shall, subject to any respective terms and provisions applying thereto, be entitled to receive any and all assets remaining to be paid or distributed, and the holders of the Series D-3 Preferred Shares shall not be entitled to share therein. SECTION 5. REDEMPTION AT THE OPTION OF THE TRUST. (a) Except as otherwise permitted by Article VI of the Declaration, the Series D-3 Preferred Shares shall not be redeemable by the Trust prior to September 3, 2004. On and after September 3, 2004, the Trust, at its option, may redeem the Series D-3 Preferred Shares, in whole or in part, as set forth herein, subject to the provisions described below, at a redemption price, payable in cash, equal to the Liquidation Preference plus dividends accumulated and unpaid prior to the date of redemption (the "Redemption Price"). (b) If full cumulative dividends on the Series D-3 Preferred Shares and any other series or class or classes of Parity Shares of the Trust have not been paid or declared and set apart for payment, except as otherwise permitted under Article VI of the Declaration, the Series D-3 Preferred Shares may not be redeemed in part and the Trust may not purchase, redeem or otherwise acquire Series D-3 Preferred Shares or any Parity Shares other than in exchange for Junior Shares. (c) If the Trust shall redeem shares of Series D-3 Preferred Shares pursuant to paragraph (a) of this Section 5, notice of such redemption shall be given to each holder of record of the Series D-3 Preferred Shares to be redeemed. Such notice shall be provided by first class mail, postage prepaid, at such holder's address as the same appears on the stock records of the Trust, or by publication in The Wall Street Journal or The New York Times, or if neither such -7-
8 newspaper is then being published, any other daily newspaper of national circulation. If the Trust elects to provide such notice by publication, it shall also promptly mail notice of such redemption to the holders of the Series D-3 Preferred Shares to be redeemed. Neither the failure to mail any notice required by this paragraph (c), nor any defect therein or in the mailing thereof, to any particular holder, shall affect the sufficiency of the notice or the validity of the proceedings for redemption with respect to the other holders. Any notice that was mailed in the manner herein provided shall be conclusively presumed to have been duly given on the date mailed whether or not the holder receives the notice. Each such mailed or published notice shall state, as appropriate: (1) the date on which such Series D-3 Preferred Shares are to be redeemed (the "Redemption Date"); (2) the number of Series D-3 Preferred Shares to be redeemed and, if fewer than all the Series D-3 Preferred Shares held by such holder are to be redeemed, the number of such Series D-3 Preferred Shares to be redeemed from such holder; (3) the Redemption Price; (4) the place or places at which certificates for such Series D-3 Preferred Shares are to be surrendered for payment of the Redemption Price; and (5) that dividends on the shares to be redeemed shall cease to accrue on such Redemption Date except as otherwise provided herein. Notice having been published or mailed as aforesaid, from and after the Redemption Date (unless the Trust shall fail to make available an amount of cash necessary to effect such redemption), (i) except as otherwise provided herein, dividends on the Series D-3 Preferred Shares so called for redemption shall cease to accumulate, (ii) said shares shall no longer be deemed to be outstanding, and (iii) all rights of the holders thereof as holders of Series D-3 Preferred Shares of the Trust shall cease (except the rights to receive the cash payable upon such redemption, without interest thereon, upon surrender and endorsement of their certificates if so required and to receive any dividends payable thereon). The Trust's obligation to provide cash in accordance with the preceding sentence shall be deemed fulfilled if, on or before the Redemption Date, the Trust shall deposit with a bank or trust company (which may be an affiliate of the Trust) that has an office in the Borough of Manhattan, City of New York, or in Baltimore, Maryland and that has, or is an affiliate of a bank or trust company that has, a capital and surplus of at least $50,000,000, the cash necessary for such redemption, in trust, with irrevocable instructions that such cash be applied to the redemption of the Series D-3 Preferred Shares so called for -8-
9 redemption. No interest shall accrue for the benefit of the holder of Series D-3 Preferred Shares to be redeemed on any cash so set aside by the Trust. Subject to applicable escheat laws, any such cash unclaimed at the end of two years from the Redemption Date shall revert to the general funds of the Trust, after which reversion the holders of such shares so called for redemption shall look only to the general funds of the Trust for the payment of such cash. As promptly as practicable after the surrender in accordance with said notice of the certificates for any such Series D-3 Preferred Shares so redeemed (properly endorsed or assigned for transfer, if the Trust shall so require and if the notice shall so state), such Series D-3 Preferred Shares shall be exchanged for the cash (without interest thereon) for which such Series D-3 Preferred Shares have been redeemed. If fewer than all of the outstanding Series D-3 Preferred Shares are to be redeemed, the Series D-3 Preferred Shares to be redeemed shall be selected by the Trust from the outstanding Series D-3 Preferred Shares not previously called for redemption by lot or pro rata (as nearly as may be) or by any other method determined by the Trust in its sole discretion to be equitable. If fewer than all the Series D-3 Preferred Shares evidenced by any certificate are redeemed, then new certificates evidencing the unredeemed Series D-3 Preferred Shares shall be issued without cost to the holder thereof. SECTION 6. REACQUIRED SHARES TO BE RETIRED. All Series D-3 Preferred Shares which shall have been issued and reacquired in any manner by the Trust shall be restored to the status of authorized but unissued shares of Preferred Stock, without designation as to series. SECTION 7. NO RIGHT OF CONVERSION. The Series D-3 Preferred Shares are not convertible into or exchangeable for any other property or securities of the Trust at the option of any holder of Series D-3 Preferred Shares. SECTION 8. PERMISSIBLE DISTRIBUTIONS. In determining whether a distribution (other than upon liquidation, dissolution or winding up), whether by dividend, or upon redemption or other acquisition of shares or otherwise, is permitted under Maryland law, amounts that would be needed, if the Trust were to be dissolved at the time of the distribution, to satisfy the preferential rights upon -9-
10 dissolution of holders of shares of any class or series of beneficial interest whose preferential rights upon dissolution are superior or prior to those receiving the distribution shall not be added to the Trust's total liabilities. SECTION 9. RANKING. Any class or series of shares of beneficial interest of the Trust shall be deemed to rank: (a) prior to the Series D-3 Preferred Shares, as to the payment of dividends and as to distribution of assets upon liquidation, dissolution or winding up, if the holders of shares of such class or series shall be entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Series D-3 Preferred Shares ("Senior Shares"); (b) on a parity with the Series D-3 Preferred Shares, as to the payment of dividends and as to the distribution of assets upon liquidation, dissolution or winding up, whether or not the dividend rates, dividend payment dates or redemption or liquidation prices per share thereof be different from those of the Series D-3 Preferred Shares, if the holders of shares of such class or series and the Series D-3 Preferred Shares shall be entitled to the receipt of dividends and of amounts distributable upon liquidation, dissolution or winding up in proportion to their respective amounts of accumulated and unpaid dividends per share or liquidation preferences, without preference or priority one over the other ("Parity Shares"); and (c) junior to the Series D-3 Preferred Shares, as to the payment of dividends or as to the distribution of assets upon liquidation, dissolution or winding up, if such shares shall be Common Shares or if the holders of Series D-3 Preferred Shares shall be entitled to receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of shares of such class or series, and shares of such class or series shall not in either case rank prior to the Series D-3 Preferred Shares. SECTION 10. VOTING. Except as otherwise set forth herein, the Series D-3 Preferred Shares shall not have any relative, participating, optional or other voting rights or powers, and the consent of the holders thereof shall not be required for the taking of any corporate (or trust) action. -10-
11 If and whenever six quarterly dividends (whether or not consecutive) payable on the Series D-3 Preferred Shares or any series or class of Parity Shares shall be in arrears (which shall, with respect to any such quarterly dividend, mean that any such dividend has not been paid in full) and whether or not earned or declared, the number of trustees then constituting the Board of Trustees shall be increased by two and the holders of Series D-3 Preferred Shares, together with the holders of shares of every other series or class of Parity Shares having like voting rights (shares of any such other series, the "Voting Preferred Shares"), voting as a single class regardless of series, shall be entitled to elect the two additional trustees to serve on the Board of Trustees at any annual meeting of shareholders or special meeting held in place thereof, or at a special meeting of the holders of Series D-3 Preferred Shares and the Voting Preferred Shares called as hereinafter provided. Whenever all arrears in dividends on the Series D-3 Preferred Shares and the Voting Preferred Shares then outstanding shall have been paid and full dividends thereon for the current quarterly dividend period shall have been paid or declared and set apart for payment, then the right of the holders of the Series D-3 Preferred Shares and the Voting Preferred Shares to elect such additional two trustees shall cease (but subject always to the same provision for the vesting of such voting rights in the case of any similar future arrearages in six quarterly dividends), and the terms of office of all persons elected as trustees by the holders of the Series D-3 Preferred Shares and the Voting Preferred Shares shall forthwith terminate and the number of trustees constituting the Board of Trustees shall be reduced accordingly. At any time after such voting power shall have been so vested in the holders of shares of Series D-3 Preferred Shares and the Voting Preferred Shares, the Secretary of the Trust may, and upon the written request of any holder of Series D-3 Preferred Shares (addressed to the Secretary at the principal office of the Trust) shall, call a special meeting of the holders of the Series D-3 Preferred Shares and of the Voting Preferred Shares for the election of the two trustees to be elected by them as herein provided, such call to be made by notice similar to that provided in the Bylaws of the Trust for a special meeting of the shareholders or as required by law. If any such special meeting required to be called as above provided shall not be called by the Secretary within 20 days after receipt of such request, then any holder of Series D-3 Preferred Shares may call such -11-
12 meeting, upon the notice above provided, and for that purpose shall have access to the stock books of the Trust. The trustees elected at any such special meeting shall hold office until the next annual meeting of the shareholders or special meeting held in lieu thereof if such office shall not have previously terminated as above provided. If any vacancy shall occur among the trustees elected by the holders of the Series D-3 Preferred Shares and the Voting Preferred Shares, a successor shall be elected by the Board of Trustees, upon the nomination of the then-remaining trustee elected by the holders of the Series D-3 Preferred Shares and the Voting Preferred Shares or the successor of such remaining trustee, to serve until the next annual meeting of the shareholders or special meeting held in place thereof if such office shall not have previously terminated as provided above. So long as any Series D-3 Preferred Shares are outstanding, in addition to any other vote or consent of shareholders required by the Declaration, the affirmative vote of at least 66-2/3% of the votes entitled to be cast by the holders of Series D-3 Preferred Shares and the Voting Preferred Shares, at the time outstanding, voting as a single class regardless of series, given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, shall be necessary for effecting or validating (a) any amendment, alteration or repeal of any of the provisions of the Declaration or these Articles Supplementary that materially and adversely affects the voting powers, rights or preferences of the Series D-3 Preferred Shares or the Voting Preferred Shares; provided, however, that (i) the amendment of the provisions of the Declaration so as to authorize or create or to increase the authorized amount of, any Junior Shares or any shares of any class or series ranking on a parity with the Series D-3 Preferred Shares or the Voting Preferred Shares shall not be deemed to materially and adversely affect the voting powers, rights or preferences of the holders of Series D-3 Preferred Shares and (ii) any filing with the State Department of Assessments and Taxation of Maryland by the Trust in connection with a merger, consolidation or sale of all or substantially all of the assets of the Trust shall not be deemed to be an amendment, alteration or repeal of any of the provisions of the Declaration or these Articles Supplementary; and provided further, that if any such amendment, alteration or repeal would materially and adversely affect any voting powers, rights or preferences of the Series D-3 Preferred Shares or -12-
13 one or more but not all series of Voting Preferred Shares at the time outstanding, the affirmative vote of at least 66-2/3% of the votes entitled to be cast by the holders of all series similarly affected at the time outstanding, voting as a single class regardless of series, given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, shall be required in lieu of the affirmative vote of at least 66-2/3% of the votes entitled to be cast by the holders of the Series D-3 Preferred Shares and the Voting Preferred Shares otherwise entitled to vote in accordance herewith or (b) the authorization or creation of, or the increase in the authorized or issued amount of, any shares of any class or series or any security convertible into or exchangeable for shares of any class or series ranking prior to the Series D-3 Preferred Shares in the distribution of assets on any liquidation, dissolution or winding up of the Trust or in the payment of dividends or distributions; provided, however, that, in the case of each of subparagraphs (a) and (b), no such vote of the holders of Series D-3 Preferred Shares or Voting Preferred Shares, as the case may be, shall be required if, at or prior to the time when such amendment, alteration or repeal is to take effect, or when the issuance of any such prior shares or convertible security is to be made, provision is made for the redemption of all Series D-3 Preferred Shares or Voting Preferred Shares, as the case may be, at the time outstanding in accordance with Section 5 hereof. For purposes of the foregoing provisions of this Section 9, each Series D-3 Preferred Share shall have one (1) vote per share, except that when any other series of Preferred Stock shall have the right to vote with the Series D-3 Preferred Shares as a single class on any matter, then the Series D-3 Preferred Shares and such other series shall have with respect to such matters one (1) vote per $50.00 of stated liquidation preference. SECTION 10. RECORD HOLDERS. The Trust and the Transfer Agent may deem and treat the record holder of any Series D-3 Preferred Shares as the true and lawful owner thereof for all purposes, and neither the Trust nor the Transfer Agent shall be affected by any notice to the contrary. SECTION 11. RESTRICTIONS ON OWNERSHIP AND TRANSFER. The Series D-3 Preferred Shares constitute -13-
14 Preferred Stock, and Preferred Stock constitutes Equity Stock of the Trust. Therefore, the Series D-3 Preferred Shares, being Equity Stock, are governed by and issued subject to all the limitations, terms and conditions of the Declaration applicable to Equity Stock generally, including but not limited to the terms and conditions (including exceptions and exemptions) of Article VI of the Declaration applicable to Equity Stock. The foregoing sentence shall not be construed to limit the applicability to the Series D-3 Preferred Shares of any other term or provision of the Declaration. SECOND: The Shares have been classified and designated by the Board of Trustees under the authority contained in the Declaration. THIRD: These Articles Supplementary have been approved by the Board of Trustees in the manner and by the vote required by law. FOURTH: The undersigned Vice President and Chief Financial Officer acknowledges these Articles Supplementary to be the trust act of the Trust and, as to all matters or facts required to be verified under oath, the undersigned Vice President and Chief Financial Officer acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this Statement is made under the penalties for perjury. -14-
15 IN WITNESS WHEREOF, the Trust has caused these Articles Supplementary to be executed under seal in its name and on its behalf by its Vice President and Chief Financial Officer and attested to by one of its Assistant Secretaries on this 3rd day of September, 1999. VORNADO REALTY TRUST [seal] /s/ Irwin Goldberg ---------------------------------------- Name: Irwin Goldberg Title: Vice President and Chief Financial Officer ATTEST: /s/ Larry Portal ---------------------------------------- Name: Larry Portal Title: Assistant Secretary
1 Exhibit 3.2 VORNADO REALTY TRUST ARTICLES SUPPLEMENTARY SERIES D-4 8.25% CUMULATIVE REDEEMABLE PREFERRED SHARES (LIQUIDATION PREFERENCE $25.00 PER SHARE) Vornado Realty Trust, a Maryland real estate investment trust (the "Trust"), hereby certifies to the State Department of Assessments and Taxation of Maryland that: FIRST: Under a power contained in Article VI of the Amended and Restated Declaration of Trust of the Trust (the "Declaration"), the Board of Trustees of the Trust (the "Board of Trustees") by unanimous written consent, dated September 2, 1999, classified and designated 5,000,000 shares (the "Shares") of the Preferred Stock, no par value per share (as defined in the Declaration), of the Trust as shares of Series D-4 8.25% Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, with the following preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption, which upon any restatement of the Declaration, shall be deemed to be part of Article VI of the Declaration, with any necessary or appropriate changes to the enumeration or lettering of sections or subsections hereof: SERIES D-4 8.25% CUMULATIVE REDEEMABLE PREFERRED SHARES SECTION 1. NUMBER OF SHARES AND DESIGNATION. This series of Preferred Stock shall be designated as Series D-4 8.25% Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share (the "Series D-4 Preferred Shares"), and 5,000,000 shall be the number of shares of Preferred Stock constituting such series. SECTION 2. DEFINITIONS. For purposes of the Series D-4 Preferred Shares, the following terms shall have the meanings indicated: "Board of Trustees" shall mean the Board of Trustees of the Trust or any committee authorized by such Board of Trustees to perform any of
2 its responsibilities with respect to the Series D-4 Preferred Shares. "Business Day" shall mean any day other than a Saturday, Sunday or a day on which state or federally chartered banking institutions in New York, New York are not required to be open. "Common Shares" shall mean the common shares of beneficial interest of the Trust, par value $.04 per share. "Dividend Payment Date" shall mean the first calendar day of March, June, September and December each year, commencing on the first of March 1, June 1, September 1 and December 1 to follow the Issue Date; provided, however, that if any Dividend Payment Date falls on any day other than a Business Day, the dividend payment due on such Dividend Payment Date shall be paid on the first Business Day immediately following such Dividend Payment Date. "Dividend Periods" shall mean quarterly dividend periods commencing on March 1, June 1, September 1 and December 1 of each year and ending on and including the day preceding the first day of the next succeeding Dividend Period (other than the initial Dividend Period with respect to each Series D-4 Preferred Share, which shall commence on the date on which such Series D-4 Preferred Share was issued by the Trust and end on the next succeeding March 1, June 1, September 1 or December 1 to occur (whichever occurs first)). "Issue Date" shall mean the first date on which any Series D-4 Preferred Shares are issued. "Junior Shares" shall mean the Common Shares and any other class or series of shares of beneficial interest of the Trust constituting junior shares of beneficial interest as described in paragraph (c) of Section 9 hereof. "Liquidation Preference" shall have the meaning set forth in paragraph (a) of Section 4 hereof. "Operating Partnership" shall mean Vornado Realty L.P., a Delaware limited partnership. -2-
3 "Parity Shares" shall mean any shares of beneficial interest as described in paragraph (b) of Section 9 hereof. "Person" shall mean any individual, firm, partnership, corporation, limited liability company or other entity, and shall include any successor (by merger or otherwise) of such entity. "Redemption Date" shall have the meaning set forth in paragraph (c) of Section 5 hereof. "Redemption Price" shall have the meaning set forth in paragraph (a) of Section 5 hereof. "Series D-4 Preferred Shares" shall have the meaning set forth in Section 1 hereof. It is the intention of the Trust in establishing the Series D-4 Preferred Shares, that, except to the extent otherwise set forth herein, each Series D-4 Preferred Share shall be substantially the economic equivalent of a Series D-4 Preferred Unit in respect of which it was issued. "Series D-4 Preferred Units" shall mean the Series D-4 Preferred Units of limited partnership interest of the Operating Partnership. "Set apart for payment" shall be deemed to include, without any action other than the following, the recording by the Trust in its accounting ledgers of any accounting or bookkeeping entry which indicates, pursuant to a declaration of a dividend or other distribution by the Board of Trustees, the allocation of funds to be so paid on any series or class of shares of beneficial interest of the Trust; provided, however, that if any funds for any class or series of Junior Shares or any class or series of shares of beneficial interest ranking on a parity with the Series D-4 Preferred Shares as to the payment of dividends are placed in a separate account of the Trust or delivered to a disbursing, paying or other similar agent, then "set apart for payment" with respect to the Series D-4 Preferred Shares shall mean placing such funds in a separate account or delivering such funds to a disbursing, paying or other similar agent. "Transfer Agent" means First Union National Bank, Charlotte, North Carolina, or such other agent or agents of the Trust as may be designated by the Board of Trustees or its designee as the transfer agent for the -3-
4 Series D-4 Preferred Shares. "Voting Preferred Shares" shall have the meaning set forth in Section 10 hereof. SECTION 3. DIVIDENDS. (a) The holders of Series D-4 Preferred Shares shall be entitled to receive, when, as and if authorized by the Board of Trustees and declared by the Trust out of assets legally available for that purpose, dividends payable in cash at the rate per annum of $2.0625 per Series D-4 Preferred Share (the "Annual Dividend Rate"). Such dividends with respect to each Series D-4 Preferred Share shall be cumulative from the date on which such Series D-4 Preferred Share was issued by the Trust, whether or not in any Dividend Period or Periods there shall be assets of the Trust legally available for the payment of such dividends, and shall be payable quarterly, when, as and if authorized by the Board of Trustees and declared by the Trust, in arrears on Dividend Payment Dates commencing with respect to each Series D-4 Preferred Share on the first Dividend Payment Date after the date on which such Series D-4 Preferred Share was issued by the Trust. Dividends are cumulative from the most recent Dividend Payment Date to which dividends have been paid, whether or not in any Dividend Period or Periods there shall be assets legally available therefor. Each such dividend shall be payable in arrears to the holders of record of the Series D-4 Preferred Shares, as they appear on the share records of the Trust at the close of business on such record dates, not more than 30 days preceding the applicable Dividend Payment Date (the "Dividend Payment Record Date"), as shall be fixed by the Board of Trustees. Accumulated and unpaid dividends for any past Dividend Periods may be authorized and declared and paid at any time, without reference to any regular Dividend Payment Date, to holders of record on such date, not exceeding 45 days preceding the payment date thereof, as may be fixed by the Board of Trustees. (b) The amount of dividends payable for each full Dividend Period for each Series D-4 Preferred Share shall be computed by dividing the Annual Dividend Rate by four. The amount of dividends payable for the initial Dividend Period, or any other period shorter or longer than a full Dividend Period, on the Series D-4 Preferred Shares shall be computed on the basis of twelve 30-day months and a 360-day year. Holders of Series D-4 Preferred Shares shall not be entitled to any dividends, whether payable in cash, property or stock, in excess of cumulative dividends, as herein provided, on the Series D-4 Preferred Shares. No interest, or sum of money in lieu of interest, shall be payable in respect of any -4-
5 dividend payment or payments on the Series D-4 Preferred Shares that may be in arrears. (c) So long as any Series D-4 Preferred Shares are outstanding, no dividends, except as described in the immediately following sentence, shall be authorized and declared or paid or set apart for payment on any series or class or classes of Parity Shares for any period unless full cumulative dividends have been or contemporaneously are authorized and declared and paid or authorized and declared and a sum sufficient for the payment thereof set apart for such payment on the Series D-4 Preferred Shares for all Dividend Periods terminating on or prior to the Dividend Payment Date on such class or series of Parity Shares. When dividends are not paid in full or a sum sufficient for such payment is not set apart, as aforesaid, all dividends authorized and declared upon Series D-4 Preferred Shares and all dividends authorized and declared upon any other series or class or classes of Parity Shares shall be authorized and declared ratably in proportion to the respective amounts of dividends accumulated and unpaid on the Series D-4 Preferred Shares and such Parity Shares. (d) So long as any Series D-4 Preferred Shares are outstanding, no dividends (other than dividends or distributions paid solely in shares of, or options, warrants or rights to subscribe for or purchase shares of, Junior Shares) shall be authorized and declared or paid or set apart for payment or other distribution authorized and declared or made upon Junior Shares, nor shall any Junior Shares be redeemed, purchased or otherwise acquired (other than a redemption, purchase or other acquisition of Common Shares made for purposes of and in compliance with requirements of an employee incentive or benefit plan of the Trust or any subsidiary, or as permitted under Article VI of the Declaration), for any consideration (or any moneys to be paid to or made available for a sinking fund for the redemption of any shares of beneficial interest) by the Trust, directly or indirectly (except by conversion into or exchange for Junior Shares), unless in each case (i) the full cumulative dividends on all outstanding Series D-4 Preferred Shares and any other Parity Shares of the Trust shall have been paid or set apart for payment for all past Dividend Periods with respect to the Series D-4 Preferred Shares and all past dividend periods with respect to such Parity Shares and (ii) sufficient funds shall have been paid or set apart for the payment of the dividend for the current Dividend Period with respect to the Series D-4 Preferred Shares and any Parity Shares. (e) Any accumulated distributions on Series D-4 Preferred Units that remain unpaid at the time such Series D-4 Preferred Units are acquired by the Trust for Series D-4 Preferred Shares shall also be deemed to be accumulated -5-
6 and unpaid dividends in respect of such Series D-4 Preferred Shares as of the date of issuance of such Series D-4 Preferred Shares and shall be paid when declared by the Board of Trustees. SECTION 4. LIQUIDATION PREFERENCE. (a) In the event of any liquidation, dissolution or winding up of the Trust, whether voluntary or involuntary, before any payment or distribution of the assets of the Trust (whether capital or surplus) shall be made to or set apart for the holders of Junior Shares, the holders of Series D-4 Preferred Shares shall be entitled to receive Twenty-Five Dollars ($25.00) per Series D-4 Preferred Share (the "Liquidation Preference") plus an amount equal to all dividends (whether or not earned or declared) accumulated and unpaid thereon to the date of final distribution to such holder; but such holders of Series D-4 Preferred Shares shall not be entitled to any further payment. If, upon any such liquidation, dissolution or winding up of the Trust, the assets of the Trust, or proceeds thereof, distributable among the holders of Series D-4 Preferred Shares shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any other Parity Shares, then such assets, or the proceeds thereof, shall be distributed among the holders of such Series D-4 Preferred Shares and any such other Parity Shares ratably in accordance with the respective amounts that would be payable on such Series D-4 Preferred Shares and any such other Parity Shares if all amounts payable thereon were paid in full. For the purposes of this Section 4, (i) a consolidation or merger of the Trust with one or more entities, (ii) a statutory share exchange and (iii) a sale or transfer of all or substantially all of the Trust's assets, shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the Trust. (b) Subject to the rights of the holders of shares of any series or class or classes of shares of beneficial interest ranking on a parity with or prior to the Series D-4 Preferred Shares upon liquidation, dissolution or winding up, upon any liquidation, dissolution or winding up of the Trust, after payment shall have been made in full to the holders of the Series D-4 Preferred Shares, as provided in this Section 4, any series or class or classes of Junior Shares shall, subject to any respective terms and provisions applying thereto, be entitled to receive any and all assets remaining to be paid or distributed, and the holders of the Series D-4 Preferred Shares shall not be entitled to share therein. SECTION 5. REDEMPTION AT THE OPTION OF THE TRUST. (a) Except as otherwise permitted by Article VI of the Declaration, the Series D-4 Preferred Shares shall not be redeemable by the Trust prior to September 3, 2004. On -6-
7 and after September 3, 2004, the Trust, at its option, may redeem the Series D-4 Preferred Shares, in whole or in part, as set forth herein, subject to the provisions described below, at a redemption price, payable in cash, equal to the Liquidation Preference plus dividends accumulated and unpaid prior to the date of redemption (the "Redemption Price"). The Redemption Price of the Series D-4 Preferred Shares (other than any portion consisting of accrued and unpaid dividends) shall be payable solely with the proceeds from the sale by the Trust or the Operating Partnership of other Capital Shares of the Trust or the Operating Partnership (whether or not such sale occurs concurrently with such redemption). For purposes of the preceding sentence, "Capital Shares" means any common shares, preferred shares, depositary shares, partnership or other interests, participations or other ownership interests (however designated) and any rights (other than debt securities convertible into or exchangeable for equity securities) or options to purchase any of the foregoing of or in the Trust or the Operating Partnership. (b) If full cumulative dividends on the Series D-4 Preferred Shares and any other series or class or classes of Parity Shares of the Trust have not been paid or declared and set apart for payment, except as otherwise permitted under Article VI of the Declaration, the Series D-4 Preferred Shares may not be redeemed in part and the Trust may not purchase, redeem or otherwise acquire Series D-4 Preferred Shares or any Parity Shares other than in exchange for Junior Shares. (c) If the Trust shall redeem shares of Series D-4 Preferred Shares pursuant to paragraph (a) of this Section 5, notice of such redemption shall be given to each holder of record of the Series D-4 Preferred Shares to be redeemed. Such notice shall be provided by first class mail, postage prepaid, at such holder's address as the same appears on the stock records of the Trust, or by publication in The Wall Street Journal or The New York Times, or if neither such newspaper is then being published, any other daily newspaper of national circulation. If the Trust elects to provide such notice by publication, it shall also promptly mail notice of such redemption to the holders of the Series D-4 Preferred Shares to be redeemed. Neither the failure to mail any notice required by this paragraph (c), nor any defect therein or in the mailing thereof, to any particular holder, shall affect the sufficiency of the notice or the validity of the proceedings for redemption with respect to the other holders. Any notice that was mailed in the manner herein provided shall be conclusively presumed to have been duly given on the date mailed whether or not the holder receives the notice. Each such mailed or published notice shall state, as appropriate: (1) the -7-
