8-K

UNITED STATES
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): June 8, 2004

Forest City Enterprises, Inc.

(Exact Name of Registrant as Specified in Charter)

Ohio	1-4372	34-0863886
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Terminal Tower, 50 Public Square Suite 1100, Cleveland, Ohio	44113
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: 216-621-6060

(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS

	ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
SIGNATURE
EXHIBIT INDEX
EX-99.1 Supplemental Reporting Package

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     On June 8, 2004 the Company released a supplemental package that provides certain operating and other data for the three months ended April 30, 2004 a copy of which is attached hereto as Exhibit 99.1. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or incorporated by reference in any filings under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURE

     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.

FOREST CITY ENTERPRISES, INC.
By:	/s/ THOMAS G. SMITH
Name:		THOMAS G. SMITH
Title:		Executive Vice President, Chief Financial Officer and Secretary

Date: June 8, 2004

EXHIBIT INDEX

Exhibit
Number		Description
99.1	-	Supplemental Reporting Package for the Three Months Ended April 30, 2004

  EX-99.1 2 l04613aexv99w1.htm EX-99.1 SUPPLEMENTAL REPORTING PACKAGE

Exhibit 99.1

Forest City Enterprises, Inc.

Supplemental Package

Three months ended April 30, 2004 and 2003

Forest City Enterprises, Inc. and Subsidiaries
Three Months Ended April 30, 2004 and 2003
Supplemental Package

NYSE: FCEA, FCEB

Index

Corporate Overview	2
Supplemental Operating Information
Occupancy Data	4
Comparable Net Operating Income (NOI)	5
Comparable NOI Detail	6
Reconciliation of NOI to Net Earnings	7
Lease Expiration Schedules	8-9
Schedules of Significant Tenants	10-11
Development Pipeline	12-14
Debt Maturity	15
Supplemental Financial Information
Forest City Enterprises, Inc. and Subsidiaries
Consolidated Balance Sheet Information	16-17
Consolidated Earnings Information	18-19
Investment in and Advances to Real Estate Affiliates	20-21
Results of Operations
Results of Operations Summary	21-22
Reconciliation of Net Earnings to EBDT	23-24
Summary of EBDT	25-30

This Supplemental Package, together with other statements and information publicly disseminated by the Company, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements reflect management’s current views with respect to financial results related to future events and are based on assumptions and expectations which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial or otherwise, may differ from the results discussed in the forward-looking statements. Risk factors discussed on pages 5-12 of the Company’s Form 10-K for the year ended January 31, 2004 and other factors that might cause differences, some of which could be material, include, but are not limited to, real estate development and investment risks including lack of satisfactory financing, construction and lease-up delays and cost overruns, the effect of economic and market conditions on a nationwide basis as well as regionally in areas where the Company has a geographic concentration of properties, reliance on major tenants, the impact of terrorist acts, the Company’s substantial leverage and the ability to obtain and service debt, guarantees under the Company’s credit facility, the level and volatility of interest rates, continued availability of tax-exempt government financing, the sustainability of substantial operations at the subsidiary level, illiquidity of real estate investments, dependence on rental income from real property, conflicts of interest, financial stability of tenants within the retail industry, which may be impacted by competition and consumer spending, potential liability from syndicated properties, effects of uninsured loss, environmental liabilities, partnership risks, litigation risks, the rate revenue increases versus the rate of expense increases, the cyclical nature of the lumber wholesaling business, as well as other risks listed from time to time in the Company’s reports filed with the Securities and Exchange Commission. The Company has no obligation to revise or update any forward-looking statements, other than imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.

1

Corporate Overview

Corporate Description

Founded in 1920 and publicly traded since 1960, Forest City Enterprises, Inc. (“FCE” or the “Company”) is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate properties in 21 states and the District of Columbia. At April 30, 2004, we had approximately $6.8 billion in total assets. We have a portfolio of real estate assets diversified both geographically and among property types. We operate our business through four strategic business units as follows:

• Commercial Group, our largest business unit, owns, develops, acquires and operates regional malls, specialty/urban retail centers, office buildings, hotels and mixed-use projects;

• Residential Group owns, develops, acquires and operates residential rental properties, including upscale and middle-market apartments, adaptive re-use developments and supported-living facilities;

• Land Development Group acquires and sells both land and developed lots to residential, commercial and industrial customers. It also owns and develops land into master-planned communities and mixed-use projects; and

• Lumber Trading Group, a lumber wholesaler.

Operating and Financial Information

Financial Measures

This supplemental package contains certain financial measures prepared in accordance with the full consolidation accounting, generally accepted accounting principles ("GAAP"), method and certain financial measures prepared in accordance with the pro-rata consolidation method (non-GAAP). Along with net earnings, we use an additional measure, Earnings for Depreciation, Amortization and Deferred Taxes (“EBDT”), to report operating results. EBDT is a non-GAAP financial measure and may not be directly comparable to similarly-titled measures reported by other companies. We believe the financial measures presented under the pro-rata consolidation method, comparable net operating income (“NOI”), NOI and EBDT provide supplemental information about our operations. Although these financial measures are not presented in accordance with GAAP, we believe they are necessary to understand our business and operating results, along with net earnings and other GAAP measures. Our investors can use these non-GAAP financial measures as supplementary information to evaluate operating performance. Our non-GAAP financial measures are not intended to be performance measures that should be regarded as alternatives to, or more meaningful than, our GAAP financial measures.

Pro-Rata Consolidation Method

We present certain financial amounts under the pro-rata method, because we believe this information is useful to investors as this method more accurately reflects the manner in which we operate our business. This is because, in line with industry practice, we have made a large number of investments in which our economic ownership is less than 100% to secure opportunities and as a means of sharing risk. Under the pro-rata consolidation method, we present our investments proportionate to our share of ownership. Under GAAP, the full consolidation method is used to report partnership assets and liabilities as consolidated at 100% if deemed to be under our control or if we are deemed to be the primary beneficiary for our investments in the variable interest entities (“VIE”), even if our ownership is not 100%. We provide reconciliations from the full consolidation method to the pro-rata consolidation method throughout our supplemental package.

EBDT

We believe that EBDT, along with net earnings, provides us, as well as our investors, additional information about our core business operations and is necessary to understand our business and operating results. While property dispositions, acquisitions or other factors can affect net earnings in the short term, we believe EBDT gives a more consistent view of the overall financial performance of our business from quarter-to-quarter and year-to-year. EBDT is used by the chief operating decision maker and management to assess operating performance and resource allocations by business unit and on a consolidated basis. EBDT is similar to Funds From Operations (“FFO”), a measure of performance used by publicly traded Real Estate Investment Trusts (“REITS”), but may not be directly comparable to similarly titled measures reported by other companies. (See pages 21-23 for additional discussion of EBDT as well as a reconciliation of EBDT to net earnings.)

Supplemental Operating Information

The operating data contained in this document includes: occupancy data, comparable NOI, reconciliation of NOI to net earnings, retail and office lease expirations, significant retail and office tenant listings and our development pipeline. The term “comparable”, which is used throughout this document, is defined as including properties that were opened and operated in both three month periods ended April 30, 2004 and 2003.

We believe occupancy rates, retail and office lease expirations base rent and significant retail and office tenant listings represent meaningful operating statistics about our Company. This information will give interested parties a better understanding and more information about the operating performance of our Company.

Comparable NOI is useful because it measures the performance of the same properties on a period-to-period basis and, along with EBDT (as discussed beginning on page 21) is used to assess operating performance and resource allocation of our core business units. While property dispositions, acquisitions or other factors can impact net earnings in the short term, we believe comparable NOI gives a more consistent view of our overall financial performance from quarter-to-quarter and year-to-year. A reconciliation of net earnings, the most comparable financial measure calculated in accordance with GAAP, to NOI and a reconciliation from NOI to comparable NOI are provided on pages 6 and 7 of this document. A reconciliation of NOI to net earnings for each strategic business unit can be found on pages 25-30.

2

Corporate Office

Forest City Enterprises, Inc.
Terminal Tower
50 Public Square, Suite 1100
Cleveland, Ohio 44113

SEC Form on 10-K

A copy of the Annual Report on Form 10-K as filed with the Securities and Exchange Commission can be found on our website or may be obtained without charge upon written request to:

     Thomas T. Kmiecik
     Assistant Treasurer
     tomkmiecik@forestcity.net

Website

www.forestcity.net
The information contained on this website is not incorporated herein by reference and does not constitute a part of this supplemental package.

Investor Relations
Thomas G. Smith, Executive Vice President
Chief Financial Officer

Thomas T. Kmiecik
Assistant Treasurer
(216) 621-6060

Transfer Agent and Registrar
National City
Stock Transfer Department
P.O. Box 92301
Cleveland, Ohio 44193-0900
(800) 622-6757
www.shareholder.inquiries@nationalcity.com

Stock Exchange Listing
NYSE: FCEA and FCEB

Dividend Reinvestment and Stock Purchase Plan

The Company offers its stockholders the opportunity to purchase additional shares of common stock through the Forest City Enterprises, Inc. Dividend Reinvestment and Stock Purchase Plan (the “Plan”) at 97% of current market value. A copy of the Plan prospectus and an enrollment card may be obtained by contacting National City at (800) 622-6757.

3

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Operating Information

Occupancy Data
April 30, 2004 and 2003

We analyze our occupancy percentages by each of our major product lines as follows:

				Average						Average
	Occupancy			Occupancy			Occupancy			Occupancy
	As of			YTD			As of			YTD
	April 30, 2004			April 30, 2004			April 30, 2003			April 30, 2003
Retail
Comparable		92.4	%		92.0	%		90.4	%		89.7	%
Total		92.5	%		92.1	%		90.4	%		89.8	%
Office
Comparable		92.0	%		92.0	%		92.5	%		92.5	%
Total		92.1	%		91.4	%		92.5	%		92.5	%
Residential
Comparable		91.4	%		91.8	%		91.6	%		91.3	%
Total		90.5	%		87.9	%		90.4	%		91.8	%
Hotels
Comparable		65.6	%					64.4	%
ADR		$151.07						$141.21

Retail and office occupancy as of April 30, 2004 and 2003 is based on square feet leased for the three months ended April 30, 2004 and 2003, respectively. Average Occupancy YTD as of April 30, 2004 and 2003 for retail and office is calculated by dividing the sum of leased square feet at the beginning and end of the period, by two. Residential occupancy as of April 30, 2004 and 2003 represents total units occupied divided by total units available. Average residential occupancy for the three months ended April 30, 2004 and 2003 is calculated by dividing gross potential rent less vacancy by gross potential rent. Average Daily Rate (“ADR”) is calculated by dividing revenue by the number of rooms sold for the three months ended April 30, 2004 and 2003.

4

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Operating Information

We use NOI, along with EBDT as discussed on page 2, to assess operating performance. Comparable NOI is defined as NOI from properties opened and operated in both three month periods ended April 30, 2004 and 2003. NOI excludes straight-line rent. The following schedules on page 5 and 6 present comparable NOI for each of our major product lines, as well as strategic business unit under which those product lines operate. A reconciliation of NOI to the most comparable GAAP measure, net earnings, is presented on page 7. A reconciliation of NOI to net earnings for each strategic business unit can be found on pages 25-30.

Comparable Net Operating Income (NOI) (% Change over same period, prior year)

	Three Months Ended April 30, 2004
	Full			Pro-Rata
	Consolidation			Consolidation
Retail		0.5	%		2.2	%
Office		(1.5	%)		(0.2	%)
Hotel		86.0	%		41.2	%
Residential		(5.4	%)		(4.1	%)
Total		(0.9	%)		0.1	%

5

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Operating Information

Net Operating Income (in thousands)

	Three Months Ended April 30, 2004												Three Months Ended April 30, 2003
						Plus													Plus
				Less		Unconsolidated		Plus								Less			Unconsolidated		Plus					% Change
	Full			Minority		Investments		Discontinued		Pro-Rata			Full			Minority			Investments		Discontinued		Pro-Rata			Full			Pro-Rata
	Consolidation			Interest		at Pro-Rata		Operations		Consolidation			Consolidation			Interest			at Pro-Rata		Operations		Consolidation			Consolidation			Consolidation
Commercial Group
Retail
Comparable	$	32,001		$	4,716	$	3,949	$	—	$	31,234		$	31,852		$	5,444		$	4,151	$	—	$	30,559			0.5	%		2.2	%
Total		37,721			4,925		3,643		—		36,439			33,846			5,942			5,413		—		33,317
Office Buildings
Comparable		33,117			5,389		1,792		—		29,520			33,630			5,620			1,581		—		29,591			(1.5	%)		(0.2	%)
Total		43,486			8,417		1,074		—		36,143			36,583			6,886			1,114		—		30,811
Hotels
Comparable		1,828			402		623		—		2,049			983			169			637		—		1,451			86.0	%		41.2	%
Total		3,045			886		623		—		2,782			2,470			774			637		—		2,333
Other		2,984			2,912		60		—		132			2,945			(131	)		960		—		4,036
Total Commercial Group
Comparable		66,946			10,507		6,364		—		62,803			66,465			11,233			6,369		—		61,601			0.7	%		2.0	%
Total		87,236			17,140		5,400		—		75,496			75,844			13,471			8,124		—		70,497
Residential Group
Comparable		22,972			1,229		4,453		—		26,196			24,291			1,275			4,311		—		27,327			(5.4	%)		(4.1	%)
Total		28,115			1,312		6,990		295		34,088			27,679			487			5,621		1,361		34,174
Total Real Estate Groups
Comparable		89,918			11,736		10,817		—		88,999			90,756			12,508			10,680		—		88,928			(0.9	%)		0.1	%
Total		115,351			18,452		12,390		295		109,584			103,523			13,958			13,745		1,361		104,671
Land Development Group		14,990			939		171		—		14,222			5,573			570			351		—		5,354
Lumber Trading Group		5,420			—		—		—		5,420			167			—			—		—		167
Corporate Group		(7,072	)		—		—		—		(7,072	)		(5,087	)		—			—		—		(5,087	)
Grand Total	$	128,689		$	19,391	$	12,561	$	295	$	122,154		$	104,176		$	14,528		$	14,096	$	1,361	$	105,105

6

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Operating Information

Reconciliation of Net Operating Income (non-GAAP) to Net Earnings (GAAP):

	Three Months Ended April 30, 2004															Three Months Ended April 30, 2003
							Plus															Plus
				Less			Unconsolidated			Plus									Less			Unconsolidated			Plus
	Full			Minority			Investments			Discontinued			Pro-Rata			Full			Minority			Investments			Discontinued			Pro-Rata
	Consolidation			Interest			at Pro-Rata			Operations			Consolidation			Consolidation			Interest			at Pro-Rata			Operations			Consolidation
Revenues	$	288,581		$	38,840		$	62,973		$	434		$	313,148		$	230,762		$	38,635		$	59,281		$	3,983		$	255,391
Exclude straight-line rent adjustment (1)		(2,364	)		—			—			—			(2,364	)		(2,670	)		—			—			—			(2,670	)
Adjusted revenues		286,217			38,840			62,973			434			310,784			228,092			38,635			59,281			3,983			252,721
Operating expenses		174,326			19,445			37,398			139			192,418			140,654			24,104			33,060			2,622			152,232
Add back depreciation and amortization for non-Real Estate Groups (b)		1,004			—			87			—			1,091			928			—			51			—			979
Exclude straight-line rent adjustment (2)		(4,288	)		—			—			—			(4,288	)		(966	)		—			—			—			(966	)
Adjusted operating expenses		171,042			19,445			37,485			139			189,221			140,616			24,104			33,111			2,622			152,245
Add equity in earnings of unconsolidated entities		6,244			(4	)		(5,894	)		—			354			9,843			(3	)		(5,343	)		—			4,503
Add back equity method depreciation expense (see below)		7,270			—			(7,033	)		—			237			6,857			—			(6,731	)		—			126
Net Operating Income		128,689			19,391			12,561			295			122,154			104,176			14,528			14,096			1,361			105,105
Interest expense		(59,942	)		(9,897	)		(12,443	)		(125	)		(62,613	)		(43,815	)		(7,599	)		(14,096	)		(837	)		(51,149	)
Loss on early extinguishment of debt		—			—			(118	)		(238	)		(356	)		—			—			—			—			—
Gain on disposition of operating properties and other investments		—			—			—			19,499			19,499			22			—			—			88			110
Depreciation and amortization — Real Estate Groups (a)		(39,943	)		(2,166	)		(7,033	)		(107	)		(44,917	)		(28,422	)		(4,389	)		(6,731	)		(524	)		(31,288	)
Straight-line rent adjustment (1) + (2)		(1,924	)		—			—			—			(1,924	)		1,704			—			—			—			1,704
Equity method depreciation expense (see above)		(7,270	)		—			7,033			—			(237	)		(6,857	)		—			6,731			—			(126	)
Earnings before income taxes		19,610			7,328			—			19,324			31,606			26,808			2,540			—			88			24,356
Income tax provision benefit		(5,499	)		—			—			(7,643	)		(13,142	)		(9,529	)		—			—			(35	)		(9,564	)
Earnings before minority interest, discontinued operations and cumulative effect of change in accounting principle		14,111			7,328			—			11,681			18,464			17,279			2,540			—			53			14,792
Minority Interest		(7,328	)		(7,328	)		—			—			—			(2,540	)		(2,540	)		—			—			—
Earnings from continuing operations		6,783			—			—			11,681			18,464			14,739			—			—			53			14,792
Discontinued operations, net of tax and minority interest:
Loss from operations		(106	)		—			—			106			—			—			—			—			—			—
Gain on disposition of operating properties		11,787			—			—			(11,787	)		—			53			—			—			(53	)		—
		11,681			—			—			(11,681	)		—			53			—			—			(53	)		—
Cumulative effect of change in accounting principle, net of tax		(11,261	)		—			—			—			(11,261	)		—			—			—			—			—
Net earnings	$	7,203		$	—		$	—		$	—		$	7,203		$	14,792		$	—		$	—		$	—		$	14,792
(a)  Depreciation and amortization — Real Estate Groups	$	39,943		$	2,166		$	7,033		$	107		$	44,917		$	28,422		$	4,389		$	6,731		$	524		$	31,288
(b)  Depreciation and amortization — Non-Real Estate Groups		1,004			—			87			—			1,091			928			—			51			—			979
Total depreciation and amortization	$	40,947		$	2,166		$	7,120		$	107		$	46,008		$	29,350		$	4,389		$	6,782		$	524		$	32,267

7

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Operating Information

Retail Lease Expirations
As of April 30, 2004

	NUMBER		SQUARE FEET		PERCENTAGE					PERCENTAGE			BASE RENT
EXPIRATION	OF EXPIRING		OF EXPIRING		OF TOTAL			BASE		OF TOTAL			PER SQUARE
YEAR	LEASES		LEASES (3)		LEASED GLA (1)			RENT (2)		BASE RENT			FOOT (3)
2004		138		394,588		4.37	%	$	6,066,967		3.76	%	$	20.78
2005		162		461,601		5.11	%		7,772,772		4.82	%		21.91
2006		236		557,447		6.17	%		11,893,897		7.38	%		28.16
2007		157		576,419		6.38	%		8,600,547		5.34	%		20.49
2008		171		650,062		7.20	%		10,984,404		6.81	%		23.40
2009		159		591,971		6.55	%		10,209,970		6.33	%		22.73
2010		104		455,128		5.04	%		8,378,964		5.20	%		23.98
2011		245		1,055,039		11.68	%		25,055,067		15.54	%		28.28
2012		124		769,838		8.52	%		12,018,483		7.46	%		25.96
2013		156		692,888		7.67	%		17,143,744		10.64	%		28.41
2014		21		120,339		1.33	%		1,676,921		1.04	%		20.05
Thereafter		91		2,706,708		29.98	%		41,394,883		25.68	%		21.79
TOTAL		1,764		9,032,028		100.00	%	$	161,196,619		100.00	%	$	23.95

(1)	GLA = Gross Leasable Area.
(2)	Base rent is an operating statistic and is not comparable to rental revenue, a GAAP financial measure, because base rent is determined using the tenant’s contractual rental agreement and represents the Company’s ownership share of the base rental income from expiring leases as determined within the rent agreement and it does not include adjustments such as the impact of straight-line rent, step rents and contingent rental payments.
(3)	Square feet of expiring leases and base rent per square foot are operating statistics that represent 100% of the square footage and base rental income per square foot from expiring leases.