8 date on which such Series D-4 Preferred Shares are to be redeemed (the "Redemption Date"); (2) the number of Series D-4 Preferred Shares to be redeemed and, if fewer than all the Series D-4 Preferred Shares held by such holder are to be redeemed, the number of such Series D-4 Preferred Shares to be redeemed from such holder; (3) the Redemption Price; (4) the place or places at which certificates for such Series D-4 Preferred Shares are to be surrendered for payment of the Redemption Price; and (5) that dividends on the shares to be redeemed shall cease to accrue on such Redemption Date except as otherwise provided herein. Notice having been published or mailed as aforesaid, from and after the Redemption Date (unless the Trust shall fail to make available an amount of cash necessary to effect such redemption), (i) except as otherwise provided herein, dividends on the Series D-4 Preferred Shares so called for redemption shall cease to accumulate, (ii) said shares shall no longer be deemed to be outstanding, and (iii) all rights of the holders thereof as holders of Series D-4 Preferred Shares of the Trust shall cease (except the rights to receive the cash payable upon such redemption, without interest thereon, upon surrender and endorsement of their certificates if so required and to receive any dividends payable thereon). The Trust's obligation to provide cash in accordance with the preceding sentence shall be deemed fulfilled if, on or before the Redemption Date, the Trust shall deposit with a bank or trust company (which may be an affiliate of the Trust) that has an office in the Borough of Manhattan, City of New York, or in Baltimore, Maryland and that has, or is an affiliate of a bank or trust company that has, a capital and surplus of at least $50,000,000, the cash necessary for such redemption, in trust, with irrevocable instructions that such cash be applied to the redemption of the Series D-4 Preferred Shares so called for redemption. No interest shall accrue for the benefit of the holder of Series D-4 Preferred Shares to be redeemed on any cash so set aside by the Trust. Subject to applicable escheat laws, any such cash unclaimed at the end of two years from the Redemption Date shall revert to the general funds of the Trust, after which reversion the holders of such shares so called for redemption shall look only to the general funds of the Trust for the payment of such cash. As promptly as practicable after the surrender in accordance with said notice of the certificates for any such Series D-4 Preferred Shares so redeemed (properly endorsed or assigned for transfer, if the Trust shall so require and if the notice shall so state), such Series D-4 Preferred Shares shall be exchanged for the cash (without interest thereon) for which such Series D-4 Preferred Shares have been redeemed. If fewer than all of the outstanding Series D-4 Preferred Shares are to be redeemed, the Series D-4 Preferred Shares to be redeemed shall be selected by the Trust from the outstanding Series D-4 Preferred Shares not previously called for redemption by lot or pro -8-
9 rata (as nearly as may be) or by any other method determined by the Trust in its sole discretion to be equitable. If fewer than all the Series D-4 Preferred Shares evidenced by any certificate are redeemed, then new certificates evidencing the unredeemed Series D-4 Preferred Shares shall be issued without cost to the holder thereof. SECTION 6. REACQUIRED SHARES TO BE RETIRED. All Series D-4 Preferred Shares which shall have been issued and reacquired in any manner by the Trust shall be restored to the status of authorized but unissued shares of Preferred Stock, without designation as to series. SECTION 7. NO RIGHT OF CONVERSION. The Series D-4 Preferred Shares are not convertible into or exchangeable for any other property or securities of the Trust at the option of any holder of Series D-4 Preferred Shares. SECTION 8. PERMISSIBLE DISTRIBUTIONS. In determining whether a distribution (other than upon liquidation, dissolution or winding up), whether by dividend, or upon redemption or other acquisition of shares or otherwise, is permitted under Maryland law, amounts that would be needed, if the Trust were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of holders of shares of any class or series of beneficial interest whose preferential rights upon dissolution are superior or prior to those receiving the distribution shall not be added to the Trust's total liabilities. SECTION 9. RANKING. Any class or series of shares of beneficial interest of the Trust shall be deemed to rank: (a) prior to the Series D-4 Preferred Shares, as to the payment of dividends and as to distribution of assets upon liquidation, dissolution or winding up, if the holders of shares of such class or series shall be entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Series D-4 Preferred Shares ("Senior Shares"); (b) on a parity with the Series D-4 Preferred Shares, as to the payment of dividends and as to the distribution of assets upon liquidation, dissolution or winding up, whether or not the dividend rates, dividend payment dates or redemption or liquidation prices per share thereof be different from -9-
10 those of the Series D-4 Preferred Shares, if the holders of shares of such class or series and the Series D-4 Preferred Shares shall be entitled to the receipt of dividends and of amounts distributable upon liquidation, dissolution or winding up in proportion to their respective amounts of accumulated and unpaid dividends per share or liquidation preferences, without preference or priority one over the other ("Parity Shares"); and (c) junior to the Series D-4 Preferred Shares, as to the payment of dividends or as to the distribution of assets upon liquidation, dissolution or winding up, if such shares shall be Common Shares or if the holders of Series D-4 Preferred Shares shall be entitled to receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of shares of such class or series, and shares of such class or series shall not in either case rank prior to the Series D-4 Preferred Shares. SECTION 10. VOTING. Except as otherwise set forth herein, the Series D-4 Preferred Shares shall not have any relative, participating, optional or other voting rights or powers, and the consent of the holders thereof shall not be required for the taking of any corporate (or trust) action. If and whenever six quarterly dividends (whether or not consecutive) payable on the Series D-4 Preferred Shares or any series or class of Parity Shares shall be in arrears (which shall, with respect to any such quarterly dividend, mean that any such dividend has not been paid in full) whether or not earned or declared, the number of trustees then constituting the Board of Trustees shall be increased by two and the holders of Series D-4 Preferred Shares, together with the holders of shares of every other series or class of Parity Shares having like voting rights (shares of any such other series, the "Voting Preferred Shares"), voting as a single class regardless of series, shall be entitled to elect the two additional trustees to serve on the Board of Trustees at any annual meeting of shareholders or special meeting held in place thereof, or at a special meeting of the holders of Series D-4 Preferred Shares and the Voting Preferred Shares called as hereinafter provided. Whenever all arrears in dividends on the Series D-4 Preferred Shares and the Voting Preferred Shares then outstanding shall have been paid and full dividends thereon for the current quarterly dividend period shall have been paid or declared and set apart for payment, then the right of the holders of the Series D-4 Preferred Shares and the Voting Preferred Shares to elect such additional two trustees shall cease (but subject always to the same provision for the vesting of such voting rights in the case of any similar future arrearages in six quarterly dividends), and the terms of office of all persons elected as trustees by the holders of the Series D-4 Preferred Shares and the Voting Preferred Shares shall forthwith terminate and -10-
11 the number of trustees constituting the Board of Trustees shall be reduced accordingly. At any time after such voting power shall have been so vested in the holders of shares of Series D-4 Preferred Shares and the Voting Preferred Shares, the Secretary of the Trust may, and upon the written request of any holder of Series D-4 Preferred Shares (addressed to the Secretary at the principal office of the Trust) shall, call a special meeting of the holders of the Series D-4 Preferred Shares and of the Voting Preferred Shares for the election of the two trustees to be elected by them as herein provided, such call to be made by notice similar to that provided in the Bylaws of the Trust for a special meeting of the shareholders or as required by law. If any such special meeting required to be called as above provided shall not be called by the Secretary within 20 days after receipt of such request, then any holder of Series D-4 Preferred Shares may call such meeting, upon the notice above provided, and for that purpose shall have access to the stock books of the Trust. The trustees elected at any such special meeting shall hold office until the next annual meeting of the shareholders or special meeting held in lieu thereof if such office shall not have previously terminated as above provided. If any vacancy shall occur among the trustees elected by the holders of the Series D-4 Preferred Shares and the Voting Preferred Shares, a successor shall be elected by the Board of Trustees, upon the nomination of the then-remaining trustee elected by the holders of the Series D-4 Preferred Shares and the Voting Preferred Shares or the successor of such remaining trustee, to serve until the next annual meeting of the shareholders or special meeting held in place thereof if such office shall not have previously terminated as provided above. So long as any Series D-4 Preferred Shares are outstanding, in addition to any other vote or consent of shareholders required by the Declaration, the affirmative vote of at least 66-2/3% of the votes entitled to be cast by the holders of Series D-4 Preferred Shares and the Voting Preferred Shares, at the time outstanding, voting as a single class regardless of series, given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, shall be necessary for effecting or validating (a) any amendment, alteration or repeal of any of the provisions of the Declaration or these Articles Supplementary that materially and adversely affects the voting powers, rights or preferences of the Series D-4 Preferred Shares or the Voting Preferred Shares; provided, however, that (i) the amendment of the provisions of the Declaration so as to authorize or create or to increase the authorized amount of, any Junior Shares or any shares of any class or series ranking on a parity with the Series D-4 Preferred Shares or the Voting Preferred Shares shall not be deemed to materially and adversely affect the voting powers, rights or -11-
12 preferences of the holders of Series D-4 Preferred Shares and (ii) any filing with the State Department of Assessments and Taxation of Maryland by the Trust in connection with a merger, consolidation or sale of all or substantially all of the assets of the Trust shall not be deemed to be an amendment, alteration or repeal of any of the provisions of the Declaration or these Articles Supplementary; and provided further, that if any such amendment, alteration or repeal would materially and adversely affect any voting powers, rights or preferences of the Series D-4 Preferred Shares or one or more but not all series of Voting Preferred Shares at the time outstanding, the affirmative vote of at least 66-2/3% of the votes entitled to be cast by the holders of all series similarly affected, at the time outstanding, voting as a single class regardless of series, given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, shall be required in lieu of the affirmative vote of at least 66-2/3% of the votes entitled to be cast by the holders of the Series D-4 Preferred Shares and the Voting Preferred Shares otherwise entitled to vote in accordance herewith or (b) the authorization or creation of, or the increase in the authorized amount of, any shares of any class or series or any security convertible into shares of any class or series ranking prior to the Series D-4 Preferred Shares in the distribution of assets on any liquidation, dissolution or winding up of the Trust or in the payment of dividends; provided, however, that, in the case of each of subparagraphs (a) and (b), no such vote of the holders of Series D-4 Preferred Shares or Voting Preferred Shares, as the case may be, shall be required if, at or prior to the time when such amendment, alteration or repeal is to take effect, or when the issuance of any such prior shares or convertible security is to be made, provision is made for the redemption of all Series D-4 Preferred Shares or Voting Preferred Shares, as the case may be, at the time outstanding in accordance with Section 5 hereof. For purposes of the foregoing provisions of this Section 10, each Series D-4 Preferred Share shall have one (1) vote per share, except that when any other series of Preferred Stock shall have the right to vote with the Series D-4 Preferred Shares as a single class on any matter, then the Series D-4 Preferred Shares and such other series shall have with respect to such matters one (1) vote per $50.00 of stated liquidation preference. SECTION 11. RECORD HOLDERS. The Trust and the Transfer Agent may deem and treat the record holder of any Series D-4 Preferred Shares as the true and lawful owner thereof for all purposes, and neither the Trust nor the Transfer Agent shall be affected by any notice to the contrary. SECTION 11. RESTRICTIONS ON OWNERSHIP AND TRANSFER. The Series D-4 Preferred Shares constitute Preferred Stock, and Preferred Stock -12-
13 constitutes Equity Stock of the Trust. Therefore, the Series D-4 Preferred Shares, being Equity Stock, are governed by and issued subject to all the limitations, terms and conditions of the Declaration applicable to Equity Stock generally, including but not limited to the terms and conditions (including exceptions and exemptions) of Article VI of the Declaration applicable to Equity Stock. The foregoing sentence shall not be construed to limit the applicability to the Series D-4 Preferred Shares of any other term or provision of the Declaration. SECOND: The Shares have been classified and designated by the Board of Trustees under the authority contained in the Declaration. THIRD: These Articles Supplementary have been approved by the Board of Trustees in the manner and by the vote required by law. FOURTH: The undersigned Vice President--Chief Financial Officer acknowledges these Articles Supplementary to be the trust act of the Trust and, as to all matters or facts required to be verified under oath, the undersigned Vice President--Chief Financial Officer acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this Statement is made under the penalties for perjury. -13-
14 IN WITNESS WHEREOF, the Trust has caused these Articles Supplementary to be executed under seal in its name and on its behalf by its Vice President--Chief Financial Officer and attested to by one of its Assistant Secretaries on this 3rd day of September, 1999. VORNADO REALTY TRUST [Seal] /s/ Irwin Goldberg ---------------------------------------- Name: Irwin Goldberg Title: Vice President--Chief Financial Officer ATTEST: /s/ Larry Portal ---------------------------------------- Name: Larry Portal Title: Assistant Secretary
1 Exhibit 3.3 NINTH AMENDMENT TO SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF VORNADO REALTY L.P. --------------------------------------------- Dated as of September 3, 1999 --------------------------------------------- THIS NINTH AMENDMENT TO THE SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF VORNADO REALTY L.P. (this "Amendment"), dated as of September 3, 1999, is hereby adopted by Vornado Realty Trust, a Maryland real estate investment trust (defined therein as the "General Partner"), as the general partner of Vornado Realty L.P., a Delaware limited partnership (the "Partnership"). For ease of reference, capitalized terms used herein and not otherwise defined have the meanings assigned to them in the Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., as amended by the Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of December 16, 1997, and further amended by the Second Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of April 1, 1998, the Third Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of November 12, 1998, the Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of November 30, 1998, the Fifth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of March 3, 1999, the Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of March 17, 1999, the Seventh Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of May 20, 1999 and the Eighth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of May 27, 1999 (as so amended, the "Agreement"). WHEREAS, the General Partner desires to establish and set forth the terms of a new series of Partnership Interests designated as Series D-3 Preferred Units (the "Series D-3 Preferred Units");
2 WHEREAS, as of the date hereof, the Partnership entered into a Private Placement Purchase Agreement with Goldman Sachs 1999 Exchange Place Fund, L.P., a Delaware limited partnership ("Exchange Place"), pursuant to which the Partnership agreed to issue to Exchange Place Series D-3 Preferred Units; WHEREAS, the General Partner has determined that it is in the best interest of the Partnership to amend the Agreement to reflect the issuance of the above-referenced Series D-3 Preferred Units; WHEREAS, Section 14.1.B of the Agreement grants the General Partner power and authority to amend the Agreement without the consent of any of the Partnership's limited partners if the amendment does not adversely affect or eliminate any right granted to a limited partner pursuant to any of the provisions of the Agreement specified in Section 14.1.C or Section 14.1.D of the Agreement as requiring a particular minimum vote; and WHEREAS, the General Partner has determined that the amendment effected hereby does not adversely affect or eliminate any of the limited partner rights specified in Section 14.1.C or Section 14.1.D of the Agreement; NOW, THEREFORE, the General Partner hereby amends the Agreement as follows: 1. Exhibit P, attached hereto as Attachment 1, is hereby incorporated by reference into the Agreement and made a part thereof. 2. Section 4.2 of the Agreement is hereby supplemented by adding the following paragraph to the end thereof: "M. Issuance of Series D-3 Preferred Units. From and after the date hereof the Partnership shall be authorized to issue Partnership Units of a new series, which Partnership Units are hereby designated as "Series D-3 Preferred Units". Series D-3 Preferred Units shall have the terms set forth in Exhibit P attached hereto and made part hereof." 3. In making distributions pursuant to Section 5.1(B) of the Agreement, the General Partner of the Partnership shall take into account the provisions of Paragraph 2 of Exhibit P to the Agreement, including, but not limited to, Section 2.G(ii) thereof. 4. The Agreement is hereby supplemented by adding the following paragraph at -2-
3 the end of Section 8.6 thereof: "L. Series D-3 Preferred Unit Exception. Holders of Series D-3 Preferred Units shall not be entitled to the Redemption Right provided for in Section 8.6.A of this Agreement." 5. Exhibit A of the Agreement is hereby deleted and is replaced in its entirety by new Exhibit A attached hereto as Attachment 2. 6. Except as expressly amended hereby, the Agreement shall remain in full force and effect. -3-
4 IN WITNESS WHEREOF, the General Partner has executed this Amendment as of the date first written above. VORNADO REALTY TRUST By: /s/ Irwin Goldberg ------------------------------------- Name: Irwin Goldberg Title: Vice President and Chief Financial Officer
5 Attachment 1 EXHIBIT P DESIGNATION OF THE PREFERENCES, CONVERSION AND OTHER RIGHTS, VOTING POWERS, RESTRICTIONS, LIMITATIONS AS TO DISTRIBUTIONS, QUALIFICATIONS AND TERMS AND CONDITIONS OF REDEMPTION OF THE SERIES D-3 PREFERRED UNITS 1. Definitions. In addition to those terms defined in the Agreement, the following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in the Agreement and this Exhibit P: "Annual Distribution Rate" shall have the meaning set forth in Section 2.B(i) hereof. "Common Shares" shall mean the common shares of beneficial interest of the General Partner, par value $.04 per share. "Distribution Payment Date" shall mean the first calendar day of January, April, July and October, in each year, commencing on January 1, 1999; provided, however, that if any Distribution Payment Date falls on any day other than a Unit Business Day, the distribution payment due on such Distribution Payment Date shall be paid on the first Unit Business Day immediately following such Distribution Payment Date. "Distribution Periods" shall mean quarterly distribution periods commencing on January 1, April 1, July 1 and October 1 of each year and ending on and including the day preceding the first day of the next succeeding Distribution Period (other than the initial Distribution Period with respect to each Series D-3 Preferred Unit, which shall commence on the date on which such Series D-3 Preferred Unit was issued by the Partnership and end on and include the day preceding the first day of the next succeeding Distribution Period).
6 "Dividend Payment Date" shall mean a dividend payment date with respect to the Series D-3 Preferred Shares. "Redemption Date" shall have the meaning set forth in Section 2.D(iii) hereof. "Redemption Price" shall have the meaning set forth in Section 2.D(i) hereof. "Series D-3 Effective Date" shall be the sooner of: (w) September 3, 2009, (x) the first Unit Business Day following any period in which the Partnership has failed to make full distributions in respect of the Series D-3 Preferred Units for six (6) Distribution Periods, whether or not consecutive, (y) the first Unit Business Day following the receipt by the holder of the Series D-3 Preferred Units of (A) notice from the General Partner that the General Partner or the Partnership has taken the position that the Partnership is or likely is a publicly-traded partnership within the meaning of Section 7704 of the Code or any successor provision thereof (a "PTP") or (B) an opinion rendered by independent counsel familiar with such matters addressed to the holder of Series D-3 Preferred Units that the Partnership is or likely is a PTP, and (z) the first Unit Business Day following the date on which Goldman Sachs 1999 Exchange Place Fund, L.P. ("Exchange Place") determines, based on results or projected results, that there exists (in Exchange Place's reasonable judgment) an imminent and substantial risk that the Series D-3 Preferred Units held by Exchange Place represent or will represent 19.5% or more of the total profits or capital interests in the Partnership for a taxable year (determined in accordance with Treasury Regulations Section 1.731-2(e)(4)). "Series D-3 Notice of Redemption" shall have the meaning set forth in Section 2.E(i)(a) hereof. "Series D-3 Preferred Shares" means the shares of beneficial interest of the General Partner Entity designated as Series D-3 8.25% Cumulative Redeemable Preferred Shares of Beneficial Interest (liquidation preference $25.00 per share), no par value, having the rights and preferences and other terms set forth in Schedule 1 to this Exhibit P. "Series D-3 Preferred Unit" means a Partnership Unit issued by the Partnership having the preferences, conversion and other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption as are set forth in this Exhibit P. -2-
7 "Series D-3 Redeeming Partner" shall have the meaning set forth in Section 2.E(i)(a) hereof. "Series D-3 Redemption Right" shall have the meaning set forth in Section 2.E(i)(a) hereof. "Series D-3 Specified Redemption Date" shall mean the sixtieth Unit Business Day after receipt by the General Partner of a Series D-3 Notice of Redemption in respect of the Series D-3 Units; provided, however, that the Series D-3 Specified Redemption Date shall mean the tenth Unit Business Day after receipt by the General Partner of a Series D-3 Notice of Redemption delivered in respect of a redemption described in Treas. Reg. Section 1.7704-1(e). "set apart for payment" shall be deemed to include, without any action other than the following, the recording by the Partnership or the General Partner on behalf of the Partnership in its accounting ledgers of any accounting or bookkeeping entry which indicates, pursuant to a declaration of a distribution by the General Partner, the allocation of funds to be so paid on any series or class of Partnership Units; provided, however, that if any funds for any class or series of Junior Units (as defined below) or any class or series of Partnership Units ranking on a parity with the Series D-3 Preferred Units as to the payment of distributions are placed in a separate account of the Partnership or delivered to a disbursing, paying or other similar agent, then "set apart for payment" with respect to the Series D-3 Preferred Units shall mean placing such funds in a separate account or delivering such funds to a disbursing, paying or other similar agent. "Third Party Redemption Date" shall have the meaning set forth in Section 2.D(ii) hereof. "Unit Business Day" shall mean any day other than a Saturday, Sunday or a day on which state or federally chartered banking institutions in New York, New York are not required to be open. 2. Terms of the Series D-3 Preferred Units. A. Number. As of the close of business on the date of the amendment pursuant to which this Exhibit was adopted, the total number of Series D-3 Preferred Units issued and outstanding will be 8,000,000. The Partnership may issue additional Series D-3 Preferred Units from time to time in accordance with the terms of the Agreement and, in connection with any such additional issuance, Exhibit A to the Agreement shall be revised to reflect the total number of Series D-3 Preferred Units then issued and outstanding. -3-
8 B. Distributions. (i) The holders of the then outstanding Series D-3 Preferred Units shall be entitled to receive, when, as and if declared by the General Partner, distributions payable in cash at the rate per annum of $2.0625 per Series D-3 Preferred Unit (the "Annual Distribution Rate"). Such distributions with respect to each Series D-3 Preferred Unit shall be cumulative from the date of issuance of such Series D-3 Preferred Unit and shall be payable quarterly, when, as and if authorized and declared by the General Partner, in arrears on Distribution Payment Dates, commencing on the first Distribution Payment Date after September 3, 1999. Distributions are cumulative from the most recent Distribution Payment Date to which distributions have been paid; provided that the amount per Series D-3 Preferred Unit to be paid in respect of the initial Distribution Period, or any other period shorter or longer than a full Distribution Period, shall be determined in accordance with paragraph (ii) below. Accumulated and unpaid distributions for any past Distribution Periods may be declared and paid at any time, without reference to any regular Distribution Payment Date. (ii) The amount of distribution per Series D-3 Preferred Unit accruing in each full Distribution Period shall be computed by dividing the Annual Distribution Rate by four. The amount of distributions payable for the initial Distribution Period, or any other period shorter or longer than a full Distribution Period, on the Series D-3 Preferred Units shall be computed on the basis of twelve 30-day months and a 360-day year. The holders of the then outstanding Series D-3 Preferred Units shall not be entitled to any distributions, whether payable in cash, property or securities, in excess of cumulative distributions, as herein provided, on the Series D-3 Preferred Units. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series D-3 Preferred Units that may be in arrears. (iii) So long as any Series D-3 Preferred Units are outstanding, no distributions, except as described in the immediately following sentence, shall be declared or paid or set apart for payment on any series or class or classes of Parity Units (as defined below) for any period unless full cumulative distributions have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for such payment on the Series D-3 Preferred Units for all Distribution Periods terminating on or prior to the distribution payment date on such class or series of Parity Units, except in the case of distributions on the Series B-2 Restricted Preferred Units to the extent not paid due to a lack of funds in the Nongovernmental Account. When distributions are not paid in full or a sum sufficient for such payment is not set apart, as aforesaid, all distributions declared upon Series D-3 Preferred Units and all distributions declared upon any other series or class or classes of Parity Units shall be declared ratably in proportion to the respective amounts of distributions accumulated and unpaid on the Series D-3 Preferred Units and such Parity Units, except in the case of -4-
9 distributions on the Series B-2 Restricted Preferred Units to the extent not paid due to a lack of funds in the Nongovernmental Account. (iv) So long as any Series D-3 Preferred Units are outstanding, no distributions (other than distributions paid solely in Junior Units or options, warrants or rights to subscribe for or purchase Junior Units) shall be declared or paid or set apart for payment or other distribution declared or made upon Junior Units, nor shall any Junior Units be redeemed, purchased or otherwise acquired (other than a redemption, purchase or other acquisition of Junior Units made in respect of a redemption, purchase or other acquisition of Common Shares made for purposes of and in compliance with requirements of an employee incentive or benefit plan of the General Partner or any subsidiary, or as permitted under Article VI of the Declaration of Trust of the General Partner), for any consideration (or any moneys to be paid to or made available for a sinking fund for the redemption of any such Junior Units) by the General Partner, directly or indirectly (except by conversion into or exchange for Junior Units), unless in each case (a) the full cumulative distributions on all outstanding Series D-3 Preferred Units and any other Parity Units of the Partnership shall have been paid or set apart for payment for all past Distribution Periods with respect to the Series D-3 Preferred Units and all past distribution periods with respect to such Parity Units, except to the extent that distributions on the Series B-2 Restricted Preferred Units are not then able to be paid owing to a lack of funds in the Nongovernmental Account, and (b) sufficient funds shall have been paid or set apart for the payment of the distribution for the current Distribution Period with respect to the Series D-3 Preferred Units and any Parity Units, except to the extent that distributions on the Series B-2 Restricted Preferred Units are not then able to be paid owing to a lack of funds in the Nongovernmental Account. C. Liquidation Preference. (i) In the event of any liquidation, dissolution or winding up of the Partnership or the General Partner, whether voluntary or involuntary, before any payment or distribution of the assets of the Partnership shall be made to or set apart for the holders of Junior Units, holders of the Series D-3 Preferred Units shall be entitled to receive an amount equal to the holder's Capital Account in respect of those Series D-3 Preferred Units; but the holders of Series D-3 Preferred Units shall not be entitled to any further payment. If, upon any such liquidation, dissolution or winding up of the Partnership or the General Partner, the assets of the Partnership, or proceeds thereof, distributable to the holders of Series D-3 Preferred Units, shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any other Parity Units, then such assets, or the proceeds thereof, shall be distributed among the holders of the Series D-3 Preferred Units and the holders of any such other Parity Units ratably in accordance with the respective amounts that would be payable on such Series D-3 Preferred Units and any such other Parity Units if all amounts payable -5-
10 thereon were paid in full. For the purposes of this Section 2.C, (i) a consolidation or merger of the Partnership or the General Partner with one or more entities, (ii) a statutory share exchange by the Partnership or the General Partner and (iii) a sale or transfer of all or substantially all of the Partnership's or the General Partner's assets, shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the Partnership or General Partner. (ii) Subject to the rights of the holders of Partnership Units of any series or class or classes of shares ranking on a parity with or prior to the Series D-3 Preferred Units upon any liquidation, dissolution or winding up of the General Partner or the Partnership, after payment shall have been made in full to the holders of the Series D-3 Preferred Units, as provided in this Section, any series or class or classes of Junior Units shall, subject to any respective terms and provisions applying thereto, be entitled to receive any and all assets remaining to be paid or distributed, and the holder of the Series D-3 Preferred Units shall not be entitled to share therein. D. The Partnership's Right to Redeem the Series D-3 Preferred Units. (i) Except in connection with the redemption of the Series D-3 Preferred Shares by the General Partner as permitted by Article VI of the Declaration of Trust or as set forth in Section E below, the Series D-3 Preferred Units shall not be redeemable prior to September 3, 2004. On and after September 3, 2004, the General Partner may, at its option, cause the Partnership to redeem the Series D-3 Preferred Units in whole or in part, as set forth herein, subject to the provisions described below, at a redemption price, payable in cash, in an amount equal to $25 per unit for the Series D-3 Preferred Units being redeemed (the "Redemption Price"). Upon any such redemption, the Partnership shall also pay any accumulated and unpaid distributions owing in respect of the Series D- 3 Preferred Units being redeemed. (ii) Such Series D-3 Preferred Units as are not held by the General Partner may be redeemed by the Partnership on or after September 3, 2004, in whole or in part, at any time or from time to time, upon not less than 30 nor more than 60 days' written notice. If fewer than all of the outstanding Series D-3 Preferred Units that are not held by the General Partner are to be redeemed, the Series D-3 Preferred Units to be redeemed from each holder (other than the General Partner) shall be selected pro rata (as nearly as practicable without creating fractional units). Any notice of redemption delivered pursuant to this Section D(ii) will be (x) faxed and (y) mailed by the Partnership, by certified mail, postage prepaid, not less than 30 nor more than 60 days prior to the date upon which such redemption is to occur (the "Third Party Redemption Date"), addressed to each holder of record of the Series D-3 Preferred Units at their respective addresses as they appear on the records of the Partnership. No failure to give or defect in such notice shall affect the validity of the proceedings for the redemption of any Series D-3 Preferred Units. In addition to any information required by law, each such notice shall state: (a) the -6-
11 Third Party Redemption Date, (b) the amount payable per Series D-3 Preferred Unit upon redemption, including the Redemption Price and any amount payable pursuant to Section D(iv) hereof, (c) the aggregate number of Series D-3 Preferred Units to be redeemed and, if fewer than all of the outstanding Series D-3 Preferred Units are to be redeemed, the number of Series D-3 Preferred Units to be redeemed held by such holder, which number shall equal such holder's pro rata share (based on the percentage of the aggregate number of outstanding Series D-3 Preferred Units not held by the General Partner that the total number of Series D-3 Preferred Units held by such holder represents and determined as nearly as practicable without creating fractional interests) of the aggregate number of Series D-3 Preferred Units to be redeemed, (d) the place or places where such Series D-3 Preferred Units are to be surrendered for payment of the amount payable upon redemption and (e) that payment of such amount will be made upon presentation and surrender of such Series D-3 Preferred Units. If the Partnership gives a notice of redemption in respect of Series D-3 Preferred Units pursuant to this Section D(ii), then, by 12:00 noon, New York City time, on the Third Party Redemption Date, the Partnership will deposit irrevocably in trust for the benefit of the holders of Series D-3 Preferred Units being redeemed funds sufficient to pay the applicable amount payable with respect to such Series D-3 Preferred Units and will give irrevocable instructions and authority to pay such amount to the holders of the Series D-3 Preferred Units upon surrender of the Series D-3 Preferred Units by such holders at the place designated in the notice of redemption. (iii) Such Series D-3 Preferred Units as may be held by the General Partner may be redeemed, in whole or in part, at the option of the General Partner, at any time, upon payment by the Partnership to the General Partner of the Redemption Price and any amount payable pursuant to Section D(iv) hereof with respect to such Series D-3 Preferred Units; provided that the General Partner shall redeem an equivalent number of Series D-3 Preferred Shares. Such redemption of Series D-3 Preferred Units shall occur substantially concurrently with the redemption by the General Partner of such Series D-3 Preferred Shares (such date is herein referred to collectively with the Third Party Redemption Date as the "Redemption Date"). (iv) Upon any redemption of Series D-3 Preferred Units, the Partnership shall pay any accumulated and unpaid distributions for any Distribution Period, or any other period shorter than a full Distribution Period, ending on or prior to the Redemption Date. On and after the Redemption Date, distributions will cease to accumulate on the Series D-3 Preferred Units called for redemption, unless the Partnership defaults in payment therefor. If any date fixed for redemption of Series D-3 Preferred Units is not a Unit Business Day, then payment of the Redemption Price payable on such date will be made on the next succeeding day that is a Unit Business Day (and without any interest or -7-
12 other payment in respect of any such delay) except that, if such Unit Business Day falls in the next calendar year, such payment will be made on the immediately preceding Unit Business Day, in each case with the same force and effect as if made on such date fixed for redemption. If payment of the Redemption Price is improperly withheld or refused and not paid by the Partnership, distributions on such Series D-3 Preferred Units will continue to accumulate from the original redemption date to the date of payment, in which case the actual payment date will be considered the date fixed for redemption for purposes of calculating the applicable Redemption Price. Except as provided above, the Partnership shall make no payment or allowance for unpaid distributions, whether or not in arrears, on Series D-3 Preferred Units called for redemption under this Section 2.D. (v) If full cumulative distributions on the Series D-3 Preferred Units and any other series or class or classes of Parity Units of the Partnership have not been paid or declared and set apart for payment, except in connection with a purchase, redemption or other acquisition of Series D-3 Preferred Shares or shares of beneficial interest ranking on a parity with such Series D-3 Preferred Shares as permitted under Article VI of the Declaration of Trust and except to the extent that such distributions or amounts distributable on the Series B-2 Restricted Preferred Units may not be payable due to a lack of funds in the Nongovernmental Account, the Series D-3 Preferred Units may not be redeemed in part and the Partnership may not purchase, redeem or otherwise acquire Series D-3 Preferred Units or any Parity Units other than in exchange for Junior Units. As promptly as practicable after the surrender of any such Series D-3 Preferred Units so redeemed, such Series D-3 Preferred Units shall be exchanged for the amount of cash (without interest thereon) payable therefore pursuant to Section 2.D(i). If fewer than all the Series D-3 Preferred Units represented by any physical certificate are redeemed, then the Partnership shall issue new certificates representing the unredeemed Series D-3 Preferred Units without cost to the holder thereof. E. Series D-3 Preferred Unit Holder Redemption Right. (i) General. (a) Subject to paragraphs (ii) and (iii) below, on or after the Series D-3 Effective Date, the holder of the Series D-3 Preferred Units shall have the right (the "Series D-3 Redemption Right") to require the Partnership to redeem the Series D-3 Preferred Units on any Series D-3 Specified Redemption Date in cash in an amount equal to the holder's Capital Account after the Carrying Values of all Partnership assets are adjusted pursuant to Section 1.D of Exhibit B to the Agreement and the holder's Capital Account is adjusted accordingly for the Series D-3 Preferred Units being redeemed. Any such Series D-3 Redemption Right shall be exercised pursuant to notice of redemption comparable to the Notice of Redemption required under Section 8.6 of the -8-
13 Agreement (a "Series D-3 Notice of Redemption") delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Series D-3 Redemption Right (the "Series D-3 Redeeming Partner"). Except in the event of the occurrence of the circumstance described in clause (z) of the definition of "Series D-3 Effective Date", a holder of the Series D-3 Preferred Units may only exercise the Series D-3 Redemption Right in respect of all Series D-3 Preferred Units held by such holder on the date of the applicable Series D-3 Redemption Notice. In addition, any redemption pursuant to the Series D-3 Redemption Right shall be subject to all of the provisions of the Agreement governing redemptions under Section 8.6 of the Agreement as if it were a redemption under that section, except as otherwise provided herein. (b) The Series D-3 Redeeming Partner shall have no right with respect to any Series D-3 Preferred Units so redeemed to receive any distributions paid after the Series D-3 Specified Redemption Date, unless the record date for the distribution preceded the Series D-3 Specified Redemption Date. If the record date for such distribution was a date prior to the Series D-3 Specified Redemption Date and the Distribution Payment Date in respect of such distribution was a date after the Series D-3 Specified Redemption Date, such Series D-3 Redeeming Partner shall be required, as a condition of the redemption of such Series D-3 Preferred Units, to pay the amount of such distribution to the Partnership (if such Series D-3 Preferred Units are redeemed for cash) or to the General Partner (if such Series D-3 Preferred Units are redeemed for Series D-3 Preferred Shares). (c) The Assignee of any Limited Partner may exercise the rights of such Limited Partner pursuant to this Section 2.E, and such Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Limited Partner's Assignee. In connection with any exercise of the such rights by such Assignee on behalf of such Limited Partner, the Redemption Price and any accumulated and unpaid distributions shall be paid by the Partnership directly to such Assignee and not to such Limited Partner. (ii) General Partner Assumption of Right. (a) If the holder of the Series D-3 Preferred Units has delivered a Series D-3 Notice of Redemption, the General Partner may, in its sole and absolute discretion (subject to any limitations on ownership and transfer of Shares set forth in the Declaration of Trust), elect to assume directly and satisfy the Series D-3 Redemption Right by paying to the Redeeming Partner either (x) an amount equal to the holder's Capital Account for the Series D-3 Preferred Units being redeemed after the Carrying Values of all Partnership assets are adjusted pursuant to Section 1.D of Exhibit B to the Agreement and the holder's Capital Account is adjusted accordingly or (y) in the form of Series D-3 Preferred Shares, as set forth in paragraph (b) below. Unless the General Partner, in its sole and absolute discretion, shall exercise its right to assume directly and satisfy the Series D-3 Redemption Right, the General Partner shall not have any obligation to the Redeeming Partner or to the Partnership with respect -9-
14 to the Redeeming Partner's exercise of the Series D-3 Redemption Right. In the event the General Partner shall exercise its right to satisfy the Series D-3 Redemption Right in the manner described in the first sentence of this paragraph (ii) and shall fully perform its obligations in connection therewith, the Partnership shall have no right or obligation to pay any amount to the Redeeming Partner with respect to such Redeeming Partner's exercise of the Series D-3 Redemption Right, and each of the Redeeming Partner, the Partnership and the General Partner shall, for federal income tax purposes, treat the transaction between the General Partner and the Redeeming Partner as a sale of the Redeeming Partner's Partnership Units to the General Partner. Nothing contained in this paragraph (ii) shall imply any right of the General Partner to require any holder of Series D-3 Preferred Units to exercise the Series D-3 Redemption Right afforded pursuant to paragraph (i) above. (b) In the event that the Partnership redeems Series D-3 Preferred Units for cash in accordance with Section 2.E(i)(a), the units so redeemed shall be terminated. In the event that the General Partner determines to pay the Redeeming Partner in the form of Series D-3 Preferred Shares, the General Partner shall issue to the Series D-3 Redeeming Partner one Series D-3 Preferred Share for each Series D-3 Preferred Unit being redeemed (subject to modification as set forth in paragraph (c) below), whereupon the General Partner shall acquire the Series D-3 Preferred Units offered for redemption by the Series D-3 Redeeming Partner and shall be treated for all purposes of the Agreement as the owner of such Series D-3 Preferred Units. Any accumulated and unpaid distributions on such Series D-3 Preferred Units to the date of such redemption shall also be deemed to have accumulated on the Series D-3 Preferred Shares paid to the Series D-3 Redeeming Partner in consideration of such Series D-3 Preferred Units at the time of the issuance of such Series D-3 Preferred Shares. (c) In the event that there shall be outstanding at any time both Series D-3 Preferred Shares and Series D-3 Preferred Units and the General Partner shall be a party to any transaction (including, without limitation, a merger, consolidation or statutory share exchange with respect to the Series D-3 Preferred Shares), in each case as a result of which the Series D-3 Preferred Shares are converted into the right to receive shares of capital stock, other securities or other property (including cash or any combination thereof), thereafter the Redemption Price payable by the General Partner in respect of one Series D-3 Preferred Unit shall be the kind and amount of shares of capital stock and other securities and property (including cash or any combination thereof) that was received upon consummation of such transaction in return for one Series D-3 Preferred Share; and the General Partner may not become a party to any such transaction unless the terms thereof are consistent with the foregoing. In case there shall be outstanding Series D-3 Preferred Units and no Series D-3 Preferred Shares and the General Partner shall be a -10-
15 party to any merger or consolidation in which the General Partner is not the surviving entity, then the Series D-3 Preferred Shares deliverable by the General Partner thereafter in redemption of Series D-3 Preferred Units pursuant to clause (ii) above shall be shares of the surviving entity or any entity controlling the surviving entity having the preferences, rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption substantially similar to those set forth on Schedule 1 to this Exhibit P. (d) Each Redeeming Partner agrees to execute such documents as the General Partner may reasonably require in connection with the issuance of Series D-3 Preferred Shares upon exercise of the Series D-3 Redemption Right. (iii) Exceptions to Exercise of Redemption Right. Notwithstanding the provisions of paragraphs (i) and (ii) above, a Partner shall not be entitled to exercise the Series D-3 Redemption Right if (but only as long as) the delivery of Series D-3 Preferred Shares to such Partner on the Series D-3 Specified Redemption Date (a) would be prohibited under the Declaration of Trust, or (b) as long as the Common Shares or any previously issued Series D-3 Preferred Shares are Publicly Traded, would be prohibited under applicable federal or state securities laws or regulations (assuming the General Partner would in fact assume and satisfy the Series D-3 Redemption Right). (iv) No Liens on Partnership Units Delivered for Redemption. Each holder of any Series D-3 Preferred Units covenants and agrees with the General Partner that all Series D-3 Preferred Units delivered for redemption shall be delivered to the Partnership or the General Partner, as the case may be, free and clear of all liens, and, notwithstanding anything contained herein to the contrary, neither the General Partner nor the Partnership shall be under any obligation to acquire Series D-3 Preferred Units which are or may be subject to any liens. Each holder of Series D-3 Preferred Units further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Series D-3 Preferred Units to the Partnership or the General Partner, such holder shall assume and pay such transfer tax. F. Conversion. The Series D-3 Preferred Units are not convertible into or redeemable or exchangeable for any other property or securities of the General Partner Entity or the Partnership at the option of any holder of Series D-3 Preferred Units, except as provided in Sections D and E hereof. G. Ranking. (i) Any class or series of Partnership Units shall be deemed to rank: -11-
16 (a) prior to the Series D-3 Preferred Units, as to the payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up of the General Partner or the Partnership, if the holders of such class or series of Partnership Units shall be entitled to the receipt of distributions or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Series D-3 Preferred Units; (b) on a parity with the Series D-3 Preferred Units, as to the payment of distributions and as to the distribution of assets upon liquidation, dissolution or winding up of the General Partner or the Partnership, whether or not the distribution rates, distribution payment dates or redemption or liquidation prices per Partnership Unit be different from those of the Series D-3 Preferred Units, if the holders of such Partnership Units of such class or series and the Series D-3 Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon liquidation, dissolution or winding up in proportion to their respective amounts of accrued and unpaid distributions per Partnership Unit or liquidation preferences, without preference or priority one over the other, except to the extent that such distributions or amounts distributable on the Series B-2 Restricted Preferred Units may not be payable due to a lack of funds in the Nongovernmental Account ("Parity Units"); and (c) junior to the Series D-3 Preferred Units, as to the payment of distributions or as to the distribution of assets upon liquidation, dissolution or winding up of the General Partner or the Partnership, if such class or series of Partnership Units shall be Class A Units or if the holders of Series D-3 Preferred Units shall be entitled to receipt of distribution or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Partnership Units of such class or series ("Junior Units"). (ii) The Series A Preferred Units, Series B Pass-Through Preferred Units and Series C Pass-Through Preferred Units shall be Parity Units with respect to the Series D-3 Preferred Units and the holders of the Series D-3 Preferred Units and Series A Preferred Units, Series B Pass-Through Preferred Units and Series C Pass-Through Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon liquidation, dissolution or winding up in proportion to their respective amounts of accumulated and unpaid distributions per Partnership Unit or liquidation preferences, without preference or priority one over the other, except in the case of distributions on the Series B-2 Restricted Preferred Units to the extent not payable due to a lack of funds in the Nongovernmental Account and except that: (a) For so long as the Class D Units are outstanding, the Series D-3 Preferred Units shall not rank senior to the Class D Units as to preferential distributions or redemption or voting rights. For so long as the Class D Units are outstanding, the -12-
17 Series D-3 Preferred Units shall receive: (i) accumulated and unpaid distributions on a basis pari passu with distributions made to the holders of any outstanding Class D Units pursuant to Subsection 5.1.B(ii) of the Agreement and (ii) other distributions on a basis pari passu with distributions made to the holders of any outstanding Class D Units pursuant to Subsection 5.1.B(iii) of the Agreement. (b) When the Class D Units are no longer outstanding, the Series D-3 Preferred Units shall be Preference Units and shall receive distributions on a basis pari passu with other Partnership Units, if any, receiving distributions pursuant to Section 5.1.B(i) of the Agreement, except to the extent that distributions on the Series B-2 Restricted Preferred Units may not be paid due to a lack of funds in the Nongovernmental Account. (c) Distributions made pursuant to Subsections G(ii)(a) and G(ii)(b) of this Exhibit P shall be made pro rata with other distributions made to other Partnership Units as to which they rank pari passu based on the ratio of the amounts to be paid the Series D-3 Preferred Units and such other Partnership Units, as applicable, to the total amounts to be paid in respect of the Series D-3 Preferred Units and such other Partnership Units taken together on the Partnership Record Date, except in the case of distributions on the Series B-2 Restricted Preferred Units to the extent such distribution may not be paid due to a lack of funds in the Nongovernmental Account. (iii) For purposes of allocations of items made pursuant to Article VI of the Agreement: (a) As long as the Class D Units are outstanding, the Series D-3 Preferred Units shall be allocated items pari passu with the allocation of items to the holders of Class D Units in respect of their priority payments (i.e., as allocated in Section 6.1.A (iii) and (vi) and Section 6.1.B (viii) and (ix) of the Agreement) and shall share in those allocations in a pro rata manner based on the distributions and allocations of items, as applicable, made to such Partnership Units, as applicable; references to Class D Units in Article VI of the Agreement shall be deemed to also refer to Series D-3 Preferred Units except that references to distributions made to the Class D Units shall be deemed to refer to distributions made to the Series D-3 Preferred Units in a pro rata manner with such distributions made to the Class D Units. (b) When the Class D Units are no longer outstanding, the Series D-3 Preferred Units shall be Preference Units and shall be allocated items pari passu with the allocation of items to holders of Preference Units (i.e., as allocated in Section 6.1.A (ii) and Section 6.1.B (x) of the Agreement) and shall share in those allocations in a pro rata -13-
18 manner based on the distributions and allocations of items, as applicable, made to Preference Units, as applicable; references to Preference Units in Article VI of the Agreement shall be deemed to also refer to Series D-3 Preferred Units except that references to distributions made to Preference Units shall be deemed to refer to distributions made to the Series D-3 Preferred Units in a pro rata manner with such distributions, if any, made to the Preference Units. H. Voting. (i) Except as provided in this Section H or as required by law, the holders of the Series D-3 Preferred Units shall not be entitled to vote at any meeting of the Partners or for any other purpose or otherwise to participate in any action taken by the Partnership or the Partners, or to receive notice of any meeting of the Partners. (ii) So long as any Series D-3 Preferred Units are outstanding, the General Partner shall not authorize the creation of or cause the Partnership to issue Partnership Units of any class or series or any interest in the Partnership convertible into or exchangeable for Partnership Units of any class or series ranking prior to the Series D-3 Preferred Units in the distribution of assets on any liquidation, dissolution or winding up of the General Partner or the Partnership or in the payment of distributions, or reclassify any Partnership Units of the Partnership into any such senior Partnership Unit; provided that so long as any Class D Units are outstanding, such senior Partnership Units may be issued to the General Partner if the distribution and redemption (but not voting) rights of such senior Partnership Units are substantially similar to the terms of securities issued by the General Partner and the proceeds or other consideration from the issuance of such securities have been or are concurrently with such issuance contributed to the Partnership. (iii) So long as any Series D-3 Preferred Units are outstanding, in addition to any other vote or consent of unit holders required by the Agreement of Limited Partnership or of shareholders required by the Declaration of Trust, the affirmative vote of at least a majority of the votes entitled to be cast by the holders of Series D-3 Preferred Units at the time outstanding given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, shall be necessary for effecting or validating (a) any amendment, alteration or repeal of any of the provisions of the Declaration of Trust that materially and adversely affects the voting powers, rights or preferences of the Series D-3 Preferred Shares; provided, however, that the amendment of the provisions of the Declaration of Trust so as to authorize or create or to increase the authorized amount of, any Junior Shares with respect to the Series D-3 Preferred Shares or any units of any class or series ranking on a parity with the Series D-3 Preferred Shares shall not be deemed to materially and adversely affect the voting powers, rights or -14-
19 preferences of the holders of Series D-3 Preferred Shares or (b) the authorization or creation of, or the increase in the authorized or issued amount of, any shares of any class or series or any security convertible into or exchangeable for shares of any class or series ranking prior to the Series D-3 Preferred Shares in the distribution of assets on any liquidation, dissolution or winding up of the General Partner or in the payment of dividends or distributions; provided, however, that, in the case of each of subparagraphs (a) and (b), no such vote of the holders of Series D-3 Preferred Units shall be required if, at or prior to the time when such amendment, alteration or repeal is to take effect, or when the issuance of any such prior shares or convertible security is to be made, provision is made for the redemption of all Series D-3 Preferred Units at the time outstanding in accordance with the provisions hereof. I. General. (i) At such time, if any, as the General Partner becomes a holder of Series D-3 Preferred Units, the rights of the General Partner, in its capacity as the holder of the Series D-3 Preferred Units, will be in addition to and not in limitation on any other rights or authority of the General Partner, in any other capacity, under the Agreement. In addition, nothing contained in this Exhibit P shall be deemed to limit or otherwise restrict any rights or authority of the General Partner under the Agreement, other than in its capacity as the holder of Series D-3 Preferred Units. (ii) Anything herein contained to the contrary notwithstanding, the General Partner shall take all steps that it determines are necessary or appropriate (including modifying the foregoing terms of the Series D-3 Preferred Units) to ensure that the Series D-3 Preferred Units (including, without limitation the redemption and conversion terms thereof) permit the General Partner to satisfy its obligations with respect to the Series D-3 Preferred Shares (including, without limitation, its obligations to make dividend payments on the Series D-3 Preferred Shares), if and when any such Units are issued, it being the intention that, except to the extent provided in Schedule 1 to this Exhibit P, the terms of the Series D-3 Preferred Shares will be the same as the terms of the Series D-3 Preferred Units in all material respects. J. The Special Distribution. Notwithstanding anything to the contrary contained herein, on September 3, 1999, the holder of the Series D-3 Preferred Units shall be entitled to receive $2,500,000. Such payment shall be treated as a guaranteed payment for the use of capital under Section 707(c) of the Internal Revenue Code and shall have no effect or bearing on any other distribution or redemption amount or upon any other rights or obligations of holders of the Series D-3 Preferred Units. -15-
20 Attachment 2 EXHIBIT A (9/3/99) - Goldman Sachs 1999 Exchange Place Fund, LP / TMCT II, LLC (D-3 & D-4 Preferred) VORNADO REALTY L.P. PARTNERS AND PARTNERSHIP INTERESTS Class of Units ----------------------------------------------------------- Series A Value Percentage Preferred of of Shares Series A Series A - --------------------------------------------------------------------------------------------------------------------------------- Vornado Realty Trust 5,789,239 $297,508,992 100.0000% Vornado Realty Trust Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y. , Inc. Washington Design Center, L.L.C. Fourth & D Street Partners LP Merchandise Mart Owners, L.L.C. Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund L.P. Commonwealth Atlantic Properties Inc. Commonwealth Atlantic - Crystal City OP Holding Inc. GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP TMCT II, LLC Meadowbrook Equity Fund II, LLC. Jacob H Froelich, Jr. S.D. Phillips George W Lyles Canoe House Partners, LLC Roaring Gap Limited Partnership Phillips Property Company, LLC Newkirk Partners (See attached schedule) THE MENDIK PARTNERSHIP, L.P. Mendik Holdings L.L.C. MENDIK REALTY COMPANY, INC. FW / Mendik REIT, L.L.C. (2) Mendik RELP Corp. 2750 Associates 2750 Associates Limited Partnership Abrams, Trust U/W/O Ralph ACI Associates Adler, Robert Allen & Company Incorporated Allen, C. Robert III AMES, EUGENIA Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf- Shasha, Ellen Ash, Herbert Aubert, Lysa FBO UWO Barbara Schwartz Aubert, Lysa FBO UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alice C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Burack, Daniel A. Carb, Sally Carney, Margaret R. Carney, Thomas CHAMBERS, ROBERT CHO Enterprises Damson, Barrie Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Elson, Edward E. Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard Gold, Frederica Ginsberg, Adele Ginsberg, Benedict Goldberg, Clarence Goldring, Stanley ----------------------------------------------------- Series B Value Percentage Preferred of of Shares Series B Series B - ------------------------------------------------------------------------------------------------------------------------------------ Vornado Realty Trust 3,400,000 $85,000,000 100.0000% VORNADO REALTY TRUST Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y. , Inc. Washington Design Center, L.L.C. Fourth & D Street Partners LP Merchandise Mart Owners, L.L.C. Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund L.P. Commonwealth Atlantic Properties Inc. Commonwealth Atlantic - Crystal City OP Holding Inc. GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP TMCT II, LLC Meadowbrook Equity Fund II, LLC. Jacob H Froelich, Jr. S.D. Phillips George W Lyles Canoe House Partners, LLC Roaring Gap Limited Partnership Phillips Property Company, LLC Newkirk Partners (See attached schedule) The Mendik Partnership, L.P. Mendik Holdings L.L.C. MENDIK REALTY COMPANY, INC. FW / Mendik REIT, L.L.C. (2) Mendik RELP Corp. 2750 Associates 2750 Associates Limited Partnership Abrams, Trust U/W/O Ralph ACI Associates Adler, Robert Allen & Company Incorporated Allen, C. Robert III AMES, EUGENIA Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf- Shasha, Ellen Ash, Herbert Aubert, Lysa FBO UWO Barbara Schwartz Aubert, Lysa FBO UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alice C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Burack, Daniel A. Carb, Sally Carney, Margaret R. Carney, Thomas CHAMBERS, ROBERT CHO Enterprises Damson, Barrie Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Elson, Edward E. Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard Gold, Frederica Ginsberg, Adele Ginsberg, Benedict Goldberg, Clarence Goldring, Stanley
21 ------------------------------------------------------- Series C Value Percentage Preferred of of Shares Series C Series C - ------------------------------------------------------------------------------------------------------------------------------------ Vornado Realty Trust 4,600,000 $115,000,000.00 100.0000% VORNADO REALTY TRUST Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y. , Inc. Washington Design Center, L.L.C. Fourth & D Street Partners LP Merchandise Mart Owners, L.L.C. Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund L.P. Commonwealth Atlantic Properties Inc. Commonwealth Atlantic - Crystal City OP Holding Inc. GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP TMCT II, LLC Meadowbrook Equity Fund II, LLC. Jacob H Froelich, Jr. S.D. Phillips George W Lyles Canoe House Partners, LLC Roaring Gap Limited Partnership Phillips Property Company, LLC Newkirk Partners (See attached schedule) THE MENDIK PARTNERSHIP, L.P. Mendik Holdings L.L.C. MENDIK REALTY COMPANY, INC. FW / Mendik REIT, L.L.C. (2) Mendik RELP Corp. 2750 Associates 2750 Associates Limited Partnership Abrams, Trust U/W/O Ralph ACI Associates Adler, Robert Allen & Company Incorporated Allen, C. Robert III AMES, EUGENIA Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf- Shasha, Ellen Ash, Herbert Aubert, Lysa FBO UWO Barbara Schwartz Aubert, Lysa FBO UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alice C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Burack, Daniel A. Carb, Sally Carney, Margaret R. Carney, Thomas CHAMBERS, ROBERT CHO Enterprises Damson, Barrie Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Elson, Edward E. Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard Gold, Frederica Ginsberg, Adele Ginsberg, Benedict Goldberg, Clarence Goldring, Stanley