8

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Operating Information

Office Lease Expirations
As of April 30, 2004

	NUMBER		SQUARE FEET		PERCENTAGE					PERCENTAGE			BASE RENT
EXPIRATION	OF EXPIRING		OF EXPIRING		OF TOTAL			BASE		OF TOTAL			PER SQUARE
YEAR	LEASES		LEASES (3)		LEASED GLA (1)			RENT (2)		BASE RENT			FOOT (3)
2004		65		360,736		4.53	%	$	6,429,975		3.95	%	$	22.54
2005		63		422,078		5.30	%		7,227,812		4.44	%		23.16
2006		50		619,545		7.78	%		10,636,221		6.54	%		25.01
2007		41		304,130		3.82	%		5,404,546		3.32	%		22.91
2008		51		418,050		5.25	%		8,179,665		5.03	%		22.81
2009		22		219,471		2.76	%		4,624,985		2.84	%		26.63
2010		21		911,396		11.45	%		13,152,164		8.09	%		22.79
2011		10		236,255		2.97	%		7,000,486		4.30	%		32.26
2012		11		1,072,682		13.48	%		26,746,330		16.45	%		31.70
2013		14		633,739		7.96	%		11,840,728		7.28	%		23.12
2014		4		511,756		6.43	%		10,715,138		6.59	%		27.33
Thereafter		22		2,249,585		28.27	%		50,663,391		31.17	%		29.22
TOTAL		374		7,959,423		100.00	%	$	162,621,441		100.00	%	$	26.70

(1)	GLA = Gross Leasable Area.
(2)	Base rent is an operating statistic and is not comparable to rental revenue, a GAAP financial measure, because base rent is determined using the tenant’s contractual rental agreement and represents the Company’s ownership share of the base rental income from expiring leases as determined within the rent agreement and it does not include adjustments such as the impact of straight-line rent, step rents and contingent rental payments.
(3)	Square feet of expiring leases and base rent per square foot are operating statistics that represent 100% of the square footage and base rental income per square foot from expiring leases.

9

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Operating Information

Schedule of Significant Retail Tenants
As of April 30, 2004

(Based on square footage 1% or greater)

			PERCENTAGE
			OF TOTAL			BASE RENT
	LEASED		RETAIL			PER SQUARE
TENANT	SQUARE FEET		SQUARE FEET			FOOT (1)
Regal Entertainment Group		492,180		5.45	%	$	22.88
The Gap		328,300		3.63	%		22.23
AMC Entertainment, Inc.		273,731		3.03	%		22.53
TJX Companies		272,354		3.02	%		16.07
The Limited		219,533		2.43	%		23.47
Ahold USA (Stop & Shop)		177,455		1.96	%		28.44
Lowe’s Home Center, Inc.		151,273		1.67	%		14.25
Dick’s Sporting Goods		145,096		1.61	%		14.37
Home Depot		132,000		1.46	%		11.25
Circuit City Stores, Inc.		130,269		1.44	%		24.35
Linens-N-Things, Inc.		130,045		1.44	%		15.34
Pathmark Stores		123,500		1.37	%		26.43
Abercrombie & Fitch Stores, Inc.		117,389		1.30	%		21.24
Comp USA		116,012		1.28	%		15.83
Footlocker, Inc.		112,067		1.24	%		26.91
OfficeMax		104,751		1.16	%		14.97
Best Buy Stores		102,661		1.14	%		24.82
Staples, Inc.		90,381		1.00	%		23.32
Sub-Total		3,218,997		35.63	%		20.82
All Others		5,813,031		64.37	%		25.68
Total		9,032,028		100.00	%	$	23.95

(1) Base rent per square foot is an operating statistic that represents 100% of the base rental income per square foot for significant tenant leases.

10

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Operating Information

Schedule of Significant Office Tenants
As of April 30, 2004

(Based on square footage 2% or greater)

			PERCENTAGE
			OF TOTAL			BASE RENT
	LEASED		OFFICE			PER SQUARE
TENANT	SQUARE FEET		SQUARE FEET			FOOT (1)
City of New York		816,190		10.25	%	$	23.77
Millenium Pharmaceuticals, Inc.		750,842		9.43	%		36.89
U.S. Government		622,976		7.83	%		27.66
Keyspan Energy		450,004		5.65	%		30.74
Morgan Stanley Company		444,685		5.59	%		24.09
Securities Industry Automation Corp.		428,786		5.39	%		28.09
Wellchoice, Inc.		392,514		4.93	%		39.31
Federated Investors, Inc.		301,016		3.78	%		21.68
Bear Stearns		275,244		3.46	%		22.00
Forest City Enterprises, Inc.		260,541		3.27	%		19.15
Chase Manhattan Mortgage		250,091		3.14	%		13.53
Alkermes, Inc.		210,248		2.64	%		43.34
SubTotal		5,203,137		65.36	%		28.14
All Others		2,756,286		34.64	%		23.98
Total		7,959,423		100.00	%	$	26.70

(1) Base rent per square foot is an operating statistic that represents 100% of the base rental income per square foot for significant tenant leases.

11

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Operating Information

Development Pipeline

April 30, 2004
2004 Openings / Acquisitions

												Cost at FCE
				Date		Pro-Rata		Cost at Full		Total Cost		Economic Share		Sq. ft./
Property	Location	Dev. (D) Acq. (A)		Opened / Acquired		FCE % (1)		Consolidation (GAAP) (a)		at 100% (2)		(Non-GAAP) (b) (1) (2)		No. of Units
										(in millions)
Residential:
East 29th Avenue Town Center	Denver, CO		D		Q1-04		90.0	$	45.9	$	45.9	$	41.3		156	(h)
Sterling Glen of Rye Brook (i) (o)	Rye Brook, NY		D		Q1-04		40.0		0.0		57.8		23.4		165
Total 2004 Openings / Acquisitions (b) (d)								$	45.9	$	103.7	$	64.7		321
														Opened in
Residential Phased-In Units (c) (e):														’04/Total
Settler’s Landing at Greentree	Streetsboro, OH		D		2001-04		50.0	$	0.0	$	25.9	$	13.0		16 / 408
Eaton Ridge	Sagamore Hills, OH		D		2002-04		50.0		0.0		14.1		7.0		36 / 260
Total (b) (r)								$	0.0	$	40.0	$	20.0		52 / 668

See attached April 30, 2004 footnotes.

12

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Operating Information

Development Pipeline

April 30, 2004
Under Construction or to be Acquired (17)

												Cost at FCE
				Date		Pro-Rata		Cost at Full		Total Cost		Economic Share		Sq. ft./			Pre-
		Dev. (D)		Opened /		FCE %		Consolidation		at 100%		(Non-GAAP) (b)		No. of			Leased
Property	Location	Acq. (A)		Acquired		(1)		(GAAP) (a)		(2)		(1) (2)		Units			(Wtd.Avg.)
										(in millions)
Retail Centers:
Brooklyn Commons	Brooklyn, NY		D		Q2-04		70.0	$	21.4	$	21.4	$	15.0		151,000			100	%
Quartermaster Plaza	Philadelphia, PA		D		Q3-04		70.0		69.7		69.7		48.8		459,000			85	%
Atlantic Terminal	Brooklyn, NY		D		Q3-04		70.0		87.7		87.7		61.4		373,000			87	%
Victoria Gardens	Rancho Cucamonga, CA		D		Q3-04		80.0		182.3		182.3		145.8		1,224,000	(k)		83	%
San Francisco Centre (c) (n)	San Francisco, CA		D		Q3-06		50.0		0.0		396.6		198.3		964,000	(l)		8	%
								$	361.1	$	757.7	$	469.3		3,171,000			62	%
Office:
Atlantic Terminal Office	Brooklyn, NY		D		Q2-04		70.0	$	106.8	$	106.8	$	74.8		399,000			80	%
University of Pennsylvania (m)	Philadelphia, PA		A		Q4-04		100.0		55.4		55.4		55.4		123,000			100	%
Twelve MetroTech Center	Brooklyn, NY		D		Q2-05		80.0		43.9		43.9		35.1		177,000	(g)		0	%
New York Times (c)	Manhattan, NY		D		Q1-07		28.0		0.0		412.3		115.4		734,000			0	%
								$	206.1	$	618.4	$	280.7		1,433,000			31	%
Residential:
Emerald Palms Expansion	Miami, FL		D		Q2-04		100.0	$	8.7	$	8.7	$	8.7		86
23 Sidney Street	Cambridge, MA		D		Q1-05		100.0		17.4		17.4		17.4		51
Subway Terminal	Los Angeles, CA		D		Q1-05		100.0		60.3		60.3		60.3		277
Ashton Mill	Providence, RI		D		Q2-05		100.0		29.0		29.0		29.0		193
Metropolitan Lofts (c)	Los Angeles, CA		D		Q2-05		50.0		0.0		60.3		30.2		264
Sterling Glen of Lynbrook (i) (p)	Lynbrook, NY		D		Q3-05		80.0		27.0		27.0		21.6		100
100 Landsdowne	Cambridge, MA		D		Q3-05		100.0		59.2		59.2		59.2		203
Sterling Glen of Roslyn (c) (i) (q)	Roslyn, NY		D		Q2-06		80.0		65.4		65.4		52.3		158
									267.0		327.3		278.7		1,332
Total April 30, 2004 Under Construction or to be Acquired (b) (j)								$	834.2	$	1,703.4	$	1,028.7
Residential phased-in units under construction (c) (e):														Under Const./Total
Settler’s Landing at Greentree	Streetsboro, OH				2001-04		50.0	$	0.0	$	25.9	$	13.0		88 / 408
Arbor Glen	Twinsburg, OH				2001-07		50.0		0.0		17.9		8.9		144 / 288
Newport Landing	Coventry, OH				2002-05		50.0		0.0		16.0		8.0		108 / 336
Woodgate/Evergreen Farms	Olmsted Township, OH				2004-07		33.0		0.0		22.5		7.5		348 / 348
Total (b) (f)								$	0.0	$	82.3	$	37.4		688 / 1,380

See attached April 30, 2004 footnotes.

13

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Operating Information

Development Pipeline

April 30, 2004 FOOTNOTES

(a)	Amounts are presented on the full consolidation method of accounting, a GAAP measure. Under full consolidation, costs are reported as consolidated at 100% if we are deemed to have control or to be the primary beneficiary of our investments in the variable interest entity (“VIE”).
(b)	Cost at FCE Economic Share represents the Company’s share of cost, based on the Company’s pro-rata ownership of each property (a non-GAAP measure). Under the pro-rata consolidation method of accounting, the Company determines its economic share by multiplying its pro-rata ownership of the applicable property by the total cost. See our discussion of the pro-rata consolidation method in the preceding narrative.
(c)	Reported under the equity method of accounting. This method represents a GAAP measure for investments in which the Company is not deemed to have control or to be the primary beneficiary of our investments in a VIE.
(d)	The difference between the full consolidation amount (a GAAP measure) of $45.9 million of cost and the Company’s economic share (a non-GAAP measure) of $64.7 million of cost consists of a reduction to full consolidation of minority interest of $4.6 million of cost and the addition of the Company’s share of cost of unconsolidated investments of $23.4 million.
(e)	Phased-in openings. Costs are representative of the total project.
(f)	The difference between the full consolidation amount (a GAAP measure) of $0.0 million of cost and the Company’s economic share (a non-GAAP measure) of $37.4 million of cost consists of the Company’s share of cost of unconsolidated investments of $37.4 million.
(g)	Represents the Company’s portion of this 1.1 million square foot office condominium.
(h)	Project also includes 141,000 total square feet (57,000 square feet owned/managed by FCE) of retail space and 34,000 square feet of office space.
(i)	Supported-living property.
(j)	The difference between the full consolidation amount (a GAAP measure) of $834.2 million of cost and the Company’s economic share (a non-GAAP measure) of $1,028.7 million of cost consists of a reduction to full consolidation of minority interest of $149.4 million of cost and the addition of the Company’s share of cost of unconsolidated investments of $343.9 million.
(k)	Includes 45,000 square feet of office space.
(l)	Includes 235,000 square feet of office space.
(m)	The Company will have an option to acquire this property.
(n)	This project will also include the acquisition of an adjacent retail center totaling 508,000 square feet.
(o)	Formerly Stone Gate at Bellefair.
(p)	Formerly Tanglewood Crest.
(q)	Formerly Bryant Landing.
(r)	The difference between the full consolidation amount (a GAAP measure) of $0.0 million of cost to the Company’s economic share (a non-GAAP measure) of $20.0 million of cost consists of the Company’s share of cost of unconsolidated investments of $20.0 million.

14

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Operating Information

Scheduled Maturities Table: Non-Recourse Mortgage Debt
As of April 30, 2004

	2004												2005												2006
							Plus												Plus												Plus
				Less			Unconsolidated									Less			Unconsolidated									Less			Unconsolidated
	Full			Minority			Investments			Pro-Rata			Full			Minority			Investments			Pro-Rata			Full			Minority			Investments			Pro-Rata
	Consolidation			Interest			at Pro-Rata			Consolidation			Consolidation			Interest			at Pro-Rata			Consolidation			Consolidation			Interest			at Pro-Rata			Consolidation
Fixed:
Fixed-rate debt		59,795			11,189			15,305			63,911			141,994			14,747			48,427			175,674			482,380			73,749			38,478			447,109
Weighted average rate		7.13	%		7.19	%		7.19	%		7.13	%		7.10	%		6.75	%		8.60	%		7.54	%		6.59	%		5.84	%		7.82	%		6.82	%
UDAG		18,280			6,111			10,728			22,897			11,062			157			—			10,905			8,306			567			—			7,739
Weighted average rate		0.02	%		0.02	%		8.00	%		3.76	%		3.87	%		1.62	%		0.00	%		3.90	%		0.16	%		0.75	%		0.00	%		0.11	%
Total fixed-rate debt		78,075			17,300			26,033			86,808			153,056			14,904			48,427			186,579			490,686			74,316			38,478			454,848
Variable:
Variable-rate debt		166,146			25,149			26,506			167,503			162,724			8,076			49,028			203,676			328,984			75,322			5,442			259,104
Weighted average rate		3.76	%		3.25	%		3.40	%		3.78	%		3.66	%		4.11	%		3.54	%		3.62	%		4.67	%		4.99	%		1.35	%		4.50	%
Tax-exempt		51,535			11,782			5,358			45,111			49,400			—			40,057			89,457			51,000			300			133			50,833
Weighted average rate		2.48	%		2.89	%		2.48	%		2.37	%		2.54	%		0.00	%		1.74	%		2.18	%		1.76	%		3.42	%		3.57	%		1.76	%
Total variable-rate debt		217,681			36,931			31,864			212,614			212,124			8,076			89,085			293,133			379,984			75,622			5,575			309,937
Total Non-Recourse Mortgage Debt		295,756			54,231			57,897			299,422			365,180			22,980			137,512			479,712			870,670			149,938			44,053			764,785
Weighted Average Rate		3.99	%		3.62	%		5.17	%		4.28	%		4.86	%		5.79	%		4.80	%		4.79	%		5.52	%		5.39	%		7.01	%		5.63	%
	2007												2008												Thereafter
							Plus												Plus												Plus
				Less			Unconsolidated									Less			Unconsolidated									Less			Unconsolidated
	Full			Minority			Investments			Pro-Rata			Full			Minority			Investments			Pro-Rata			Full			Minority			Investments			Pro-Rata
	Consolidation			Interest			at Pro-Rata			Consolidation			Consolidation			Interest			at Pro-Rata			Consolidation			Consolidation			Interest			at Pro-Rata			Consolidation
Fixed:
Fixed-rate debt		135,964			24,410			116,606			228,160			226,680			21,779			91,047			295,948			1,817,922			287,237			285,380			1,816,065
Weighted average rate		7.11	%		7.17	%		7.49	%		7.30	%		7.22	%		7.09	%		6.88	%		7.12	%		6.80	%		7.14	%		6.90	%		6.76	%
UDAG		731			214			—			517			762			223			966			1,505			67,267			20,327			—			46,940
Weighted average rate		2.51	%		2.87	%		0.00	%		2.37	%		2.56	%		2.92	%		0.00	%		0.86	%		1.67	%		1.41	%		0.00	%		1.78	%
Total fixed-rate debt		136,695			24,624			116,606			228,677			227,442			22,002			92,013			297,453			1,885,189			307,564			285,380			1,863,005
Variable:
Variable-rate debt		62,515			21,350			6,584			47,749			29,349			3,341			65			26,073			131,735			832			16,899			147,802
Weighted average rate		4.08	%		4.06	%		3.14	%		3.95	%		4.51	%		5.11	%		2.61	%		4.43	%		4.70	%		3.76	%		2.72	%		4.48	%
Tax-exempt		48,000			2,400			146			45,746			390			78			36,160			36,472			303,275			37,525			38,242			303,992
Weighted average rate		3.03	%		3.03	%		3.59	%		3.03	%		3.90	%		3.90	%		1.86	%		1.88	%		2.22	%		2.25	%		2.25	%		2.21	%
Total variable-rate debt		110,515			23,750			6,730			93,495			29,739			3,419			36,225			62,545			435,010			38,357			55,141			451,794
Total Non-Recourse Mortgage Debt		247,210			48,374			123,336			322,172			257,181			25,421			128,238			359,998			2,320,199			345,921			340,521			2,314,799
Weighted Average Rate		5.54	%		5.57	%		7.25	%		6.19	%		6.89	%		6.78	%		5.41	%		6.37	%		5.93	%		6.26	%		6.17	%		5.92	%

	Total
							Plus
				Less			Unconsolidated
	Full			Minority			Investments			Pro-Rata
	Consolidation			Interest			at Pro-Rata			Consolidation
Fixed:
Fixed-rate debt		2,864,735			433,111			595,243			3,026,867
Weighted average rate		6.84	%		6.91	%		7.22	%		6.90	%
UDAG		106,408			27,599			11,694			90,503
Weighted average rate		1.51	%		1.11	%		7.34	%		2.38	%
Total fixed-rate debt		2,971,143			460,710			606,937			3,117,370
Variable:
Variable-rate debt		881,453			134,070			104,524			851,907
Weighted average rate		4.27	%		4.46	%		3.23	%		4.11	%
Tax-exempt		503,600			52,085			120,096			571,611
Weighted average rate		2.31	%		2.44	%		1.98	%		2.22	%
Total variable-rate debt		1,385,053			186,155			224,620			1,423,518
Total Non-Recourse Mortgage Debt		4,356,196			646,865			831,557			4,540,888
Weighted Average Rate		5.66	%		5.79	%		5.96	%		5.70	%

15

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

As discussed on page 2, we present certain financial amounts under the pro-rata consolidation method (a non-GAAP measure). This information is useful to our investors because we believe that it more accurately reflects the manner in which we operate our business. This is because, in line with industry practice, we have a large number of investments in which our economic ownership is less than 100% to secure opportunities and as a means of sharing risk. The information in the tables below present amounts for both full consolidation, a GAAP measure, and pro-rata consolidation, providing a reconciliation of the difference between the two methods. Under the pro-rata consolidation method, we present our partnership investments proportionate to our share of ownership for each line item of our consolidated financial statements. Under full consolidation, partnership assets and liabilities are reported as consolidated at 100% if deemed under our control or if we are deemed to be the primary beneficiary for our investments in a VIE. Partnership assets and liabilities are reported on the equity or cost method of accounting if we do not have control, or, in the case of investments in VIEs, the Company is not deemed the primary beneficiary.