22 ------------------------------------------------- Series B-1 Value Percentage Preferred of of Units Series B-1 Series B-1 - ---------------------------------------------------------------------------------------------------------------------------------- Vornado Realty Trust VORNADO REALTY TRUST Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y. , Inc. Washington Design Center, L.L.C. 200,000 $10,000,000 22.23% Fourth & D Street Partners LP Merchandise Mart Owners, L.L.C. 699,566 $34,978,300 77.77% Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund L.P. Commonwealth Atlantic Properties Inc. Commonwealth Atlantic - Crystal City OP Holding Inc. GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP TMCT II, LLC Meadowbrook Equity Fund II, LLC. Jacob H Froelich, Jr. S.D. Phillips George W Lyles Canoe House Partners, LLC Roaring Gap Limited Partnership Phillips Property Company, LLC Newkirk Partners (See attached schedule) THE MENDIK PARTNERSHIP, L.P. Mendik Holdings L.L.C. MENDIK REALTY COMPANY, INC. FW / Mendik REIT, L.L.C. (2) Mendik RELP Corp. 2750 Associates 2750 Associates Limited Partnership Abrams, Trust U/W/O Ralph ACI Associates Adler, Robert Allen & Company Incorporated Allen, C. Robert III AMES, EUGENIA Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf- Shasha, Ellen Ash, Herbert Aubert, Lysa FBO UWO Barbara Schwartz Aubert, Lysa FBO UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alice C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Burack, Daniel A. Carb, Sally Carney, Margaret R. Carney, Thomas CHAMBERS, ROBERT CHO Enterprises Damson, Barrie Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Elson, Edward E. Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard Gold, Frederica Ginsberg, Adele Ginsberg, Benedict Goldberg, Clarence Goldring, Stanley
23 -------------------------------------------------------- Series B-2 Value Percentage Preferred of of Units Series B-2 Series B-2 - ----------------------------------------------------------------------------------------------------------------------------------- Vornado Realty Trust VORNADO REALTY TRUST Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y. , Inc. Washington Design Center, L.L.C. 100,000 $ 5,000,000 22.23% Fourth & D Street Partners LP Merchandise Mart Owners, L.L.C. 349,783 $17,489,150 77.77% Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund L.P. Commonwealth Atlantic Properties Inc. Commonwealth Atlantic - Crystal City OP Holding Inc. GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP TMCT II, LLC Meadowbrook Equity Fund II, LLC. Jacob H Froelich, Jr. S.D. Phillips George W Lyles Canoe House Partners, LLC Roaring Gap Limited Partnership Phillips Property Company, LLC Newkirk Partners (See attached schedule) THE MENDIK PARTNERSHIP, L.P. Mendik Holdings L.L.C. MENDIK REALTY COMPANY, INC. FW / Mendik REIT, L.L.C. (2) Mendik RELP Corp. 2750 Associates 2750 Associates Limited Partnership Abrams, Trust U/W/O Ralph ACI Associates Adler, Robert Allen & Company Incorporated Allen, C. Robert III AMES, EUGENIA Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf- Shasha, Ellen Ash, Herbert Aubert, Lysa FBO UWO Barbara Schwartz Aubert, Lysa FBO UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alice C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Burack, Daniel A. Carb, Sally Carney, Margaret R. Carney, Thomas CHAMBERS, ROBERT CHO Enterprises Damson, Barrie Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Elson, Edward E. Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard Gold, Frederica Ginsberg, Adele Ginsberg, Benedict Goldberg, Clarence Goldring, Stanley
24 ------------------------------------------------- Series C-1 Value Percentage Preferred of of Units Series C-1 Series C-1 - --------------------------------------------------------------------------------------------------------------------------------- Vornado Realty Trust VORNADO REALTY TRUST Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y. , Inc. Washington Design Center, L.L.C. Fourth & D Street Partners LP Merchandise Mart Owners, L.L.C. Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund L.P. Commonwealth Atlantic Properties Inc. Commonwealth Atlantic - Crystal City OP Holding Inc. GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP TMCT II, LLC Meadowbrook Equity Fund II, LLC. Jacob H Froelich, Jr. 150,067 $7,503,350 20.0648% S.D. Phillips 9,976 $498,800 1.3338% George W Lyles 70,044 $3,502,200 9.3653% Canoe House Partners, LLC 200,090 $10,004,500 26.7531% Roaring Gap Limited Partnership 290,158 $14,507,900 38.7957% Phillips Property Company, LLC 27,577 $1,378,850 3.6872% Newkirk Partners (See attached schedule) THE MENDIK PARTNERSHIP, L.P. Mendik Holdings L.L.C. MENDIK REALTY COMPANY, INC. FW / Mendik REIT, L.L.C. Mendik RELP Corp. 2750 Associates 2750 Associates Limited Partnership Abrams, Trust U/W/O Ralph ACI Associates Adler, Robert Allen & Company Incorporated Allen, C. Robert III AMES, EUGENIA Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf- Shasha, Ellen Ash, Herbert Aubert, Lysa FBO UWO Barbara Schwartz Aubert, Lysa FBO UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alice C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Burack, Daniel A. Carb, Sally Carney, Margaret R. Carney, Thomas CHAMBERS, ROBERT CHO Enterprises Damson, Barrie Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Elson, Edward E. Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard Gold, Frederica Ginsberg, Adele Ginsberg, Benedict Goldberg, Clarence Goldring, Stanley
25 ---------------------------------------------------------- Series D-1 Value Percentage Preferred of of Units Series D-1 Series D-1 - --------------------------------------------------------------------------------------------------------------------------------- Vornado Realty Trust VORNADO REALTY TRUST Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y. , Inc. Washington Design Center, L.L.C. Fourth & D Street Partners LP Merchandise Mart Owners, L.L.C. Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund L.P. 3,500,000 87,500,000 100.00% Commonwealth Atlantic Properties Inc. Commonwealth Atlantic - Crystal City OP Holding Inc. GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP TMCT II, LLC Meadowbrook Equity Fund II, LLC. Jacob H Froelich, Jr. S.D. Phillips George W Lyles Canoe House Partners, LLC Roaring Gap Limited Partnership Phillips Property Company, LLC Newkirk Partners (See attached schedule) THE MENDIK PARTNERSHIP, L.P. Mendik Holdings L.L.C. MENDIK REALTY COMPANY, INC. FW / Mendik REIT, L.L.C. (2) Mendik RELP Corp. 2750 Associates 2750 Associates Limited Partnership Abrams, Trust U/W/O Ralph ACI Associates Adler, Robert Allen & Company Incorporated Allen, C. Robert III AMES, EUGENIA Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf- Shasha, Ellen Ash, Herbert Aubert, Lysa FBO UWO Barbara Schwartz Aubert, Lysa FBO UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alice C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Burack, Daniel A. Carb, Sally Carney, Margaret R. Carney, Thomas CHAMBERS, ROBERT CHO Enterprises Damson, Barrie Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Elson, Edward E. Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard Gold, Frederica Ginsberg, Adele Ginsberg, Benedict Goldberg, Clarence Goldring, Stanley
26 ------------------------------------------ Series A Value Percentage Preferred of of Shares Series A Series A - ------------------------------------------------------------------------------------------------------------------------- Goldschmidt, Beatrice GOLDSCHMIDT, CHARLES Goldschmidt, Edward Goldschmidt, C. Trust U/A/D 7/11/90 GOLDSCHMIDT, LAWRENCE Goldschmidt, Peter Goldschmidt, Richard Gordon, Melvin Gorfinkle, Alaine GORFINKLE, LAWRENCE Gould Investors, L.P. GREEN, BERNARD Green, Barbara GREENBAUM, DAVID R. Greif, Goldie Gutenberg, Bernice H L Silbert trustee U/W of H A Goldman Hagler, Philip HAGLER, PHILIP TRUSTEE HAGLER FAMILY TRUST U/A 6/98 Harteveldt, Robert L. Hassler, Jane Hauser, Rita F. Hirsch, Phillip J. Hirsch, Judith Hrusha, Alan Hutner, Anne Trust F/B/O Hutner, Estate of Irwin INS Realty Associates Fierstein Co. Jaffe, Elizabeth Jones, Hazel Kaufman, Robert M. Klein, Robin KNATTEN INC. Knight, Laureine Komaroff, Stanley Kosloff, Andrea Kosloff, Andrea UGMA for Adam Kosloff Kosloff, Andrea UGMA for Justin Kosloff Koven, Irving Koven, Corey Koven , Esther Kowal, Myron as Custodian for Andrew Kowal Kramer, Irwin H & Terry Allen JTWROS Kramer, Irwin H & Terry Allen tt for the Terry Allen Kramer Trust Kramer, Saul KUHN, JAMES D. Kuhn, Leo Kurshan, Herbert Langenmyer Co. Lauder, Leonard Lauder, Ronald Leff, Joseph Leff, Valerie Lefkowitz, Howard LeRoy Partners Liroff, Harriett Liroff, Richard Loewengart, Irene Lovitz, David M. WESTPORT ASSOCIATES M-L Three Maayan Partners Magid, Eleanore Mahoney, David J. Mank, Edward H. Marvin, Morton Marvin, Suzanne Maynard, Jean Mazer, David Mazer, Richard McKee, William S. Meister, Robert A. MENDIK, BERNARD Mendik, Susan Mendik, Susan Trust u/w/o Jean A. Batkin L.C. Migdal & Ellin Kalmus, Trustees of Murray Silberstein Mil Equities Myers Group III, Inc. Myers Group IV, Inc. Myers, Israel Nevas, Alan Nevas, Leo Nicardo Corporation Novick, Lawrence OESTREICH, DAVID A. OESTREICH, JOAN E. OESTREICH, SOPHY Oppenheimer, Martin J. Oppenheimer, Suzanne Oshatz, Michael P. Phillips, Family Trust UWO Edith Phillips, Jonathan Phillips, Lynn Phillips, Estate of John D. Plum Partners L.P. Prentice Revocable Trust, 12/12/75 RCAY S.A. Reichler, Richard Reingold, Suzy Roberts, H. Richard
27 -------------------------------------------------- Series B Value Percentage Preferred of of Shares Series B Series B - ---------------------------------------------------------------------------------------------------------------------------------- Goldschmidt, Beatrice GOLDSCHMIDT, CHARLES Goldschmidt, Edward Goldschmidt, C. Trust U/A/D 7/11/90 GOLDSCHMIDT, LAWRENCE Goldschmidt, Peter Goldschmidt, Richard Gordon, Melvin Gorfinkle, Alaine GORFINKLE, LAWRENCE Gould Investors, L.P. GREEN, BERNARD Green, Barbara GREENBAUM, DAVID R. Greif, Goldie Gutenberg, Bernice H L Silbert trustee U/W of H A Goldman Hagler, Philip HAGLER, PHILIP TRUSTEE HAGLER FAMILY TRUST U/A 6/98 Harteveldt, Robert L. Hassler, Jane Hauser, Rita F. Hirsch, Phillip J. Hirsch, Judith Hrusha, Alan Hutner, Anne Trust F/B/O Hutner, Estate of Irwin INS Realty Associates Fierstein Co. Jaffe, Elizabeth Jones, Hazel Kaufman, Robert M. Klein, Robin KNATTEN INC. Knight, Laureine Komaroff, Stanley Kosloff, Andrea Kosloff, Andrea UGMA for Adam Kosloff Kosloff, Andrea UGMA for Justin Kosloff Koven, Irving Koven, Corey Koven , Esther Kowal, Myron as Custodian for Andrew Kowal Kramer, Irwin H & Terry Allen JTWROS Kramer, Irwin H & Terry Allen tt for the Terry Allen Kramer Trust Kramer, Saul KUHN, JAMES D. Kuhn, Leo Kurshan, Herbert Langenmyer Co. Lauder, Leonard Lauder, Ronald Leff, Joseph Leff, Valerie Lefkowitz, Howard LeRoy Partners Liroff, Harriett Liroff, Richard Loewengart, Irene Lovitz, David M. WESTPORT ASSOCIATES M-L Three Maayan Partners Magid, Eleanore Mahoney, David J. Mank, Edward H. Marvin, Morton Marvin, Suzanne Maynard, Jean Mazer, David Mazer, Richard McKee, William S. Meister, Robert A. MENDIK, BERNARD Mendik, Susan Mendik, Susan Trust u/w/o Jean A. Batkin L.C. Migdal & Ellin Kalmus, Trustees of Murray Silberstein Mil Equities Myers Group III, Inc. Myers Group IV, Inc. Myers, Israel Nevas, Alan Nevas, Leo Nicardo Corporation Novick, Lawrence OESTREICH, DAVID A. OESTREICH, JOAN E. OESTREICH, SOPHY Oppenheimer, Martin J. Oppenheimer, Suzanne Oshatz, Michael P. Phillips, Family Trust UWO Edith Phillips, Jonathan Phillips, Lynn Phillips, Estate of John D. Plum Partners L.P. Prentice Revocable Trust, 12/12/75 RCAY S.A. Reichler, Richard Reingold, Suzy Roberts, H. Richard
28 ----------------------------------------------- Series C Value Percentage Preferred of of Shares Series C Series C - ------------------------------------------------------------------------------------------------------------------------------- Goldschmidt, Beatrice GOLDSCHMIDT, CHARLES Goldschmidt, Edward Goldschmidt, C. Trust U/A/D 7/11/90 GOLDSCHMIDT, LAWRENCE Goldschmidt, Peter Goldschmidt, Richard Gordon, Melvin Gorfinkle, Alaine GORFINKLE, LAWRENCE Gould Investors, L.P. GREEN, BERNARD Green, Barbara GREENBAUM, DAVID R. Greif, Goldie Gutenberg, Bernice H L Silbert trustee U/W of H A Goldman Hagler, Philip HAGLER, PHILIP TRUSTEE HAGLER FAMILY TRUST U/A 6/98 Harteveldt, Robert L. Hassler, Jane Hauser, Rita F. Hirsch, Phillip J. Hirsch, Judith Hrusha, Alan Hutner, Anne Trust F/B/O Hutner, Estate of Irwin INS Realty Associates Fierstein Co. Jaffe, Elizabeth Jones, Hazel Kaufman, Robert M. Klein, Robin KNATTEN INC. Knight, Laureine Komaroff, Stanley Kosloff, Andrea Kosloff, Andrea UGMA for Adam Kosloff Kosloff, Andrea UGMA for Justin Kosloff Koven, Irving Koven, Corey Koven , Esther Kowal, Myron as Custodian for Andrew Kowal Kramer, Irwin H & Terry Allen JTWROS Kramer, Irwin H & Terry Allen tt for the Terry Allen Kramer Trust Kramer, Saul KUHN, JAMES D. Kuhn, Leo Kurshan, Herbert Langenmyer Co. Lauder, Leonard Lauder, Ronald Leff, Joseph Leff, Valerie Lefkowitz, Howard LeRoy Partners Liroff, Harriett Liroff, Richard Loewengart, Irene Lovitz, David M. WESTPORT ASSOCIATES M-L Three Maayan Partners Magid, Eleanore Mahoney, David J. Mank, Edward H. Marvin, Morton Marvin, Suzanne Maynard, Jean Mazer, David Mazer, Richard McKee, William S. Meister, Robert A. MENDIK, BERNARD Mendik, Susan Mendik, Susan Trust u/w/o Jean A. Batkin L.C. Migdal & Ellin Kalmus, Trustees of Murray Silberstein Mil Equities Myers Group III, Inc. Myers Group IV, Inc. Myers, Israel Nevas, Alan Nevas, Leo Nicardo Corporation Novick, Lawrence OESTREICH, DAVID A. OESTREICH, JOAN E. OESTREICH, SOPHY Oppenheimer, Martin J. Oppenheimer, Suzanne Oshatz, Michael P. Phillips, Family Trust UWO Edith Phillips, Jonathan Phillips, Lynn Phillips, Estate of John D. Plum Partners L.P. Prentice Revocable Trust, 12/12/75 RCAY S.A. Reichler, Richard Reingold, Suzy Roberts, H. Richard
29 ---------------------------------------------- Series B-1 Value Percentage Preferred of of Units Series B-1 Series B-1 - ------------------------------------------------------------------------------------------------------------------------------ Goldschmidt, Beatrice GOLDSCHMIDT, CHARLES Goldschmidt, Edward Goldschmidt, C. Trust U/A/D 7/11/90 GOLDSCHMIDT, LAWRENCE Goldschmidt, Peter Goldschmidt, Richard Gordon, Melvin Gorfinkle, Alaine GORFINKLE, LAWRENCE Gould Investors, L.P. Green, Bernard Green, Barbara GREENBAUM, DAVID R. Greif, Goldie Gutenberg, Bernice H L Silbert trustee U/W of H A Goldman Hagler, Philip HAGLER, PHILIP TRUSTEE HAGLER FAMILY TRUST U/A 6/98 Harteveldt, Robert L. Hassler, Jane Hauser, Rita F. Hirsch, Phillip J. Hirsch, Judith Hrusha, Alan Hutner, Anne Trust F/B/O Hutner, Estate of Irwin INS Realty Associates Fierstein Co. Jaffe, Elizabeth Jones, Hazel Kaufman, Robert M. Klein, Robin KNATTEN INC. Knight, Laureine Komaroff, Stanley Kosloff, Andrea Kosloff, Andrea UGMA for Adam Kosloff Kosloff, Andrea UGMA for Justin Kosloff Koven, Irving Koven, Corey Koven , Esther Kowal, Myron as Custodian for Andrew Kowal Kramer, Irwin H & Terry Allen JTWROS Kramer, Irwin H & Terry Allen tt for the Terry Allen Kramer Trust Kramer, Saul KUHN, JAMES D. Kuhn, Leo Kurshan, Herbert Langenmyer Co. Lauder, Leonard Lauder, Ronald Leff, Joseph Leff, Valerie Lefkowitz, Howard LeRoy Partners Liroff, Harriett Liroff, Richard Loewengart, Irene Lovitz, David M. WESTPORT ASSOCIATES M-L Three Maayan Partners Magid, Eleanore Mahoney, David J. Mank, Edward H. Marvin, Morton Marvin, Suzanne Maynard, Jean Mazer, David Mazer, Richard McKee, William S. Meister, Robert A. MENDIK, BERNARD Mendik, Susan Mendik, Susan Trust u/w/o Jean A. Batkin L.C. Migdal & Ellin Kalmus, Trustees of Murray Silberstein Mil Equities Myers Group III, Inc. Myers Group IV, Inc. Myers, Israel Nevas, Alan Nevas, Leo Nicardo Corporation Novick, Lawrence OESTREICH, DAVID A. OESTREICH, JOAN E. OESTREICH, SOPHY Oppenheimer, Martin J. Oppenheimer, Suzanne Oshatz, Michael P. Phillips, Family Trust UWO Edith Phillips, Jonathan Phillips, Lynn Phillips, Estate of John D. Plum Partners L.P. Prentice Revocable Trust, 12/12/75 RCAY S.A. Reichler, Richard Reingold, Suzy Roberts, H. Richard
30 ------------------------------------------ Series B-2 Value Percentage Preferred of of Units Series B-2 Series B-2 - --------------------------------------------------------------------------------------------------------------------------- Goldschmidt, Beatrice GOLDSCHMIDT, CHARLES Goldschmidt, Edward Goldschmidt, C. Trust U/A/D 7/11/90 GOLDSCHMIDT, LAWRENCE Goldschmidt, Peter Goldschmidt, Richard Gordon, Melvin Gorfinkle, Alaine GORFINKLE, LAWRENCE Gould Investors, L.P. GREEN, BERNARD Green, Barbara GREENBAUM, DAVID R. Greif, Goldie Gutenberg, Bernice H L Silbert trustee U/W of H A Goldman Hagler, Philip HAGLER, PHILIP TRUSTEE HAGLER FAMILY TRUST U/A 6/98 Harteveldt, Robert L. Hassler, Jane Hauser, Rita F. Hirsch, Phillip J. Hirsch, Judith Hrusha, Alan Hutner, Anne Trust F/B/O Hutner, Estate of Irwin INS Realty Associates Fierstein Co. Jaffe, Elizabeth Jones, Hazel Kaufman, Robert M. Klein, Robin Knatten Inc. Knight, Laureine Komaroff, Stanley Kosloff, Andrea Kosloff, Andrea UGMA for Adam Kosloff Kosloff, Andrea UGMA for Justin Kosloff Koven, Irving Koven, Corey Koven , Esther Kowal, Myron as Custodian for Andrew Kowal Kramer, Irwin H & Terry Allen JTWROS Kramer, Irwin H & Terry Allen tt for the Terry Allen Kramer Trust Kramer, Saul KUHN, JAMES D. Kuhn, Leo Kurshan, Herbert Langenmyer Co. Lauder, Leonard Lauder, Ronald Leff, Joseph Leff, Valerie Lefkowitz, Howard LeRoy Partners Liroff, Harriett Liroff, Richard Loewengart, Irene Lovitz, David M. Westport Associates M-L Three Maayan Partners Magid, Eleanore Mahoney, David J. Mank, Edward H. Marvin, Morton Marvin, Suzanne Maynard, Jean Mazer, David Mazer, Richard McKee, William S. Meister, Robert A. Mendix, Bernard Mendik, Susan Mendik, Susan Trust u/w/o Jean A. Batkin L.C. Migdal & Ellin Kalmus, Trustees of Murray Silberstein Mil Equities Myers Group III, Inc. Myers Group IV, Inc. Myers, Israel Nevas, Alan Nevas, Leo Nicardo Corporation Novick, Lawrence OESTREICH, DAVID A. OESTREICH, JOAN E. OESTREICH, SOPHY Oppenheimer, Martin J. Oppenheimer, Suzanne Oshatz, Michael P. Phillips, Family Trust UWO Edith Phillips, Jonathan Phillips, Lynn Phillips, Estate of John D. Plum Partners L.P. Prentice Revocable Trust, 12/12/75 RCAY S.A. Reichler, Richard Reingold, Suzy Roberts, H. Richard
31 ------------------------------------------------- Series C-1 Value Percentage Preferred of of Units Series C-1 Series C-1 - --------------------------------------------------------------------------------------------------------------------------------- Goldschmidt, Beatrice GOLDSCHMIDT, CHARLES Goldschmidt, Edward Goldschmidt, C. Trust U/A/D 7/11/90 GOLDSCHMIDT, LAWRENCE Goldschmidt, Peter Goldschmidt, Richard Gordon, Melvin Gorfinkle, Alaine GORFINKLE, LAWRENCE Gould Investors, L.P. GREEN, BERNARD Green, Barbara GREENBAUM, DAVID R. Greif, Goldie Gutenberg, Bernice H L Silbert trustee U/W of H A Goldman Hagler, Philip HAGLER, PHILIP TRUSTEE HAGLER FAMILY TRUST U/A 6/98 Harteveldt, Robert L. Hassler, Jane Hauser, Rita F. Hirsch, Phillip J. Hirsch, Judith Hrusha, Alan Hutner, Anne Trust F/B/O Hutner, Estate of Irwin INS Realty Associates Fierstein Co. Jaffe, Elizabeth Jones, Hazel Kaufman, Robert M. Klein, Robin KNATTEN INC. Knight, Laureine Komaroff, Stanley Kosloff, Andrea Kosloff, Andrea UGMA for Adam Kosloff Kosloff, Andrea UGMA for Justin Kosloff Koven, Irving Koven, Corey Koven , Esther Kowal, Myron as Custodian for Andrew Kowal Kramer, Irwin H & Terry Allen JTWROS Kramer, Irwin H & Terry Allen tt for the Terry Allen Kramer Trust Kramer, Saul KUHN, JAMES D. Kuhn, Leo Kurshan, Herbert Langenmyer Co. Lauder, Leonard Lauder, Ronald Leff, Joseph Leff, Valerie Lefkowitz, Howard LeRoy Partners Liroff, Harriett Liroff, Richard Loewengart, Irene Lovitz, David M. WESTPORT ASSOCIATES M-L Three Maayan Partners Magid, Eleanore Mahoney, David J. Mank, Edward H. Marvin, Morton Marvin, Suzanne Maynard, Jean Mazer, David Mazer, Richard McKee, William S. Meister, Robert A. MENDIK, BERNARD Mendik, Susan Mendik, Susan Trust u/w/o Jean A. Batkin L.C. Migdal & Ellin Kalmus, Trustees of Murray Silberstein Mil Equities Myers Group III, Inc. Myers Group IV, Inc. Myers, Israel Nevas, Alan Nevas, Leo Nicardo Corporation Novick, Lawrence OESTREICH, DAVID A. OESTREICH, JOAN E. OESTREICH, SOPHY Oppenheimer, Martin J. Oppenheimer, Suzanne Oshatz, Michael P. Phillips, Family Trust UWO Edith Phillips, Jonathan Phillips, Lynn Phillips, Estate of John D. Plum Partners L.P. Prentice Revocable Trust, 12/12/75 RCAY S.A. Reichler, Richard Reingold, Suzy Roberts, H. Richard Roche, Sara Rolfe, Ronald Reingold, Suzy Roberts, H. Richard
32 Class of Units - ------------------------------------------------------------------------------------------------------------------------------- Series D-1 Value Percentage Preferred of of Units Series D-1 Series D-1 - ------------------------------------------------------------------------------------------------------------------------------- Goldschmidt, Beatrice GOLDSCHMIDT, CHARLES Goldschmidt, Edward Goldschmidt, C. Trust U/A/D 7/11/90 GOLDSCHMIDT, LAWRENCE Goldschmidt, Peter Goldschmidt, Richard Gordon, Melvin Gorfinkle, Alaine GORFINKLE, LAWRENCE Gould Investors, L.P. GREEN, BERNARD Green, Barbara GREENBAUM, DAVID R. Greif, Goldie Gutenberg, Bernice H L Silbert trustee U/W of H A Goldman Hagler, Philip HAGLER, PHILIP TRUSTEE HAGLER FAMILY TRUST U/A 6/98 Harteveldt, Robert L. Hassler, Jane Hauser, Rita F. Hirsch, Phillip J. Hirsch, Judith Hrusha, Alan Hutner, Anne Trust F/B/O Hutner, Estate of Irwin INS Realty Associates Fierstein Co. Jaffe, Elizabeth Jones, Hazel Kaufman, Robert M. Klein, Robin KNATTEN INC. Knight, Laureine Komaroff, Stanley Kosloff, Andrea Kosloff, Andrea UGMA for Adam Kosloff Kosloff, Andrea UGMA for Justin Kosloff Koven, Irving Koven, Corey Koven , Esther Kowal, Myron as Custodian for Andrew Kowal Kramer, Irwin H & Terry Allen JTWROS Kramer, Irwin H & Terry Allen tt for the Terry Allen Kramer Trust Kramer, Saul KUHN, JAMES D. Kuhn, Leo Kurshan, Herbert Langenmyer Co. Lauder, Leonard Lauder, Ronald Leff, Joseph Leff, Valerie Lefkowitz, Howard LeRoy Partners Liroff, Harriett Liroff, Richard Loewengart, Irene Lovitz, David M. WESTPORT ASSOCIATES M-L Three Maayan Partners Magid, Eleanore Mahoney, David J. Mank, Edward H. Marvin, Morton Marvin, Suzanne Maynard, Jean Mazer, David Mazer, Richard McKee, William S. Meister, Robert A. MENDIK, BERNARD Mendik, Susan Mendik, Susan Trust u/w/o Jean A. Batkin L.C. Migdal & Ellin Kalmus, Trustees of Murray Silberstein Mil Equities Myers Group III, Inc. Myers Group IV, Inc. Myers, Israel Nevas, Alan Nevas, Leo Nicardo Corporation Novick, Lawrence OESTREICH, DAVID A. OESTREICH, JOAN E. OESTREICH, SOPHY Oppenheimer, Martin J. Oppenheimer, Suzanne Oshatz, Michael P. Phillips, Family Trust UWO Edith Phillips, Jonathan Phillips, Lynn Phillips, Estate of John D. Plum Partners L.P. Prentice Revocable Trust, 12/12/75 RCAY S.A. Reichler, Richard Reingold, Suzy Roberts, H. Richard
33 Series A Value Percentage Preferred of of Shares Series A Series A - ----------------------------------------------------------------------------- -------------------------------------------------- Roche, Sara Rolfe, Ronald Root, Leon Rosenberg, Ilse Rosenheim, Edna Revocable Living Trust Rosenzveig, Abraham Rubashkin, Martin Rubin, Murray M. Sahid, Joseph Saunders, Paul Saul, Andrew Schacht, Ronald Schwartz, Samuel Trust UWO Barbara Schwartz Schwartz, Samuel Trust FBO UWO Ellis Schwartz Schwartz, Carolynn Trust FBO UWO Barbara Schwartz Schwartz, Carolynn Trust FBO UWO Ellis Schwartz Shapiro, Howard Shapiro, Howard A. Shapiro, Robert I. Shasha, Alfred Shasha, Alfred A. & Hanina Shasha, Alfred & Hanina Trustees UTA 6/8/94 Shasha, Robert Y. Shasha-Kupchick, Leslie Sheridan Family Partners, L.P. Shine, William Shuman, Stanley S. Silberstein, John J. Silbert, Harvey I. Silbert, Harvey I., Trustee u/w Harry A. Goldman Simons, Robert Simons, Robert - Estate of Sims, David Skoker, Saul Slaner, Estate of Alfred P. Steiner, Phillip Harry Steiner, Richard Harris Strauss, Melville Sussman, Walter Tannenbaum, Bernard Tannenbaum, Bernice Tartikoff Living Trust Tessler, Allan R. Winik, Trust U/W/O Carolyn Watt, Emily Wang, Kevin Weissman, Sheila WESTGOMA ASSOCIATES Wexler, Monte Wexner, Leslie H. Williams, John WSNH Partners Zecap Associates ------------------------------------------------------ TOTAL 5,789,239 $297,508,992 100.0000% ------------------------------------------------------
34 Series B Value Percentage Preferred of of Shares Series B Series B - ------------------------------------------------------------------------------------------------------------------------------------ Roche, Sara Rolfe, Ronald Root, Leon Rosenberg, Ilse Rosenheim, Edna Revocable Living Trust Rosenzveig, Abraham Rubashkin, Martin Rubin, Murray M. Sahid, Joseph Saunders, Paul Saul, Andrew Schacht, Ronald Schwartz, Samuel Trust UWO Barbara Schwartz Schwartz, Samuel Trust FBO UWO Ellis Schwartz Schwartz, Carolynn Trust FBO UWO Barbara Schwartz Schwartz, Carolynn Trust FBO UWO Ellis Schwartz Shapiro, Howard Shapiro, Howard A. Shapiro, Robert I. Shasha, Alfred Shasha, Alfred A. & Hanina Shasha, Alfred & Hanina Trustees UTA 6/8/94 Shasha, Robert Y. Shasha-Kupchick, Leslie Sheridan Family Partners, L.P. Shine, William Shuman, Stanley S. Silberstein, John J. Silbert, Harvey I. Silbert, Harvey I., Trustee u/w Harry A. Goldman Simons, Robert Simons, Robert - Estate of Sims, David Skoker, Saul Slaner, Estate of Alfred P. Steiner, Phillip Harry Steiner, Richard Harris Strauss, Melville Sussman, Walter Tannenbaum, Bernard Tannenbaum, Bernice Tartikoff Living Trust Tessler, Allan R. Winik, Trust U/W/O Carolyn Watt, Emily Wang, Kevin Weissman, Sheila WESTGOMA ASSOCIATES Wexler, Monte Wexner, Leslie H. Williams, John WSNH Partners Zecap Associates ------------------------------------------------------- TOTAL 3,400,000 $85,000,000 100.0000% -------------------------------------------------------
35 Series C Value Percentage Preferred of of Shares Series C Series C - ------------------------------------------------------------------------------------------------------------------------------------ Roche, Sara Rolfe, Ronald Root, Leon Rosenberg, Ilse Rosenheim, Edna Revocable Living Trust Rosenzveig, Abraham Rubashkin, Martin Rubin, Murray M. Sahid, Joseph Saunders, Paul Saul, Andrew Schacht, Ronald Schwartz, Samuel Trust UWO Barbara Schwartz Schwartz, Samuel Trust FBO UWO Ellis Schwartz Schwartz, Carolynn Trust FBO UWO Barbara Schwartz Schwartz, Carolynn Trust FBO UWO Ellis Schwartz Shapiro, Howard Shapiro, Howard A. Shapiro, Robert I. Shasha, Alfred Shasha, Alfred A. & Hanina Shasha, Alfred & Hanina Trustees UTA 6/8/94 Shasha, Robert Y. Shasha-Kupchick, Leslie Sheridan Family Partners, L.P. Shine, William Shuman, Stanley S. Silberstein, John J. Silbert, Harvey I. Silbert, Harvey I., Trustee u/w Harry A. Goldman Simons, Robert Simons, Robert - Estate of Sims, David Skoker, Saul Slaner, Estate of Alfred P. Steiner, Phillip Harry Steiner, Richard Harris Strauss, Melville Sussman, Walter Tannenbaum, Bernard Tannenbaum, Bernice Tartikoff Living Trust Tessler, Allan R. Winik, Trust U/W/O Carolyn Watt, Emily Wang, Kevin Weissman, Sheila WESTGOMA ASSOCIATES Wexler, Monte Wexner, Leslie H. Williams, John WSNH Partners Zecap Associates -------------------------------------------------- TOTAL 4,600,000 $115,000,000 100.00% --------------------------------------------------
36 Series B-1 Value Percentage Preferred of of Units Series B-1 Series B-1 - ------------------------------------------------------------------------------------------------------------------------------------ Roche, Sara Rolfe, Ronald Root, Leon Rosenberg, Ilse Rosenheim, Edna Revocable Living Trust Rosenzveig, Abraham Rubashkin, Martin Rubin, Murray M. Sahid, Joseph Saunders, Paul Saul, Andrew Schacht, Ronald Schwartz, Samuel Trust UWO Barbara Schwartz Schwartz, Samuel Trust FBO UWO Ellis Schwartz Schwartz, Carolynn Trust FBO UWO Barbara Schwartz Schwartz, Carolynn Trust FBO UWO Ellis Schwartz Shapiro, Howard Shapiro, Howard A. Shapiro, Robert I. Shasha, Alfred Shasha, Alfred A. & Hanina Shasha, Alfred & Hanina Trustees UTA 6/8/94 Shasha, Robert Y. Shasha-Kupchick, Leslie Sheridan Family Partners, L.P. Shine, William Shuman, Stanley S. Silberstein, John J. Silbert, Harvey I. Silbert, Harvey I., Trustee u/w Harry A. Goldman Simons, Robert Simons, Robert - Estate of Sims, David Skoker, Saul Slaner, Estate of Alfred P. Steiner, Phillip Harry Steiner, Richard Harris Strauss, Melville Sussman, Walter Tannenbaum, Bernard Tannenbaum, Bernice Tartikoff Living Trust Tessler, Allan R. Winik, Trust U/W/O Carolyn Watt, Emily Wang, Kevin Weissman, Sheila WESTGOMA ASSOCIATES Wexler, Monte Wexner, Leslie H. Williams, John WSNH Partners Zecap Associates -------------------------------------------------- TOTAL 899,566 $44,978,300 100.00% --------------------------------------------------
37 Series B-2 Value Percentage Preferred of of Units Series B-2 Series B-2 - ------------------------------------------------------------------------------------------------------------------------- Roche, Sara Rolfe, Ronald Root, Leon Rosenberg, Ilse Rosenheim, Edna Revocable Living Trust Rosenzveig, Abraham Rubashkin, Martin Rubin, Murray M. Sahid, Joseph Saunders, Paul Saul, Andrew Schacht, Ronald Schwartz, Samuel Trust UWO Barbara Schwartz Schwartz, Samuel Trust FBO UWO Ellis Schwartz Schwartz, Carolynn Trust FBO UWO Barbara Schwartz Schwartz, Carolynn Trust FBO UWO Ellis Schwartz Shapiro, Howard Shapiro, Howard A. Shapiro, Robert I. Shasha, Alfred Shasha, Alfred A. & Hanina Shasha, Alfred & Hanina Trustees UTA 6/8/94 Shasha, Robert Y. Shasha-Kupchick, Leslie Sheridan Family Partners, L.P. Shine, William Shuman, Stanley S. Silberstein, John J. Silbert, Harvey I. Silbert, Harvey I., Trustee u/w Harry A. Goldman Simons, Robert Simons, Robert - Estate of Sims, David Skoker, Saul Slaner, Estate of Alfred P. Steiner, Phillip Harry Steiner, Richard Harris Strauss, Melville Sussman, Walter Tannenbaum, Bernard Tannenbaum, Bernice Tartikoff Living Trust Tessler, Allan R. Winik, Trust U/W/O Carolyn Watt, Emily Wang, Kevin Weissman, Sheila WESTGOMA ASSOCIATES Wexler, Monte Wexner, Leslie H. Williams, John WSNH Partners Zecap Associates --------------------------------------------------- TOTAL 449,783 $22,489,150 100.00% ---------------------------------------------------
38 Series C-1 Value Percentage Preferred of of Units Series C-1 Series C-1 - ----------------------------------------------------------------------------------------------------------------------------------- Roche, Sara Rolfe, Ronald Root, Leon Rosenberg, Ilse Rosenheim, Edna Revocable Living Trust Rosenzveig, Abraham Rubashkin, Martin Rubin, Murray M. Sahid, Joseph Saunders, Paul Saul, Andrew Schacht, Ronald Schwartz, Samuel Trust UWO Barbara Schwartz Schwartz, Samuel Trust FBO UWO Ellis Schwartz Schwartz, Carolynn Trust FBO UWO Barbara Schwartz Schwartz, Carolynn Trust FBO UWO Ellis Schwartz Shapiro, Howard Shapiro, Howard A. Shapiro, Robert I. Shasha, Alfred Shasha, Alfred A. & Hanina Shasha, Alfred & Hanina Trustees UTA 6/8/94 Shasha, Robert Y. Shasha-Kupchick, Leslie Sheridan Family Partners, L.P. Shine, William Shuman, Stanley S. Silberstein, John J. Silbert, Harvey I. Silbert, Harvey I., Trustee u/w Harry A. Goldman Simons, Robert Simons, Robert - Estate of Sims, David Skoker, Saul Slaner, Estate of Alfred P. Steiner, Phillip Harry Steiner, Richard Harris Strauss, Melville Sussman, Walter Tannenbaum, Bernard Tannenbaum, Bernice Tartikoff Living Trust Tessler, Allan R. Winik, Trust U/W/O Carolyn Watt, Emily Wang, Kevin Weissman, Sheila WESTGOMA ASSOCIATES Wexler, Monte Wexner, Leslie H. Williams, John WSNH Partners Zecap Associates ------------------------------------------------- TOTAL 747,912 $37,395,600 100.00% -------------------------------------------------
39 ----------------------------------------------------------- Series D-1 Value Percentage Preferred of of Units Series D-1 Series D-1 - ----------------------------------------------------------------------------------------------------------------------------- Roche, Sara Rolfe, Ronald Root, Leon Rosenberg, Ilse Rosenheim, Edna Revocable Living Trust Rosenzveig, Abraham Rubashkin, Martin Rubin, Murray M. Sahid, Joseph Saunders, Paul Saul, Andrew Schacht, Ronald Schwartz, Samuel Trust UWO Barbara Schwartz Schwartz, Samuel Trust FBO UWO Ellis Schwartz Schwartz, Carolynn Trust FBO UWO Barbara Schwartz Schwartz, Carolynn Trust FBO UWO Ellis Schwartz Shapiro, Howard Shapiro, Howard A. Shapiro, Robert I. Shasha, Alfred Shasha, Alfred A. & Hanina Shasha, Alfred & Hanina Trustees UTA 6/8/94 Shasha, Robert Y. Shasha-Kupchick, Leslie Sheridan Family Partners, L.P. Shine, William Shuman, Stanley S. Silberstein, John J. Silbert, Harvey I. Silbert, Harvey I., Trustee u/w Harry A. Goldman Simons, Robert Simons, Robert - Estate of Sims, David Skoker, Saul Slaner, Estate of Alfred P. Steiner, Phillip Harry Steiner, Richard Harris Strauss, Melville Sussman, Walter Tannenbaum, Bernard Tannenbaum, Bernice Tartikoff Living Trust Tessler, Allan R. Winik, Trust U/W/O Carolyn Watt, Emily Wang, Kevin Weissman, Sheila WESTGOMA ASSOCIATES Wexler, Monte Wexner, Leslie H. Williams, John WSNH Partners Zecap Associates --------------------------------------------------------- TOTAL 3,500,000 $87,500,000 100.00% --------------------------------------------------------- (1) Directly and through the following subsidiaries: Vornado Finance Corp., Vornado Investments Corporation, 40 East 14 Realty Associates General Partnership, 825 Seventh Avenue Holding Corporation, Menands Holding Corporation, and Two Guys From Harrison, N.Y., Inc. (2) Pledged. (See Section 11.3 F of the Operating Partnership Agreement.)