Consolidated Balance Sheet Information - April 30, 2004

							Plus
	Full						Unconsolidated			Pro-Rata
	Consolidation			Less Minority			Investments at			Consolidation
	(GAAP)			Interest			Pro-Rata			(Non-GAAP)
	(in thousands)
Assets
Real Estate
Completed rental properties	$	5,323,901		$	810,133		$	1,001,252		$	5,515,020
Projects under development		676,443			23,936			105,447			757,954
Land held for development or sale		48,711			—			41,349			90,060
Total Real Estate		6,049,055			834,069			1,148,048			6,363,034
Less accumulated depreciation		(812,323	)		(131,422	)		(282,344	)		(963,245	)
Real Estate, net		5,236,732			702,647			865,704			5,399,789
Cash and equivalents		67,715			15,076			25,860			78,499
Restricted cash		330,951			35,642			38,101			333,410
Notes and accounts receivable, net		455,048			49,034			11,417			417,431
Inventories		76,703			—			—			76,703
Investments in and advances to real estate affiliates		368,922			—			(68,020	)		300,902
Other assets		307,384			39,803			22,991			290,572
Total Assets	$	6,843,455		$	842,202		$	896,053		$	6,897,306
Liabilities and Shareholders’ Equity
Liabilities
Mortgage debt, nonrecourse	$	4,356,196		$	637,027		$	831,558		$	4,550,727
Notes payable		184,279			16,518			7,387			175,148
Long-term credit facility		—			—			—			—
Senior and subordinated debt		420,400			—			—			420,400
Accounts payable and accrued expenses		746,318			107,539			57,108			695,887
Deferred income taxes		298,342			—			—			298,342
Total Liabilities		6,005,535			761,084			896,053			6,140,504
Minority Interest		81,118			81,118			—			—
Total Shareholders’ Equity		756,802			—			—			756,802
Total Liabilities and Shareholders’ Equity	$	6,843,455		$	842,202		$	896,053		$	6,897,306

16

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Consolidated Balance Sheet Information - January 31, 2004

							Plus
	Full						Unconsolidated			Pro-Rata
	Consolidation			Less Minority			Investments at			Consolidation
	(GAAP)			Interest			Pro-Rata			(non-GAAP)
	(in thousands)
Assets
Real Estate
Completed rental properties	$	4,523,748		$	706,045		$	996,505		$	4,814,208
Projects under development		544,389			72,999			123,578			594,968
Land held for development or sale		33,450			—			49,607			83,057
Total Real Estate		5,101,587			779,044			1,169,690			5,492,233
Less accumulated depreciation		(730,705	)		(109,941	)		(215,350	)		(836,114	)
Real Estate, net		4,370,882			669,103			954,340			4,656,119
Cash and equivalents		107,491			16,830			29,413			120,074
Restricted cash		257,795			38,678			23,059			242,176
Notes and accounts receivable, net		422,765			21,440			18,331			419,656
Inventories		46,140			—			—			46,140
Investments in and advances to real estate affiliates		432,584			—			(78,634	)		353,950
Other assets		257,415			44,455			31,562			244,522
Total Assets	$	5,895,072		$	790,506		$	978,071		$	6,082,637
Liabilities and Shareholders’ Equity
Liabilities
Mortgage debt, nonrecourse	$	3,634,177		$	618,798		$	910,866		$	3,926,245
Notes payable		152,111			16,529			8,948			144,530
Long-term credit facility		56,250			—			—			56,250
Senior and subordinated debt		320,400			—			—			320,400
Accounts payable and accrued expenses		639,824			106,705			58,257			591,376
Deferred income taxes		294,925			—			—			294,925
Total Liabilities		5,097,687			742,032			978,071			5,333,726
Minority Interest		48,474			48,474			—			—
Total Shareholders’ Equity		748,911			—			—			748,911
Total Liabilities and Shareholders’ Equity	$	5,895,072		$	790,506		$	978,071		$	6,082,637

17

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Consolidated Earnings Information - Three Months Ended April 30, 2004

							Plus
	Full						Unconsolidated			Plus			Pro-Rata
	Consolidation			Less Minority			Investments at			Discontinued			Consolidation
	(GAAP)			Interest			Pro-Rata			Operations			(non-GAAP)
							(in thousands)
Revenues
Rental properties	$	248,444		$	38,840		$	62,973		$	434		$	273,011
Lumber trading		40,137			—			—			—			40,137
		288,581			38,840			62,973			434			313,148
Expenses
Operating expenses		174,326			19,445			37,398			139			192,418
Interest expense		59,942			9,897			12,443			125			62,613
Loss on early extinguishment of debt		—			—			118			238			356
Depreciation and amortization		40,947			2,166			7,120			107			46,008
		275,215			31,508			57,079			609			301,395
Equity in earnings (loss) of unconsolidated real estate entities		6,244			(4	)		(5,894	)		—			354
Gain on disposition of operating properties		—			—			—			19,499			19,499
Earnings before income taxes		19,610			7,328			—			19,324			31,606
Income tax expense (benefit)
Current		1,922			—			—			(213	)		1,709
Deferred		3,577			—			—			7,856			11,433
		5,499			—			—			7,643			13,142
Earnings before minority interest and discontinued operations		14,111			7,328			—			11,681			18,464
Minority interest		(7,328	)		(7,328	)		—			—			—
Earnings from continuing operations		6,783			—			—			11,681			18,464
Discontinued operations, net of tax and minority interest
Loss from operations		(106	)		—			—			106			—
Gain on disposition of operating properties		11,787			—			—			(11,787	)		—
		11,681			—			—			(11,681	)		—
Cumulative effect of change in accounting principle, net of tax		(11,261	)		—			—			—			(11,261	)
Net earnings	$	7,203		$	—		$	—		$	—		$	7,203

18

Forest City Enterprises, Inc.
Supplemental Financial Information

Consolidated Earnings Information - Three Months Ended April 30, 2003

							Plus
	Full						Unconsolidated			Plus			Pro-Rata
	Consolidation			Less Minority			Investments at			Discontinued			Consolidation
	(GAAP)			Interest			Pro-Rata			Operations			(non-GAAP)
				(in thousands)
Revenues
Rental properties	$	210,861		$	38,635		$	59,281		$	3,983		$	235,490
Lumber trading		19,901			—			—			—			19,901
		230,762			38,635			59,281			3,983			255,391
Expenses
Operating expenses		140,654			24,104			33,060			2,622			152,232
Interest expense		43,815			7,599			14,096			837			51,149
Depreciation and amortization		29,350			4,389			6,782			524			32,267
		213,819			36,092			53,938			3,983			235,648
Equity in earnings (loss) of unconsolidated real estate entities		9,843			(3	)		(5,343	)		—			4,503
Gain on disposition of operating properties and other investments		22			—			—			88			110
Earnings before income taxes		26,808			2,540			—			88			24,356
Income tax expense (benefit)
Current		2,884			—			—			1,570			4,454
Deferred		6,645			—			—			(1,535	)		5,110
		9,529			—			—			35			9,564
Earnings before minority interest and discontinued operations		17,279			2,540			—			53			14,792
Minority interest		(2,540	)		(2,540	)		—			—			—
Earnings from continuing operations		14,739			—			—			53			14,792
Discontinued operations, net of tax and minority interest
Loss from operations		—			—			—			—			—
Gain on disposition of operating properties		53			—			—			(53	)		—
Net earnings	$	14,792		$	—		$	—		$	—		$	14,792

19

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Investments in and Advances to Real Estate Affiliates

Included in Investments in and Advances to Real Estate Affiliates in the Consolidated Balance Sheet Information tables are unconsolidated investments in entities which we do not control or are not the primary beneficiary, and which are accounted for under the equity method of accounting, as well as advances to other partners. Summarized financial information for the equity method investments is as follows:

	Combined (100%)						Pro-Rata Share
	(GAAP)						(non-GAAP)
	April 30,			January 31,			April 30,			January 31,
	2004			2004			2004			2004
	(in thousands)						(in thousands)
Balance Sheet:
Completed rental properties	$	1,872,568		$	2,375,832		$	1,001,252		$	996,506
Projects under development		219,879			263,687			105,447			123,578
Land held for development or sale		89,556			104,851			41,349			49,607
Investments in and advances to real estate affiliates — syndicated residential partnerships (1)		—			—			—			40,790
Accumulated depreciation		(499,654	)		(499,297	)		(282,344	)		(215,350	)
Other assets		195,320			246,268			98,369			102,364
Total Assets	$	1,877,669		$	2,491,341		$	964,073		$	1,097,495
Mortgage debt, nonrecourse	$	1,619,760		$	2,153,443		$	831,558		$	910,866
Advances from general partner		—			1,385			—			—
Other liabilities		138,170			166,907			64,495			67,205
Members’ and Partners’ equity		119,739			169,606			68,020			119,424
Total Liabilities and Partners’ Equity	$	1,877,669		$	2,491,341		$	964,073		$	1,097,495

Three Months Ended April 30,	2004			2003			2004			2003
Operations:
Revenues	$	120,757		$	141,825		$	62,973		$	59,281
Equity in earnings of unconsolidated entities on a pro-rata basis		—			—			354			4,503
Operating expenses		(69,006	)		(77,252	)		(37,402	)		(33,063	)
Interest expense		(24,808	)		(34,534	)		(12,561	)		(14,096	)
Depreciation and amortization		(13,845	)		(18,368	)		(7,120	)		(6,782	)
Net Earnings (pre-tax)	$	13,098		$	11,671		$	6,244		$	9,843

Following is a reconciliation of partners’ equity to our carrying value in the Consolidated Balance Sheet information presented above:

	April 30,		January 31,
	2004		2004
Members’ and Partners’ equity, as above	$	119,739	$	169,606
Equity of other partners		51,719		51,567
Company’s investment in partnerships		68,020		118,039
Advances to partnerships, as above		—		1,385
Advances to other real estate affiliates (2)		300,902		313,160
Investments in and advances to real estate affiliates	$	368,922	$	432,584

20

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Investments in and Advances to Real Estate Affiliates (continued)

(1) We are a general partner in several syndicated residential partnerships which were accounted for on the equity method under both full consolidation and pro-rata consolidation at January 31, 2004. Effective for the first quarter of 2004, these investments are now fully consolidated either as the result of the acquisition of our partner’s interest or our adoption of FIN No. 46 (R) (See Below). Summarized balance sheet information as of January 31, 2004 at our economic share is as follows:

Total Assets	$	240,362
Total Liabilities	$	199,572
Partner’s Equity	$	40,790

(2) As is customary within the real estate industry, we invest in certain real estate projects through joint ventures. We provide funding of our partners’ equity contributions for the development and construction of real estate projects. The most significant partnership for which we provide funding is related to Forest City Ratner Companies, representing the Commercial Group’s New York City operations. Our partner is the President and Chief Executive Officer of Forest City Ratner Companies and is the cousin to five executive officers of our Company. At April 30, 2004 and January 31, 2004 amounts advanced in the normal course of business for development and construction of real estate projects on behalf of this partner, collateralized by this partnership interest, were $84,123 and $114,164 of the $300,902 and $313,160, respectively, presented above for “Advances to other real estate affiliates.” These advances entitle us to a preferred return on and of the outstanding balances, which are payable from cash flows of each respective property. Effective February 1, 2004, we modified certain provisions of our arrangement with our partner in the New York operations for certain existing and all prospective property partnerships. These modifications had, and are expected to have, an insignificant financial impact on us. During the first quarter of 2004, we have reclassified in our Consolidated Balance Sheet a net amount of approximately $30,000 from investments in and advances to real estate affiliates to minority interest, which had no impact to our Consolidated Statement of Earnings or Cash Flows.

We implemented FIN No. 46 (R) on February 1, 2004. As a result, we determined that we are the primary beneficiary of 25 previously unconsolidated VIEs representing 14 properties (19 VIEs representing eight properties in Residential Group, five VIEs/properties in Commercial Group and one VIE/property in Land Development Group). Of these 25 VIEs, 14 VIEs representing 13 properties (nine VIEs/properties representing properties in Residential Group, four VIEs/properties in Commercial Group and one VIE/property in Land Development Group) that were previously accounted for using the equity method of accounting have been consolidated. The remaining 11 VIEs representing one property, (10 VIEs in Residential Group and one VIE/property in Commercial Group) that were previously accounted for using the cost method of accounting have also fully been consolidated. In addition, the Company deconsolidated five properties that were previously consolidated.

Results of Operations

Net Earnings - Net Earnings for the three months ended April 30, 2004 were $7,203,000 compared to $14,792,000 for the three months ended April 30, 2003. The negative fluctuation for this year compared to the prior year is primarily attributable to the charge for cumulative effect of change in accounting principle as a result of our implementation of FIN No. 46 (R) of $11,261,000 net of tax. This decrease was partially offset by earnings from the addition of nine residential communities, three office buildings and one retail center during the year ended January 31, 2004. In addition, we also experienced increased land sales in the Land Development Group and increased earnings in the Lumber Trading Group during the three months ended April 30, 2004.

Net Operating Income from Real Estate Groups NOI, a non-GAAP measure, is defined as revenues less operating expenses. We believe NOI provides us, as well as our investors, additional information about our core business operations and, along with earnings, is necessary to understand our business and operating results. Under the full consolidation method (GAAP), NOI from the combination of the Commercial Group and the Residential Group (“Real Estate Groups”) for the three months ended April 30, 2004 was $115,351,000 compared to $103,523,000 for the three months ended April 30, 2003, an 11.4% increase. This increase over the comparable period in the prior year is primarily attributable to NOI generated from new properties which include nine residential communities, three office buildings and one retail center opened during the year ended January 31, 2004. NOI generated by our comparable properties (properties that were opened for both the quarters ended April 30, 2004 and 2003) was relatively flat. A reconciliation of NOI to the most comparable GAAP measure, net earnings, is presented on page 7. A reconciliation of NOI to net earnings for each strategic business unit can be found on pages 25-30.

Management also analyzes property NOI using the pro-rata consolidation method because it provides operating data at our ownership share, and we publicly disclose and discuss our performance using this method of consolidation to compliment our GAAP disclosures. Under the pro-rata consolidation method, NOI from the Real Estate Groups for the three months ended April 30, 2004 was $109,584,000 compared to $104,671,000 for the three months ended April 30, 2003, a 4.7% increase. Comparable NOI for the Real Estate Groups (NOI for stabilized properties in operation throughout both quarters) was relatively flat due to weak real estate fundamentals, particularly in the residential portfolio.

EBDT - We use an additional measure, along with net earnings, to report our operating results. This measure, referred to as Earnings Before Depreciation, Amortization and Deferred Taxes (“EBDT”), is not a measure of operating results or cash flows from operations as defined by GAAP and may not be directly comparable to similarly-titled measures reported by other companies.

21

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

We believe that EBDT provides additional information about our core operations and, along with net earnings, is necessary to understand our operating results. EBDT is used by the chief operating decision maker and management in assessing operating performance and to consider capital requirements and allocation of resources by segment and on a consolidated basis. We believe EBDT is important to investors because it provides another method for the investor to measure our long term operating performance as net earnings can vary from year to year due to property dispositions, acquisitions and other factors that have a short term impact.

EBDT is defined as net earnings excluding the following items: i) gain (loss) on disposition of operating properties and other investments (net of tax); ii) the adjustment to recognize rental revenues and rental expense using the straight-line method; iii) non-cash charges from Forest City Rental Properties Corporation, a wholly-owned subsidiary of Forest City Enterprises, Inc., for depreciation, amortization (including amortization of mortgage procurement costs) and deferred income taxes; iv) provision for decline in real estate (net of tax); v) extraordinary items (net of tax); and vi) cumulative effect of change in accounting principle (net of tax).

EBDT is reconciled to net earnings, the most comparable financial measure calculated in accordance with GAAP on page 23. The adjustment to recognize rental revenues and rental expenses on the straight-line method is excluded because it is management’s opinion that rental revenues and expenses should be recognized when due from the tenants or due to the landlord. We exclude depreciation and amortization expense related to real estate operations from EBDT because we believes the values of our properties, in general, have appreciated over time in excess of their original cost. Deferred taxes from real estate operations, which are the result of timing differences of certain net expense items deducted in a future year for federal income tax purposes, are excluded until the year in which they are reflected in our current tax provision. The provision for decline in real estate is excluded from EBDT because it varies from year to year based on factors unrelated to our overall financial performance and is related to the ultimate gain on dispositions of operating properties. Our EBDT may not be directly comparable to similarly-titled measures reported by other companies.

Our EBDT for the three months ended April 30, 2004 grew by 7.2% to $55,121,000 from $51,435,000 for the three months ended April 30, 2003. This increase over the prior year is primarily attributable to EBDT generated from the addition of nine new residential communities, three new office buildings and one new retail center during the year ended January 31, 2004. In addition, we also experienced increased land sales in the Land Development Group during the three months ended April 30, 2004.

Summary of EBDT - The information in the tables on pages 25-30 present amounts for both full consolidation and pro-rata consolidation, providing a reconciliation of the difference between the two methods, as well as a reconciliation from NOI to EBDT to net earnings. Under the pro-rata consolidation method, we present our partnership investments proportionate to our share of ownership for each line item of our consolidated financial statements. Under full consolidation, partnership assets and liabilities are reported as consolidated at 100% if deemed under our control or if we are deemed to be the primary beneficiary for investments in the VIEs, or on the equity method of accounting if we do not have control or are not the primary beneficiary for investments in VIEs.

22

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Reconciliation of Net Earnings to Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) ⁽²⁾

	Three Months Ended April 30,
	2004			2003
	(in thousands)
Net earnings	$	7,203		$	14,792
Depreciation and amortization — Real Estate Groups (5)		44,917			31,288
Depreciation and amortization — equity method investments (3)		237			126
Deferred income tax expense-Real Estate Groups (6)		9,078			5,305
Current income tax expense on non-operating earnings: (6)
Gain on disposition of other investments		—			9
Gain on disposition included in discontinued operations		—			1,729
Straight-line rent adjustment (4)		1,924			(1,704	)
Gain on disposition of other investments		—			(22	)
Discontinued operations: (1)
Gain on disposition of operating properties		(19,499	)		(411	)
Minority interest		—			323
Cumulative effect of change in accounting principle, net of tax		11,261			—
Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT)(2)	$	55,121		$	51,435

(1)	Pursuant to the definition of a component of an entity of SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets,” assuming no significant continuing involvement, all earnings of properties which have been sold or are held for sale are reported as discontinued operations.
(2)	The Company uses an additional measure, along with net earnings, to report its operating results. This measure, referred to as Earnings Before Depreciation, Amortization and Deferred Taxes (“EBDT”), is not a measure of operating results as defined by generally accepted accounting principles and may not be directly comparable to similarly-titled measures reported by other companies. The Company believes that EBDT provides additional information about its operations, and along with net earnings, is necessary to understand its operating results. EBDT is defined as net earnings excluding the following items: i) gain (loss) on disposition of operating properties and other investments (net of tax); ii) the adjustment to recognize rental revenues and rental expense using the straight-line method; iii) noncash charges from Forest City Rental Properties Corporation, a wholly-owned subsidiary of Forest City Enterprises, Inc., for depreciation, amortization (including amortization of mortgage procurement costs) and deferred income taxes; iv) provision for decline in real estate (net of tax); v) extraordinary items (net of tax); and vi) cumulative effect of change in accounting principle (net of tax).
(3)	Amount represents depreciation expense for certain properties accounted for under the equity method of accounting under both full consolidation and pro-rata consolidation. See Investments in and Advances to Real Estate Affiliates on page 20 for the discussion of these properties.
(4)	The Company recognizes minimum rents on a straight-line basis over the term of the related lease pursuant to the provision of SFAS No. 13, “Accounting for Leases.” The straight-line rent adjustment is recorded as an increase or decrease to revenue from Forest City Rental Properties Corporation, a wholly-owned subsidiary of Forest City Enterprises, Inc., with the applicable offset to either accounts receivable or accounts payable, as appropriate.
(5)	The following table provides detail of depreciation and amortization. The Company’s Real Estate Groups are owned by Forest City Rental Properties Corporation, a wholly-owned subsidiary, engaged in the ownership, development, acquisition and management of real estate projects, including apartment complexes, regional malls and retail centers, hotels, office buildings and mixed-use facilities, as well as large land development projects.

	Three Months Ended April 30,
	2004			2003
Full consolidation	$	40,947		$	29,350
Non-Real Estate Groups		(1,004	)		(928	)
Real Estate Group full consolidation		39,943			28,422
Real Estate Groups related to minority interest		(2,166	)		(4,389	)
Real Estate Group equity method		7,033			6,731
Discontinued operations		107			524
Real Estate Groups Pro-Rata consolidation	$	44,917		$	31,288

23

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Reconciliation of Net Earnings to Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) ⁽²⁾ (continued)

(6) The following table provides detail of Income Tax Expense (Benefit):

	Three Months Ended April 30,
	2004			2003
	(in thousands)
(A) Operating earnings
Current	$	1,922		$	2,875
Deferred		3,577			6,645
		5,499			9,520
(B) Gain on disposition of other investments — current		—			9
Subtotal (A)(B)
Current		1,922			2,884
Deferred		3,577			6,645
Income tax expense		5,499			9,529
(C) Discontinued operations
Operating earnings
Current		(213	)		(159	)
Deferred		144			159
		(69	)		—
Gain on disposition of operating properties
Current		—			1,729
Deferred		7,712			(1,694	)
		7,712			35
		7,643			35
Grand Total (A)(B)(C)
Current		1,709			4,454
Deferred		11,433			5,110
	$	13,142		$	9,564
Recap of Grand Total:
Real Estate Groups
Current		3,008			6,887
Deferred		9,078			5,305
		12,086			12,192
Non-Real Estate Groups
Current		(1,299	)		(2,433	)
Deferred		2,355			(195	)
		1,056			(2,628	)
Grand Total	$	13,142		$	9,564

24

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Summary of Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) — Three Months Ended April 30, 2004 (in thousands)

	Commercial Group 2004														Residential Group 2004
							Plus													Plus
	Full			Less			Unconsolidated			Plus		Pro-Rata			Full			Less		Unconsolidated			Plus			Pro-Rata
	Consolidation			Minority			Investments			Discontinued		Consolidation			Consolidation			Minority		Investments			Discontinued			Consolidation
	(GAAP)			Interest			at Pro-Rata			Operations		(Non-GAAP)			(GAAP)			Interest		at Pro-Rata			Operations			(Non-GAAP)
Revenues	$	165,451		$	33,448		$	24,759		$	—	$	156,762		$	51,280		$	3,473	$	30,050		$	434		$	78,291
Exclude straight-line rent adjustment		(2,407	)		—			—			—		(2,407	)		43			—		—			—			43
Adjusted revenues		163,044			33,448			24,759			—		154,355			51,323			3,473		30,050			434			78,334
Operating expenses, including depreciation and amortization for non-Real Estate Groups		84,365			16,304			15,238			—		83,299			29,797			2,161		16,567			139			44,342
Exclude straight-line rent adjustment		(4,288	)		—			—			—		(4,288	)		—			—		—			—			—
Adjusted operating expenses		80,077			16,304			15,238			—		79,011			29,797			2,161		16,567			139			44,342
Add equity in earnings of unconsolidated entities		1,347			(4	)		(1,199	)		—		152			2,241			—		(2,382	)		—			(141	)
Add back equity method depreciation expense		2,922			—			(2,922	)		—		—			4,348			—		(4,111	)		—			237
Net operating income		87,236			17,140			5,400			—		75,496			28,115			1,312		6,990			295			34,088
Interest expense		38,696			9,201			5,400			—		34,895			11,373			696		6,872			125			17,674
Loss on early extinguishment of debt		—			—			—			—		—			—			—		118			238			356
Income tax provision (benefit)		1,735			—			—			—		1,735			(495	)		—		—			(213	)		(708	)
Minority interest in earnings before depreciation and amortization		7,939			7,939			—			—		—			616			616		—			—			—
Add: EBDT from discontinued operations		—			—			—			—		—			145			—		—			(145	)		—
Earnings before depreciation, amortization and deferred taxes (EBDT)	$	38,866		$	—		$	—		$	—	$	38,866		$	16,766		$	—	$	—		$	—		$	16,766
Reconciliation to net earnings:
Earnings before depreciation, amortization and deferred taxes (EBDT)	$	38,866		$	—		$	—		$	—	$	38,866		$	16,766		$	—	$	—		$	—		$	16,766
Depreciation and amortization — Real Estate Groups		(31,459	)		—			—			—		(31,459	)		(13,554	)		—		—			(107	)		(13,661	)
Deferred taxes — Real Estate Groups		(1,439	)		—			—			—		(1,439	)		6,138			—		—			(7,856	)		(1,718	)
Straight-line rent adjustment		(1,881	)		—			—			—		(1,881	)		(43	)		—		—			—			(43	)
Gain on disposition of operating properties and other investments, net of tax		—			—			—			—		—			—			—		—			11,787			11,787
Cumulative effect of change in accounting principle, net of tax		(477	)		—			—			—		(477	)		(10,784	)		—		—			—			(10,784	)
Discontinued operations, net of tax, and minority interest:
Depreciation and amortization		—			—			—			—		—			(107	)		—		—			107			—
Deferred taxes		—			—			—			—		—			(7,856	)		—		—			7,856			—
Gain on disposition of operating properties		—			—			—			—		—			11,787			—		—			(11,787	)		—
Net earnings	$	3,610		$	—		$	—		$	—	$	3,610		$	2,347		$	—	$	—		$	—		$	2,347

25

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Summary of Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) — Three Months Ended April 30, 2004 (in thousands) (continued)

	Land Group 2004													Lumber Trading Group 2004
						Plus												Plus
	Full			Less		Unconsolidated			Plus		Pro-Rata			Full		Less		Unconsolidated		Plus		Pro-Rata
	Consolidation			Minority		Investments			Discontinued		Consolidation			Consolidation		Minority		Investments		Discontinued		Consolidation
	(GAAP)			Interest		at Pro-Rata			Operations		(Non-GAAP)			(GAAP)		Interest		at Pro-Rata		Operations		(Non-GAAP)
Revenues	$	31,639		$	1,919	$	8,164		$	—	$	37,884		$	40,137	$	—	$	—	$	—	$	40,137
Exclude straight-line rent adjustment		—			—		—			—		—			—		—		—		—		—
Adjusted revenues		31,639			1,919		8,164			—		37,884			40,137		—		—		—		40,137
Operating expenses, including depreciation and amortization for non-Real Estate Groups		19,305			980		5,680			—		24,005			34,717		—		—		—		34,717
Exclude straight-line rent adjustment		—			—		—			—		—			—		—		—		—		—
Adjusted operating expenses		19,305			980		5,680			—		24,005			34,717		—		—		—		34,717
Add equity in earnings of unconsolidated entities		2,656			—		(2,313	)		—		343			—		—		—		—		—
Add back equity method depreciation expense		—			—		—			—		—			—		—		—		—		—
Net operating income		14,990			939		171			—		14,222			5,420		—		—		—		5,420
Interest expense		856			—		171			—		1,027			1,049		—		—		—		1,049
Loss on early extinguishment of debt		—			—		—			—		—			—		—		—		—		—
Income tax provision (benefit)		5,091			—		—			—		5,091			1,787		—		—		—		1,787
Minority interest in earnings before depreciation and amortization		939			939		—			—		—			—		—		—		—		—
Add: EBDT from discontinued operations		—			—		—			—		—			—		—		—		—		—
Earnings before depreciation, amortization and deferred taxes (EBDT)	$	8,104		$	—	$	—		$	—	$	8,104		$	2,584	$	—	$	—	$	—	$	2,584
Reconciliation to net earnings:
Earnings before depreciation, amortization and deferred taxes (EBDT)	$	8,104		$	—	$	—		$	—	$	8,104		$	2,584	$	—	$	—	$	—	$	2,584
Depreciation and amortization — Real Estate Groups		(34	)		—		—			—		(34	)		—		—		—		—		—
Deferred taxes — Real Estate Groups		(151	)		—		—			—		(151	)		—		—		—		—		—
Straight-line rent adjustment		—			—		—			—		—			—		—		—		—		—
Gain on disposition of operating properties and other investments, net of tax		—			—		—			—		—			—		—		—		—		—
Cumulative effect of change in accounting principle, net of tax		—			—		—			—		—			—		—		—		—		—
Discontinued operations, net of tax, and minority interest:
Depreciation and amortization		—			—		—			—		—			—		—		—		—		—
Deferred taxes		—			—		—			—		—			—		—		—		—		—
Gain on disposition of operating properties		—			—		—			—		—			—		—		—		—		—
Net earnings	$	7,919		$	—	$	—		$	—	$	7,919		$	2,584	$	—	$	—	$	—	$	2,584

26

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Summary of Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) — Three Months Ended April 30, 2004 (in thousands) (continued)

	Corporate Activities 2004												Total 2004
						Plus													Plus
	Full			Less		Unconsolidated		Plus		Pro-Rata			Full			Less			Unconsolidated			Plus			Pro-Rata
	Consolidation			Minority		Investments		Discontinued		Consolidation			Consolidation			Minority			Investments			Discontinued			Consolidation
	(GAAP)			Interest		at Pro-Ra		Operations		(Non-GAAP)			(GAAP)			Interest			Pro-Rata			Operations			(Non-GAAP)
Revenues	$	74		$	—	$	—	$	—	$	74		$	288,581		$	38,840		$	62,973		$	434		$	313,148
Exclude straight-line rent adjustment		—			—		—		—		—			(2,364	)		—			—			—			(2,364	)
Adjusted revenues		74			—		—		—		74			286,217			38,840			62,973			434			310,784
Operating expenses, including depreciation and amortization for non-Real Estate Groups		7,146			—		—		—		7,146			175,330			19,445			37,485			139			193,509
Exclude straight-line rent adjustment		—			—		—		—		—			(4,288	)		—			—			—			(4,288	)
Adjusted operating expenses		7,146			—		—		—		7,146			171,042			19,445			37,485			139			189,221
Add equity in earnings of unconsolidated entities		—			—		—		—		—			6,244			(4	)		(5,894	)		—			354
Add back equity method depreciation expense		—			—		—		—		—			7,270			—			(7,033	)		—			237
Net operating income		(7,072	)		—		—		—		(7,072	)		128,689			19,391			12,561			295			122,154
Interest expense		7,968			—		—		—		7,968			59,942			9,897			12,443			125			62,613
Loss on early extinguishment of debt		—			—		—		—		—			—			—			118			238			356
Income tax provision (benefit)		(3,841	)		—		—		—		(3,841	)		4,277			—			—			(213	)		4,064
Minority interest in earnings before depreciation and amortization		—			—		—		—		—			9,494			9,494			—			—			—
Add: EBDT from discontinued operations		—			—		—		—		—			145			—			—			(145	)		—
Earnings before depreciation, amortization and deferred taxes (EBDT)	$	(11,199	)	$	—	$	—	$	—	$	(11,199	)	$	55,121		$	—		$	—		$	—		$	55,121
Reconciliation to net earnings:
Earnings before depreciation, amortization and deferred taxes (EBDT)	$	(11,199	)	$	—	$	—	$	—	$	(11,199	)	$	55,121		$	—		$	—		$	—		$	55,121
Depreciation and amortization — Real Estate Groups		—			—		—		—		—			(45,047	)		—			—			(107	)		(45,154	)
Deferred taxes — Real Estate Groups		1,942			—		—		—		1,942			6,490			—			—			(7,856	)		(1,366	)
Straight-line rent adjustment		—			—		—		—		—			(1,924	)		—			—			—			(1,924	)
Gain on disposition of operating properties and other investments, net of tax		—			—		—		—		—			—			—			—			11,787			11,787
Cumulative effect of change in accounting principle, net of tax		—			—		—		—		—			(11,261	)		—			—			—			(11,261	)
Discontinued operations, net of tax, and minority interest:
Depreciation and amortization		—			—		—		—		—			(107	)		—			—			107			—
Deferred taxes		—			—		—		—		—			(7,856	)		—			—			7,856			—
Gain on disposition of operating properties		—			—		—		—		—			11,787			—			—			(11,787	)		—
Net earnings	$	(9,257	)	$	—	$	—	$	—	$	(9,257	)	$	7,203		$	—		$	—		$	—		$	7,203

27

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Summary of Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) — Three Months Ended April 30, 2003 (in thousands)

	Commercial Group 2003															Residential Group 2003
							Plus														Plus
	Full			Less			Unconsolidated			Plus			Pro-Rata			Full			Less		Unconsolidated			Plus			Pro-Rata
	Consolidation			Minority			Investments			Discontinued			Consolidation			Consolidation			Minority		Investments			Discontinued			Consolidation
	(GAAP)			Interest			at Pro-Rata			Operations			(Non-GAAP)			(GAAP)			Interest		at Pro-Rata			Operations			(Non-GAAP)
Revenues	$	160,137		$	35,854		$	37,860		$	—		$	162,143		$	38,218		$	1,624	$	20,308		$	3,983		$	60,885
Exclude straight-line rent adjustment		(2,670	)		—			—			—			(2,670	)		—			—		—			—			—
Adjusted revenues		157,467			35,854			37,860			—			159,473			38,218			1,624		20,308			3,983			60,885
Operating expenses, including depreciation and amortization for non-Real Estate Groups		90,104			22,380			21,318			—			89,042			18,573			1,137		10,985			2,622			31,043
Exclude straight-line rent adjustment		(966	)		—			—			—			(966	)		—			—		—			—			—
Adjusted operating expenses		89,138			22,380			21,318			—			88,076			18,573			1,137		10,985			2,622			31,043
Add equity in earnings of unconsolidated entities		3,277			(3	)		(4,180	)		—			(900	)		5,415			—		(1,209	)		—			4,206
Add back equity method depreciation expense		4,238			—			(4,238	)		—			—			2,619			—		(2,493	)		—			126
Net operating income		75,844			13,471			8,124			—			70,497			27,679			487		5,621			1,361			34,174
Interest expense		30,747			7,329			8,124			—			31,542			6,267			270		5,621			837			12,455
Income tax (benefit) provision		879			—			—			(110	)		769			2,173			—		—			(50	)		2,123
Minority interest in earnings before depreciation and amortization		6,142			6,142			—			—			—			217			217		—			—			—
Add: EBDT from discontinued operations		110			—			—			(110	)		—			574			—		—			(574	)		—
Earnings before depreciation, amortization and deferred taxes (EBDT)	$	38,186		$	—		$	—		$	—		$	38,186		$	19,596		$	—	$	—		$	—		$	19,596
Reconciliation to net earnings:
Earnings before depreciation, amortization and deferred taxes (EBDT)	$	38,186		$	—		$	—		$	—		$	38,186		$	19,596		$	—	$	—		$	—		$	19,596
Depreciation and amortization — Real Estate Groups		(23,229	)		—			—			—			(23,229	)		(7,643	)		—		—			(524	)		(8,167	)
Deferred taxes — Real Estate Groups		(5,819	)		—			—			(87	)		(5,906	)		(4,830	)		—		—			1,622			(3,208	)
Straight-line rent adjustment		1,704			—			—			—			1,704			—			—		—			—			—
Loss on disposition of operating properties and other investments, net of tax		—			—			—			(64	)		(64	)		—			—		—			117			117
Discontinued operations, net of tax, and minority interest:
Depreciation and amortization		—			—			—			—			—			(524	)		—		—			524			—
Deferred taxes		(87	)		—			—			87			—			1,622			—		—			(1,622	)		—
Gain (loss) on disposition of operating properties		(64	)		—			—			64			—			117			—		—			(117	)		—
Net earnings	$	10,691		$	—		$	—		$	—		$	10,691		$	8,338		$	—	$	—		$	—		$	8,338