40 -------------------------------------------------- Series D-2 Value Percentage Preferred of of Units Series D-2 Series D-2 - -------------------------------------------------------------------------------------------------------------------------------- Vornado Realty Trust VORNADO REALTY TRUST Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y. , Inc. Washington Design Center, L.L.C. Fourth & D Street Partners LP Merchandise Mart Owners, L.L.C. Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund L.P. Commonwealth Atlantic Properties Inc. Commonwealth Atlantic - Crystal City OP Holding Inc. GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP TMCT II, LLC Meadowbrook Equity Fund II, LLC. 549,336 27,466,800 100.00% Jacob H Froelich, Jr. S.D. Phillips George W Lyles Canoe House Partners, LLC Roaring Gap Limited Partnership Phillips Property Company, LLC Newkirk Partners (See attached schedule) THE MENDIK PARTNERSHIP, L.P. Mendik Holdings L.L.C. MENDIK REALTY COMPANY, INC. FW / Mendik REIT, L.L.C. (2) Mendik RELP Corp. 2750 Associates 2750 Associates Limited Partnership Abrams, Trust U/W/O Ralph ACI Associates Adler, Robert Allen & Company Incorporated Allen, C. Robert III AMES, EUGENIA Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf- Shasha, Ellen Ash, Herbert Aubert, Lysa FBO UWO Barbara Schwartz Aubert, Lysa FBO UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alice C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Burack, Daniel A. Carb, Sally Carney, Margaret R. Carney, Thomas CHAMBERS, ROBERT CHO Enterprises Damson, Barrie Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Elson, Edward E. Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard Gold, Frederica Ginsberg, Adele Ginsberg, Benedict Goldberg, Clarence Goldring, Stanley
41 ------------------------------------------------------- Series D-3 Value Percentage Preferred of of Units Series D-3 Series D-3 - -------------------------------------------------------------------------------------------------------------------------------- Vornado Realty Trust VORNADO REALTY TRUST Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y. , Inc. Washington Design Center, L.L.C. Fourth & D Street Partners LP Merchandise Mart Owners, L.L.C. Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund L.P. Commonwealth Atlantic Properties Inc. Commonwealth Atlantic - Crystal City OP Holding Inc. GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP 8,000,000 $200,000,000 100.00% TMCT II, LLC Meadowbrook Equity Fund II, LLC. Jacob H Froelich, Jr. S.D. Phillips George W Lyles Canoe House Partners, LLC Roaring Gap Limited Partnership Phillips Property Company, LLC Newkirk Partners (See attached schedule) THE MENDIK PARTNERSHIP, L.P. Mendik Holdings L.L.C. MENDIK REALTY COMPANY, INC. FW / Mendik REIT, L.L.C. (2) Mendik RELP Corp. 2750 Associates 2750 Associates Limited Partnership Abrams, Trust U/W/O Ralph ACI Associates Adler, Robert Allen & Company Incorporated Allen, C. Robert III AMES, EUGENIA Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf- Shasha, Ellen Ash, Herbert Aubert, Lysa FBO UWO Barbara Schwartz Aubert, Lysa FBO UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alice C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Burack, Daniel A. Carb, Sally Carney, Margaret R. Carney, Thomas CHAMBERS, ROBERT CHO Enterprises Damson, Barrie Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Elson, Edward E. Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard Gold, Frederica Ginsberg, Adele Ginsberg, Benedict Goldberg, Clarence Goldring, Stanley
42 -------------------------------------------------------- Series D-4 Value Percentage Preferred of of Units Series D-4 Series D-4 - -------------------------------------------------------------------------------------------------------------------------------- Vornado Realty Trust VORNADO REALTY TRUST Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y. , Inc. Washington Design Center, L.L.C. Fourth & D Street Partners LP Merchandise Mart Owners, L.L.C. Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund L.P. Commonwealth Atlantic Properties Inc. Commonwealth Atlantic - Crystal City OP Holding Inc. GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP TMCT II, LLC 5,000,000 $125,000,000 100.00% Meadowbrook Equity Fund II, LLC. Jacob H Froelich, Jr. S.D. Phillips George W Lyles Canoe House Partners, LLC Roaring Gap Limited Partnership Phillips Property Company, LLC Newkirk Partners (See attached schedule) THE MENDIK PARTNERSHIP, L.P. Mendik Holdings L.L.C. MENDIK REALTY COMPANY, INC. FW / Mendik REIT, L.L.C. (2) Mendik RELP Corp. 2750 Associates 2750 Associates Limited Partnership Abrams, Trust U/W/O Ralph ACI Associates Adler, Robert Allen & Company Incorporated Allen, C. Robert III AMES, EUGENIA Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf- Shasha, Ellen Ash, Herbert Aubert, Lysa FBO UWO Barbara Schwartz Aubert, Lysa FBO UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alice C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Burack, Daniel A. Carb, Sally Carney, Margaret R. Carney, Thomas CHAMBERS, ROBERT CHO Enterprises Damson, Barrie Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Elson, Edward E. Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard Gold, Frederica Ginsberg, Adele Ginsberg, Benedict Goldberg, Clarence Goldring, Stanley
43 ---------------------------------------------------- Series E-1 Value Percentage Preferred of of Units Series E-1 Series E-1 - ---------------------------------------------------------------------------------------------------------------------------- Vornado Realty Trust VORNADO REALTY TRUST Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y. , Inc. Washington Design Center, L.L.C. Fourth & D Street Partners LP Merchandise Mart Owners, L.L.C. Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund L.P. Commonwealth Atlantic Properties Inc. 3,899,333 194,966,650 78.02% Commonwealth Atlantic - Crystal City OP Holding Inc. 1,098,667 54,933,350 21.98% GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP TMCT II, LLC Meadowbrook Equity Fund II, LLC. Jacob H Froelich, Jr. S.D. Phillips George W Lyles Canoe House Partners, LLC Roaring Gap Limited Partnership Phillips Property Company, LLC Newkirk Partners (See attached schedule) THE MENDIK PARTNERSHIP, L.P. Mendik Holdings L.L.C. MENDIK REALTY COMPANY, INC. FW / Mendik REIT, L.L.C. (2) Mendik RELP Corp. 2750 Associates 2750 Associates Limited Partnership Abrams, Trust U/W/O Ralph ACI Associates Adler, Robert Allen & Company Incorporated Allen, C. Robert III AMES, EUGENIA Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf- Shasha, Ellen Ash, Herbert Aubert, Lysa FBO UWO Barbara Schwartz Aubert, Lysa FBO UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alice C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Burack, Daniel A. Carb, Sally Carney, Margaret R. Carney, Thomas CHAMBERS, ROBERT CHO Enterprises Damson, Barrie Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Elson, Edward E. Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard Gold, Frederica Ginsberg, Adele Ginsberg, Benedict Goldberg, Clarence Goldring, Stanley
44 -------------------------------------------- Common Units -------------------------------------------- A C D - ------------------------------------------------------------------------------------------------------------------ Vornado Realty Trust VORNADO REALTY TRUST 44,405,331 Vornado Finance Corp 35,282,694 Vornado Investment Corporation 3,666,666 40 East 14 Realty Associates General Partnership 1,639,278 825 Seventh Avenue Holding Corporation 235,516 Menands Holdings Corporation 536,524 Two Guys From Harrison, N.Y. , Inc. 180,890 Washington Design Center, L.L.C. 0 Fourth & D Street Partners LP 0 Merchandise Mart Owners, L.L.C. Merchandise Mart Enterprises, L.L.C. 395,967 World Trade Center Chicago, L.L.C. 23,948 Greene Street 1998 Exchange Fund L.P. Commonwealth Atlantic Properties Inc. Commonwealth Atlantic - Crystal City OP Holding Inc. GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP TMCT II, LLC Meadowbrook Equity Fund II, LLC. Jacob H Froelich, Jr. 202,411 S.D. Phillips George W Lyles Canoe House Partners, LLC Roaring Gap Limited Partnership Phillips Property Company, LLC Newkirk Partners (See attached schedule) 1,432,452 THE MENDIK PARTNERSHIP, L.P. 14024 751,159 Mendik Holdings L.L.C. 1,767,035 MENDIK REALTY COMPANY, INC. 0 FW / Mendik REIT, L.L.C. 486,540 Mendik RELP Corp. 846 2750 Associates 0 2750 Associates Limited Partnership 2,704 Abrams, Trust U/W/O Ralph 7,244 ACI Associates 1,057 Adler, Robert 2,496 Allen & Company Incorporated 1,760 Allen, C. Robert III 880 AMES, EUGENIA 0 Alpert, Vicki 5,228 Ambassador Construction Company, Inc. 27,939 Aschendorf- Shasha, Ellen 1,710 Ash, Herbert 154 Aubert, Lysa FBO UWO Barbara Schwartz 4,534 Aubert, Lysa FBO UWO Ellis Schwartz 0 Barr, Thomas 1,844 Barkin, Leonard 962 Batkin, Nancy 0 Batkin, Nancy 1998 Trust u/a/d 5/11/98 130 6,338 Berenson, David 1,034 Berenson, Joan 1,382 Berenson, Richard 842 Berenson, Robert 1,762 Berger, Alice C. 374 Bianculli, Louis 5,604 Bierman, Jacquin 5,376 Blumenthal, Joel Marie 154 Braverman, Madlyn 90 75,344 Bonk, Chris 35,032 Burack, Daniel A. 176 Carb, Sally 1,793 Carney, Margaret R. 1,419 Carney, Thomas 0 CHAMBERS, ROBERT 145 77 7,961 CHO Enterprises 5,364 Damson, Barrie 1,144 Dembner, Shirley 145 78 Dembner, Shirley UGMA for Lindsey Dembner 3,462 Doner, Max 3,364 Downey, Michael 83,226 Dryfoos, Jacqueline 962 Dubrowski, Raymond 2,304 Elson, Edward E. 1,760 Evans, Ben 104 Field, Walter L. 1,680 Jesse Fierstein & Co. 4,045 Fischer, Alan A. 3,364 Freedman, Robert 5,770 Gershon, Estate of Murray 10,494 Getz, Howard 333 Getz, Sandra 7,328 Getz, Sandra & Howard 748 Gold, Frederica 414 Ginsberg, Adele 932 Ginsberg, Benedict 0 Goldberg, Clarence 916 Goldring, Stanley 10,833
45 -------------------------------------------------------- Total Value Common Common E Units Units - -------------------------------------------------------------------------------------------------------------------------- Vornado Realty Trust VORNADO REALTY TRUST 44,405,331 $1,460,047,283 Vornado Finance Corp 35,282,694 $1,160,094,979 Vornado Investment Corporation 3,666,666 $120,559,978 40 East 14 Realty Associates 0 $0 General Partnership 1,639,278 $53,899,461 825 Seventh Avenue Holding Corporation 235,516 $7,743,766 Menands Holdings Corporation 536,524 $17,640,909 Two Guys From Harrison, N.Y. , Inc. 180,890 $5,947,663 Washington Design Center, L.L.C. 0 $0 Fourth & D Street Partners LP Merchandise Mart Owners, L.L.C. 0 $0 Merchandise Mart Enterprises, L.L.C. 395,967 $13,019,395 World Trade Center Chicago, L.L.C. 23,948 $787,410 Greene Street 1998 Exchange Fund L.P. 0 $0 Commonwealth Atlantic Properties Inc. 0 $0 Commonwealth Atlantic - Crystal City OP Holding Inc. 0 $0 GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP 0 $0 TMCT II, LLC 0 $0 Meadowbrook Equity Fund II, LLC. 0 $0 Jacob H Froelich, Jr. 202,411 $6,655,274 S.D. Phillips 0 $0 George W Lyles 0 $0 Canoe House Partners, LLC 0 $0 Roaring Gap Limited Partnership 0 $0 Phillips Property Company, LLC 0 $0 Newkirk Partners (See attached schedule) 1,432,452 $47,099,022 THE MENDIK PARTNERSHIP, L.P. 765,183 $25,159,217 Mendik Holdings L.L.C. 1,767,035 $58,100,111 MENDIK REALTY COMPANY, INC. 0 $0 FW / Mendik REIT, L.L.C. (2) 486,540 $15,997,435 Mendik RELP Corp. 846 $27,816 2750 Associates 0 $0 2750 Associates Limited Partnership 2,704 $88,908 Abrams, Trust U/W/O Ralph 7,244 $238,183 ACI Associates 1,057 $34,754 Adler, Robert 2,496 $82,068 Allen & Company Incorporated 1,760 $57,869 Allen, C. Robert III 880 $28,934 AMES, EUGENIA 0 $0 Alpert, Vicki 5,228 $171,897 Ambassador Construction Company, Inc. 27,939 $918,634 Aschendorf- Shasha, Ellen 1,710 $56,225 Ash, Herbert 154 $5,064 Aubert, Lysa FBO UWO Barbara Schwartz 4,534 $149,078 Aubert, Lysa FBO UWO Ellis Schwartz 0 $0 Barr, Thomas 1,844 $60,631 Barkin, Leonard 962 $31,631 Batkin, Nancy 0 $0 Batkin, Nancy 1998 Trust u/a/d 5/11/98 6,468 $212,668 Berenson, David 1,034 $33,998 Berenson, Joan 1,382 $45,440 Berenson, Richard 842 $27,685 Berenson, Robert 1,762 $57,935 Berger, Alice C. 374 $12,297 Bianculli, Louis 5,604 $184,260 Bierman, Jacquin 5,376 $176,763 Blumenthal, Joel Marie 154 $5,064 Braverman, Madlyn 75,434 $2,480,270 Bonk, Chris 35,032 $1,151,852 Burack, Daniel A. 176 $5,787 Carb, Sally 1,793 $58,954 Carney, Margaret R. 1,419 $46,657 Carney, Thomas 0 $0 CHAMBERS, ROBERT 8,183 $269,057 CHO Enterprises 5,364 $176,368 Damson, Barrie 1,144 $37,615 Dembner, Shirley 223 $7,332 Dembner, Shirley UGMA for Lindsey Dembner 3,462 $113,831 Doner, Max 3,364 $110,608 Downey, Michael 83,226 $2,736,471 Dryfoos, Jacqueline 962 $31,631 Dubrowski, Raymond 2,304 $75,756 Elson, Edward E. 1,760 $57,869 Evans, Ben 104 $3,420 Field, Walter L. 1,680 $55,238 Jesse Fierstein & Co. 4,045 $133,000 Fischer, Alan A. 3,364 $110,608 Freedman, Robert 5,770 $189,718 Gershon, Estate of Murray 10,494 $345,043 Getz, Howard 333 $10,949 Getz, Sandra 7,328 $240,945 Getz, Sandra & Howard 748 $24,594 Gold, Frederica 414 $13,612 Ginsberg, Adele 932 $23,300 Ginsberg, Benedict 0 $0 Goldberg, Clarence 916 $30,118 Goldring, Stanley 10,833 $356,189
46 ----------------------------------------------------------------- Percentage Common Total Total Percentage Units Units Value Interest - ----------------------------------------------------------------------------------------------------------------------------------- Vornado Realty Trust 99,736,138 (1) $3,323,443,031 75.3327% VORNADO REALTY TRUST 47.5169% Vornado Finance Corp 37.7550% Vornado Investment Corporation 3.9236% 40 East 14 Realty Associates 0.0000% General Partnership 1.7541% 825 Seventh Avenue Holding Corporation 0.2520% Menands Holdings Corporation 0.5741% Two Guys From Harrison, N.Y. , Inc. 0.1936% Washington Design Center, L.L.C. 0.0000% 300,000 $15,000,000 0.3400% Fourth & D Street Partners LP Merchandise Mart Owners, L.L.C. 0.0000% 1,049,349 $52,467,450 1.1893% Merchandise Mart Enterprises, L.L.C. 0.4237% 395,967 $13,019,395 0.2951% World Trade Center Chicago, L.L.C. 0.0256% 23,948 $787,410 0.0178% Greene Street 1998 Exchange Fund L.P. 0.0000% 3,500,000 $87,500,000 1.9834% Commonwealth Atlantic Properties Inc. 0.0000% 3,899,333 $194,966,650 4.4193% Commonwealth Atlantic - Crystal City OP Holding Inc. 0.0000% 1,098,667 $54,933,350 1.2452% GOLDMAN SACHS 1999 EXCHANGE PLACE FUND, LP 0.0000% 8,000,000 $200,000,000 4.5334% TMCT II, LLC 0.0000% 5,000,000 $125,000,000 2.8334% Meadowbrook Equity Fund II, LLC. 0.0000% 549,336 $27,466,800 0.6226% Jacob H Froelich, Jr. 0.2166% 352,478 $14,158,624 0.3209% S.D. Phillips 0.0000% 9,976 $498,800 0.0113% George W Lyles 0.0000% 70,044 $3,502,200 0.0794% Canoe House Partners, LLC 0.0000% 200,090 $10,004,500 0.2268% Roaring Gap Limited Partnership 0.0000% 290,158 $14,507,900 0.3289% Phillips Property Company, LLC 0.0000% 27,577 $1,378,850 0.0313% Newkirk Partners (See attached schedule) 1.5328% 1,432,452 $47,099,022 1.0676% THE MENDIK PARTNERSHIP, L.P. 0.8188% 765,183 $25,159,217 0.5703% Mendik Holdings L.L.C. 1.8909% 1,767,035 $58,100,111 1.3170% MENDIK REALTY COMPANY, INC. 0.0000% 0 $0 0.0000% FW / Mendik REIT, L.L.C. (2) 0.5206% 486,540 $15,997,435 0.3626% Mendik RELP Corp. 0.0009% 846 $27,816 0.0006% 2750 Associates 0.0000% 0 $0 0.0000% 2750 Associates Limited Partnership 0.0029% 2,704 $88,908 0.0020% Abrams, Trust U/W/O Ralph 0.0078% 7,244 $238,183 0.0054% ACI Associates 0.0011% 1,057 $34,754 0.0008% Adler, Robert 0.0027% 2,496 $82,068 0.0019% Allen & Company Incorporated 0.0019% 1,760 $57,869 0.0013% Allen, C. Robert III 0.0009% 880 $28,934 0.0007% AMES, EUGENIA 0.0000% 0 $0 0.0000% Alpert, Vicki 0.0056% 5,228 $171,897 0.0039% Ambassador Construction Company, Inc. 0.0299% 27,939 $918,634 0.0208% Aschendorf- Shasha, Ellen 0.0018% 1,710 $56,225 0.0013% Ash, Herbert 0.0002% 154 $5,064 0.0001% Aubert, Lysa FBO UWO Barbara Schwartz 0.0049% 4,534 $149,078 0.0034% Aubert, Lysa FBO UWO Ellis Schwartz 0.0000% 0 $0 0.0000% Barr, Thomas 0.0020% 1,844 $60,631 0.0014% Barkin, Leonard 0.0010% 962 $31,631 0.0007% Batkin, Nancy 0.0000% 0 $0 0.0000% Batkin, Nancy 1998 Trust u/a/d 5/11/98 0.0069% 6,468 $212,668 0.0048% Berenson, David 0.0011% 1,034 $33,998 0.0008% Berenson, Joan 0.0015% 1,382 $45,440 0.0010% Berenson, Richard 0.0009% 842 $27,685 0.0006% Berenson, Robert 0.0019% 1,762 $57,935 0.0013% Berger, Alice C. 0.0004% 374 $12,297 0.0003% Bianculli, Louis 0.0060% 5,604 $184,260 0.0042% Bierman, Jacquin 0.0058% 5,376 $176,763 0.0040% Blumenthal, Joel Marie 0.0002% 154 $5,064 0.0001% Braverman, Madlyn 0.0807% 75,434 $2,480,270 0.0562% Bonk, Chris 0.0375% 35,032 $1,151,852 0.0261% Burack, Daniel A. 0.0002% 176 $5,787 0.0001% Carb, Sally 0.0019% 1,793 $58,954 0.0013% Carney, Margaret R. 0.0015% 1,419 $46,657 0.0011% Carney, Thomas 0.0000% 0 $0 0.0000% CHAMBERS, ROBERT 0.0088% 8,183 $269,057 0.0061% CHO Enterprises 0.0057% 5,364 $176,368 0.0040% Damson, Barrie 0.0012% 1,144 $37,615 0.0009% Dembner, Shirley 0.0002% 223 $7,332 0.0002% Dembner, Shirley UGMA for Lindsey Dembner 0.0037% 3,462 $113,831 0.0026% Doner, Max 0.0036% 3,364 $110,608 0.0025% Downey, Michael 0.0891% 83,226 $2,736,471 0.0620% Dryfoos, Jacqueline 0.0010% 962 $31,631 0.0007% Dubrowski, Raymond 0.0025% 2,304 $75,756 0.0017% Elson, Edward E. 0.0019% 1,760 $57,869 0.0013% Evans, Ben 0.0001% 104 $3,420 0.0001% Field, Walter L. 0.0018% 1,680 $55,238 0.0013% Jesse Fierstein & Co. 0.0043% 4,045 $133,000 0.0030% Fischer, Alan A. 0.0036% 3,364 $110,608 0.0025% Freedman, Robert 0.0062% 5,770 $189,718 0.0043% Gershon, Estate of Murray 0.0112% 10,494 $345,043 0.0078% Getz, Howard 0.0004% 333 $10,949 0.0002% Getz, Sandra 0.0078% 7,328 $240,945 0.0055% Getz, Sandra & Howard 0.0008% 748 $24,594 0.0006% Gold, Frederica 0.0004% 414 $13,612 0.0003% Ginsberg, Adele 0.0010% 932 $23,300 0.0005% Ginsberg, Benedict 0.0000% 0 $0 0.0000% Goldberg, Clarence 0.0010% 916 $30,118 0.0007% Goldring, Stanley 0.0116% 10,833 $356,189 0.0081%
47 --------------------------------------------------------- Series D-2 Value Percentage Series D-3 Preferred of of Preferred Units Series D-2 Series D-2 Units - ------------------------------------------------------------------------------------------------------------------------------------ Goldschmidt, Beatrice GOLDSCHMIDT, CHARLES Goldschmidt, Edward Goldschmidt, C. Trust U/A/D 7/11/90 GOLDSCHMIDT, LAWRENCE Goldschmidt, Peter Goldschmidt, Richard Gordon, Melvin Gorfinkle, Alaine GORFINKLE, LAWRENCE Gould Investors, L.P. GREEN, BERNARD Green, Barbara GREENBAUM, DAVID R. Greif, Goldie Gutenberg, Bernice H L Silbert trustee U/W of H A Goldman Hagler, Philip HAGLER, PHILIP TRUSTEE HAGLER FAMILY TRUST U/A 6/98 Harteveldt, Robert L. Hassler, Jane Hauser, Rita F. Hirsch, Phillip J. Hirsch, Judith Hrusha, Alan Hutner, Anne Trust F/B/O Hutner, Estate of Irwin INS Realty Associates Fierstein Co. Jaffe, Elizabeth Jones, Hazel Kaufman, Robert M. Klein, Robin KNATTEN INC. Knight, Laureine Komaroff, Stanley Kosloff, Andrea Kosloff, Andrea UGMA for Adam Kosloff Kosloff, Andrea UGMA for Justin Kosloff Koven, Irving Koven, Corey Koven , Esther Kowal, Myron as Custodian for Andrew Kowal Kramer, Irwin H & Terry Allen JTWROS Kramer, Irwin H & Terry Allen tt for the Terry Allen Kramer Trust Kramer, Saul KUHN, JAMES D. Kuhn, Leo Kurshan, Herbert Langenmyer Co. Lauder, Leonard Lauder, Ronald Leff, Joseph Leff, Valerie Lefkowitz, Howard LeRoy Partners Liroff, Harriett Liroff, Richard Loewengart, Irene Lovitz, David M. WESTPORT ASSOCIATES M-L Three Maayan Partners Magid, Eleanore Mahoney, David J. Mank, Edward H. Marvin, Morton Marvin, Suzanne Maynard, Jean Mazer, David Mazer, Richard McKee, William S. Meister, Robert A. MENDIK, BERNARD Mendik, Susan Mendik, Susan Trust u/w/o Jean A. Batkin L.C. Migdal & Ellin Kalmus, Trustees of Murray Silberstein Mil Equities Myers Group III, Inc. Myers Group IV, Inc. Myers, Israel Nevas, Alan Nevas, Leo Nicardo Corporation Novick, Lawrence OESTREICH, DAVID A. OESTREICH, JOAN E. OESTREICH, SOPHY Oppenheimer, Martin J. Oppenheimer, Suzanne Oshatz, Michael P. Phillips, Family Trust UWO Edith Phillips, Jonathan Phillips, Lynn Phillips, Estate of John D. Plum Partners L.P. Prentice Revocable Trust, 12/12/75 RCAY S.A. Reichler, Richard Reingold, Suzy Roberts, H. Richard
48 ------------------------------------------------------------------------------------------------ Value Percentage Series D-4 Value Percentage Series E-1 of of Preferred of of Preferred Series D-3 Series D-3 Units Series D-4 Series D-4 Units - ------------------------------------------------------------------------------------------------------------------------------------ Goldschmidt, Beatrice GOLDSCHMIDT, CHARLES Goldschmidt, Edward Goldschmidt, C. Trust U/A/D 7/11/90 GOLDSCHMIDT, LAWRENCE Goldschmidt, Peter Goldschmidt, Richard Gordon, Melvin Gorfinkle, Alaine GORFINKLE, LAWRENCE Gould Investors, L.P. GREEN, BERNARD Green, Barbara GREENBAUM, DAVID R. Greif, Goldie Gutenberg, Bernice H L Silbert trustee U/W of H A Goldman Hagler, Philip HAGLER, PHILIP TRUSTEE HAGLER FAMILY TRUST U/A 6/98 Harteveldt, Robert L. Hassler, Jane Hauser, Rita F. Hirsch, Phillip J. Hirsch, Judith Hrusha, Alan Hutner, Anne Trust F/B/O Hutner, Estate of Irwin INS Realty Associates Fierstein Co. Jaffe, Elizabeth Jones, Hazel Kaufman, Robert M. Klein, Robin KNATTEN INC. Knight, Laureine Komaroff, Stanley Kosloff, Andrea Kosloff, Andrea UGMA for Adam Kosloff Kosloff, Andrea UGMA for Justin Kosloff Koven, Irving Koven, Corey Koven , Esther Kowal, Myron as Custodian for Andrew Kowal Kramer, Irwin H & Terry Allen JTWROS Kramer, Irwin H & Terry Allen tt for the Terry Allen Kramer Trust Kramer, Saul KUHN, JAMES D. Kuhn, Leo Kurshan, Herbert Langenmyer Co. Lauder, Leonard Lauder, Ronald Leff, Joseph Leff, Valerie Lefkowitz, Howard LeRoy Partners Liroff, Harriett Liroff, Richard Loewengart, Irene Lovitz, David M. WESTPORT ASSOCIATES M-L Three Maayan Partners Magid, Eleanore Mahoney, David J. Mank, Edward H. Marvin, Morton Marvin, Suzanne Maynard, Jean Mazer, David Mazer, Richard McKee, William S. Meister, Robert A. MENDIK, BERNARD Mendik, Susan Mendik, Susan Trust u/w/o Jean A. Batkin L.C. Migdal & Ellin Kalmus, Trustees of Murray Silberstein Mil Equities Myers Group III, Inc. Myers Group IV, Inc. Myers, Israel Nevas, Alan Nevas, Leo Nicardo Corporation Novick, Lawrence OESTREICH, DAVID A. OESTREICH, JOAN E. OESTREICH, SOPHY Oppenheimer, Martin J. Oppenheimer, Suzanne Oshatz, Michael P. Phillips, Family Trust UWO Edith Phillips, Jonathan Phillips, Lynn Phillips, Estate of John D. Plum Partners L.P. Prentice Revocable Trust, 12/12/75 RCAY S.A. Reichler, Richard Reingold, Suzy Roberts, H. Richard
49 ----------------------------------- Value Percentage of of Series E-1 Series E-1 - ---------------------------------------------------------------------------------------------------------------------- Goldschmidt, Beatrice GOLDSCHMIDT, CHARLES Goldschmidt, Edward Goldschmidt, C. Trust U/A/D 7/11/90 GOLDSCHMIDT, LAWRENCE Goldschmidt, Peter Goldschmidt, Richard Gordon, Melvin Gorfinkle, Alaine GORFINKLE, LAWRENCE Gould Investors, L.P. GREEN, BERNARD Green, Barbara GREENBAUM, DAVID R. Greif, Goldie Gutenberg, Bernice H L Silbert trustee U/W of H A Goldman Hagler, Philip HAGLER, PHILIP TRUSTEE HAGLER FAMILY TRUST U/A 6/98 Harteveldt, Robert L. Hassler, Jane Hauser, Rita F. Hirsch, Phillip J. Hirsch, Judith Hrusha, Alan Hutner, Anne Trust F/B/O Hutner, Estate of Irwin INS Realty Associates Fierstein Co. Jaffe, Elizabeth Jones, Hazel Kaufman, Robert M. Klein, Robin KNATTEN INC. Knight, Laureine Komaroff, Stanley Kosloff, Andrea Kosloff, Andrea UGMA for Adam Kosloff Kosloff, Andrea UGMA for Justin Kosloff Koven, Irving Koven, Corey Koven , Esther Kowal, Myron as Custodian for Andrew Kowal Kramer, Irwin H & Terry Allen JTWROS Kramer, Irwin H & Terry Allen tt for the Terry Allen Kramer Trust Kramer, Saul KUHN, JAMES D. Kuhn, Leo Kurshan, Herbert Langenmyer Co. Lauder, Leonard Lauder, Ronald Leff, Joseph Leff, Valerie Lefkowitz, Howard LeRoy Partners Liroff, Harriett Liroff, Richard Loewengart, Irene Lovitz, David M. WESTPORT ASSOCIATES M-L Three Maayan Partners Magid, Eleanore Mahoney, David J. Mank, Edward H. Marvin, Morton Marvin, Suzanne Maynard, Jean Mazer, David Mazer, Richard McKee, William S. Meister, Robert A. MENDIK, BERNARD Mendik, Susan Mendik, Susan Trust u/w/o Jean A. Batkin L.C. Migdal & Ellin Kalmus, Trustees of Murray Silberstein Mil Equities Myers Group III, Inc. Myers Group IV, Inc. Myers, Israel Nevas, Alan Nevas, Leo Nicardo Corporation Novick, Lawrence OESTREICH, DAVID A. OESTREICH, JOAN E. OESTREICH, SOPHY Oppenheimer, Martin J. Oppenheimer, Suzanne Oshatz, Michael P. Phillips, Family Trust UWO Edith Phillips, Jonathan Phillips, Lynn Phillips, Estate of John D. Plum Partners L.P. Prentice Revocable Trust, 12/12/75 RCAY S.A. Reichler, Richard Reingold, Suzy Roberts, H. Richard
50 ------------------------------------------------ Common Units ------------------------------------------------ A C D E - ------------------------------------------------------------------------------------------------------------------------------------ Goldschmidt, Beatrice 22,045 GOLDSCHMIDT, CHARLES 21 10,752 Goldschmidt, Edward 12,842 Goldschmidt, C. Trust U/A/D 7/11/90 0 GOLDSCHMIDT, LAWRENCE 21 92,454 Goldschmidt, Peter 2,796 Goldschmidt, Richard 2,796 Gordon, Melvin 440 Gorfinkle, Alaine 664 GORFINKLE, LAWRENCE 21 3,830 Gould Investors, L.P. 458,964 GREEN, BERNARD 8,548 Green, Barbara 8,546 GREENBAUM, DAVID R. 0 Greif, Goldie 6,724 Gutenberg, Bernice 688 H L Silbert trustee U/W of H A Goldman 19,976 Hagler, Philip 0 HAGLER, PHILIP TRUSTEE HAGLER FAMILY TRUST U/A 6/98 77 14,631 Harteveldt, Robert L. 5,128 Hassler, Jane 2,797 Hauser, Rita F. 1,760 Hirsch, Phillip J. 338 Hirsch, Judith 338 Hrusha, Alan 1,844 Hutner, Anne Trust F/B/O 15,944 Hutner, Estate of Irwin 0 INS Realty Associates 0 Fierstein Co. 28,415 Jaffe, Elizabeth 76 Jones, Hazel 2,496 Kaufman, Robert M. 338 Klein, Robin 3,364 KNATTEN INC. 248,682 Knight, Laureine 10,242 Komaroff, Stanley 576 Kosloff, Andrea 78 Kosloff, Andrea UGMA for Adam Kosloff 2,116 Kosloff, Andrea UGMA for Justin Kosloff 2,116 Koven, Irving 0 Koven, Corey 2,791 Koven , Esther 14,400 Kowal, Myron as Custodian for Andrew Kowal 0 Kramer, Irwin H & Terry Allen JTWROS 1,760 Kramer, Irwin H & Terry Allen tt for the Terry Allen Kramer Trust 1,760 Kramer, Saul 652 KUHN, JAMES D. 2,054 151,217 Kuhn, Leo 902 Kurshan, Herbert 2,496 Langenmyer Co. 880 Lauder, Leonard 4,660 Lauder, Ronald 4,660 Leff, Joseph 3,364 Leff, Valerie 3,364 Lefkowitz, Howard 414 LeRoy Partners 0 Liroff, Harriett 12,166 Liroff, Richard 1,532 Loewengart, Irene 1,664 Lovitz, David 2,244 M. WESTPORT ASSOCIATES 1,365 M-L Three 1,760 Maayan Partners 9,616 Magid, Eleanore 2,326 Mahoney, David J. 1,760 Mank, Edward H. 1,760 Marvin, Morton 914 Marvin, Suzanne 76 Maynard, Jean 2,304 Mazer, David 6,724 Mazer, Richard 6,724 McKee, William S. 264 Meister, Robert A. 880 MENDIK, BERNARD 0 Mendik, Susan 976 930 Mendik, Susan Trust u/w/o Jean A. Batkin 58 4,474 L.C. Migdal & Ellin Kalmus, Trustees of Murray Silberstein 10,256 Mil Equities 6,667 Myers Group III, Inc. 17,641 Myers Group IV, Inc. 126,979 Myers, Israel 880 Nevas, Alan 1,636 Nevas, Leo 3,271 Nicardo Corporation 0 Novick, Lawrence 154 OESTREICH, DAVID A. 43 38,808 OESTREICH, JOAN E. 43 38,802 OESTREICH, SOPHY 0 Oppenheimer, Martin J. 338 Oppenheimer, Suzanne 338 Oshatz, Michael P. 0 Phillips, Family Trust UWO Edith 0 Phillips, Jonathan 3,364 Phillips, Lynn 3,364 Phillips, Estate of John D. 0 Plum Partners L.P. 0 Prentice Revocable Trust, 12/12/75 2,601 RCAY S.A. 0 Reichler, Richard 5,400 Reingold, Suzy 224 4,888 Roberts, H. Richard 39,426
51 ------------------------------------- Total Value Percentage Common Common Common Units Units Units - ---------------------------------------------------------------------------------------------------------------------------- Goldschmidt, Beatrice 22,045 $724,840 0.0236% GOLDSCHMIDT, CHARLES 10,773 $354,216 0.0115% Goldschmidt, Edward 12,842 $422,245 0.0137% Goldschmidt, C. Trust U/A/D 7/11/90 0 $0 0.0000% GOLDSCHMIDT, LAWRENCE 92,475 $3,040,578 0.0990% Goldschmidt, Peter 2,796 $91,932 0.0030% Goldschmidt, Richard 2,796 $91,932 0.0030% Gordon, Melvin 440 $14,467 0.0005% Gorfinkle, Alaine 664 $21,832 0.0007% GORFINKLE, LAWRENCE 3,851 $126,621 0.0041% Gould Investors, L.P. 458,964 $15,090,736 0.4911% GREEN, BERNARD 8,548 $281,058 0.0091% Green, Barbara 8,546 $280,992 0.0091% GREENBAUM, DAVID R. 0 $0 0.0000% Greif, Goldie 6,724 $221,085 0.0072% Gutenberg, Bernice 688 $22,621 0.0007% H L Silbert trustee U/W of H A Goldman 19,976 $656,811 0.0214% Hagler, Philip 0 $0 0.0000% HAGLER, PHILIP TRUSTEE HAGLER FAMILY TRUST U/A 6/98 14,708 $483,599 0.0157% Harteveldt, Robert L. 5,128 $168,609 0.0055% Hassler, Jane 2,797 $91,965 0.0030% Hauser, Rita F. 1,760 $57,869 0.0019% Hirsch, Phillip J. 338 $11,113 0.0004% Hirsch, Judith 338 $11,113 0.0004% Hrusha, Alan 1,844 $60,631 0.0020% Hutner, Anne Trust F/B/O 15,944 $524,239 0.0171% Hutner, Estate of Irwin 0 $0 0.0000% INS Realty Associates 0 $0 0.0000% Fierstein Co. 28,415 $934,285 0.0304% Jaffe, Elizabeth 76 $2,499 0.0001% Jones, Hazel 2,496 $82,068 0.0027% Kaufman, Robert M. 338 $11,113 0.0004% Klein, Robin 3,364 $110,608 0.0036% KNATTEN INC. 248,682 $8,176,664 0.2661% Knight, Laureine 10,242 $336,757 0.0110% Komaroff, Stanley 576 $18,939 0.0006% Kosloff, Andrea 78 $2,565 0.0001% Kosloff, Andrea UGMA for Adam Kosloff 2,116 $69,574 0.0023% Kosloff, Andrea UGMA for Justin Kosloff 2,116 $69,574 0.0023% Koven, Irving 0 $0 0.0000% Koven, Corey 2,791 $91,768 0.0030% Koven , Esther 14,400 $473,472 0.0154% Kowal, Myron as Custodian for Andrew Kowal 0 $0 0.0000% Kramer, Irwin H & Terry Allen JTWROS 1,760 $57,869 0.0019% Kramer, Irwin H & Terry Allen tt for the Terry Allen Kramer Trust 1,760 $57,869 0.0019% Kramer, Saul 652 $21,438 0.0007% KUHN, JAMES D. 153,271 $5,039,550 0.1640% Kuhn, Leo 902 $29,658 0.0010% Kurshan, Herbert 2,496 $82,068 0.0027% Langenmyer Co. 880 $28,934 0.0009% Lauder, Leonard 4,660 $153,221 0.0050% Lauder, Ronald 4,660 $153,221 0.0050% Leff, Joseph 3,364 $110,608 0.0036% Leff, Valerie 3,364 $110,608 0.0036% Lefkowitz, Howard 414 $13,612 0.0004% LeRoy Partners 0 $0 0.0000% Liroff, Harriett 12,166 $400,018 0.0130% Liroff, Richard 1,532 $50,372 0.0016% Loewengart, Irene 1,664 $54,712 0.0018% Lovitz, David 2,244 $73,783 0.0024% M. WESTPORT ASSOCIATES 1,365 $44,881 0.0015% M-L Three 1,760 $57,869 0.0019% Maayan Partners 9,616 $316,174 0.0103% Magid, Eleanore 2,326 $76,479 0.0025% Mahoney, David J. 1,760 $57,869 0.0019% Mank, Edward H. 1,760 $57,869 0.0019% Marvin, Morton 914 $30,052 0.0010% Marvin, Suzanne 76 $2,499 0.0001% Maynard, Jean 2,304 $75,756 0.0025% Mazer, David 6,724 $221,085 0.0072% Mazer, Richard 6,724 $221,085 0.0072% McKee, William S. 264 $8,680 0.0003% Meister, Robert A. 880 $28,934 0.0009% MENDIK, BERNARD 0 $0 0.0000% Mendik, Susan 1,906 $62,669 0.0020% Mendik, Susan Trust u/w/o Jean A. Batkin 4,532 $149,012 0.0048% L.C. Migdal & Ellin Kalmus, Trustees of Murray Silberstein 10,256 $337,217 0.0110% Mil Equities 6,667 $219,211 0.0071% Myers Group III, Inc. 17,641 $580,036 0.0189% Myers Group IV, Inc. 126,979 $4,175,070 0.1359% Myers, Israel 880 $28,934 0.0009% Nevas, Alan 1,636 $53,792 0.0018% Nevas, Leo 3,271 $107,550 0.0035% Nicardo Corporation 0 $0 0.0000% Novick, Lawrence 154 $5,064 0.0002% OESTREICH, DAVID A. 38,851 $1,277,421 0.0416% OESTREICH, JOAN E. 38,845 $1,277,224 0.0416% OESTREICH, SOPHY 0 $0 0.0000% Oppenheimer, Martin J. 338 $11,113 0.0004% Oppenheimer, Suzanne 338 $11,113 0.0004% Oshatz, Michael P. 0 $0 0.0000% Phillips, Family Trust UWO Edith 0 $0 0.0000% Phillips, Jonathan 3,364 $110,608 0.0036% Phillips, Lynn 3,364 $110,608 0.0036% Phillips, Estate of John D. 0 $0 0.0000% Plum Partners L.P. 0 $0 0.0000% Prentice Revocable Trust, 12/12/75 2,601 $85,521 0.0028% RCAY S.A. 0 $0 0.0000% Reichler, Richard 5,400 $177,552 0.0058% Reingold, Suzy 5,112 $168,083 0.0055% Roberts, H. Richard 39,426 $1,296,327 0.0422%