28

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Summary of Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) — Three Months Ended April 30, 2003 (in thousands) (continued)

	Land Group 2003												Lumber Trading Group 2003
						Plus												Plus
	Full			Less		Unconsolidated		Plus		Pro-Rata			Full			Less		Unconsolidated		Plus		Pro-Rata
	Consolidation			Minority		Investments		Discontinued		Consolidation			Consolidation			Minority		Investments		Discontinued		Consolidation
	(GAAP)			Interest		at Pro-Rata		Operations		(Non-GAAP)			(GAAP)			Interest		at Pro-Rata		Operations		(Non-GAAP)
Revenues	$	12,378		$	1,157	$	1,113	$	—	$	12,334		$	19,901		$	—	$	—	$	—	$	19,901
Exclude straight-line rent adjustment		—			—		—		—		—			—			—		—		—		—
Adjusted revenues		12,378			1,157		1,113		—		12,334			19,901			—		—		—		19,901
Operating expenses, including depreciation and amortization for non-Real Estate Groups		7,956			587		808		—		8,177			19,734			—		—		—		19,734
																							a a a a a a a a a
Adjusted operating expenses		7,956			587		808		—		8,177			19,734			—		—		—		19,734
Add equity in earnings of unconsolidated entities		1,151			—		46		—		1,197			—			—		—		—		—
Add back equity method depreciation expense		—			—		—		—		—			—			—		—		—		—
Net operating income		5,573			570		351		—		5,354			167			—		—		—		167
Interest expense		449			—		351		—		800			651			—		—		—		651
Income tax (benefit) provision		1,995			—		—		—		1,995			(136	)		—		—		—		(136	)
Minority interest in earnings before depreciation and amortization		570			570		—		—		—			—			—		—		—		—
Add: EBDT from discontinued operations		—			—		—		—		—			—			—		—		—		—
Earnings before depreciation, amortization and deferred taxes (EBDT)	$	2,559		$	—	$	—	$	—	$	2,559		$	(348	)	$	—	$	—	$	—	$	(348	)
Reconciliation to net earnings:
Earnings before depreciation, amortization and deferred taxes (EBDT)	$	2,559		$	—	$	—	$	—	$	2,559		$	(348	)	$	—	$	—	$	—	$	(348	)
Depreciation and amortization — Real Estate Groups		(18	)		—		—		—		(18	)		—			—		—		—		—
Deferred taxes — Real Estate Groups		225			—		—		—		225			—			—		—		—		—
Straight-line rent adjustment		—			—		—		—		—			—			—		—		—		—
Loss on disposition of operating properties and other investments, net of tax		—			—		—		—		—			—			—		—		—		—
Discontinued operations, net of tax, and minority interest:
Depreciation and amortization		—			—		—		—		—			—			—		—		—		—
Deferred taxes		—			—		—		—		—			—			—		—		—		—
Gain (loss) on disposition of operating properties		—			—		—		—		—			—			—		—		—		—
Net earnings	$	2,766		$	—	$	—	$	—	$	2,766		$	(348	)	$	—	$	—	$	—		(348	)

29

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Summary of Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) — Three Months Ended April 30, 2003 (in thousands) (continued)

	Corporate Activities 2003												Total 2003
						Plus													Plus
	Full			Less		Unconsolidated		Plus		Pro-Rata			Full			Less			Unconsolidated			Plus			Pro-Rata
	Consolidation			Minority		Investments		Discontinued		Consolidation			Consolidation			Minority			Investments			Discontinued			Consolidation
	(GAAP)			Interest		at Pro-Rata		Operations		(Non-GAAP)			(GAAP)			Interest			at Pro-Rata			Operations			(Non-GAAP)
Revenues	$	128		$	—	$	—	$	—	$	128		$	230,762		$	38,635		$	59,281		$	3,983		$	255,391
Exclude straight-line rent adjustment		—			—		—		—		—			(2,670	)		—			—			—			(2,670	)
Adjusted revenues		128			—		—		—		128			228,092			38,635			59,281			3,983			252,721
Operating expenses, including depreciation and amortization for non-Real Estate Groups		5,215			—		—		—		5,215			141,582			24,104			33,111			2,622			153,211
Exclude straight-line rent adjustment		—			—		—		—		—			(966	)		—			—			—			(966	)
Adjusted operating expenses		5,215			—		—		—		5,215			140,616			24,104			33,111			2,622			152,245
Add equity in earnings of unconsolidated entities		—			—		—		—		—			9,843			(3	)		(5,343	)		—			4,503
Add back equity method depreciation expense		—			—		—		—		—			6,857			—			(6,731	)		—			126
Net operating income		(5,087	)		—		—		—		(5,087	)		104,176			14,528			14,096			1,361			105,105
Interest expense		5,701			—		—		—		5,701			43,815			7,599			14,096			837			51,149
Income tax (benefit) provision		(2,230	)		—		—		—		(2,230	)		2,681			—			—			(160	)		2,521
Minority interest in earnings before depreciation and amortization		—			—		—		—		—			6,929			6,929			—			—			—
Add: EBDT from discontinued operations		—			—		—		—		—			684			—			—			(684	)		—
Earnings before depreciation, amortization and deferred taxes (EBDT)	$	(8,558	)	$	—	$	—	$	—	$	(8,558	)	$	51,435		$	—		$	—		$	—		$	51,435
Reconciliation to net earnings:
Earnings before depreciation, amortization and deferred taxes (EBDT)	$	(8,558	)	$	—	$	—	$	—	$	(8,558	)	$	51,435		$	—		$	—		$	—		$	51,435
Depreciation and amortization — Real Estate Groups		—			—		—		—		—			(30,890	)		—			—			(524	)		(31,414	)
Deferred taxes — Real Estate Groups		1,890			—		—		—		1,890			(8,534	)		—			—			1,535			(6,999	)
Straight-line rent adjustment		—			—		—		—		—			1,704			—			—			—			1,704
Loss on disposition of operating properties and other investments, net of tax		13			—		—		—		13			13			—			—			53			66
Discontinued operations, net of tax, and minority interest:
Depreciation and amortization		—			—		—		—		—			(524	)		—			—			524			—
Deferred taxes		—			—		—		—		—			1,535			—			—			(1,535	)		—
Gain (loss) on disposition of operating properties		—			—		—		—		—			53			—			—			(53	)		—
Net earnings	$	(6,655	)	$	—	$	—	$	—	$	(6,655	)	$	14,792		$	—		$	—		$	—		$	14,792

30 GRAPHIC 3 l04613al0461305.gif GRAPHIC begin 644 l04613al0461305.gif M1TE&.#EAW`'W`,0``/_____,S,S,S,S,F M:*JN;.N^<"S/=&W?>*[O?.__P*!P2"P:C\BD$LNFW6.M-JA:"G&)D%:E#:8TG"D?*VF*21M,`*!>WD]&>2DY0K$I>8EX$HB88C!I>10*9F(\S?YLM>V*G0J!V?P9S`*JP M?PB5P,&3I`8"`@.DK9RT*@8$=!*_):2H1*H2!,;:-`+%,*#*!HQ!U*./?UT+ M$G"*U<+O\$WE(N`CCFEMB8IV`@QJ;[MTD9(&:=V)7/B^#/KW!6%">FH8Y%&E MC`3"+A?E*'#(R%&;7`H\`G#()N"E184@_ZIAA&SC2C&.(#A@,.Y3*7,`T/&Z M(Z%FO)]`E1`3ETM1HY.7$.B+=BV-II&A1D7CF0>4HF0FG1J]%O)I4ZQ@-(4, MR2@95Z@G21G$:E7"@S=I+Q53BY+6GZNTVCIME%BJSVNK6BUM934?J3:'K3+R MG+-4/ M9I#[QJ*$#/B5(%D10*G?23$("VBL\,_,K'ZQ'!NTQ:ZV_U:_'1KMK+6L^"0" M!-UQAY9HLU3DW/^"#+Y03FOP$;A2=;ON:@P"[(#%IM')=)62>M=HJQ5ZKXYRJ@+74K*Z=(VQ/_-*S$ M`2VFMU2+5)J[]?-@@5K[X(&*'7?;&-9 M1U:%PHEGS*OTG'.>M]]Y\]^WWWX`'+OC@A!?N-M"&)YZWPF`@ M.%(:SSRN^.2`\PI8=YV6ZQCEG.OM%RQ%1.G MQTXWS:/`-5\=4P.MS>Z\]^[[[\`'+_SPQ!=O_/'()Z_\\LPW[_SST$O_OKLM^_^^_#'+__\]-=O__WX MYY^_P2?0O,8^AG&)1E(0,OT9\(`(3*`"%\C`!CKP@1!T7^100#.BO,(ZO#E' MZ2I4O0YZ\(,@#*$(1TC"$IKPA+QSA@ITX84"Y>0CHJ%='!20#13:\(8XS*$. M=\C#'AI/A4L[C<$"X+CN<8*&/DRB$I?(Q"8Z,8E`Y`(2GTC%*EKQBEC,XO.DWVY/<"GXIS&8Z$Y"*9$,%QW&MT6W.EWM\IC:W.<=; M.@L4OX'9!EOT!FZ:\YQK]&8)+`>PU87L!-H@P$;02<]Z9E&=GY`A1#1R32]\ M[SL1#*A`!TK0@AKTH`BUWP!6N`FF3:,;&B1@.>U)T8HN\9;K@0H_)I;!%TK_ M5)86#>GS#.`/!ICTI"@]*1M"BL]D8&("[!7>O9U!W\%[%$%F]?"HO.P.DBL8G'*V+G:LH.6F:)>YS&R6=K$2&&Q6>[I5IY*`<3"A'4(BEXO60O6U-STM M7&E[5MM^9A/XF`D=IA,0HA85N%\5[FQ9:EQ_5%!._P(@(AU(QP+20I>>TM4K M<>5JW-0U0AD.^(5H2"H'W;GVNR$-;UG'RU?CTH$SR(4-[O+16O@&-K:RG2]U M&7K?#1%B>Y21B/>ND]`&._C!$+:??`G;J0A;N'W5N!YZ:T*6%SJ*O2.*&+8!%G!35XC>17[,P)/]F94:[!E*DL3"O3U[#V'>5[N6Q. M+P]8#V,F\S;-/&,T\UC-SV1S;9.P93C/4L[%I7.:[=Q,/)-7SV_F2#Z`&]2$/>P^: MB:J7.@;#GC6]Z1A3F'G@<(^LW7-E-O95%5X*R'9[ZUM6KYG3G_7T\'@58P4\ M8-22MDFNY;#=?AXQT[XN9:*+!XH&%%O8=22U-/';X5BL.MK2!C9JL1V\:E\; MV2[8P\W:B9*&@:&M(0;WH,4]7%A+P-H!=@2Z6]"G@,`"`3',1DB(#8QT[VL5\B93N$ M["I9:9%JU!GKCIQV*N]];N8]P`$Q3@!3TMYSOWX;[I:4^[#IKO/FI2'O>]=A MEKGQ=\!#4O"!)+S7#8_W`.M=*7Q?]*$CYO2F>Q+RY9:\TK_NN\-;/O$Y7/P, MW@[\XON.V,;[%Q=UZ1];W\"4^(*7?.]L?G_2]4_Y@F9]Y-VN:^L,WNHR59_VW(E]YVL\K]W>O M>4&#OX_OUT;YR7K^Y*7_K>M/O?,U"_WOQO^._T=R=9=\_Y6W?*B72?O77;W& M:`%H,Z'V@`X`;3D4@/,W5O6'//='5OF'@"]09`T!.2(`<`MX5AB&5.+W:CB7 M%A"H!CU1111H?.:'?;R3@6.U@3=T6+BS%LS57B-H3R6R4\=B@EJ'=,76@E3T M@DEW?;AW>KJG?R[`:SF13*.0$QF%31(H3`X0`9TG:X`@A,$G@_('@_1GA$^$ MA`.(?@6X?0=X@WVW4D(W"@208^YUA6KT@T"H"'2X.S2(5;SBA24&AM\CAA9( MADYDAH7'/'MX539H0RTW$]V#$!%#)MAT2/BPA92"#8B8AGD%"DV(/`THB%B% M"RYX@L*W.Q48BH"X/9J(?VO(B/]MV!TW,3,"L`"1\&X,5G`KEXNY"%$*4(0H M5W$#L`(]P;. M:'&-N"%5^$*]]88S%&]^Q`:^F(G#V(7+8X@F1XA-Y(ZW9W>KJ('LR'YN8!!$ MI#HLMD&L)T;HR(SF>#R):%5]V(ZDF(K4:%6B>(0)282'2("YUWP.(DT541*K MDVK/!4@!^8X#:3P%654'F5,/F8)):'[PR$3RJ(3JR(04^0(1XR\?>&D5DH=D MU)%*EY(@68]C-9+)LY(H^9%*!)3TEXK"Z)+=)T4V.48X>7PZ63PA60`^Z8DE M27Z@6(W_3YE$1&F!1AF5BXA"JB<#_QA&31F4+2E;4WD\6QF*6>E#:UF-7!D] M[F-XO2B09SE8?UD\A5D`#5F&59D\"VF8<3F128E&2SD];7&'/X*(D^F1E;F) M]_B3G8D\GZF9@UENEBAK?#D\F7F8.RF:^*B4:7=OMUD85D67)F27@M!_H=03U(F!JYF3N2D\?OF:5"F=5GF2 M>]F:K`B=Y_F%$#EY[&F/G#$I``WTF0X>F4XQD\Y>F>_VH9F\LHH(!)H#]TE0P9FDCYFZ09G/H9D>C7GV9YG&AIG@.*GI[IH(;)G&!GG2+) MH0OJH;()HIH)H098GZYXGXR8G_L)DABZGAIJF2:*F0Q*;2IZH!A(HE*9H\JY MHW.GGERYA"WZDM_P,N?1#3V(GQ4JG\E7HX/XG\T)I,FIFT0Z>$;*EE8ZH@GJ MAT"FD#W*HFKHHHP9`^AP7ZA&DS59>RL(:E_J.Z`0I?,XI<:)AF&*D"A:H#TJ MHJ6'I4*JI7W:H%T*ETAZIDH:"^7`;%,(A1\%/(,1IS9B;W;*DGA*F3?JF@JJ MHX7*HX.I\]N:VU*JRAQZP^BIA[2I*HRJ6JVI>L"JW9V7>\UATA MTUX@`4__Q)>V&F/D2J?=*J47VJL_NJ[1"9_3J:EZ^JNF2J@(FY[O.CS:>'H- MZZIM."F`P&$!9W7Q-$\+MQ"WRHTC=P`!.WH$D(P4QXOI:''!&*#7B(U>AHS3 M^*>_2'$MBZS%Z&72J(P&^@`UBXT&,+$&*++=.'&-N!>PL%X1-7/8&K*6&K'D M":Y8::QZ**C_:'JJ#YL\QX&N@$JJ!ON>?QB?=[JP23J:L>!"XA%TEU97_1I@ M_UI])8NI`ZNPOKJA%1NL[3JL!*NN#)NLCR:VXLJ'W=M6 MNEM\ESN^5[6\>"N]A@JU`!JOUTM"VMF!IRN\3^NMX+FWO3FY[.J^_Z#*OZL* MO2<*P*FJO[`[N!(*O$WKK\,+L-^+BJZ+O+;+J;(;;+1KHQ6LO.4+C6.:P>"; MO/3YNT\5O$Z;@A&,J.'KG^IKD!W/FR"H,R05@QGB$ MQO[4(D^:Q/B+PGQ<>E9:L#NBL!PK,!_W`(<<5Z; M0XZF^\2?S,.AG'VC3)O.>Y1Q_+^<"[%O/,#^>[#%_*%D;,F8+$)]Q2OB@2`. M,`"]Q8-6:,)K#,JP#)6_G*ZQ;,%RW,ATC,AV+,227&_E_+C.+*_8ZP;*4$W; MI0#A.'2!G+J+/,7=W)??W+7'RLI8N\R6J\K#H[G$/,?&W,8)[+M-#$\M9`>= M\@9)9L]AMK4$'>S89JS"2FS/$NS6OUP7-VW7JUU.YNR M/?NS$I>-\4JT11MQAX74@.$2'G5$_&K1*4K57=G/P6S0RHS0S-S3\0O0#BO0 MT]O+O".T:KC(IMEW`Q0'_7BM%;W#%ZW8>NC7I1S&J(R^A'VEALV\8MRXS0S2 MBEG4(=1R5U$'!M9<&OFF]\R]^2S3$JS1&FS3(0W4LRO466W)IAQ6H[VZI8W; MIXW#!R%K+S.3V1S;43S;?'W(&RVYPQS8Y$S2YDSXW9F:O9OLW9_SJ] MQ^P]WZ'=OHC]OO+MT[[IF<,),^6FR8QWW]O,RP<.H/QMVMFMVQC,W5.[V1X= MW&$XW.?-T"0)>[`G>W3JX*L7WO@\WH%;WG6,W9&,X9.LX5?V5VLW\_K MQYX8`>U:O^FFXK+-XNQ,TR\>XAV=WBAHW=&]T$DNX^K,Y$-MX57US&'EXZX, MY-X&X>+-S0I-HY_=Q]/]WM6]WN;MY'?LWP4>P!,.VCRNEEB^YEN4O6VEUW[Z MW+;=VU2>Q4I>BA\>YH$ZX#DMYZ_\YW$0^Y=\*Z%[K MWM%+Z'H;X`ANZ06,Z0!NZ.V-Z#^IZ&5>?8U^E_^/#M/.K>,:0>G_S.FM[.FI MK.F%#>L!O>@&#NH"_N:`2>I!S76GOIU3M[\Z>I5*^BG_-^S?N;A_.0' M7>J)W>9B+LL]_N/.!SXLTZ3.!=N5'>&73>VBC.R9^]/1_NMF?N1HCLY0/M+I MWN+K/I?N/%6^OMO`_@*E5A;TC%^=K+UVWJ!XGJG.?NCHW>[;+>5Z#N-\;O#J M'=^ZONFB?NU9#MG8(#F.VE']7N?X?>>LCM6/O.>_3<,>'HA>#/)JCNML_O"U M'O%PCNTNT&(`X+.CD$RSJFI3]>\\&O!&?MU(GN8WSNR>3>MN/N:7CO('K/)# M;^TM/_$NX')M\`_6RK3_W][E$H[T8%?A"J]W'6X`0.\[QP&DX$SPXDR27"_K M02];#7!L])C@9([NIM[T^54A<\&+^LHPG9<,E-H7"]YTJYWW>]]T><^"?S]K M>$^I[3'X[M'W*V@>B#\6$A`!@7_XC5_X<6_Y3M?MK5U@]K"Q`I+$#@10%_8^KJ]`L?_Z[#/["&3[M]_ZNN]`B"-SJE`3 M2BMSG-!%7=3[HV4$I;M(Q%\$R;])RT\$P=Y=O2\`;[$0MP5#=SW\J2`*UF#\ M-A``WF\#S3]*10#^R!_^-&#^1*#^1&#ZD67\#C$&APN"!/3\@X3^W'#^]J_\ M_\P/`@(PDJ5YHNDHJJV+LJ_LQK-]"K6L"T9IZ&["(;%H/"*3RB6SZ7Q"H](I MM6J]8K/:+;?K_8+#XC&Y;#ZCT^HUN^U^P^/R.;UNO^/S^CV_[_\#!@H.$A8: M'B(F*BXR-CJ"(2CXD!A(E@A8FA!,OE0J7"I\EH3&]!B<[I#^*-14$H"*RH1R M`KB6$&2:GJ)V9J[X`F"RC@ZG%H^$FE2V'K^H4BJ\FB"`TKI4TF):U^KP]L8& M)RO38L\(,_.0`U\#EROK;*HY."C0(]/;U\[/F_`[XSL0(6"?`Q($63B0H+#@ MM7T2)CF<5(]!/@,2]@4Q,9">!%$3\R'`]TF`PI(,6__,J\?0(D51&^<)C.A, M`L6`P0Z.2.D`HL@7+SO>JT=+@006!!S4S-@/X`B62'\\O`3TG\J8^Z2Z3#FU MQB*`"O%D78(\F)Z$D5>G-2\V=/ M;MV"?W.\R"?W+@"Y)%^MS2DJGPI_=Q_KR^F#`-T<.;RV"M',G9'BX>`KLGWU@;KP;:M\RW@(RKNL#`@O":PESC95L>,&*U@,J/0&D M:7V7$AIK]]!`P0`00'Y-L4#_$B8!GD)77>!0IL)YK#AH#WT`JL95A+7`&A(.I$8@C@`?V\PD#+M8E$(:CP"7+H$\2"("# M-#Z*!E$^7"E)E@^>ND-I+,`&6J'#B"8#3+B.]IY!MBH0`&>7HB`:9?1,F;U'ECF"31*9`P>@".A:6[F@`'N-R4E)H^UQ*:0#U.29JWJA_KDK MG\>:,*L-%$EFD(Z@#"L#`E$96BF+S+5+AKZY*H#`M61UM%:0$DXUD#2]3G)4 M#7]U*64^"C(@IT5M)6P"`Q)(\^R<)#?EH`P6^3:RGA>G>1.H??K+)Z&=S6-L M8H[&4AQCM,E+L5ITEC"QIT)6O&E?$2[L4\#\YA1#K#F1^AN/^*+(J"0]W\Q% M/3&DYY6#(8?D4,F41'BA?=RHV7'2VJT:[JVU27FJ@M MH\3S7!2V%K/N8NFI,-E9-`PTQ?[I7Y=9B%OI/>]2;`#\"``!POU26^Y#P1=_ M/*YC]_MRQ*?@99WOWW5^M4;`HS(VH,76M0"C*2:V/"I_/9J>;&>J*PGUA>E3 M@]+,8I6[]T$JAESNB.X"GFFACP9*W$'!P/K7KV"-1@?:$T-"2H*R/OG*3P#\ MC0-%41/YS,-%"PJ87QQX$?X$;'4)V@?]#.)!$8AP2CW+F;`\*)P5CN""89G' M=%(P,`"!BX$A1CY@91>4L*N`X&93RC1M!HCC*6PHUMW`$< M*Q6$Q:W@3W6TXQS92$?/!("/?A2D3_88C(S(D0:&/"0.C+!(/*IQC8J4)",+ M^47P$)SOIR4^",I2B'"4I2VG*4Z(RE:I<)2M;ZZW"4O>^G+7P(SF,(<)C&+:[Z4$;)(G0M*HAT3!W)P5I<-$`D)LRA*[UG#.91@*="]6.G:4S6E$$H&$IE M8ZI84+>>X5.752JHYX`&."JQ1&P$%7YL8Z)4:I32I;*TJ0Z`:E05M0P?DJPJ M$CO43[.U$]T@K*+$ZAJJJ@*@.57+L&09%EFT93!$3@Q#2U,J7*/9TKG2M0"4 MD9@PX);5*"8.!RY[6YX8@)":$9:P%CJMJSSRF?9\8CE$I`0"WA=9N[2+LI5] MYF4SJUF^!L2P:QU!:M)*V)_>AZPT&6P"H7(DRX3B@WP9AD6>2_\AV$*%70GQ MP<1((HFH54JENX5F;S/KJ5DDJ@2<(M*EKH7.!`020C9Y:7KC@:$(AN4:'TBI8%PSL:MA[,W)\VMS$-.FU- M)3,@XG(7(F5!8/*")*:664.W!UYF2SU8DK+D)2`XTHF1VNLREHR%4::]2#T^ M^%6",*+(0P@M)ELSZA%PQA*YS*3V;X[#4:*#7QE M92*4FE;^LS$#/-:E+G840```[ ` end GRAPHIC 4 l04613al0461304.gif GRAPHIC begin 644 l04613al0461304.gif M1TE&.#EAV0'R`,0``/_____,S,S,S,S,F M:*JN;.N^<"S/=&W?>*[O?.__P*!P2"P:C\BD$PNFV,"Q>.A()`$:P4`SC8\##8U7JEH^/UL,FER,`("5EET*$YJ;A``/FHZ?$VRC-I^=2)NJ#X*:`2]JAP:E0)F&HVN/B2)K ME[Z_5+,3"H:9$WN?AP*:R@:/-)\(2Q''!M8&E#'6,,QSVS_+K+/6QP"V))E[ MP.OL2)^L(YF.QFP-FL1I>VEQC_L/TB:BG5##IA]!!>H,-.`G8E\#=21HE5"P M`,^@8M;B-%1`B*,=.08.'J+G3`%``(T0_\;+6%!$2(83RR&H=FP9JCG#VNG< MJ4@31&%P-HGR.8M5@'?O>.'*64)@S%&C#B'U:6YISF50F9(XA:`KL:H3@HH3 M>@_G!!&KL*XI-90S[^`:V"].U@`-3<$)D0X M-!-D5$^.9A%*UG3"29>T[.'A""GGJ3DJ,\D)%U`550#V/BU&618H:4_##"U" M>];P!#=%68>M"H]J[J*ROD;SMP%UFQFI>Y^W;@JQ*H>2MC9*6\=EEUXT'*L_7XZ_A:^-^WU996RUZD;K=Q8C=(= M3GZA$]9,$RPP@O]ZS37HH`A':14?7@2*4%TZ,:VAX0'4TS`&WO?C@D,QE`D$_(E)& M74ZB07)'DR@YTR$)+(8D`(M-6GDE->A!AC")@(U^K$B MCPB)[78C*_F`)B%6)MASRW'($$?DGW^]MP8U.H(Y79@`S!0>5APQPZ@Q?"&E M(3&G&',<>V6]$U(IPC1:X)JX?*B;'9R"@M\M9QGZB#RDIJHI@.]H-]JM]-),-^WTTU!'+?745%=M]=589ZWUUEQW[?778(.>M]]Y\]^WWWX`'+OC@A!=N^.&()Z[XXHPW M[OCCD$245VZYSWQ=S-?EG'LQFY/UPK&0_RZ;=VXZ%D'M,0X=Q9E3'KRG MQTX%''KPTLEFXL@1KNR\5W&E)Q;]HP8A=A3/6>_(SQYN.`CY.CP<^I8N\?34 M5V_]]=AGK_WVW'?O_??@AR_^^.27;_[YZ*?//0JSV=3C71S1@7.4(2%TS?WX MYZ___OSW[___``R@``=(P`(:\(`(3*`"%\C`!CKP@0P\CPD^IY7=(8)VP$N! MEM3'P0YZ\(,@#*$(1TC"$II07^S;721&]`S._,,3/7,)/DY(PQK:\(8XS*$. M=Y@]DY7@<_*S#_1&%`L-SI"'2$RB$I?(Q";FT(M&+4!Q"%K](QO\RFO&,:#1?&(4PQC2Z\8UPC.,7UQB$-LKQCGC,HQY' M2$<@V'&/@`RD(`>)O3[^X(^$3*0B%RG'/@[M=QM)2.FH=$1&6O*2F`3CES!S M'5\M8GF%,F(F1TG*4O)PC98B&3PB$1+7L0"1IHRE+&>IQB\5SX*T6R4K#D"I M25*2EL`,IC"_%\979!`1&2%7+!H`.Q/`O.;X`RG.,=)SG*:\YSH)&`*&3$,4B$@.1FQ0^E>\4QIVO.>EZ1FN!JQEE!F M,UR[<&8E\4G0@BY2G]=9X4H\H;M-RM"@$(WH(!%:`@04R`XNT9`*ZBG1CM[_ MD2`?"FE(!QI(1Q:,7PI;`4<]RE(WRD.D,(V-(@WI@Y6V]*9E5$,!=LK3GO:T M(#-UJ!])BM.BHE&G/DWJ3H&:2)KVP*9&C6H3D:I4GS*5D$[E`52ERE4D4K6J M/+WJ1(6Z,VT0M:MH9>)7P5H`L0JRCU=4R"Z>YR65GC6M>.7A6L'JUI)NTUPC M8DEQZJ205]XUKXB]X5ZKVE=`AE%^R%#=!`+`RH8:-K&8]>H#V/K3P^+QL7C8 MW3-FTCK[S4^@F4UM#A>KU,;NL8\6[-%H3K0\NZKVMC5D;5)=JT>*CN`C;W#= M(&#'3?NE\[C(3:YRE\M<`.K6JG=H;CK7^5L)+6@0_\<\P59QR]WQ/?>G"SBH M0S^G,X%F,*!1]&QWUTN^[X95O8T<;SF8EQTDC:27HF2O?CGHWJ7"-XYP509( MZX420M"AF0_=KRD'#-.0$F"+_6WK?