52 ---------------------------------------------- Total Total Percentage Units Value Interest - ------------------------------------------------------------------------------------------------------------------------------- Goldschmidt, Beatrice 22,045 $724,840 0.0164% GOLDSCHMIDT, CHARLES 10,773 $354,216 0.0080% Goldschmidt, Edward 12,842 $422,245 0.0096% Goldschmidt, C. Trust U/A/D 7/11/90 0 $0 0.0000% GOLDSCHMIDT, LAWRENCE 92,475 $3,040,578 0.0689% Goldschmidt, Peter 2,796 $91,932 0.0021% Goldschmidt, Richard 2,796 $91,932 0.0021% Gordon, Melvin 440 $14,467 0.0003% Gorfinkle, Alaine 664 $21,832 0.0005% GORFINKLE, LAWRENCE 3,851 $126,621 0.0029% Gould Investors, L.P. 458,964 $15,090,736 0.3421% GREEN, BERNARD 8,548 $281,058 0.0064% Green, Barbara 8,546 $280,992 0.0064% GREENBAUM, DAVID R. 0 $0 0.0000% Greif, Goldie 6,724 $221,085 0.0050% Gutenberg, Bernice 688 $22,621 0.0005% H L Silbert trustee U/W of H A Goldman 19,976 $656,811 0.0149% Hagler, Philip 0 $0 0.0000% HAGLER, PHILIP TRUSTEE HAGLER FAMILY TRUST U/A 6/98 14,708 $483,599 0.0110% Harteveldt, Robert L. 5,128 $168,609 0.0038% Hassler, Jane 2,797 $91,965 0.0021% Hauser, Rita F. 1,760 $57,869 0.0013% Hirsch, Phillip J. 338 $11,113 0.0003% Hirsch, Judith 338 $11,113 0.0003% Hrusha, Alan 1,844 $60,631 0.0014% Hutner, Anne Trust F/B/O 15,944 $524,239 0.0119% Hutner, Estate of Irwin 0 $0 0.0000% INS Realty Associates 0 $0 0.0000% Fierstein Co. 28,415 $934,285 0.0212% Jaffe, Elizabeth 76 $2,499 0.0001% Jones, Hazel 2,496 $82,068 0.0019% Kaufman, Robert M. 338 $11,113 0.0003% Klein, Robin 3,364 $110,608 0.0025% KNATTEN INC. 248,682 $8,176,664 0.1853% Knight, Laureine 10,242 $336,757 0.0076% Komaroff, Stanley 576 $18,939 0.0004% Kosloff, Andrea 78 $2,565 0.0001% Kosloff, Andrea UGMA for Adam Kosloff 2,116 $69,574 0.0016% Kosloff, Andrea UGMA for Justin Kosloff 2,116 $69,574 0.0016% Koven, Irving 0 $0 0.0000% Koven, Corey 2,791 $91,768 0.0021% Koven , Esther 14,400 $473,472 0.0107% Kowal, Myron as Custodian for Andrew Kowal 0 $0 0.0000% Kramer, Irwin H & Terry Allen JTWROS 1,760 $57,869 0.0013% Kramer, Irwin H & Terry Allen tt for the Terry Allen Kramer Trust 1,760 $57,869 0.0013% Kramer, Saul 652 $21,438 0.0005% KUHN, JAMES D. 153,271 $5,039,550 0.1142% Kuhn, Leo 902 $29,658 0.0007% Kurshan, Herbert 2,496 $82,068 0.0019% Langenmyer Co. 880 $28,934 0.0007% Lauder, Leonard 4,660 $153,221 0.0035% Lauder, Ronald 4,660 $153,221 0.0035% Leff, Joseph 3,364 $110,608 0.0025% Leff, Valerie 3,364 $110,608 0.0025% Lefkowitz, Howard 414 $13,612 0.0003% LeRoy Partners 0 $0 0.0000% Liroff, Harriett 12,166 $400,018 0.0091% Liroff, Richard 1,532 $50,372 0.0011% Loewengart, Irene 1,664 $54,712 0.0012% Lovitz, David 2,244 $73,783 0.0017% M. WESTPORT ASSOCIATES 1,365 $44,881 0.0010% M-L Three 1,760 $57,869 0.0013% Maayan Partners 9,616 $316,174 0.0072% Magid, Eleanore 2,326 $76,479 0.0017% Mahoney, David J. 1,760 $57,869 0.0013% Mank, Edward H. 1,760 $57,869 0.0013% Marvin, Morton 914 $30,052 0.0007% Marvin, Suzanne 76 $2,499 0.0001% Maynard, Jean 2,304 $75,756 0.0017% Mazer, David 6,724 $221,085 0.0050% Mazer, Richard 6,724 $221,085 0.0050% McKee, William S. 264 $8,680 0.0002% Meister, Robert A. 880 $28,934 0.0007% MENDIK, BERNARD 0 $0 0.0000% Mendik, Susan 1,906 $62,669 0.0014% Mendik, Susan Trust u/w/o Jean A. Batkin 4,532 $149,012 0.0034% L.C. Migdal & Ellin Kalmus, Trustees of Murray Silberstein 10,256 $337,217 0.0076% Mil Equities 6,667 $219,211 0.0050% Myers Group III, Inc. 17,641 $580,036 0.0131% Myers Group IV, Inc. 126,979 $4,175,070 0.0946% Myers, Israel 880 $28,934 0.0007% Nevas, Alan 1,636 $53,792 0.0012% Nevas, Leo 3,271 $107,550 0.0024% Nicardo Corporation 0 $0 0.0000% Novick, Lawrence 154 $5,064 0.0001% OESTREICH, DAVID A. 38,851 $1,277,421 0.0290% OESTREICH, JOAN E. 38,845 $1,277,224 0.0290% OESTREICH, SOPHY 0 $0 0.0000% Oppenheimer, Martin J. 338 $11,113 0.0003% Oppenheimer, Suzanne 338 $11,113 0.0003% Oshatz, Michael P. 0 $0 0.0000% Phillips, Family Trust UWO Edith 0 $0 0.0000% Phillips, Jonathan 3,364 $110,608 0.0025% Phillips, Lynn 3,364 $110,608 0.0025% Phillips, Estate of John D. 0 $0 0.0000% Plum Partners L.P. 0 $0 0.0000% Prentice Revocable Trust, 12/12/75 2,601 $85,521 0.0019% RCAY S.A. 0 $0 0.0000% Reichler, Richard 5,400 $177,552 0.0040% Reingold, Suzy 5,112 $168,083 0.0038% Roberts, H. Richard 39,426 $1,296,327 0.0294%
53 Series D-2 Value Percentage Preferred of of Units Series D-2 Series D-2 - ------------------------------------------------------------------------------------------------------------------------------ Roche, Sara Rolfe, Ronald Root, Leon Rosenberg, Ilse Rosenheim, Edna Revocable Living Trust Rosenzveig, Abraham Rubashkin, Martin Rubin, Murray M. Sahid, Joseph Saunders, Paul Saul, Andrew Schacht, Ronald Schwartz, Samuel Trust UWO Barbara Schwartz Schwartz, Samuel Trust FBO UWO Ellis Schwartz Schwartz, Carolynn Trust FBO UWO Barbara Schwartz Schwartz, Carolynn Trust FBO UWO Ellis Schwartz Shapiro, Howard Shapiro, Howard A. Shapiro, Robert I. Shasha, Alfred Shasha, Alfred A. & Hanina Shasha, Alfred & Hanina Trustees UTA 6/8/94 Shasha, Robert Y. Shasha-Kupchick, Leslie Sheridan Family Partners, L.P. Shine, William Shuman, Stanley S. Silberstein, John J. Silbert, Harvey I. Silbert, Harvey I., Trustee u/w Harry A. Goldman Simons, Robert Simons, Robert - Estate of Sims, David Skoker, Saul Slaner, Estate of Alfred P. Steiner, Phillip Harry Steiner, Richard Harris Strauss, Melville Sussman, Walter Tannenbaum, Bernard Tannenbaum, Bernice Tartikoff Living Trust Tessler, Allan R. Winik, Trust U/W/O Carolyn Watt, Emily Wang, Kevin Weissman, Sheila WESTGOMA ASSOCIATES Wexler, Monte Wexner, Leslie H. Williams, John WSNH Partners Zecap Associates ----------------------------------------------- TOTAL 549,336 $27,466,800 100.00% -------------------------------------------------------------------------------------------------------------
54 ------------------------------------------------ Series D-3 Value Percentage Preferred of of Units Series D-3 Series D-3 - ------------------------------------------------------------------------------------------------------------------------ Roche, Sara Rolfe, Ronald Root, Leon Rosenberg, Ilse Rosenheim, Edna Revocable Living Trust Rosenzveig, Abraham Rubashkin, Martin Rubin, Murray M. Sahid, Joseph Saunders, Paul Saul, Andrew Schacht, Ronald Schwartz, Samuel Trust UWO Barbara Schwartz Schwartz, Samuel Trust FBO UWO Ellis Schwartz Schwartz, Carolynn Trust FBO UWO Barbara Schwartz Schwartz, Carolynn Trust FBO UWO Ellis Schwartz Shapiro, Howard Shapiro, Howard A. Shapiro, Robert I. Shasha, Alfred Shasha, Alfred A. & Hanina Shasha, Alfred & Hanina Trustees UTA 6/8/94 Shasha, Robert Y. Shasha-Kupchick, Leslie Sheridan Family Partners, L.P. Shine, William Shuman, Stanley S. Silberstein, John J. Silbert, Harvey I. Silbert, Harvey I., Trustee u/w Harry A. Goldman Simons, Robert Simons, Robert - Estate of Sims, David Skoker, Saul Slaner, Estate of Alfred P. Steiner, Phillip Harry Steiner, Richard Harris Strauss, Melville Sussman, Walter Tannenbaum, Bernard Tannenbaum, Bernice Tartikoff Living Trust Tessler, Allan R. Winik, Trust U/W/O Carolyn Watt, Emily Wang, Kevin Weissman, Sheila WESTGOMA ASSOCIATES Wexler, Monte Wexner, Leslie H. Williams, John WSNH Partners Zecap Associates --------------------------------------------------------- TOTAL $8,000,000 200,000,000 100.00% ---------------------------------------------------------------------------------------------------
55 ---------------------------------------------- Series D-4 Value Percentage Preferred of of Units Series D-4 Series D-4 - -------------------------------------------------------------------------------------------------------------------------------- Roche, Sara Rolfe, Ronald Root, Leon Rosenberg, Ilse Rosenheim, Edna Revocable Living Trust Rosenzveig, Abraham Rubashkin, Martin Rubin, Murray M. Sahid, Joseph Saunders, Paul Saul, Andrew Schacht, Ronald Schwartz, Samuel Trust UWO Barbara Schwartz Schwartz, Samuel Trust FBO UWO Ellis Schwartz Schwartz, Carolynn Trust FBO UWO Barbara Schwartz Schwartz, Carolynn Trust FBO UWO Ellis Schwartz Shapiro, Howard Shapiro, Howard A. Shapiro, Robert I. Shasha, Alfred Shasha, Alfred A. & Hanina Shasha, Alfred & Hanina Trustees UTA 6/8/94 Shasha, Robert Y. Shasha-Kupchick, Leslie Sheridan Family Partners, L.P. Shine, William Shuman, Stanley S. Silberstein, John J. Silbert, Harvey I. Silbert, Harvey I., Trustee u/w Harry A. Goldman Simons, Robert Simons, Robert - Estate of Sims, David Skoker, Saul Slaner, Estate of Alfred P. Steiner, Phillip Harry Steiner, Richard Harris Strauss, Melville Sussman, Walter Tannenbaum, Bernard Tannenbaum, Bernice Tartikoff Living Trust Tessler, Allan R. Winik, Trust U/W/O Carolyn Watt, Emily Wang, Kevin Weissman, Sheila WESTGOMA ASSOCIATES Wexler, Monte Wexner, Leslie H. Williams, John WSNH Partners Zecap Associates ----------------------------------------------- TOTAL 5,000,000 $125,000,000 100.00% ---------------------------------------------------------------------------------------------------------------
56 ---------------------------------------------------- Series E-1 Value Percentage Preferred of of Units Series E-1 Series E-1 - ------------------------------------------------------------------------------------------------------------------------------------ Roche, Sara Rolfe, Ronald Root, Leon Rosenberg, Ilse Rosenheim, Edna Revocable Living Trust Rosenzveig, Abraham Rubashkin, Martin Rubin, Murray M. Sahid, Joseph Saunders, Paul Saul, Andrew Schacht, Ronald Schwartz, Samuel Trust UWO Barbara Schwartz Schwartz, Samuel Trust FBO UWO Ellis Schwartz Schwartz, Carolynn Trust FBO UWO Barbara Schwartz Schwartz, Carolynn Trust FBO UWO Ellis Schwartz Shapiro, Howard Shapiro, Howard A. Shapiro, Robert I. Shasha, Alfred Shasha, Alfred A. & Hanina Shasha, Alfred & Hanina Trustees UTA 6/8/94 Shasha, Robert Y. Shasha-Kupchick, Leslie Sheridan Family Partners, L.P. Shine, William Shuman, Stanley S. Silberstein, John J. Silbert, Harvey I. Silbert, Harvey I., Trustee u/w Harry A. Goldman Simons, Robert Simons, Robert - Estate of Sims, David Skoker, Saul Slaner, Estate of Alfred P. Steiner, Phillip Harry Steiner, Richard Harris Strauss, Melville Sussman, Walter Tannenbaum, Bernard Tannenbaum, Bernice Tartikoff Living Trust Tessler, Allan R. Winik, Trust U/W/O Carolyn Watt, Emily Wang, Kevin Weissman, Sheila WESTGOMA ASSOCIATES Wexler, Monte Wexner, Leslie H. Williams, John WSNH Partners Zecap Associates ----------------------------------------------------------- TOTAL 4,998,000 249,900,000 100.00% ---------------------------------------------------------------------------------------------------------------
57 --------------------------------------------------------- Common Units --------------------------------------------------------- A C D E - ----------------------------------------------------------------------------------------------------------------------------------- Roche, Sara 3,364 Rolfe, Ronald 1,844 Root, Leon 440 Rosenberg, Ilse 576 Rosenheim, Edna Revocable Living Trust 1,124 Rosenzveig, Abraham 3,744 Rubashkin, Martin 460 Rubin, Murray M. 3,364 Sahid, Joseph 1,844 Saunders, Paul 1,844 Saul, Andrew 20,196 Schacht, Ronald 988 Schwartz, Samuel Trust UWO Barbara Schwartz 4,278 Schwartz, Samuel Trust FBO UWO Ellis Schwartz 256 Schwartz, Carolynn Trust FBO UWO Barbara Schwartz 4,278 Schwartz, Carolynn Trust FBO UWO Ellis Schwartz 256 Shapiro, Howard 932 Shapiro, Howard A. 0 Shapiro, Robert I. 3,364 Shasha, Alfred 5,770 Shasha, Alfred A. & Hanina 7,484 Shasha, Alfred & Hanina Trustees UTA 6/8/94 13,676 Shasha, Robert Y. 1,710 Shasha-Kupchick, Leslie 3,418 Sheridan Family Partners, L.P. 15,944 Shine, William 2,766 Shuman, Stanley S. 1,760 Silberstein, John J. 75,140 Silbert, Harvey I. 57,409 Silbert, Harvey I., Trustee u/w Harry A. Goldman 18,716 Simons, Robert 0 Simons, Robert - Estate of 3,364 Sims, David 52,938 Skoker, Saul 880 Slaner, Estate of Alfred P. 0 Steiner, Phillip Harry 1,124 Steiner, Richard Harris 1,124 Strauss, Melville 880 Sussman, Walter 930 Tannenbaum, Bernard 912 Tannenbaum, Bernice 76 Tartikoff Living Trust 3,364 Tessler, Allan R. 880 Winik, Trust U/W/O Carolyn 3,364 Watt, Emily 1,332 Wang, Kevin 72,458 Weissman, Sheila 664 WESTGOMA ASSOCIATES 0 Wexler, Monte 176 Wexner, Leslie H. 10,563 Williams, John 2,244 WSNH Partners 2,641 Zecap Associates 106,683 ------------------------------------------------------ TOTAL 88,661,032 3,533,696 1,256,908 0 -------------------------------------------------------------------------------------------------------------------
58 -------------------------------------------- Total Value Percentage Common Common Common Units Units Units - -------------------------------------------------------------------------------------------------------------------------------- Roche, Sara 3,364 $110,608 0.0036% Rolfe, Ronald 1,844 $60,631 0.0020% Root, Leon 440 $14,467 0.0005% Rosenberg, Ilse 576 $18,939 0.0006% Rosenheim, Edna Revocable Living Trust 1,124 $36,957 0.0012% Rosenzveig, Abraham 3,744 $123,103 0.0040% Rubashkin, Martin 460 $15,125 0.0005% Rubin, Murray M. 3,364 $110,608 0.0036% Sahid, Joseph 1,844 $60,631 0.0020% Saunders, Paul 1,844 $60,631 0.0020% Saul, Andrew 20,196 $664,044 0.0216% Schacht, Ronald 988 $32,485 0.0011% Schwartz, Samuel Trust UWO Barbara Schwartz 4,278 $140,661 0.0046% Schwartz, Samuel Trust FBO UWO Ellis Schwartz 256 $8,417 0.0003% Schwartz, Carolynn Trust FBO UWO Barbara Schwartz 4,278 $140,661 0.0046% Schwartz, Carolynn Trust FBO UWO Ellis Schwartz 256 $8,417 0.0003% Shapiro, Howard 932 $30,644 0.0010% Shapiro, Howard A. 0 $0 0.0000% Shapiro, Robert I. 3,364 $110,608 0.0036% Shasha, Alfred 5,770 $189,718 0.0062% Shasha, Alfred A. & Hanina 7,484 $246,074 0.0080% Shasha, Alfred & Hanina Trustees UTA 6/8/94 13,676 $449,667 0.0146% Shasha, Robert Y. 1,710 $56,225 0.0018% Shasha-Kupchick, Leslie 3,418 $112,384 0.0037% Sheridan Family Partners, L.P. 15,944 $524,239 0.0171% Shine, William 2,766 $90,946 0.0030% Shuman, Stanley S. 1,760 $57,869 0.0019% Silberstein, John J. 75,140 $2,470,603 0.0804% Silbert, Harvey I. 57,409 $1,887,608 0.0614% Silbert, Harvey I., Trustee u/w Harry A. Goldman 18,716 $47,383,515 0.0200% Simons, Robert 0 $0 0.0000% Simons, Robert - Estate of 3,364 $110,608 0.0036% Sims, David 52,938 $1,740,601 0.0566% Skoker, Saul 880 $28,934 0.0009% Slaner, Estate of Alfred P. 0 $0 0.0000% Steiner, Phillip Harry 1,124 $36,957 0.0012% Steiner, Richard Harris 1,124 $36,957 0.0012% Strauss, Melville 880 $28,934 0.0009% Sussman, Walter 930 $30,578 0.0010% Tannenbaum, Bernard 912 $29,987 0.0010% Tannenbaum, Bernice 76 $2,499 0.0001% Tartikoff Living Trust 3,364 $110,608 0.0036% Tessler, Allan R. 880 $28,934 0.0009% Winik, Trust U/W/O Carolyn 3,364 $110,608 0.0036% Watt, Emily 1,332 $43,796 0.0014% Wang, Kevin 72,458 $2,382,419 0.0775% Weissman, Sheila 664 $21,832 0.0007% WESTGOMA ASSOCIATES 0 $0 0.0000% Wexler, Monte 176 $5,787 0.0002% Wexner, Leslie H. 10,563 $347,311 0.0113% Williams, John 2,244 $73,783 0.0024% WSNH Partners 2,641 $86,836 0.0028% Zecap Associates 106,683 $3,507,737 0.1142% -------------------------------------------------- TOTAL 93,451,636 3,119,450,580 100.0000% ----------------------------------------------------------------------------------------------------------------
59 ---------------------------------------------------------- Total Total Percentage Units Value Interest - ------------------------------------------------------------------------------------------------------------------------------- Roche, Sara 3,364 $110,608 0.0025% Rolfe, Ronald 1,844 $60,631 0.0014% Root, Leon 440 $14,467 0.0003% Rosenberg, Ilse 576 $18,939 0.0004% Rosenheim, Edna Revocable Living Trust 1,124 $36,957 0.0008% Rosenzveig, Abraham 3,744 $123,103 0.0028% Rubashkin, Martin 460 $15,125 0.0003% Rubin, Murray M. 3,364 $110,608 0.0025% Sahid, Joseph 1,844 $60,631 0.0014% Saunders, Paul 1,844 $60,631 0.0014% Saul, Andrew 20,196 $664,044 0.0151% Schacht, Ronald 988 $32,485 0.0007% Schwartz, Samuel Trust UWO Barbara Schwartz 4,278 $140,661 0.0032% Schwartz, Samuel Trust FBO UWO Ellis Schwartz 256 $8,417 0.0002% Schwartz, Carolynn Trust FBO UWO Barbara Schwartz 4,278 $140,661 0.0032% Schwartz, Carolynn Trust FBO UWO Ellis Schwartz 256 $8,417 0.0002% Shapiro, Howard 932 $30,644 0.0007% Shapiro, Howard A. 0 $0 0.0000% Shapiro, Robert I. 3,364 $110,608 0.0025% Shasha, Alfred 5,770 $189,718 0.0043% Shasha, Alfred A. & Hanina 7,484 $246,074 0.0056% Shasha, Alfred & Hanina Trustees UTA 6/8/94 13,676 $449,667 0.0102% Shasha, Robert Y. 1,710 $56,225 0.0013% Shasha-Kupchick, Leslie 3,418 $112,384 0.0025% Sheridan Family Partners, L.P. 15,944 $524,239 0.0119% Shine, William 2,766 $90,946 0.0021% Shuman, Stanley S. 1,760 $57,869 0.0013% Silberstein, John J. 75,140 $2,470,603 0.0560% Silbert, Harvey I. 57,409 $1,887,608 0.0428% Silbert, Harvey I., Trustee u/w Harry A. Goldman 18,716 $47,383,515 1.0740% Simons, Robert 0 $0 0.0000% Simons, Robert - Estate of 3,364 $110,608 0.0025% Sims, David 52,938 $1,740,601 0.0395% Skoker, Saul 880 $28,934 0.0007% Slaner, Estate of Alfred P. 0 $0 0.0000% Steiner, Phillip Harry 1,124 $36,957 0.0008% Steiner, Richard Harris 1,124 $36,957 0.0008% Strauss, Melville 880 $28,934 0.0007% Sussman, Walter 930 $30,578 0.0007% Tannenbaum, Bernard 912 $29,987 0.0007% Tannenbaum, Bernice 76 $2,499 0.0001% Tartikoff Living Trust 3,364 $110,608 0.0025% Tessler, Allan R. 880 $28,934 0.0007% Winik, Trust U/W/O Carolyn 3,364 $110,608 0.0025% Watt, Emily 1,332 $43,796 0.0010% Wang, Kevin 72,458 $2,382,419 0.0540% Weissman, Sheila 664 $21,832 0.0005% WESTGOMA ASSOCIATES 0 $0 0.0000% Wexler, Monte 176 $5,787 0.0001% Wexner, Leslie H. 10,563 $347,311 0.0079% Williams, John 2,244 $73,783 0.0017% WSNH Partners 2,641 $86,836 0.0020% Zecap Associates 106,683 $3,507,737 0.0795% TOTAL 131,385,472 $4,411,689,423 100.0000% ----------------------------------------------------------------------------------------------------------------- (1) Directly and through the following subsidiaries: Vornado Finance Corp., Vornado Investments Corporation, 40 East 14 Realty Associates General Partnership, 825 Seventh Avenue Holding Corporation, Menands Holding Corporation, and Two Guys From Harrison, N.Y., Inc. (2) Pledged. (See Section 11.3 F of the Operating Partnership Agreement.) Common Units Vornado 85,946,899 Original Mendik Partners 4,824,039 Newkirk Partners 1,432,452 Kennedy Partners 419,915 Freezer Services Partners 144,620 Westport Partners 6,272 770 Broadway Partner 458,964 20 Broad Partners 16,064 High Point Partners 202411 --------------------- 93,451,636 =====================
60 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- 9th Floor Associates 736 Aaron Albert A 4,413 ABC Carpet 3,310 ABC Carpet 2,132 Adams, Boyce 736 Adams, Denton L. 1,066 Adam, Mahmoud 1,324 Alexander, Clifford 3,503 Allen Richard 1,104 Allen, Charlotte trust 8,826 Allen, Michael 2,648 Allen, William A 1,104 Allison, John W. 1,066 Allison, Enide 2,207 Allsion, Donald 1,104 Amaradio Anthony J. 8,826 Amato, Alfonso 990 Anastasio, Martin 1,181 Andersen, Ronald D. 1,066 Anderson-Dazey A Partnership 2,795 Anderson, C 736 Anderson, Jack 1,752 Anderson, Kent 2,942 Anderson, Ronald R 2,132 Angiuli, Michael 2,942 Ard, Marsha 442 Argyle Ltd. 4,413 Armbruster, Raytmond 2,437 Arnold, John R. 4,413 Asher, George 7,462 Asher, George 1,030 Ashford, Will 2,361 Auray, Delbert L 2,437 Austin, Michael 1,104 Bailey, Carl 736 Bain, Robert 2,132 Balda, John 736 Ballard, Thurman 2,132 Page 1
61 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Bardaglio, George W. 686 Barksdale, Larry 1,181 Barlett, Danny A 572 Barnard, Bob 2,942 Barnes, Dianne H. 2,207 Barnes, Roy 1,104 Barnett, Kimbrew 662 Barnett, William 662 Barrett, Robert 1,729 Barwick, Edward 990 Beall, M. Scott 1,447 Bear Lake Partners 4,413 Bear, Jack I. 610 Beckett, Carolyn 13,238 Belk, Dewitte 2,437 Bellini, Carl 2,285 Belli, Elmer 3,808 Bell, Robert L 2,207 Belzer, Irvin S 552 Benkwith, Sanders 990 Bennett, Thomas 1,177 Benson, James 1,104 Berenson, Richard 4,569 Berman, Stanley 3,678 Bernatchez, Ernest 662 Berolzheimer, Philip 1,030 Berry, Rex 610 Bharathi, Aiyanadar 762 Bhatia, Neera 2,132 Bice Jr, Robert 1,219 Bice, Robert 1,143 Bistline, F 552 Bjorkman, Lars 1,104 Black, Michael 2,970 Black, Roy G. 1,839 Blanke, Richard 1,066 Blass, Bill 1,545 Blessing, Norbert 3,427 Page 2
62 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Blincow, Donald 1,066 Block, Harlan & Sandra 589 Bloomfield, Donald P. 368 Blose, R. Dennis 2,437 Boas, Donald 2,207 Bolger, Margaret 1,219 Bonaventure, Robert 305 Bonsanti, Robert L. 572 Boorstein, William 724 Bourque, J 736 Bourque, J 762 Bower, Thomas 1,177 Bowman, Donald 1,104 Bradley, Arthur 589 Brady, Alfred B 762 Brady, Timothy 368 Brand, Michael 4,413 Bransford, Helen 1,219 Bransford, JMD 1,219 Bransford, John 1,219 Bressler, R.M. 736 Briant, Andy 1,066 Broidy, Steven D 2,207 Brown, Gordon R. 2,285 Bruch, Thomas 1,104 Brunson, Kenneth 1,143 Brylawski, E. Fulton 7,615 Buchanan, Keith 572 Buch, Wally S. 1,599 Buck Trust 1,030 Buncher, James E 914 Burke, Joseph T. 1,104 Bussing, Constance 1,752 Bustrum, Glenn 305 Busuttil, Ronald 2,207 Butterworth, Jr., Thomas 1,324 Byers, J.S. 4,413 Byrnes, Don 610 Page 3
63 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Byron, Mark & Barb 1,143 Cameron, Harold B 762 Campanelli, Nicholas 2,285 Cannon, Charles 4,569 Carpi, Leonard 1,066 Carroll, Druscilla 295 Carson, James 368 Cefalo, Robert 952 Cenci, Robert 295 Chaine Gerald H 3,960 Chestnut, William J. 1,839 Choate, Guy 552 Choice Investment 3,457 Chupp, Verlin R. 1,324 Chynoweth, Alan G. 2,132 Clardy, Bertha 2,207 Clarkson, James 1,030 Clove, Leonard 1,066 Cogan, James 762 Cohen, Albert H 3,678 Cohen, Jerry 610 Colaco, Mary 2,132 Coleman, John 552 Cole, Gordon 305 Cole,E Herschel 1,177 Collins Oldsmobile 1,030 Collins, David L 2,132 Collins, Fred 1,066 Conrad, Allan 2,574 Coulson, Jr., Frank 552 Cowan, Gary 368 Cozine, William 1,676 Craig, William 515 Crosby, Robert 1,523 Crossland, Robert 533 Crout, J. Richard 1,143 Crowe, Arthur 589 Cruz, Peter 1,324 Page 4
64 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Cummings, Paul 1,030 Cunnington, Thomas 1,030 Cutler, Verne 952 D & T Real Estate 2,132 Dalgleish, J. Martin 1,904 Dalton, John 762 Dalton, Wallace 2,207 Dalton, Wallace 1,471 D'Angelo, George J. 2,942 Daniel, Barry 368 Davidson, Eugene 2,285 Davini, Dave 990 Davini, David 305 Decker, Gary 572 Deeney, Terrence 883 Derck, Anthony D. 3,046 Derkson, DJ 3,457 Dever, Michael 1,030 Dhailiwal, Avtar 2,437 Dickerman, Sidney 610 Dixon, Richard Jobie 1,714 Dofour, John 495 Dolgin, Lyla 1,030 Dominey, Sam 8,528 Donnelly, Vincent T 1,104 Donnelson, Ken 2,207 Dosch, Darwin B. 1,104 Doss, David 762 Douglas & Canipe Ass. 2,285 Draper, Jean L. 914 Drayer, Jan I.M. 305 Drewery, Ruth 2,742 Drotleff, James R. 1,030 Drucker, Richard 1,104 Druker, Esmond 572 Dudzik, Thaddeus 1,676 Dugger, Ronald F. 305 DuPont, Frank 2,132 Page 5
65 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Earle, Harry 572 Eazell, Dale 295 Eddy, Donald L 305 Eisenberg, Ivan 2,574 Eisenberg, Ivan & Bernice Trust 2,132 Ellis, Rodgers 762 Ellis, Rodgers 1,523 Ellis, Vernon 762 Elowitt, Steven 2,207 Elo, Denis 305 Elsen, Paul 736 Elson, William O 952 Engdahl, Gordon 736 Engelstein, Charles 1,219 Engel, Lee 2,285 Englehorn, T.D. 1,980 Epprecht, Walter 736 Epprecht, Walter 4,264 Epstein, Harold 883 Epstein, Raymond 4,413 Epstein, Ted 1,030 Erdle, Jack 1,030 Erlicht, Lewis 1,066 Ettari, Frank 1,030 Eurdolian, John 2,285 Ewing, John 1,143 Fadal, Richard G. 762 Fairchild, Paul W. 2,285 Farkas, Benjamin & Ellen 2,207 Feinberg, Donald & Marilyn 1,980 Feinberg, William 368 Feldman Trust 2,648 Fields, Nellie 3,046 Fierle, Robert 1,030 Fike, Lester L 4,569 Fike, Lester L., Jr. 5,590 Fillhardt, Charles 1,104 Finkel, Gary 2,285 Page 6
66 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Fink, Donald 1,104 Fishman, Yoram 552 Flandry, Robert E., Sr. 2,795 Fleischman, Charles 1,030 Flekman, Manny 1,143 Fleming, Richard 773 Flood, James C. 4,569 Florian, U 736 Flynn, James 368 Fox, Steven Kirk 3,198 Frankel, Edward 736 Frankel, Nancy 952 Frawley, David A. 1,030 Friedlaender, Trust 1,104 Friou, Roger 1,104 Funderburk, Larry 762 GA & Orachien Partnership 4,569 Galbraith, Robert 1,030 Galler, Andrew 1,143 Gants, Robert 610 Gardner, John 572 Gardner, Ronald 1,324 Gatlin, Larry W 2,132 Gavranovic, William J 1,471 Gay, Robert 1,104 Geesaman, Richard 305 George E. Esham,MD 1,523 Gerstel, Bryan R 1,177 Gibbons, Gerald 610 Gibson, John 2,437 Gibson, William 762 Gish, James 1,523 Glass, Cecil 1,066 Glass, Jr. John 2,648 Glazer, Dennis 1,839 Godchaux Bros. 2,132 Goddard, John 1,143 Godwin, James 533 Page 7
67 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Goldman, James 1,143 Golick Living Trust 4,413 Goodman, Daniel E 1,904 Gorenstein, Aryeh 589 Gradisar, Ivan A 1,143 Grant, Paul 1,828 Greenberg, Arnold 1,324 Greene, Andrew 572 Green, Edward H 610 Gregorich, Norbert J 3,808 Grodsky, Michael 1,904 Grodsky, Ronald 1,904 Grossman, Thomas G. 762 Guthrie, Frank 572 Haas, Fox 990 Haas, John 8,826 Haas, John & Chara 9,138 Hackett, Robert D 686 Hagan, John 762 Hales, Donald 1,030 Hall, Diane Holmes 2,285 Hall, Lyle 1,030 Halpern, Andrew 762 Hames, Barbara R 4,874 Hamill, Joseph 2,207 Hamilton, Robert 1,398 Hamlin, Charles 1,030 Hampf, Frederick 1,471 Hancock, Rodney 1,143 Hanna Family Tr. 736 Hanna Trust 1,398 Hannah, Ray 1,986 Hargis, Donald 1,143 Harisis, TG 4,413 Harmon & Associates 35,301 Harris, Arthur 1,219 Harris, Donald 2,132 Harris, Rosalyn 2,132 Page 8
68 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Hartley, Edith S. 2,437 Harwood, James 1,324 Hawkins, Thad 4,569 Hedgecock, Jasper 762 Hendee, Roy 1,447 Hendricks, Larry 2,132 Her Invrestments 1,471 Herrera, Alfred J. 305 Hesser, William 572 Hess, Charles 2,285 Hess, Charles 1,523 Higgins, Charles 762 Hilb, Justin 2,285 Hildebrand, Boren 1,471 Hinds, Don 1,523 Hoag, Elizabeth 1,471 Hochfelder, Gene 2,354 Hodes, Abram & Mildred 1,219 Hodes, Abram & Mildred 1,324 Hoffman, Herbert 368 Hoffman, Joseph 736 Holland Estate 368 Holly, James 762 Holly, James 3,731 Holwell, Robert 2,795 Hopkins, George 1,066 Hornstein, Eugene 952 Horton, Janie 762 Howie, Michael 1,219 HSB Equipment 3,046 Huckel, Hubert E. 1,066 Hueser, James N 3,678 Hullverson, Thomas 4,569 Hunt, Albert A 533 Hunt, Albert A. 533 Hunt, Tanner Trett 305 Hurtig, Barbara 1,104 Huse, Stephen 1,324 Page 9
69 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Hutchinson, Charles P 2,285 Hyde, Richard 2,942 Ingram, Edith C. 589 Interstate Heating 3,655 Isenstadt, Fred 1,219 Iverson, Larry MD 736 Izbicki, Carl 1,030 Jabin, Norman E. 1,143 Jae Trust 368 Jae Trust 6,092 Jagoda-Pyle Partnership 3,678 Jagoda, Jo Kurth 1,523 Jankiewicz, Stanley 2,437 Jasper, Herbert 838 Joel J. West, MD 1,523 Johnson, Carl 736 Johnson, Roland 662 Johnson, Samuel 736 Johnson, Samuel 1,143 Johnson, Tom 952 Johnson, Tom 1,839 Johns, R 572 Johns,O 368 Jones, Charles H 5,516 Jones, Norman 920 Joshua, Baskaran 736 Kahn, P. Frederick 2,207 Kalinowski, Ed 305 Kanner, Robert 662 Kates, Richard 589 Kates, Richard 990 Kearns, Lyles 3,972 Kenan, Thomas S. III 4,569 Kendrick, Frank 2,132 Kilpatrick, William 368 Kimball, David 2,207 Kimball, Richard R. 2,207 Kimmel, Marvin 1,030 Page 10
70 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Kingmont Corporation 4,569 King, Michael S. 1,066 King, Steven G 1,143 Kinsel, Joe 2,437 Kinsel, Joe Jr 2,437 Kirschner, Helen 2,132 Kiyasu, William 1,066 Klausner, Joel 3,503 Klein, Albert 1,219 Klugow, Allen 1,104 Klump, Rob 736 Kmeta, Walter 2,207 Koboli, Daryoush 1,839 Koch, Karl 1,219 Koch, Karl 1,030 Koplik, Michael 1,752 Kosta, Nicholas 4,413 Kostin, Ben 589 Krusemark, FD 1,324 Kurzweg, III, Victor 1,904 Lahourcade, John 686 Laing, Gerald 442 Lamar Airways 2,285 Lampman, J 368 Landolfi, Anthony 2,207 Lange, Norman M. 952 Lattimore, James 990 Lee, William 1,030 Lenfest, H.F. 2,285 Leonard, James 1,066 Lerman, Stephen 920 Leslie, Seymour 2,354 Levine, Harris B 1,143 Levine, Joseph 1,066 Levy, Irvin 3,808 Lewis, Robert 2,795 Lindsey, Mildred & John 1,104 Lind, Dennis 662 Page 11
71 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Linscomb & Williams 838 Lipson, Eugene 533 Locke, Karl 762 Lodyga, Ervin 662 Loeb, Stanley 1,104 Lohavichan, Virat 4,569 Lombardo, John 2,132 Lombardo, John 1,030 Long, M 2,437 Long, M Phillip 11,032 Lowenraub, Jerome 1,676 Lowe, Jonathan/Bihary, Joyce 610 Lowinger, Louis 2,132 Lowinger, Morris 2,354 Lowinger, Morris 2,132 Ludwig, Glen L 8,528 Lyman, C. Bradley 1,980 Lynn, Emerson 2,285 L.S.B. Partners 2,285 MacIlwaine, John 305 Madden, Joan 762 Madera Corporation 920 Madsen,, H. Stephen 1,839 Mahler, Glenn 244 Mallin & Swersky 914 Manasevit, Stanley 1,980 Manders, Gus H 515 Manders, Gus H 1,104 Maney, Thomas 1,143 Maple City Ice Company 4,569 Margolis, Barbara 2,132 Marks, Sara Ann Gross 6,092 Marshall, Chester 515 Maruyama, Herbert H. 762 Mathur, Arun K 2,437 Mathur, Arun K. 2,132 Mativi, Rob 1,904 Matthews, Arthur J 368 Page 12