^&8U1UL5\%ZC$-[-IP=!]1$BQ'F;1XK MK(,+8QB/:^#L3A/P82>&>,)O)'$.3'QB.:98Q2QV!H@WJV()BQ<)-*XQ'&_, MV1Q#F,,YQ;+.A,&YK39Z3H,F0-O^8I M-&(A&0`!ELWL9CO[V=".MK2G3>UJ6_O:V,ZVMK?-[6Y[F]H#H$./C?SMFVY55].QIC?8.8T9Z+-<;Y#AV.5R4_E M>=#_A:[SC:^\WTU_[\>+`/2E)W'H3V]XU/T[=2)4W>H\Q+J.Q>SQ?[-@$`F9 M:Z0+#'84;YWH.C3Z6%N0F`=HICC%`P"T_MSV.(K]R&5_>`M6N!!'MQ*]VE5Z MWW?X=RKW^-`41CH+!1Z)^%G_V%.+H';'"#C=OD56@:DU@%!7@-W# M@4DF?SCD&3 M@W2V@S;4@S3P@P1(@4)(@T3H>$;X?@BX@@HH>18F@50H@U&(6378>55(3!-P MA3J8A3:P=A=G?IOWA8D5ACEW@]N#A'REA#5482DA8/$#"2#(A2+HA18X;NI7 M=%MG961HADF(AJ\4&[V`429Q31&X2/W%8FZ(6'!(B'*H/73(6';(/0PF?,91 M/5GE2>61.]E5?H0TB3,(AE/XA_]TMH%EV('@(RF@Z!.B^'W1=1[R9%HMX(0G M"(6!2($8"(1D!HN(6(?BPP8]YF'#:#!.15^)\#PLR&:IN'E^*$V7&'>%"'D' MLXFMU8G;HXPJQHRW:'SMT@_"I1',=R7$T&[N^([+)@`+(8CM"(_V>(_X*&WA M]G?Y:&[H1GT"P&U7$HM8J&S:-FH*L(PU`6WOI@+NPPL0,0_UEGB2V(;!.(+- M^(MC:(`$>8;A(XZ<18[4,XKG*&GG97#72(Q@MHIOV(HQ^(I'V)&)^)$).8Z< MEU6T,SR2H"-Z<'FGQH:"6(EYE8VKM8W&*(O?`Y)L)9+34V'[\!.=L&B8YWT" M)#ZJ*)3_>$64."1W."B3R$B3"IF1%:.%)9:2W&,MZ6<:8ID]5[E%]<-A2*LE71XF%8&F3:\F$,^"+VK,&#A"8@CF8@CD?X=.6(*8)V[>8V-=]6J25 MBF64,7F,G)B,-1F2-TF6,V:6VS-Z@KB6V(.8+G8,2-E$D&E#7#F'7EF9>8F9 M>ZF9,L>9?[EUZ7"8%IF8A@:.5T>73[B1*;B:WVB985F.1^"7V6-SM0D^HCE5 M$Y";7'2:N2695EB:W:.48,64$B-CD`0:"3$`U)AZM#F(UK.<:M6K6:>_WCYF+RID<4X MF><9CO%YG?/I`EBR2W+`3'R7G:-`F!8:F+GPD?UIFT$)80+JD03ZF45XH-,Y MH$FYH%6%G=VHA;GD)&SGDVM(H2BJ5`J@9[.XHN(2+/PI"H6I>#CF6]*I=2CBK+97ECZE5J*D5QJEPAJ MHMYCG2G:H!O%'J<`3[>T.<45D,\VD&[*637J#-MV)7(*J0LYJ?-(@?5XD&\9 MEQLFJ9.:"Z)X"0*K8AI##R9!.Q4]VL9,G MB8K=Z*10^I[8@YQT.CU6JCWGEY:<<)AYRII[*H/^J8V9V$/M"5W"J9?$Z0+' M9@ZA-9$QVJN/RE9PFI0X^CW%RI9E^'_HRG\2`&RB^J5(E)XGM)[22IG!V9KR M^9HP<&P851P+84P4V:3?"E;A&JCCZCWE&IH2$*VAN:SUVJPK^:Q%J;#7\ZK4 M:J\,BJ\OD#';J:93V92^^J;`>CW""K%UJJ,&F[#N1ZX,"ZL]NJ4_ZJ=!FJ5# M:JU%"F1GU::_RI]32K+$:K+=HP`HZYN>N+(5Z["#QK.H*9U>"JC5&:8^-:;< M!)L_=[,?"ZG_(6L](\NAP*B<04NB*LNC1GMIPYJT$FL]%/M35UL]@JI44#N6 M-BN*50NN:4L]69NC'U`5M5`UN=!?NSD[L]0"NZQ(JY2Z6Y!X.6R.J8XLJY!&N[$D.X$VNXF5NM MKGFM*T``"Z$.%A65^`FP.2NE_>=SMBXKBN^LA&YZ'NWY*J]_YNFK&#; MOG*KLR[[NRG;OPG\F^M[N*9+I$TI>8DP"X;'K1U+H:U+H_I;OK'KB;-KK`#< M6NR*NVVUP;0SO3<*O+`KO(.;O@S,9PBXGP#",M3*\4Z][EGY[G"[LP2Q\OPU\O(C+MH2Z,X$@.J%@>JR+ MP@C\PUH;A(=)Q#MGQ$Q[EDE<`$L[#V5"JYCV\+T.,9O M7`PDG*$/#+(^[*S4*[2T&\?L.<\\O",L"!FL9K/)LJS,363+QF&\K%7,5B>L4IQ!Y[R`MN(*&QE5YP^\P^M]#%V<4LG<(1;;=;^[\SK<]H MO-'<[,_]#,P@_='_\WK$:IO&-"RU+TC45MO+`CO+UQO3"+O45DVW-NW51]O2 MECO-5-W390VY6&W.8L35!:S6K@O6<$S-/VO14J><-&W,^8O68OO2XM;6_\G3 MQ>O3-0W!V:G5/DC7CBO8E(S7,*W7E$O69ZR@3CW/4`W14KW3(:W8@&W%BGMV MF;-ED;C276W7-$K9JVK/2FW8X_G7Y!S/-]W13_W9H8G8X2S:M8VZNQ\-Q3\NS&1QVZ25W-LJVW3*W91?W%OFS4NGW8H?W6$C/)3QO"(?J;#%S:0ERE?,UU?CW=8+K9S,VGV.VU"IS=OY$K.`-J10*-PY$N^Y$V.0)\0Y5$N*U3N MI%8>Y;9R0)G@`%N^Y!(`?`;TY&&.Y%,>?.MZYDP^'UG.YDCN8<1'0%\.YSQ. MYG1NYFS>Y0>DYV&.Y?UC?#\>#Y22RE1B#>";Z(J^Z(S>Z([^Z)`>Z8K^O9)> MZ99^Z9B>Z9J^Z9S>Z9S>`A/L)]`3"`0>7$6@AO\Z@.HSMKBJ?@,I#0Y&T.JN M'NNQ+NN"4:9O42`N1'"W-@>T?NJ+R^JG;NN"\>M$0.PG7>NG+GGRXT\\F:0. M600!@.PR,.W!3G74C@;9#@/63@3=?NRQ[J]"\.H]L)UXS+%Z9T7;S@/KGK'& M/@3M;@7Q7E:_,.^SDSSXGN_ZON_\WN_^_N\`'_`"/_`$7_`&?_`(OP7MKJ@3 MA`,,_T,.W_`^D.VR3O'O3N^F7NX2OP+BCO&2`.O`(#\H`Q/\1!BE;@(@I=`G M0B[&D5$:@G0@I0\OOQ$M#SI7I$$SCP@UCV:3$5(@."GQH(X\'_0$YI"3LBI" MGX>@`Z,_)!(V7VP[N?/_1)/R+F]Q([>3J![S+&]QK"SR:LA/^K`0L=7U!]&+ M0`\:0E]75,+T3I"AL&<'#Y;%=[`/ZP'SXDTG9P"B>$,R\=,A,]"X'<_15\P%9AW45H.LU"^CN$,AGYG^!`(%E6^TI#X MK+,Z1=3AXIWY&&0GG5`0RZ<"4=H+PW;X0')1W;`"0%(2NU$0I5\FGM"`J:]! M-:$SN7#Y<((FXMWKNM+XL5!>J;,CR"<%A4+>Y`*)N],(,*\ZXH"DU+^M+V`R MD2$?QZ$+]6;NRQSXQ$'J'7%1;#_](E!XT1@>`1YPQ$\T?A$)\;]"HJ90)T\N M_RH/`H#R`(`Q"4#S/$IID.5CE+5=*C0@H&/)IT:LVHF5NB$5+ID!5IN9)D9< MS8>T&9:`%E#F@C50.)WRBFT\71-=:\>"/J?F.;UNO_K@6U%LBW`+Z-WY6&T) M.'D!2+'HW+F9]''U*04*C#3>52***'1!VK0YRB!XYND`!>:$.K:MO:"L/A`H MH"4ZYBUUT90!($1JV2%,\#W1"!SV'7LZ$O3\[AR+W:S:\30]'RL>_Y&&OBF\>3AR!H<[..&D2`78)PTC4OVA'@,2ZEN*$PCDG:/^$NE=ER<"29D[\"4FD MSP]I`5VTK+'LA4-'@4@TU&E3A)2)=%8@.U(('J"=[9YR!*B'Q,`L#E,Y$L8R MWR9J6VB:3(CC5T,>2X091?)SY"2'%J5YI;-VAT6WIYR-'#IGBB>06J#\:Q$7 MC]2_YK:F&21V2RVFGVPX#8O8%EUU'7T.>:PBF5Y+/>U-"5HL$42HIAV%.?R# M:KX'BR8LIO//7"1DB;XO>^FA;S;MR(R,2*;F4O7^)8E$&4N_%R< MISP>`WZDJ(='>DJ;O'A3!"C/\:::P6^0K!+IC_DXYV]@I4ZYK]#W;CZ7H@FE M'PLIWDX#J)XZ^Q!SPBO*"$#_`!=UG(3%,)]8LUQIS=DC7F7+40A/*+FI18U* M&M822GD+*?1`B#C%L,)7-?TW#5@J4HB(#XA,.,3],L00T""S_-)H-@ M)?X(RB*9B;FA8#&T*9T9KKW1TPA"O")$7B9:2%B=-,"@9Q2"CL?@FFV0Q-<; MKA0Q0F.ZU3FFB8JVX$H__[@DW)J25HH)+WPX6N&AV54*#)%Z74'G&P2`"F4* M80Z&XZ&[))19>X->4HCG++**[/>-H($EZX MX8N../0WZXX),'W83EEV.>N>:;<]ZYYY^#'O^ZZ*.3?KF7E*/^ ML@&GISX'ZZW#?O+JL3\5P.NTXP[R[+F+8COOOZN\._!U^#Z\\2/OWBX"RR\? M;[L?97J%+X*F1V<8'(Q`!0PA-"L5I*><`* M6;B^!HP(%`W((8J,PB.B[#`*V0G_$6LNZ"(NKF@S%%))&[`RA"L)Y4=QF1$# MG7B[*)HPA54L@*VT58[G0:8/"BI4'!-3@C5T@4M#R(T@S'*,<2C#!RM('B(] MPZ.E\`@&&XD+%[[XOSOB,8!ZK&(?J>./1PW2/!R"H&.X(`9-XHF1F(#5%XXX MEJ(T(U+-B`@/3W$-%WBE"/WQWQ-#:4R.C66/?/1?#@*AF4=09Y5?7`4B4<`# M4A!#EL+QI2,_<0HC2.,0E^0A$D/X%2[UJ9C'-*;Y)N"`=\)3"NY[Q(B,@!5I MBNH,D)JOF$X07E'G.O'8SO2A MKT1;Z:$.B0G)(AP%409K"(Q@_ID^A';4AN?P84]8^JI(=0A]<`B#3&]4A:%0 MM*)0W)WM)(<%+`0G@_902\>P\X/D$$XGZDC0JY3*0:>Z3JC822I\;I!3G>81 ME+&[*E9%J578<;6KXQ->%+\JUMB1]812/2L4(^?6M\(UKG*=*^+8:M>[XC6O +>MTK7_L*M!```#L_ ` end GRAPHIC 5 l04613al0461303.gif GRAPHIC begin 644 l04613al0461303.gif M1TE&.#EA7P')`/<``"8F)LMKFL;6SFM[=];6UD5.5%IKAK7&QFLW1>?OY^?G MY^CN[L[>WJ6UM=;GW@$!`<98A,[.SN_W[[W.QOG__P@II3A"0M[>Y^/QZ_^% MQ_#P\-;UOCX^-[OY[6]O/__^>[N])9K><;. MULG0T-G@X)RMK1P<'-[GYZW&QE@K,^GO[^GIZ8RJJN'HZ.GPZ<#1T='9V<[6 MWM;GYWJ'BGDY2O][O;W6UO_Z_Y2EI=[GWOG_^:V]O;W&QJ6]O96UM>?G[];> MUK7&O;W)R?'X^.?V]N'FYBWC%*Y][HZ-#=W>CN MZ#U'=.=KI?]\QE1>7^?O]_'X\>'IX0\/#\W:VLK9T'AX=#=U]#@V.SR[-;BW.EOE]3@VKC)PNCV[\G1V/=[ MO=KAVC@Y1>+BZL'1RN[T]-SIXJR[N^/JZL;=W:6TK'9]?;C%Q>SL["(\KFMM M=&]-4[C(R,W;U-GIZ?^4SI1.<\/3SLC7T.CH\.WM\]GEY=+9X>CH[A@Y_\;6 MUN_O[_?__^_W]_?W__?_]___]__W_];>YQ`QWA@8(?_W]Q`IWM[O[^_O]ZV] MM=[&WG-">_3T]-?HZ-SFYM9KG,G3SN[N[A`QY[C#PPHAH8R3KY-_HWZ6]QM+9W[W#PX2EG*6UO7-"A,/.R>+NZ.]S MK>'KYM??Z)2MI9RMI?3Y^#F[*&QL>#PZ3]4_YRUK35)KM_L MY=KFX*6MM=G@YO/Y\\?/U^#FX,ZUQMSKX[S*PW-[A.?O[_][QKW.SO?W]\[6 MUM;>WB$Y__^$QL;.SO___R'Y!```````+`````!?`O8,.*'4NVK-FS:-.J7//JW!CPLVAIS0L<#)_S!7IKRXLV>)D3,['DU:M.C( MI2%;)OUX]>G3EC_+GCWPP>,'`G%W>6!;M^]_O7-GQDUP-W#(N']G/N[;..WG MGX/;9MZ[^N[JQ*W7SGV=]_7OP*WS_PX.O;SY\^C3JU_/OKW[]_#CRY]/O[[] M^_CSZ]_/O[___P`^-!)/,)D2X(%Q6:62*/\8B."#9_60TT/)51C>/S^T\\T* M#73HX8<@ABCBB"26:.*)**:HXHHLMNCBBS#&*..,(*9A8R*)!!$$";DX@@02 M8+Q!%(747?A`/BW4`0>-3#;IY)-01BGEE%2:>&...O:(A!MI+!%1:;::*)9IMPTAGGG77>::>9;;+IIC][`JHGGFOR.6B> MB*K9IYR")FJHHX0FFN:BBAXZJ:5P9OJGH)%V"FF@H&+:Z*62*D4(- M*1@"3#$@L/]APQH;Y++$A`Q9R-N%!J[P"IWXO!FLIL("RJ>PPYY9;+#*MCG! ML+KI78ZRS"J#@O:\*CH.FSH MQ'1:+/'#%Q/J::<6A]RHQH$FJK&F)%>:\<S/"C&+J=W$3F=]:LIG@RRUUZ&FO?/&;T-ZI]@;J_KOO\3$:H,7M7K_&=/":5?< M=.!E=PTUJ90BG3&S2X\:MN%9/[UVILA**CGAEX>9*_[DTYH/3_;G7+8/> M<]Y`TWJ`,#(!OG'2>*(M>NBCEZXRXI46KOG6E[\MNZB'+OXRZ,17"GKMEJ[< M=?&9.M-2=^MOQ)ZY[@W3SNJ+2ONY_'CSWYU^9L3>OBIG(K_ MJ.S>GY\^]$V+&K_Y;.-,>IKZGOZS/D&K%>O^ICVW>2IE:[N?][SW.OPI#WY^ MTMGW0N6[Q^'/@:'#X/H:"#OQ*1!\^[-=S*2W*NKY3%9\(X'?8.*Z.6V*46LJ MWZ8H)4,TU3!WC*(4^UPHPTWYZ8=P4A,0_TWU)Q@:$8>%HJ&AN#;#)@Z1AG8J MU`NG.$0BQK"*/,PB%8\HQ2ZB25^K2H'/!+8&+_#!5JTK4Q>5.$4HSBV*;M2: M%ET(0S1 M^,=!_E"6;PPE%?L8R$8BT9!$E.01AWG(2H719WH3V@I?LH(@"""7=9(4%UG) M*$12\IK$G"4;I;A-7U83D+/4I1/]>$IRHQ4$1\)#1[":DHG?A&@P`\G+ M=%)TH.#"11)+`&^"*L5O MHNNF,H.33''J4G?B]*>1VNE,S214H-ZTJ#GME!"%>%2>SDV<-M1E$'VH*1+> M[83+H%4G6>A,?#S3'\_TJIIH"M:HHN!/866J6MV4UJ^*M:Q@/=-7PSI7HHY5 M46F%JUS':M>]^M6'::(K7X4HT[8.%K"%O>):$^M#QB;VK8[M*YH8J]>Y#K:N MIWPL9B][6+^^-:HVM*%FRTE8OV;"'ZP2HR9OX`4SDF"`+"1!:-<6M7\D:SAC"T+>DU>MG:4M5P9)UMJ<$;J':^MO"X@,%S[SM"]U:6N1V,9S( MS>9L11M7Z\+PN)OB;6#EZM7:ZA6XSD6JFO3ECU5](1#`6`0(]& IQQF2Y9 M`0GR2E.:6A<%:`*P#P%]D"6O7T)[5'](5JV6%R]0'CU:W#7;K M5]>46_`6EZH4UJV:I$O@LXK6O'%%\&$7?$3_/M._BT5Q8'\[W!BZ>*DTIJX_ M,E�*@6I?I8!B?QVY!=&9DX_QA3$$"1XB;']<5Q9;)E!0#=*E-YRDME\EE1 M(.72^J/*7Z;R73?\52:#%,YS- M+&906/G->E:3F0'=Y!>#^=!DSG.B\0SE0A_ZR_Y@LJ0C+>=&/_G2<\YTH37] MS#I#%Q[^&$8*4O"%>U("!#=8AGVM0>1DX]B``+QAQ`!($X0BWSC6N=QV$ M`_1:U[_FM;!U30(7DR`9VLGGMZR,86]C'SG6SE1UL:N_ZVL$V=K67;>UN MXWK:W`YWM\&];6J3N]CB7K:VCX#N6Z?;V^6&]KK='6]E%]O6O/Y#+B:1BPE, MPA!(8$,*M@J1\1CI'_F0@`^"<#5\"*'A#F_XLX3PK`D\_.$1Q[C&(QZLBP]K MXQOG^,3=A?&,FYSC)?_W>,@?;G&41WSD,#?YLTZ^[RC,=< MY1^_&L5_3O.;![WH'L]YSUG^\H93W.E01WK11^[Q"8A!#$*H`1)JX`9B!"P% M;0#!!DC0C9/H"LG_6,$1K#Q6,"^U[91V^Y8A/6A*"UI-7(9TW)?ZYBUW.LQ_ MUCN8)_W@O%=YTI$^?-S_/FDM+Q[2;_:TF]V>^P9_3;A5CW05^9[6@N_:=#G8)`O!<8J,Y# M??DPB58;C02AA_SKI?S@Y$_Z]I"V]EYEO>C%3__J`MVE= M-E>`MFC-=WE1%E?X)WU^EWN>=V8"`&KPD`GPY07!5PUKP`>L-B3,M';^]W=8 M!H&#!WABEGG/5WI71GA_%WGD5X+6QW8J"(-P)GVA9VBO5WY@Q69)X-3J'Z8EH(Y"()Y M-X4K>&57%@',]W>)UV>JIWY[J'DO:(7Z9WT0V(@#_TB"7)9W_H`+_%")_/`) MEYB)FEB)G]`+!Q"(@?>$+*B(_+=Y>EB"I2=IA"KE>`8]5E>=>$3.8,.]9[I&:!>9!JS1`&?V!\*J%VH""+MR>+_@"- M+`@*$8"#?":+T-B(LAB%D"@`$4!EH,B-$`B(?[:-LNAIL:AXZ4B.K]>.7GAG M?P:(N$B/J8")F*B)^;B/E>B)D1:.Y@=6``E6TFB-N;>-L3B-NPB-"6EH8WB% M[Z@F[7B.B9>*LTAE=Y:`KM=V\9=YT$B-5$:-]`B.H;9CO@<,:R!V^E`-?A`& M;]@2*W"$[`>0#!EI`I".\/\7BT^(D]`E:3=)D#:I#^M7BS\IE#AIC<]XDW^H MD]J8A8`HBNN7A48)734IE/]8E%$&D."H?H#8E3I)E6>&E/2H#TS&"IG(C_K( MB?S@B4*)`FW9CDT9DE&IE-!U93@9E=H(CG9IDV[YDWK9EWVI?NF(DPIIE-/( M>(!8BX,9E'8IEX=)E4-)D)")E#@)E].X>3@)#Q$P#/D$=I3@!920!]50!B[) MC"E!)F09:4(IAX0)?T_9DWRYFD!IA^T'@2D(?[!)FR_VE5&IFZHIEXVGFS79 MFYW6EN_'D^\WF3\IF#99FZ`P`:E@B6FIEIKHB7-)E\GY?HW9DT]9DSI)G)-I MDR+_Z(>N")MX"7_BZ9QSZ9N5:9-X:)RX29>K^4S&R9-9-)69]*B91#J:#'Z:!DB9VK:9@5&J'+":$3NJ'- M.9^4V:"Q*)@B>IR7^:!&29=)R9P(FI=":0S4R8_X:(F=*`0*RJ`:+/**)%BI0[JI@U6J/L1Y:"^:/NAZ/I&*4I"*1$2IE% MZ@_.H`]LH`_Y]`5E!`)4L`RDF0ME1R`L$9.