72 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Mayo, Joseph 2,132 May, Robert S. 1,143 Mc Cleary, Dale L 762 McBain, Laurie 2,132 McBain, Laurie 2,207 McConnell, Robert G 762 McCool, Michael F 305 McDowell, Larry 1,839 McElroy, Michael 1,980 McKay, Malcom A 2,795 McKee, Elsworth 4,569 McKee, Jack 4,569 McKenna, James 1,980 McNeill, Gilbert 993 McNeill, Jack G 762 McNeil, Steven 1,219 McSpadden, Floyd 610 McSpadden, Patti P 610 Meador, Moorman 1,471 Meck Company 4,413 Meicher, Gordon 589 Meil, Leslie A. 2,132 Merlos, J 920 Methvin, Gaynell 736 Metz, Lawrence N. 1,471 Meyer, Gary 736 Micheli, Donald 1,177 Millenium (replace KT) 2,207 Minkoff, Leon & Janet 1,523 Misrach, Ivan 1,219 Mitchell, George 4,569 Mitchell, George 4,119 Mitchel, David 2,285 Mitchel, Stephen 2,285 Mitchel, Thomas 2,285 Montgomery, G 762 Morrison, Robert 1,104 Morris, David 1,030 Page 13
73 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Mortimer, Susan & Philip 736 Morton, Richard 1,030 Murray, John 1,030 Murray, Jr., John 2,648 Murray, Larry 2,648 Nassi, Albert 3,046 Nelson, A 2,207 Nelson, Donald 993 Nelson, Erven & Frankie 1,287 Nelson, John 1,143 Neumann, Nicholas H. 2,171 Newhouse, Jeff 1,104 Newlin, Michael 920 Noble, Marvin J. 1,523 Odom, Douglas 1,447 O'Hara, Pat 2,207 Olson, Edmund 589 Olson, Joyce 421 Omnibus Associates 4,413 O'Neill, Hugh 1,030 Oppenheim, Joan 736 Ordway, John 4,569 Outten, Claude 1,104 Owen, Kenneth D 368 Owen, Pere A. 610 Owen, R 736 Panama 2,437 Panter, Gideon 1,471 Parker, Max 552 Parris, Daniel 736 Pasqualicchio, Gary 952 Patel, Jagdish 952 Pearson, Lyle 1,523 Peavyhouse, Joel 1,219 Peraldo Trust 2,132 Peraldo, Ronald L. 1,066 Perry, William 993 Peterson, Charles 3,046 Page 14
74 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Pettis, Charles 1,030 Petzall, Gerhard 2,285 Phan, Nguyen K 1,104 Picazio, Stephen J. 495 Plitt, Eugene 2,437 Pociask, William H. 4,413 Poisner, Werner 762 Poma, Gino S. 4,264 Pomeranz, Steven L 610 Porter, Randall 1,066 Powell, Willis M 1,904 Presser, Neil N 1,324 Prischak, Joseph 1,030 Procter, Doak 1,219 Procter, Doak C. Jr. 610 Provenzano, Richard 1,324 Pruett, James 1,828 Quaritius, Jack 572 Quaritus, Jack 773 Quinn, Robert 2,132 Rabinowitz, Ivy 3,655 Randall, Zane 883 Ranvir Ltd. 762 Ray, Subrata 1,839 Raznick, David 1,104 REB Investments 990 Redman, Larry 1,324 Reeves, T. Joseph 2,132 Regan, Gerald P 1,177 Regan, Gerald P. 2,207 Riemenschneider, Herbert 1,523 Ringler, Charles 2,207 Roberts, John 552 Robinson, Alden 368 Robinson, Paul 736 Roe, Maudi 1,066 Rogers, Gary 1,904 Rogers, I. David 2,132 Page 15
75 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Romano, Jule 3,046 Rome, Mike 552 Rosenberg, Elliott 1,904 Rosen, Arlene 1,030 Ross, Charles Ronald 990 Rothman, Robert & Donna 610 Roth, Elliot 35 Roth, Elliot 30 Roth, Elliot 29 Roth, Elliot 12 Roth, Elliot 31 Roth, Elliot 7 Roth, Elliot 11 Roth, Elliot 22 Roth, Elliot 70 Rudar, Norman 610 Ruder, Norman 2,207 Rushton, Alvey 1,030 Russo, James 1,398 Rusthoven, Terry 876 Rust, Dale M 990 Rutledge, III, Guy 2,361 Sadar, Edward 2,285 Sadovsky, Marvin 1,324 Sajan Financial 2,132 Sarrafian, Edgar 762 Satiani, Bhagwan 762 Satiani, Bhagwan 1,839 Sato, Sam I 2,132 Saunders Trust 1,066 Savidge, Samuel 572 Scandizzo, John 2,285 Schaeffer, Karl 1,676 Schatten, Joan 610 Schiebler, Audrey 1,181 Schiebler, Audrey L 305 Schmidt, Benno C. 1,030 Schmidt, Jareen 1,030 Page 16
76 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Schmidt, Terrence 876 Schneider, Sandra 589 Schneider, Sandra 1,104 Scholz, Jack V. 368 Schuessler, Carl 1,030 Schwartz, Arnold 773 Schwartz, Harold 1,471 Scott, Arthur 1,324 Scott, Brian 662 Scott, Gary 2,942 Seed, John 1,447 Segale, Angelo 1,030 Selinger, Irwin 736 Sensenbrenner, John 2,132 Shagin, Felix 1,066 Shalam, John 1,219 Shapiro, Michael 552 Sharpe, Lawrence 295 Sheets, Phillis J. 736 Sher, David 736 Shieldknight, Jimmy 1,177 Shieldknight, Marcia 589 Shink, Simon 610 Shneider, David 1,030 Shollenberger, Dorothy 2,285 Sigmund, Charles A. 572 Silverstein, Stephen 1,471 Silverstein, Stephen 1,030 Smith, Boyd 4,413 Smith, De Lancey A 589 Smith, George 2,207 Smith, John 1,030 Smith, Laurence R. Jr. Trust 2,795 Smith, Leslie E 2,132 Smith, Nathan 1,066 Smith, Sherwood 1,904 Smith, Stanley R. 2,132 Smith, Vernon 1,980 Page 17
77 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Soderberg, Joe 1,030 Solitare, Samuel 4,264 Sommers, Steven 1,177 Sorenson, John 2,132 Sosebee, Lee Allen 3,678 Soskin, William 2,207 Southwest Trust 2,132 Sparks, Sam 1,104 Sparveri, Joseph W 589 Spencer, Donn 920 Spillar, Max L 1,471 Splan, Craig 762 Stafford, Louis 1,030 Stagnari, Elliott 1,828 Stagnari, Ronald E. 610 Stallworth, William 736 Starr, Irwin P. 305 Steinbrink, William 1,471 Stein, Robert 1,219 Stellato, Robert 1,104 Stenger, Michael 1,523 Stephens, Charles 1,030 Stern, Larry & Karen Lee 2,207 Stevens, Kenneth 1,066 Stevens, Lester F. 2,132 Stevens, Ralph 1,714 Stewart, Charles E. 2,132 Stinghen, Donato 515 Stocknoff, Alan 4,264 Stoddard, Ed 2,132 Stone, Justin 572 Strepig, Charles 184 Stufflebam, Rob 662 Stufflebam, Robert 724 St. Clair, Jr., Wilbur 952 Sullivan, Denis 1,143 Sullivan, James F. 1,839 Summers, Carrol E. 2,132 Page 18
78 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Sundt, Estate of Thoralf 572 Sussman, Bernard 2,207 Swann, E.F 1,104 Swann, Thomas 1,655 Swaykus, Bernard T. 572 Sweet Family Ltd. Ptshp. 1,523 Sweet, Ross 1,066 Swirsky, Myrna 1,980 S.P. Revocable Trust, Peck 2,285 Tabbush, Jack 1,104 Taufield, Jeffrey Z. 305 Taylor Trust 515 Taylor, William 368 Temkovits, Robert H. 552 Thomas, M. Ross 2,285 Thompson, Kent 1,181 Thompson, Robert 184 Thyrre, Marilyn 2,207 Tisch Tenants 2,207 Toolan, John P. 4,569 Tramontozzi, Anthony 4,721 Trautman, William E 736 Tromp, Leonard S 2,132 Trudeau, Garretson 736 Trumble, Ed 2,132 Trumble, Edward 1,545 Trumble, Edward P 1,030 Tucker, Richard 1,030 Tupler, Austin 2,207 Turman, David 952 Turner, Clyde T. 4,413 Twining, Paul 589 Uible, John 4,569 Uible, John 2,207 Underwood, Leonard 3,678 Usgaonker, RS 2,942 Van Meter, Stephen & Sharon 3,960 Van Wieren, Clare 2,437 Page 19
79 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Vanadurongvan, Kanya 572 Vance, Robert 920 Varble, Daniel 2,207 Vaughn Petroleum 4,264 Vaughn Petroleum 21,473 Vaughn, Thomas F. 1,143 Vigil, Dr. Alfredo 610 Wakefield, William J 368 Waldorf Associates 2,285 Waldorf, Kenneth 3,731 Walker, Barret 876 Wallace, John 1,177 Walter Eprecht And 1,398 Wander, John 1,066 Ware, Charles T. 736 Ware, Cornelius 2,942 Ware, Cornelius S. 1,471 Ware, Lamar 1,143 Watson, Diane Berenson 2,285 Weatherbee, Robert 762 Weavil, David 736 Webb, Philip 305 Webb, Rhonda 305 Weiner, Stanford 2,207 Weintraub, George 368 Weiss, Benjamin J 1,219 Weiss, Stanley 2,132 Wenck, William A. 368 Wesson, Craig 1,143 West Elizabeth Lumber 1,471 West, Gerald 368 West, Joel J 305 Wheaton, Richard 2,437 Whisler, Jon 552 White, Martin 1,219 Whitley, Gerald 876 Wiegand, Edwin 1,219 Williamson, Heidi 2,285 Page 20
80 VORNADO REALTY L.P. ADDENDUM TO EXHIBIT A NEWKIRK PARTNERS No. of Investor Units - ------------------------------------------------------- Williams, Charles 1,143 Wilner trust 1,398 Wilson, Plato 4,413 Wilson, Plato 2,354 Wilson, Susan 2,132 Wilson, W 589 Windfeldt, Peter 610 Witten, M.D. Bruce 2,795 Witt, W. Thurman 2,285 Wolf, Albert 3,046 Wolf, Ronald 305 Woodman, Stephen 876 Wood, Dennis 1,839 Wood, James 1,219 Wood, James 1,219 Wright, John 412 Wright, Kenneth 2,132 Wright, Kenneth 2,060 Wyler, David 153 Wyler, Katherine 153 Yassine, Zouhair 2,285 Youngblood, Alice 1,030 Zack, Herbert 4,413 Zack, Ronald 4,569 Zisser, Barry 1,324 Zubowski, Gale 2,207 ---------------- 1,353,204 ================ Page 21
1 Exhibit 3.4 TENTH AMENDMENT TO SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF VORNADO REALTY L.P. --------------------------------------------- Dated as of September 3, 1999 --------------------------------------------- THIS TENTH AMENDMENT TO THE SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF VORNADO REALTY L.P. (this "Amendment") is hereby adopted by Vornado Realty Trust, a Maryland real estate investment trust (defined therein as the "General Partner"), as the general partner of Vornado Realty L.P., a Delaware limited partnership (the "Partnership"). For ease of reference, capitalized terms used herein and not otherwise defined have the meanings assigned to them in the Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., as amended by the Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of December 16, 1997, and further amended by the Second Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of April 1, 1997, and the Third Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of November 12, 1998, and the Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of November 30, 1998, and the Fifth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of March 3, 1999, and the Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of March 17, 1999, and the Seventh Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of May 20, 1999, and the Eighth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of May 27, 1999 and the Ninth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of September 3, 1999 (as so amended and as the same may be further amended, the "Agreement"). WHEREAS, the General Partner desires to establish and set forth the terms of a new series of Partnership Interests designated as Series D-4 8.25% Preferred Units (the
2 "Series D-4 Preferred Units"); WHEREAS, as of the date hereof, the Partnership entered into a Private Placement Purchase Agreement with The Times Mirror Company, a Delaware corporation, and TMCT II, LLC, a Delaware limited liability company, pursuant to which the Partnership agreed to issue to The Times Mirror Company Series D-4 Preferred Units; WHEREAS, Section 4.2.A of the Agreement grants the General Partner authority to cause the Partnership to issue interests in the Partnership to a person other than the General Partner in one or more classes or series, with such designations, preferences and relative, participating, optional or other special rights, powers and duties as may be determined by the General Partner in its sole and absolute discretion so long as the issuance does not violate Section 4.2.E of the Agreement; WHEREAS, the General Partner has determined that the establishment and issuance of the Series D-4 Preferred Units will not violate Section 4.2.E of the Agreement; WHEREAS, the General Partner desires to amend the Agreement to set forth the terms of the Series D-4 Preferred Units; WHEREAS, Section 14.1.B of the Agreement grants the General Partner power and authority to amend the Agreement without the consent of any of the Partnership's limited partners if the amendment does not adversely affect or eliminate any right granted to a limited partner pursuant to any of the provisions of the Agreement specified in Section 14.1.C or Section 14.1.D of the Agreement as requiring a particular minimum vote; and WHEREAS, the General Partner has determined that the amendment effected hereby does not adversely affect or eliminate any of the limited partner rights specified in Section 14.1.C or Section 14.1.D of the Agreement; NOW, THEREFORE, the General Partner hereby amends the Agreement as follows: 1. The exhibit attached to this Amendment as Attachment 1 is hereby added to the Agreement as Exhibit Q thereof. 2. Section 4.2 of the Agreement is hereby supplemented by adding the following paragraph to the end thereof: "N. Issuance of Series D-4 Preferred Units. The Partnership is authorized to issue a series designated as "Series D-4 Preferred Units", which units shall have
3 the terms set forth in Exhibit Q attached hereto and made part hereof." 3. In making distributions pursuant to Section 5.1.B of the Agreement, the General Partner of the Partnership shall honor the provisions of Paragraph 2 of Exhibit Q to the Agreement, including, but not limited to, Paragraph 2.G(ii) thereof. 4. Section 8.6 of the Agreement is hereby supplemented by adding the following paragraph to the end thereof: "M. Series D-4 Preferred Unit Exception. Holders of Series D-4 Preferred Units shall not be entitled to the Redemption Right provided for in Section 8.6.A of this Agreement." 5. The General Partner hereby consents to the admission of TMCT II, LLC as a Limited Partner in the Partnership, records the name of TMCT II, LLC on the books and records of the Partnership and covenants to amend Exhibit A to the Agreement pursuant to Section 14.1(E) of the Agreement to reflect the ownership of Series D-4 Preferred Units by TMCT II, LLC. 6. Except as expressly amended hereby, the Agreement shall remain in full force and effect. SIGNATURE ON FOLLOWING PAGE
4 IN WITNESS WHEREOF, the General Partner has executed this Amendment as of the date first written above. VORNADO REALTY TRUST By: /s/ Irwin Goldberg -------------------------------------------- Name: Irwin Goldberg Title: Vice President -- Chief Financial Officer
5 Attachment 1 EXHIBIT Q DESIGNATION OF THE PREFERENCES, CONVERSION AND OTHER RIGHTS, VOTING POWERS, RESTRICTIONS, LIMITATIONS AS TO DISTRIBUTIONS, QUALIFICATIONS AND TERMS AND CONDITIONS OF REDEMPTION OF THE SERIES D-4 PREFERRED UNITS 1. Definitions. In addition to those terms defined in the Agreement, the following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in the Agreement and this Exhibit Q: "Annual Distribution Rate" shall have the meaning set forth in Section 2.B(i) hereof. "Common Shares" shall mean the common shares of beneficial interest of the General Partner, par value $.04 per share. "Distribution Payment Date" shall mean the first calendar day of March, June, September and December, in each year, commencing on December 1, 1999; provided, however, that if any Distribution Payment Date falls on any day other than a Unit Business Day, the distribution payment due on such Distribution Payment Date shall be paid on the first Unit Business Day immediately following such Distribution Payment Date. "Distribution Periods" shall mean quarterly distribution periods commencing on March 1, June 1, September 1 and December 1 of each year and ending on and including the day preceding the first day of the next succeeding Distribution Period (other than the initial Distribution Period with respect to each Series D-4 Preferred Unit, which shall commence on the date on which such Series D-4 Preferred Unit was issued by the Partnership and end on and include the day preceding the first day of the next succeeding Distribution Period). "Dividend Payment Date" shall mean a dividend payment date with
6 respect to the Series D-4 Preferred Shares. "Redemption Date" shall have the meaning set forth in Section 2.D(iii) hereof. "Series D-4 Effective Date" shall be the sooner of: (w) September 3, 2009, (x) the first Unit Business Day following any period in which the Partnership has failed to make full distributions in respect of the Series D-4 Preferred Units for six (6) Distribution Periods, whether or not consecutive, (y) the first Unit Business Day following the receipt by the holder of the Series D-4 Preferred Units of (A) notice from the General Partner that the General Partner or the Partnership has become aware of facts that will or likely will cause the Partnership to become a publicly-traded partnership within the meaning of Section 7704 of the Code or any successor provision thereof (a "PTP") or (B) an opinion rendered by independent counsel familiar with such matters addressed to the holder of Series D-4 Preferred Units that the Partnership is or likely is a PTP, and (z) the first Unit Business Day following the date on which (A) TMCT II, LLC, a Delaware limited liability company ("LLC") determines, based on results or projected results, that there exists (in the reasonable judgment of LLC) an imminent and substantial risk that the Series D-4 Preferred Units held by LLC represent or will represent 19.5% or more of the total profits or capital interests in the Partnership for a taxable year (within the meaning of Treasury Regulations Section 1.731-2(e)(4), (B) LLC delivers to the General Partner an opinion of nationally recognized independent counsel, reasonably acceptable to the General Partner, to the effect that there is a substantial risk that its interest in the Partnership does not or will not satisfy such 19.5% limit and (C) the General Partner agrees with the conclusions referred to in clauses (z)(A) and z(B) of this sentence, such agreement not to be unreasonably withheld. "Series D-4 Notice of Redemption" shall have the meaning set forth in Section 2.E(i)(a) hereof. "Series D-4 Preferred Shares" means the shares of beneficial interest of the General Partner Entity designated as 8.25% Series D-4 Cumulative Redeemable Preferred Shares of Beneficial Interest (liquidation preference $25.00 per share), no par value, having the rights and preferences and other terms set forth in Schedule 1 to this Exhibit Q. "Series D-4 Preferred Unit" means a Partnership Unit issued by the Partnership having the preferences, conversion and other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption as are set forth in this Exhibit Q. -2-
7 "Series D-4 Redeeming Partner" shall have the meaning set forth in Section 2.E(i)(a) hereof. "Series D-4 Redemption Right" shall have the meaning set forth in Section 2.E(i)(a) hereof. "Series D-4 Specified Redemption Date" shall mean the sixtieth Unit Business Day after receipt by the General Partner of a Series D-4 Notice of Redemption in respect of the Series D-4 Units. "set apart for payment" shall be deemed to include, without any action other than the following, the recording by the Partnership or the General Partner on behalf of the Partnership in its accounting ledgers of any accounting or bookkeeping entry which indicates, pursuant to a declaration of a distribution by the General Partner, the allocation of funds to be so paid on any series or class of Partnership Units; provided, however, that if any funds for any class or series of Junior Units (as defined below) or any class or series of Partnership Units ranking on a parity with the Series D-4 Preferred Units as to the payment of distributions are placed in a separate account of the Partnership or delivered to a disbursing, paying or other similar agent, then "set apart for payment" with respect to the Series D-4 Preferred Units shall mean placing such funds in a separate account or delivering such funds to a disbursing, paying or other similar agent. "Third Party Redemption Date" shall have the meaning set forth in Section 2.D(ii) hereof. "Unit Business Day" shall mean any day other than a Saturday, Sunday or a day on which state or federally chartered banking institutions in New York, New York are not required to be open. 2. Terms of the Series D-4 Preferred Units. A. Number. As of the close of business on the date of the amendment pursuant to which this Exhibit was adopted, the total number of Series D-4 Preferred Units issued and outstanding will be up to 5,000,000. B. Distributions. (i) Distributions on the series D-4 Preferred Units will accrue whether or not declared, whether or not the terms and provisions of any agreement of the Partnership at any time prohibit the current payment of distributions, whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are -3-
8 authorized. The holders of the then outstanding Series D-4 Preferred Units shall be entitled to receive, when, as and if declared by the General Partner, distributions payable in cash at the rate per annum of $2.0625 per Series D-4 Preferred Unit (the "Annual Distribution Rate"). Such distributions shall be cumulative from the date of issuance and shall be payable quarterly, when, as and if authorized and declared by the General Partner, in arrears on each Distribution Payment Date, commencing on the first Distribution Payment Date after the date of issuance of the Series D-4 Preferred Units; provided that the amount per Series D-4 Preferred Unit to be paid in respect of the initial Distribution Period, or any other period shorter or longer than a full Distribution Period, shall be determined in accordance with paragraph (ii) below. Accumulated and unpaid distributions for any past Distribution Periods may be declared and paid at any time, without reference to any regular Distribution Payment Date. (ii) The amount of distribution per Series D-4 Preferred Unit accruing in each full Distribution Period shall be computed by dividing the Annual Distribution Rate by four. The amount of distributions payable for the initial Distribution Period, or any other period shorter or longer than a full Distribution Period, on the Series D-4 Preferred Units shall be computed on the basis of twelve 30-day months and a 360-day year. The holders of the then outstanding Series D-4 Preferred Units shall not be entitled to any distributions, whether payable in cash, property or securities, in excess of cumulative distributions, as herein provided, on the Series D-4 Preferred Units. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series D-4 Preferred Units that may be in arrears. (iii) So long as any Series D-4 Preferred Units are outstanding, no distributions, except as described in the immediately following sentence, shall be declared or paid or set apart for payment on any series or class or classes of Parity Units (as defined below) for any period unless full cumulative distributions have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment on the Series D-4 Preferred Units for all Distribution Periods terminating on or prior to the distribution payment date on such class or series of Parity Units, except in the case of distributions on the Series B-2 Restricted Preferred Units to the extent not paid due to a lack of funds in the Nongovernmental Account. When distributions are not paid in full or a sum sufficient for such payment is not set apart, as aforesaid, all distributions declared upon Series D-4 Preferred Units and all distributions declared upon any other series or class or classes of Parity Units shall be declared ratably in proportion to the respective amounts of distributions accumulated and unpaid on the Series D-4 Preferred Units and such Parity Units, except in the case of distributions on the Series B-2 Restricted Preferred Units to the extent not paid due to a lack of funds in the Nongovernmental Account. -4-
9 (iv) So long as any Series D-4 Preferred Units are outstanding, no distributions (other than distributions paid solely in Junior Units or options, warrants or rights to subscribe for or purchase Junior Units) shall be declared or paid or set apart for payment or other distribution declared or made upon Junior Units, nor shall any Junior Units be redeemed, purchased or otherwise acquired (other than a redemption, purchase or other acquisition of Junior Units made in respect of a redemption, purchase or other acquisition of Common Shares made for purposes of and in compliance with requirements of an employee incentive or benefit plan of the General Partner or any subsidiary, or as permitted under Article VI of the Declaration of Trust of the General Partner to the extent necessary to avoid adverse tax effects to the General Partner), for any consideration (or any moneys to be paid to or made available for a sinking fund for the redemption of any such Junior Units) by the General Partner, directly or indirectly (except by conversion into or exchange for Junior Units), unless in each case (a) the full cumulative distributions on all outstanding Series D-4 Preferred Units and any other Parity Units of the Partnership shall have been paid or set apart for payment for all past Distribution Periods with respect to the Series D-4 Preferred Units and all past distribution periods with respect to such Parity Units, except to the extent that distributions on the Series B-2 Restricted Preferred Units are not then able to be paid owing to a lack of funds in the Nongovernmental Account, and (b) sufficient funds shall have been paid or set apart for the payment of the distribution for the current Distribution Period with respect to the Series D-4 Preferred Units and any Parity Units, except to the extent that distributions on the Series B-2 Restricted Preferred Units are not then able to be paid owing to a lack of funds in the Nongovernmental Account. C. Liquidation Preference. (i) In the event of any liquidation, dissolution or winding up of the Partnership or the General Partner, whether voluntary or involuntary, before any payment or distribution of the assets of the Partnership shall be made to or set apart for the holders of Junior Units, holders of the Series D-4 Preferred Units shall be entitled to receive Twenty-Five Dollars ($25.00) per Series D-4 Preferred Unit plus an amount equal to all distributions (whether or not earned or declared) accumulated and unpaid thereon to the date of final distribution to the holders of such units; but the holders of Series D-4 Preferred Units shall not be entitled to any further payment. If, upon any such liquidation, dissolution or winding up of the Partnership or the General Partner, the assets of the Partnership, or proceeds thereof, distributable to the holders of Series D-4 Preferred Units shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any other Parity Units, then such assets, or the proceeds thereof, shall be distributed among the holders of the Series D-4 Preferred Units and the holders of any such other Parity Units ratably in accordance with the respective amounts that would be payable on such Series D-4 Preferred Units and any -5-
10 such other Parity Units if all amounts payable thereon were paid in full. For the purposes of this Section 2.C, (i) a consolidation or merger of the Partnership or the General Partner with one or more entities, (ii) a statutory share exchange by the Partnership or the General Partner and (iii) a sale or transfer of all or substantially all of the Partnership's or the General Partner's assets, shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the Partnership or General Partner. (ii) Subject to the rights of the holders of Partnership Units of any series or class or classes of shares ranking on a parity with or prior to the Series D-4 Preferred Units upon any liquidation, dissolution or winding up of the General Partner or the Partnership, after payment shall have been made in full to the holders of the Series D-4 Preferred Units as provided in this Section, any series or class or classes of Junior Units shall, subject to any respective terms and provisions applying thereto, be entitled to receive any and all assets remaining to be paid or distributed, and the holder of the Series D-4 Preferred Units shall not be entitled to share therein. D. The Partnership's Right to Redeem the Series D-4 Preferred Units. (i) Except in connection with the redemption of the Series D-4 Preferred Shares by the General Partner as permitted by Article VI of the Declaration of Trust or as set forth in Section E below, the Series D-4 Preferred Units shall not be redeemable prior to September 3, 2004. On and after September 3, 2004, the General Partner may, at its option, cause the Partnership to redeem the Series D-4 Preferred Units in whole or in part, as set forth herein, subject to the provisions described below, at a redemption price, payable in cash, in an amount equal to Twenty-Five Dollars ($25.00) per unit for the Series D-4 Preferred Units being redeemed. Upon any such redemption, the Partnership shall also pay any accumulated and unpaid distributions (whether or not declared) in respect of the Series D-4 Preferred Units being redeemed. (ii) Such Series D-4 Preferred Units as are not held by the General Partner may be redeemed by the Partnership on or after September 3, 2004, in whole or in part, at any time or from time to time, upon not less than 30 nor more than 60 days' written notice. If fewer than all of the outstanding Series D-4 Preferred Units that are not held by the General Partner are to be redeemed, the Series D-4 Preferred Units to be redeemed from each holder (other than the General Partner) shall be selected pro rata (as nearly as practicable without creating fractional units). Any notice of redemption delivered pursuant to this Section D(ii) will be (x) faxed and (y) mailed by the Partnership, by certified mail, postage prepaid, not less than 30 nor more than 60 days prior to the date upon which such redemption is to occur (the "Third Party Redemption Date"), addressed to each holder of record of the Series D-4 Preferred Units at their respective addresses as they appear on the records of the Partnership. No failure to give or defect in such notice shall affect the validity of the proceedings for the redemption of any Series D-4 Preferred Units except as to the holder to whom such notice was defective or not given. In addition -6-
11 to any information required by law, each such notice shall state: (a) the Third Party Redemption Date, (b) the amount payable per Series D-4 Preferred Unit upon redemption, including the Redemption Price and any amount payable pursuant to Section D(iv) hereof, (c) the aggregate number of Series D-4 Preferred Units to be redeemed and, if fewer than all of the outstanding Series D-4 Preferred Units are to be redeemed, the number of Series D-4 Preferred Units to be redeemed held by such holder, which number shall equal such holder's pro rata share (based on the percentage of the aggregate number of outstanding Series D-4 Preferred Units not held by the General Partner that the total number of Series D-4 Preferred Units held by such holder represents and determined as nearly as practicable without creating fractional interests) of the aggregate number of Series D-4 Preferred Units to be redeemed, (d) the place or places where such Series D-4 Preferred Units are to be surrendered for payment of the amount payable upon redemption and (e) that payment of such amount will be made upon presentation and surrender of such Series D-4 Preferred Units. If the Partnership gives a notice of redemption in respect of Series D-4 Preferred Units pursuant to this Section D(ii), then, by 12:00 noon, New York City time, on the Third Party Redemption Date, the Partnership will deposit irrevocably in trust for the benefit of the holders of Series D-4 Preferred Units being redeemed funds sufficient to pay the applicable amount payable with respect to such Series D-4 Preferred Units and will give irrevocable instructions and authority to pay such amount to the holders of the Series D-4 Preferred Units upon surrender of the Series D-4 Preferred Units by such holders at the place designated in the notice of redemption. If a redemption is made in part and not in whole, it shall be made pro rata among the holders. (iii) Such Series D-4 Preferred Units as may be held by the General Partner may be redeemed, in whole or in part, at the option of the General Partner, at any time, upon payment by the Partnership to the General Partner of the Redemption Price and any amount payable pursuant to Section D(iv) hereof with respect to such Series D-4 Preferred Units; provided that the General Partner shall redeem an equivalent number of Series D-4 Preferred Shares. Such redemption of Series D-4 Preferred Units shall occur substantially concurrently with the redemption by the General Partner of such Series D-4 Preferred Shares (such date is herein referred to collectively with the Third Party Redemption Date as the "Redemption Date"). If a redemption is made in part and not in whole, it shall be made pro rata among the holders. (iv) Upon any redemption of Series D-4 Preferred Units, the Partnership shall pay any accumulated and unpaid distributions for any Distribution Period, or any other period shorter than a full Distribution Period, ending on or prior to the Redemption Date. On and after the Redemption Date, distributions will cease to accumulate on the Series D-4 Preferred Units called for redemption, unless the Partnership defaults in -7-
12 payment therefor. If any date fixed for redemption of Series D-4 Preferred Units is not a Unit Business Day, then payment of the redemption price payable on such date will be made on the next succeeding day that is a Unit Business Day (and without any interest or other payment in respect of any such delay) except that, if such Unit Business Day falls in the next calendar year, such payment will be made on the immediately preceding Unit Business Day, in each case with the same force and effect as if made on such date fixed for redemption. If payment of the Redemption Price is improperly withheld or refused and not paid by the Partnership, distributions on such Series D-4 Preferred Units will continue to accumulate from the original redemption date to the date of payment, in which case the actual payment date will be considered the date fixed for redemption for purposes of calculating the applicable Redemption Price. Except as provided above, the Partnership shall make no payment or allowance for unpaid distributions, whether or not in arrears, on Series D-4 Preferred Units called for redemption under this Section 2.D. (v) If full cumulative distributions on the Series D-4 Preferred Units and any other series or class or classes of Parity Units of the Partnership have not been paid or declared and set apart for payment, except in connection with a purchase, redemption or other acquisition of Series D-4 Preferred Shares or shares of beneficial interest ranking on a parity with such Series D-4 Preferred Shares as permitted under Article VI of the Declaration of Trust, and except to the extent that such distributions or amounts distributable on the Series B-2 Restricted Preferred Units may not be payable due to a lack of funds in the Nongovernmental Account, the Series D-4 Preferred Units may not be redeemed in part and the Partnership may not purchase, redeem or otherwise acquire Series D-4 Preferred Units or purchase, redeem or otherwise acquire any Parity Units other than in exchange for Junior Units. As promptly as practicable after the surrender of any Series D-4 Preferred Units so redeemed, such Series D-4 Preferred Units shall be exchanged for the amount of cash (without interest thereon) payable therefor pursuant to Section 2.D(i). If fewer than all the Series D-4 Preferred Units represented by any physical certificate are redeemed, the Partnership shall issue new certificates representing the unredeemed Series D-4 Preferred Units without cost to the holder thereof. (vi) Unless the General Partner elects to assume directly and satisfy the Series D-4 Redemption Right by paying to the Redeeming Partner wholly in the form of Series D-4 Preferred Shares as provided for in Section 2.E(ii)(a) below, such part of the redemption price of the Series D-4 Preferred Units (other than any portion consisting of accumulated and unpaid distributions) required in Section 2.D(i) above and Sections 2.E(i)(a) and Section 2.E(ii)(a) below as is payable in cash shall be payable solely with the proceeds from the sale by the General Partner Entity or the Partnership of other -8-
13 capital shares of the General Partner Entity or the Partnership (whether or not such sale occurs concurrently with such redemption, but in the case of a redemption required by Section 2.E below such sale must occur after the delivery of the applicable Series D-4 Notice of Redemption). For purposes of the preceding sentence, "capital shares" means any common shares, preferred shares, depositary shares, partnership or other interests, participations or other ownership interests (however designated) and any rights (other than debt securities convertible into or exchangeable for equity securities) or options to purchase any of the foregoing of or in the General Partner Entity or the Partnership. E. Series D-4 Preferred Unit Holder Redemption Right. (i) General. (a) Subject to paragraphs (ii) and (iii) below and Section 2.D(vi) above, on or after the Series D-4 Effective Date, any holder of the Series D-4 Preferred Units shall have the right (the "Series D-4 Redemption Right") to require the Partnership to redeem the Series D-4 Preferred Units on any Series D-4 Specified Redemption Date in cash at a redemption price equal to Twenty-Five Dollars ($25.00) per unit for the Series D-4 Preferred Units being redeemed. Upon such redemption the Partnership shall also pay any accumulated and unpaid distributions (whether or not declared) for the Series D-4 Preferred Units being redeemed. Any such Series D-4 Redemption Right shall be exercised pursuant to notice of redemption comparable to the Notice of Redemption required under Section 8.6 of the Agreement (a "Series D-4 Notice of Redemption") delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Series D-4 Redemption Right (the "Series D-4 Redeeming Partner"). Except in the event of the occurrence of the circumstance described in clause (z) of the definition of "Series D-4 Effective Date", a holder of the Series D-4 Preferred Units may only exercise the Series D-4 Redemption Right in respect of all Series D-4 Preferred Units held by such holder on the date of the applicable Series D-4 Redemption Notice. In addition, any redemption pursuant to the Series D-4 Redemption Right shall be subject to all of the provisions of the Agreement governing redemptions under Section 8.6 of the Agreement as if it were a redemption under that section, except as otherwise provided herein. (b) The Series D-4 Redeeming Partner shall have no right with respect to any Series D-4 Preferred Units so redeemed to receive any distributions paid after the Series D-4 Specified Redemption Date, unless the record date for the distribution preceded the Series D-4 Specified Redemption Date. If the record date for such distribution was a date prior to the Series D-4 Specified Redemption Date and the Distribution Payment Date in respect of such distribution was a date after the Series D-4 Specified Redemption Date, such Series D-4 Redeeming Partner shall be required, as a condition of the redemption of such Series D-4 Preferred Units, to pay the amount of such distribution to the Partnership (if such Series D-4 Preferred Units are redeemed for cash) or to the General Partner (if such Series D-4 Preferred Units are redeemed for Series D-4 Preferred Shares). -9-
14 (c)The Assignee of any Limited Partner may exercise the rights of such Limited Partner pursuant to this Section 2.E, and such Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Limited Partner's Assignee. In connection with any exercise of the such rights by such Assignee on behalf of such Limited Partner, the redemption price and any accumulated and unpaid distributions shall be paid by the Partnership directly to such Assignee and not to such Limited Partner. (ii) General Partner Assumption of Right. (a) If the holder of the Series D-4 Preferred Units has delivered a Series D-4 Notice of Redemption, the General Partner may, in its sole and absolute discretion (subject to any limitations on ownership and transfer of Shares set forth in the Declaration of Trust), elect to assume directly and satisfy the Series D-4 Redemption Right by paying to the Redeeming Partner either (x) the redemption price required in Section 2.E(i)(a) above plus any accumulated and unpaid distributions (whether or not declared) for the Series D-4 Preferred Units being redeemed, subject to Section 2.D(vi), or (y) in the form of Series D-4 Preferred Shares, as set forth in paragraph (b) below. Unless the General Partner, in its sole and absolute discretion, shall exercise its right to assume directly and satisfy the Series D-4 Redemption Right, the General Partner shall not have any obligation to the Redeeming Partner or to the Partnership with respect to the Redeeming Partner's exercise of the Series D-4 Redemption Right. In the event the General Partner shall exercise its right to satisfy the Series D-4 Redemption Right in the manner described in the first sentence of this paragraph (ii) and shall fully perform its obligations in connection therewith, the Partnership shall have no right or obligation to pay any amount to the Redeeming Partner with respect to such Redeeming Partner's exercise of the Series D-4 Redemption Right, and each of the Redeeming Partner, the Partnership and the General Partner shall, for federal income tax purposes, treat the transaction between the General Partner and the Redeeming Partner as a sale of the Redeeming Partner's Partnership Units to the General Partner. Nothing contained in this paragraph (ii) shall imply any right of the General Partner to require any holder of Series D-4 Preferred Units to exercise the Series D-4 Redemption Right afforded pursuant to paragraph (i) above. (b) In the event that the Partnership redeems Series D-4 Preferred Units for cash in accordance with Section 2.E(i)(a) or the General Partner elects to purchase the Series D-4 Preferred Units in accordance with Section 2.E(ii)(a), the units so redeemed shall be terminated. In the event that the General Partner determines to pay the Redeeming Partner in the form of Series D-4 Preferred Shares, the General Partner shall issue to the Series D-4 Redeeming Partner one Series D-4 Preferred Share for each Series D-4 Preferred Unit being redeemed (subject to modification as set forth in paragraph (c) -10-
15 below), whereupon the General Partner shall acquire the Series D-4 Preferred Units offered for redemption by the Series D-4 Redeeming Partner and shall be treated for all purposes of the Agreement as the owner of such Series D-4 Preferred Units. If the General Partner determines to pay the redemption price in the form of Series D-4 Preferred Shares only in part, such payment shall be made pro rata to the holders thereof. Any accumulated and unpaid distributions, whether or not declared, on such Series D-4 Preferred Units to the date of such redemption shall also be deemed to have accumulated on the Series D-4 Preferred Shares paid to the Series D-4 Redeeming Partner in consideration of such Series D-4 Preferred Units at the time of the issuance of such Series D-4 Preferred Shares. (c) In the event that there shall be outstanding at any time both Series D-4 Preferred Shares and Series D-4 Preferred Units and the General Partner shall be a party to any transaction (including, without limitation, a merger, consolidation or statutory share exchange with respect to the Series D-4 Preferred Shares), in each case as a result of which the Series D-4 Preferred Shares are converted into the right to receive shares of capital stock, other securities or other property (including cash or any combination thereof), thereafter the redemption price payable by the General Partner in respect of one Series D-4 Preferred Unit shall be the kind and amount of shares of capital stock and other securities and property (including cash or any combination thereof) that was received upon consummation of such transaction in return for one Series D-4 Preferred Share; and the General Partner may not become a party to any such transaction unless the terms thereof are consistent with the foregoing. In case there shall be outstanding Series D-4 Preferred Units and no Series D-4 Preferred Shares and the General Partner shall be a party to any merger or consolidation in which the General Partner is not the surviving entity, then the Series D-4 Preferred Shares deliverable by the General Partner thereafter in redemption of Series D-4 Preferred Units pursuant to clause (ii) above shall be shares of the surviving entity or any entity controlling the surviving entity having the preferences, rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption substantially similar to those set forth on Schedule 1 to this Exhibit Q. (d) Each Redeeming Partner agrees to execute such documents as the General Partner may reasonably require that are necessary in connection with the issuance of Series D-4 Preferred Shares upon exercise of the Series D-4 Redemption Right and are consistent with the provisions hereof. (iii) No Liens on Partnership Units Delivered for Redemption. Each holder of any Series D-4 Preferred Units covenants and agrees with the General Partner that all Series D-4 Preferred Units delivered for redemption shall be delivered to the -11-
16 Partnership or the General Partner, as the case may be, free and clear of all liens, and, notwithstanding anything contained herein to the contrary, neither the General Partner nor the Partnership shall be under any obligation to acquire Series D-4 Preferred Units which are or may be subject to any liens. Each holder of any Series D-4 Preferred Units further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Series D-4 Preferred Units to the Partnership or the General Partner, such holder shall assume and pay such transfer tax. F. Conversion. The Series D-4 Preferred Units are not convertible into or redeemable or exchangeable for any other property or securities of the General Partner Entity or the Partnership at the option of any holder of Series D-4 Preferred Units, except as provided in Sections D and E hereof. G. Ranking. (i) Any class or series of Partnership Units shall be deemed to rank: (a) prior to the Series D-4 Preferred Units, as to the payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up of the General Partner or the Partnership, if the holders of such class or series of Partnership Units shall be entitled to the receipt of distributions or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Series D-4 Preferred Units; (b) on a parity with the Series D-4 Preferred Units, as to the payment of distributions and as to the distribution of assets upon liquidation, dissolution or winding up of the General Partner or the Partnership, whether or not the distribution rates, distribution payment dates or redemption or liquidation prices per Partnership Unit be different from those of the Series D-4 Preferred Units, if the holders of such Partnership Units of such class or series and the Series D-4 Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon liquidation, dissolution or winding up in proportion to their respective amounts of accrued and unpaid distributions per Partnership Unit or liquidation preferences, without preference or priority one over the other, except to the extent that such distributions or amounts distributable on the Series B-2 Restricted Preferred Units may not be payable due to a lack of funds in the Nongovernmental Account ("Parity Units"); and (c) junior to the Series D-4 Preferred Units, as to the payment of distributions or as to the distribution of assets upon liquidation, dissolution or winding up of the General Partner or the Partnership, if such class or series of Partnership Units shall be Class A Units or if the holders of Series D-4 Preferred Units shall be entitled to receipt of distribution or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Partnership Units of such class or series ("Junior Units"). -12-
17 (ii) The Series A Preferred Units, Series B Pass-Through Preferred Units and Series C Pass-Through Preferred Units shall be Parity Units with respect to the Series D-4 Preferred Units and the holders of the Series D-4 Preferred Units and Series A Preferred Units, Series B Pass-Through Preferred Units and Series C Pass-Through Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon liquidation, dissolution or winding up in proportion to their respective amounts of accumulated and unpaid distributions per Partnership Unit or liquidation preferences, without preference or priority one over the other, except in the case of distributions on the Series B-2 Restricted Preferred Units to the extent not payable due to a lack of funds in the Nongovernmental Account and except that: (a) For so long as the Class D Units are outstanding, the Series D-4 Preferred Units shall not rank senior to the Class D Units as to preferential distributions or redemption or voting rights. For so long as the Class D Units are outstanding, the Series D-4 Preferred Units shall receive: (i) accumulated and unpaid distributions on a basis pari passu with distributions made to the holders of any outstanding Class D Units pursuant to Subsection 5.1.B(ii) of the Agreement and (ii) other distributions on a basis pari passu with distributions made to the holders of any outstanding Class D Units pursuant to Subsection 5.1.B(iii) of the Agreement. (b) When the Class D Units are no longer outstanding, the Series D-4 Preferred Units shall be Preference Units and shall receive distributions on a basis pari passu with other Partnership Units, if any, receiving distributions pursuant to Section 5.1.B(i) of the Agreement, except to the extent that distributions on the Series B-2 Restricted Preferred Units may not be paid due to a lack of funds in the Nongovernmental Account. (c) Distributions made pursuant to Subsections G (ii)(a) and G(ii)(b) of this Exhibit Q shall be made pro rata with other distributions made to other Partnership Units as to which they rank pari passu based on the ratio of the amounts to be paid the Series D-4 Preferred Units and such other Partnership Units, as applicable, to the total amounts to be paid in respect of the Series D-4 Preferred Units and such other Partnership Units taken together on the Partnership Record Date, except in the case of distributions on the Series B-2 Restricted Preferred Units to the extent such distribution may not be paid due to a lack of funds in the Nongovernmental Account. (iii) For purposes of allocations of items made pursuant to Article VI of the Agreement: -13-
18 (a) As long as the Class D Units are outstanding, the Series D-4 Preferred Units shall be allocated items pari passu with the allocation of items to the holders of Class D Units in respect of their priority payments (i.e., as allocated in Section 6.1.A (iii) and (iv) and Section 6.1.B (viii) and (ix) of the Agreement) and shall share in those allocations in a pro rata manner based on the distributions and allocations of items, as applicable, made to such Partnership Units, as applicable; references to Class D Units in Article VI of the Agreement shall be deemed to also refer to Series D-4 Preferred Units except that references to distributions made to the Class D Units shall be deemed to refer to distributions made to the Series D-4 Preferred Units in a pro rata manner with such distributions made to the Class D Units. (b) When the Class D Units are no longer outstanding, the Series D-4 Preferred Units shall be Preference Units and shall be allocated items pari passu with the allocation of items to holders of Preference Units (i.e., as allocated in Section 6.1.A (ii) and Section 6.1.B (x) of the Agreement) and shall share in those allocations in a pro rata manner based on the distributions and allocations of items, as applicable, made to Preference Units, as applicable; references to Preference Units in Article VI of the Agreement shall be deemed to also refer to Series D-4 Preferred Units except that references to distributions made to Preference Units shall be deemed to refer to distributions made to the Series D-4 Preferred Units in a pro rata manner with such distributions, if any, made to the Preference Units. H. Voting. (i) Except as set forth in paragraph (ii) or (iii) below, the holders of the Series D-4 Preferred Units shall not be entitled to vote at any meeting of the Partners or for any other purpose or otherwise to participate in any action taken by the Partnership or the Partners, or to receive notice of any meeting of the Partners. (ii) So long as any Series D-4 Preferred Units are outstanding, in addition to any other vote or consent of unit holders required by the Agreement of Limited Partnership or of shareholders required by the Declaration of Trust, the affirmative vote of at least a majority of the votes entitled to be cast by the holders of Series D-4 Preferred Units at the time outstanding given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, shall be necessary for effecting or validating (a) any amendment, alteration or repeal of any of the provisions of the Declaration of Trust that materially and adversely affects the voting powers, rights or preferences of the Series D-4 Preferred Shares; provided, however, that the amendment of the provisions of the Declaration of Trust so as to authorize or create or to increase the authorized amount of, any Junior Shares with respect to the Series D-4 Preferred Shares, or any units of any class or series ranking on a parity with the Series D-4 Preferred Shares (to the extent such parity shares are not issued to an Affiliate of the Company), shall not -14-
19 be deemed to materially and adversely affect the voting powers, rights or preferences of the holders of Series D-4 Preferred Shares or (b) the authorization or creation of, or the increase in the authorized amount of, any shares of any class or series or any security convertible into shares of any class or series ranking prior to the Series D-4 Preferred Shares in the distribution of assets on any liquidation, dissolution or winding up of the General Partner or in the payment of distributions; provided, however, that, in the case of each of subparagraphs (a) and (b), no such vote of the holders of Series D-4 Preferred Units shall be required if, at or prior to the time when such amendment, alteration or repeal is to take effect, or when the issuance of any such prior shares or convertible security is to be made, provision is made for the redemption of all Series D-4 Preferred Units at the time outstanding in accordance with and subject to the provisions hereof. (iii) So long as any Series D-4 Preferred Units remain outstanding, the Partnership shall not, without the affirmative vote of the holders of at least a majority of the Series D-4 Preferred Units outstanding at the time, (x) authorize or create, or increase the authorized or issued amount of, any class or series of Partnership Units ranking senior to the Series D-4 Preferred Units with respect to payment of distributions or rights upon liquidation, dissolution or winding-up or reclassify any Partnership Units of the Partnership into any such senior Partnership Unit, or create, authorize or issue any obligations or securities convertible into or evidencing the right to purchase any such senior Partnership Units, (y) authorize or create, or increase the authorized or issued amount of any Parity Preferred Units or reclassify any Partnership Unit of the Partnership into any such Partnership Unit or create, authorize or issue any obligations or securities convertible into or evidencing the right to purchase any such Partnership Units, but in each case only to the extent such Parity Preferred Units are issued to an affiliate of the Partnership, other than the General Partner to the extent the issuance of such interests was to allow the General Partner to issue corresponding securities to persons who are not affiliates of the Partnership or (z) either consolidate, merge into or with any corporation or other entity or amend, alter or repeal the provisions of the Partnership Agreement (including, without limitation, this Section 2.H of Exhibit Q thereto), whether by merger, consolidation or otherwise, in each case in a manner that would materially and adversely affect the powers, special rights, preferences, privileges or voting power of the Series D-4 Preferred Units; provided, however, that the Partnership may, without the consent of any Limited Partner, authorize or create, or increase the authorized or issued amount of, any class or series of Partnership Units ranking on a parity with the Series A Preferred Units, Series B Pass-Through Preferred Units and Series C Pass-Through Preferred Units and having distribution and redemption (but not voting) rights substantially similar to the terms of securities issued by the General Partner, the proceeds or other consideration from the issuance of which have been contributed to the Partnership; provided further that with respect to the occurrence of any event set forth in (z) above, so long as (A) the Partnership is the surviving entity and the Series D-4 Preferred Units remain outstanding with the terms thereof unchanged, or (B) the resulting, surviving or transferee corporation -15-
20 or other entity substitutes, for the Series D-4 Preferred Units, other interests in such corporation or other entity having substantially the same terms and rights as the Series D-4 Preferred Units, including with respect to distributions, voting rights and rights upon liquidation, dissolution or winding-up, then the occurrence of any such event shall be deemed to not materially and adversely affect the powers, special rights, preferences, privileges or voting power of the Series D-4 Preferred Units; and provided further that any increase in the amount of Partnership Units or the creation or issuance of any other class or series of Partnership Units, in each case ranking either (C) junior to the Series D-4 Preferred Units with respect to payment of distributions and the distribution of assets upon liquidation, dissolution or winding-up or (D) on a parity with the Series D-4 Preferred Units with respect to payment of distributions and the distribution of assets upon liquidation, dissolution or winding-up to the extent such Partnership Units are not issued to an affiliate of the Partnership, other than the General Partner to the extent the issuance of such interests was to allow the General Partner to issue corresponding securities to persons who are not affiliates of the Partnership, shall be deemed to not materially and adversely affect the powers, special rights, preferences, privileges or voting power of the Series D-4 Preferred Units. For purposes of the foregoing provisions of section H(ii) and this section H(iii), each Series D-4 Preferred Unit shall have one (1) vote per unit. (iv) So long as any Series D-4 Preferred Units are outstanding, the Partnership shall not, without the affirmative vote of at least a majority of the Series D-4 Preferred Units outstanding at the time, enter into any contract, mortgage, loan or other agreement that prohibits or restricts, or has the effect of prohibiting or restricting, the General Partner from electing to assume directly and satisfy the Series D-4 Redemption Right by paying to the Redeeming Partner in the form of Series D-4 Preferred Shares, as set forth in paragraph 2.E(ii)(b) above. (v) Notwithstanding anything to the contrary herein, in no event shall the General Partner or any of its Affiliates have any voting, consent or approval rights in respect of any Series D-4 Preferred Units it or they may hold, and any percentage or portion of outstanding Series D-4 Preferred Units that may be required hereunder for any vote, consent or approval of holders thereof shall be determined as if all Series D-4 Preferred Units then held by the General Partner or any of its Affiliates were not outstanding. I. Transfers. Notwithstanding anything in this Agreement to the contrary, the Series D-4 Preferred Units shall be freely transferable by The Times Mirror Company, a Delaware corporation, to LLC, which shall upon such transfer be admitted as -16-
21 a Limited Partner hereunder. J. General. (i) At such time, if any, as the General Partner becomes a holder of Series D-4 Preferred Units, the rights of the General Partner, in its capacity as the holder of the Series D-4 Preferred Units, except as to voting, will be in addition to and not in limitation on any other rights or authority of the General Partner, in any other capacity, under the Agreement. In addition, nothing contained in this Exhibit Q shall be deemed to limit or otherwise restrict any rights or authority of the General Partner under the Agreement, other than in its capacity as the holder of Series D-4 Preferred Units. (ii) Anything herein contained to the contrary notwithstanding, the General Partner shall take all steps that it determines are necessary or appropriate (including modifying the foregoing terms of the Series D-4 Preferred Units) to ensure that the Series D- 4 Preferred Units (including, without limitation the redemption and conversion terms thereof) permit the General Partner to satisfy its obligations (including, without limitation, its obligations to make dividend payments on the Series D-4 Preferred Shares) with respect to the Series D-4 Preferred Shares, if and when any such Units are issued, it being the intention that, except to the extent provided in Schedule 1 to this Exhibit Q, the terms of the Series D-4 Preferred Shares will be substantially similar to the terms of the Series D-4 Preferred Units. -17-
1 Exhibit 99.1 Vornado Realty Trust Park 80 West, Plaza II Saddle Brook, NJ 07663 FOR IMMEDIATE RELEASE--September 7, 1999 - ---------------------------------------- SADDLE BROOK, NEW JERSEY....VORNADO REALTY TRUST (NYSE:VNO) today announced that Vornado Realty L.P., the operating partnership through which Vornado Realty Trust conducts its business, has sold an aggregate of $325 million of 8.25% Series D-3 and D-4 Cumulative Redeemable Preferred Units to two institutional investors in private placements, resulting in net proceeds of approximately $316 million. The perpetual Preferred Units may be called without penalty at the option of Vornado Realty L.P. commencing in 2004. The securities have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. Vornado Realty Trust is a fully-integrated equity real estate investment trust.