`N*.!R:!)V:89^I;$R:$Z>ICL MMW[=*:$'JI2#2:(KJJ(/^J&I2:1]ZJ"LZ:<0.IEM&9TP_TJ=F\B6C?FF\YF7 M@)J:(GJB/8FG*5J956JG<1J2[/>,D8:@F?JF$4J53?JCC3FHZ[>@=DJI-KL:';O*+KNIX;N\E[DUO*I3:@ ML&NP!E3_L`'(X`>(\*O-:+'%6[KJN[Z=V[GKJ[[N^[[IZ[[M6[KQ*[_L.[_X M.[S$V[_W"[_VJ[[B2JXOJK?`^[[_&\`A`,#X&\#ZV\#Y6[SU"\'&6\$3_,`7 M;,$.3,&R,BO@*[XJ,`7FFQ*;F[X,C,!*&P+QF\`+3)8+K,*?^\+ZH,(MS+\K MO+\MO,"@T,(G3,,.++LPG,(NS,`U/,,S7+.\V[OCVHGX0,'[B\+Y&\3/J,/% M&\0`3,54C+LPO,4BJ\,A<`-#/,0U^\*A*\5%?,0Q?+%?',92_+YLH`<*ZP>T MP@=RH`*(L(%_`[PR;,1\7+I[S,-\#,A"+,A^3,%_C+^$[,2"_[S(0MS'2LL` M3ES(\BNN>;N)J=`+_L``^Z#)FKS)GLP`G+S)A)S#?0S(C.S(/&S*ZDO*$)S* MC?S*KOS*L!S(ZQO+K"R_<-R]-L`'&P#",S#""&%PXX%V%:O*J]S*\KO'Q\S* MRGS+M>S(I1S-1IS(@XS,@`S)"PS)C[S-SZRTT5G`!8R)'-`+%E#.%D`(YIS. MYHS.KZ`/-[#'[]S`IWS,DCS+R5S-SES/W=S(\TS+T(S(_*RT-@#'W\O+[A#" MUE`.9G=P2+8"$_#.-P#)$:T/#`#1%'W1D"S1$+W&&NW.V?S(!.#18`S&(OW% M:^S.%VW1(VW2*SW2*+W&$+W18"S1(?_P`5]L!-,LT^X@U$F]U$[-U(+0#ZK@`_N`TD)MU2D-TQS]TBXMU"N-U22M MS1(MTBC=U1:MS3,=U!,MT6/-TB(]TF$MTC2=UB[MSF,M!S;0"7*P!F6`"GS@ M#NPP`TB0N0>!9$;V#_:@#[L0!!9'<0=P<0?0V)$M!$+PV`Y'<95-V?A@V9,] M!Y3='K2FEO.:K-.:KLEW@/WFGMYZ^1^'X^F9LY264#O(DYRXG, MO0/.W=1,3>-+C0"\X*07GJDAON%9>)MWZI,ACH08+@#"*&K]23"G1@5RX*O&-\QHUQ#%',\FS0`+?`-&\,XV3=$$<-/Z M4-4+G.8SO.9PCN9L?M/8O.:0O`\AT-,LO=O/L-@;-(V_W4"*`,#%#I MA`[H;([-/&W2@R[I-UWH%TT`9D[G=Z[F+0S)F>[F9L[3.(WH@F[2MG[GDF[F M0PW&JO[%MM[H-V#KJE[5<'[H:8[37YS+9;`&8;`![.`.@MUJ81[F"U&QQ][H M'V#L,PSKO][GJX[F/)W"A][H.=WGK.[K;][GS3[4V&S2TC[4^E#I&7W3;C[K M..WJ,KSH9+[N,QSP+ZSF[4[4CIJS:!GJ_4#C%E_Q2=W>YE;_Z-#^ MSM6>Z@'/YV;.\7PN[6B>ZFH.]K'^]5W_Z#Z/]?B.]D:`Y_=^]A2-\ILL\IK< MZ)L\Z&5O]WF/]B1?\WRN#Y18R>6:B4A-X]#=W**^`_>``#[@`'5/[PS@\?>. M^>R^YS4O]V%_[])N[GT>^EC_]8%>]P5?[6=OTUEOYWS>[(!?T\?.^9B?]<<. M^K$N^VD^"'BM`GQP`7P@#"KP[:WC#_O@R9]\_,C?RP8KUBD`&JJ5% ME<[\@%1@SYU-UQ9MRY1!79E0(?X$"C/B4+<1]>XC2O&BQ3)A@@E;XA%DRI*1 M4TX.N<(?T)UX#VY6VK/TKPN\+B^]@WE`\_?OR&\\W;+TX?(7GXC&`@-MJLPHHJ MJFR[C2S<^MG!K"C@\V\B`&5Z[[_[W).PJ/<@`E!`_NCSKZ`+UY.P1/C8"_$] MBS":CC''MC-)QI-6VL>!@3K,D;_]%,(QQX-P_.Y'^XC4D4@2-]SGPALY'.A' M$'=\I*!/''T],80/O4T5!])';7))D]--=7S/.524%<]Y11.685,==9."XH5 MURE%-176&U\52-0+89MM3`.MLBW-W!K<+1@N>145UE>GK;5:8#L%]E5J:T65 M5"I7]5;;85.-UM=>?ST5W2F/42$..>(89)Y@UK'N,91*PI0[?WZ,<*!_%0IX M8(#A(UA*@_G[]]\Z`]['88>_^_<'@;V$V+Z%>7PX0("6(V32YX!E1CA"!WS>1P4\+(*4 ML4GQ/4G??Z#>U[(?6WC_\@(<+Y@259'WH=CKK7_\^NLH/BW8SX&LWIC(KLM& M->15'Q8;+;%OG/CMHL'FVL<(OQ;5;;W1DHJV,<<\4[<%^TFB`=<[;[DM1]7/O+N^_.PF^WY[H&G>11J1,*01 M9AU/*,W74JEE-.4?R^C6^_$?L=;:`;0>1@5'NE$)?2"TVJ0X>;>+GSODY>%N M MMEEF>64'7S'+U[HWO^D5+7G($QE:OM:F[*%*>I3CGM_BMX_&.0]5"R0?_=RG M_S;F^8AZ61-8]#"8OBAD;WL.T%K[%&(_!XSC&-YH5!S"4(AZ+6$!?W#:2*#6 M.QJM0`!6P]KRBNB]KK$P?\M+(<6\AR.K37!Z=G.`VJ)8MB-ZS8,5O!'YEAB% M"4+Q89N37)NPF#^M(=&(+-1BU<"6-P7^8()DQ%J$&D<@V9@L*X=+W&W6)(,I M@/&$5D-B_,#H-OLE<(QV/&$#G\C$+IZP>N3;'!E/*$9!/I%H6FM!T39GMS8U M3I`.H)C;")F].K)1B6=,VXUDB(=*P+)VY5C"'12@N]T!,8@"R"3^PL?``ZZ2 M@2X$FQF!V4@F,M&23%0B*-OX/L>UR9(GM&2;LM;,*_\B+W_$?&*3/MDXX[F0 M?.`4XP792#+"$>Y_SDH<`GS0@M")<9A?K*0O+6D^3[ZO2=Z+D"5Q9#XKMK*9 M=71A^"@F/64:$J%M%&04IP3#?IJRH/4\X3&B,`L5<$$%\TB&O12P`%SZ4"2Z MG,SO5@"*'[3`>RK=G-54VCWCL;"E2FR!\=0HQQ]@S:48K*).N^?20UZ1D#KE MZ074^-*51J&31JTD&)'8@I8.$H-(U*E.G7K$F3)5J1@,*@L+B4ZL],],`$3< M;7:@`QE4X@*=K*D2C8H*>.+`JEEUJTO=*D>ESA2I<'5J]^@:4Y?^5*94=:M7 M=VK7GW(UJWMM@5TO@(.<]K3_BGW]@0S'P05WS`"6TKA#.:J@C1Z.5+3[JLP0 MIWI`O-8SM9$]+!(K&5G`$C:F.I4C45U+69UZ];5^/21D$[O7VSJVBH-,)352E3'6Q4"K,4PP^>+(0MC&$1 MA_C##::MBEUZK`AI>'8!H*4122ESTA5# MF<@:5K)XC8QD*N?TR20V\9+??%TV_Y3.*77SG$T<9P^G6,EQA3%;!ZU=7/0O MK,CBH\K:R>,?/Q6G=PYRD`TMZ)_VN<7';2^$]>S=!7MMJ8>^]).C[%T+2]C/ M>*VS2J=P#,U6@@M@!O,=0+J$$CPM:KS+UZY]+8I\A,(RW--8L6EF;&0G6]G+ M9K;"FOWL?8"5QC5>IYK`,L!^F$5M.(.VL=LR,Y#!K-OC)C>R&Q4=Q3#FEJ&= M4=2>)IE+E<0>^ZB#$$"A#P&@0`#XUH<_\'UO4`3\WOX(N/\^0!$!4.P;!0:_ MM[X'GO!^)SS@*)#XO_TA@'MC7.(4#_B^)8[Q?/.;X@9W.,CU;7"$ZV/A_CYX MQO$]\H$;G-_^]KC"&V[PFO>;WP=/=(VKDJR3?25Q`\84'7.L%%SC`R5YVB2>\Y&J?>L'W M[6^:(SSJSH"'/MC`AB^TP0MKH`(5Y."',-!C"1204>\B\YN'_.8GGU(%_*#'HI]\Y"T_^1&8OO,)>/""3]\" MUH?^\:1_?6-1+/O26U[:!=KCT&__+(AL$Z'SD0<]Z6D/><\,SVL# MA^0,H)!\2JD?_LW;O_78Y_[T<=]\SUL^`'0^TVL^[\.^R/.^`*0^V>,_`NR\ MT3,&L7JNJ9"N&UL3(K"'!!S`^ILPW#,^Y,L]!-S`TE/`$2S!`E2][/L^R'.P MT1._^UNP$)R"*9@!&XP!17@$1;B#.[B%"0@MPR,M^=.'RML^(WR\#N`^)6R\ M!&1")=Q`)=R^!-0^*NP^*"S`)XS"RV-")YQ"V+.\U(/`+]1"*>RQ!,A"[JN\ MW5NTVB`K_]Q@$`1X@C.$0B8LPL=C0@WDORK\0B;,OB64/#O\PLJ[0BK,0BLT M1.V;PT'$=C MQ,HP;,5!;,;4HT5IQ$DS;$)DS,J6S$H-S$JUI$9I-$=Q'$FAW,G+&TN7I$?M M.P<;A($9D$@>5#]M(#!=$RDA7`$C@,181,8$@$1[.$.9/$-('`$-M(>BC,PS M+$+#[$59=$2%A+V.%$:2/$>27,8$(,EU[,BB-,<$:,SM2X!2E,7%K,:.7$VJ M3$Q!?,52G$U(K,RC;,UY/,B.),T6Z#G_;.R?:F,G`4(`(F!-(US,=2S%RI-, M5CS(HXS%J73,G!S-$7C.V*S,Z!3&U"3*QT3-A-3,V,Q-2&3&T:Q,82Q/[R3) M[(Q)U"3->'Q,]C3-YBQ*3:"!&'A(.WB$/=B#372#3MP.,T.)5?@'C51-UN3, M]:S.TCS#SH30].Q%SE3/CE3,T&S,GDR`6&3'HSS(T$S/#*70#'5$Q5Q/5BR" MQ0S1#T7*W*Q0"EW'S^Q%U.P`Z'1'Z41-=T0G16M#-R2ZLG@">[C,!_U-"4W& MU831]'R\\US1QNQ0FU3,S/S-QEQ%[%11S+0'T4Q$T-3.S\3.++72I"1-A4Q* M[FS,,>7.RJ1$_QK(3XA\A$=0@CVH2%US/R$$'@9`2NVD3\9,2,Q<3S`M13/M MR`\=QQ@MTM9,5#+5TQ05S]A42&;40-(4SPXMS=)<1DE]SIO2=,SM5%%PU5(,9=<5;5)]I=%ZS=>*)==]55G0;%D155=V#=&930!- M.`<8P%D:D$@,V(0]X,0RN],5^%:,34Q]O=@A%=C%1%J6!59@A4QAA$S)_-?% MQ$[)E,S$+%FCU=J01=CS=IRE=J`75H%6$/> ML[%3=;0T08!T^-HL55L5W5J_[5I][5N0%=FU!5RV)=>PS=I]55>E9=GT--MV M'=*^E=RL/=JBI=RFM=RD=5,8H('^M(,]V`198+^1LA2A)=JJ/=G'S4VR75RJ M75G(G5>8W5>+W=L07=W7[5C=I=>R/4?8%=S_I-7777N*7` M'M7&Z"PW?U*7>XX5;F8U=ZM7> MZ\5=\A78BJ6!SHT!&+C6/0#=;`7,;4T\TCH#!DA:__W?KPU@Q1W@KU7<_R7@ MI05@`,Y:`TY@`VY@!%;@LBW;I2U;BHW@!DY@#1[@:VS*WH-*-3DK;)```2[A M`P[@`E9@!T[A#69A"4;A%CYA%U;A!S9A&IYA&,CA'/9XBGVXR5.8C7.6D).6D,VY#(NX$5VX"B&Y!:FV,[5@,Z%`3O0`#O8Y!\. M8CL=S'WHXBPVXC]&Y`ANXBTF926.9%368$`>Y"PFX#0VY3YF37O(!U(8A5+( M!UT>!5$8!5W.Y5+PY5%P!2B.Y5>^8D;F8AF#+I,ISH@5.AUK`&-6Y#6V9EH6 MY4->86S.X\5$8V_.YB;FXPFV9FU6Y4!&YP-.8XI-8VMF9?B%`4OVW#W0Y$ZN ME-$BK14H8F[F9F768DD6Y#,NY$8&9P,NY736Y@=FYWT(`(=^:(B.Z(?V`?]7 MZ&=`CF0^'N?!298WCJZ'92<_0LY;..=!=N0S]F=Q1N!6QF(65F(J_F8RKN"6 M#F=SYN(G3N@E3LP=ON1,KE\[>`<@QF=NQ90&"&4U)F68CN0O9N6C)F.D1NHQ M;F6H/FHN]F.`SF-$%F5"-N(Q<`$RZ`HZ?L.P`+Y["(!@^^9CCFJ2MNHQ9DH] MHHTX%NNP1H`&&`4]9N>FMNJGSF(U=F*HYFN_5FNHWNJF+NFG=NJDSNNLUNN8 M/NQ0D.<B@`VF500!LL.O2%FW_U#[MT?YMU.[LPF9LWYYM MX6[LWF9BR+9D3;;G<`AJR,AGBQR)!G"`4(!M5R#E4.AN)O9N\*[H4-CN[^;N M[X;M[R[O\@:$[C;O]C9B"2#O]E;O^:YO4H9M[W:%`X#>YS6K`!`%\.9N]D9J M"2#E4?AN\;8'IN0]N/YHD`:^;!L"NQ[O[S[P\2;E[1[P4-#P`8_J_'9O]F9O M>]#N[]8"[G;O4#!Q$S_Q\@YP_,9O[L;O$6?Q`H]Q\8;Q"G]L#="`+9#G'<_D M=[#L("90Q).,?)"`%=`'Z/Q4=J30)67=LNW,W/S0!F56651/QE1=?;55Y8Q/ M+^]2&PW41^W%$0@%%R!K_\0A"PCWB@`8!2J=UT9%UC%WS(7U8$8#8;!8\S@, MA0KE\CXOPD\M4X^ES4_EWB;54\Z$\G.LU(#=3D`%\\=%3T?O\@HM=$F'5&)U M5E"E4!A0`/W<3QKP3WOX66TE+(4O\(7?;KN. M^/_Q9OCL[NX:-WCXKGB);WB(O_`)KW&0M_CV+O`9K_@"EP`E&(4#0'/C5!PH M`/"*-_G[WO"8/WF-#X6>>^,[;_EVP@9>GOCM3O'N?GC8#OF*W^Z%1W@*!_J) MAV^#MX?M/GBHK_&,K_&''WJ2EWF1C_F:S_BNM_FB[VZ)CWH3!WNQWW$>W_$M M<()WB.XAOTC2NFY7D'B$GWJ@!P2()WJ/G_J.C_B'5P*ES^ZD)_J.#P7`1WC" M1_P#]WN*EW@2OOJ%'X4Y".L^$HM4_6^E+V:[UH*-5WS$__P#7W`V]+GB5!,( M?Y`AR`=[X/CX;GVD]WS-K_N#)_R#QWO7SWS!3WPED(#_S8]OVT=\AG_XAX_X MU3]ZDD]XL0=ZA6=OO>_[P@=Z"8"!-TC[)-"`))`%#0ARZ<[?._V'!D"%8//[ MS)][QB?\C8]\T!__\7=]Y!^%`G=\@Q]^X)?_8H[O8IY_A<\'%TA5J`0(0?WN M]=L1X%\H":XDA!K%T%4H5Z,B+I38,.+$B:GX\?O$T6/'CR+YJ>HWT"3!D_T$ M$B2(8`@IC`HS5E2H,.),B@IK5LPX\2'-A@L3#J7I*I]0I!9IVNS9D&9&H1)& M\8QJ%2+5J3US9NTI44,2)UO$.@DG`@RM?VK7JGVPUBW;N'+_-6A!E6H^B1+S MXA6*UY5>OGH5YKN;]._$O:'R_Q8&/$HPY,!^CTJ\.[,B7\)S6JI,R5GEP:Z( M%Q]=3'6OWL>A<(4<";*UQY(H.Y_TW.]E8\%_9_(EG5="[\>!+49&RCAUQ,+& M%?.%W#"OY-V41S?'BAKQTM*BD^[5,(JLB+(:1)Q=,O??@_3IS[.O:_QY:7"\Q&6O)PP:1,Q!I]2A/7'V%]'C8)/2CO09MM)H=FW'%)]_9:? M/1N%Y!%(''+T44F?B5C;;3!5>)^`U@UH87RJ(9C?4;SYQMU\O5VHWW^4Z1?@ MC`L=9UQ6)_ZH8V!=Y36>$V"%%TUYY\&%'GOG-?!#;CJF."2%%OXUY'Y7ZGB@ MC@0J2/\D?S%FMAAP:`(YAX.?"?2@20%R-7A$ZWJ)4_UGE')-^:-OC-5YZ8N5*C?AH8\M6AU_A:D)Y(HGUFCE8/GDLUE!LXW( M62VB##DLA60NEASUVUW.L-!MMM-7R3]JYYMTUVPI6 MBVW*L&G;,6TO.8OVWFZKO3C<97<==MALM\TWY8Z_K:O>E5]^-MN8D^VYJ.2% MSN_5I=/5PN-:9VZVZF-##G?F<[J...M[Y^-L*:;DOKONINA>2BG_\-`FM\7+ M*3;:D5.>:[6!>[AGB,5SUI+AL,.]7^JV>VY]X[5;ROBARB\N?O*-?V\L[L:6 M0DH^I;3/OOOJ;TW>J"*(VD35IEL]_S#[9_<_"OL>`\"SY:-_!#0@`8V%P`22 MS8`+-!9=.,"*5$S0&!2DX`19H4%\@_)=0V%)4R@KAYX0/_M\(8*Y.$/"QC$&B;PA/FP!Q->H,0E,K&) M2F3"-(Q%ORF*@`+Y2U5;`':UNL3O,:08H!>)2,0`_A"`813@%PL8Q@"RT8QM M5$X:P9A&4;R"`Q]B86L^5`$'U6U9_;B;'+THR"^243EF-):>^L0G$/61;LFZ MC0O86)@WYM"-:)QD)0U)2%T!T(&'O*0DT[A),J*QE&-+HQ#_)TH!*G`$A%") M26(I2X)D(/\#+S`#`$65A";<+QS_``,Y_-6689JN`0H0(C)3"4<%@G&2R^2D M,LNHQF0"D9HV5"`=[0@X#UEKCW""TSU(B$P'BO&:9$MDX*SEIY:QTR5#P%L0 M$;C`:\KSA]<WH33\ZMD-Z]&NCS*GFQBE( MK4GRHZ5H!2%&5+>%VM(,!=0E1'8`"4DY M5JZUF6M=ZS2]^(]G<&";*0-)!01"/(1NBX26A",GVXC*P[&"FWYMC4_]V*;J M=0ZQC9.K)-VH2;J2(GC_,$7I"A@SL. M0@2\M"T01/4/6Z3%7W#1XOY:P%K$LM9M'.5H*0<:P(W:LYP]I.9>79K'%G+$ MFX0#E)SJV5QJ4E-#>/SN"P/ER*"N;Y^EG29W`5I-`Y:B!76X!B]XP0SX,D.^ M\(UO?>L;`C)V]I!C;"#<_LDV>0+0E>*%4#\6N@.'DB)THVL"!7@KS`GO3P', M=981C>@L4<05F^B3W^'6%[_X*1/#Y=5G_X:5><)_U)&%CA6)-[\YHNRJ.)4G M3C'[G.7=ET)/IK9A25#A&<_;U3C%T<2Q$-WWCR?X`@).?C*4HPP!'0R@O$BV MX96++$0,(_.J+YCI;+CJT'Q`N(H0A>ANDS$7+0(W2L84,9$W_#[@=19^<8Z? M*-PGBE6(0A3_<-:?3>'G00NZS[CK+)%%C.A#ZUG/[?M'2P&GR([$^*>?.4AY M'0UG.6OZ=HYFS4OO&)(72B^6,JQS*7!W.$;/6;2>1K5H&L[#]C56+7T20KH@B`0(%H5]0?9;4H1JTF M"E=[O7[6YWMX#<]ABWO?%= M;GO?.]RC.(-+'XLMZY:Z,P'(A[[[G6^%[WO?*Q0U3U=VW9,@H`&CX'?#$\YP M?2>\X_L>11UL#X]_%*XL6V'[5\P2)@0`,8 M:``&=J"!'>RPAVA]&M([<>"((`7^^@[XMG.`*@O'NHW<#S:];&/'(C#)!NQ%.]`8#L06(BBSGMN?ISEO.'FYYD4$>2I.OD1XP.+4!!0 MD'[S4QUG4E1_?=(G?S[^_M=L$;;40;[=*5K^B6'PI.`; MIEH/AE_Y]9Z2*<&7O58C"<1"W=+ZE$`5J0$%E,"T[=;L!0S2C:#`6)@;)F`# MEL(J!)\BO1@_S&!"D%($)RRC="?^5[O]9X7 M]E\EDA\+_AT,BMHG"!Z<"(0.O-,>PF$.^EJ?D1_Y`1LEOF'S\5_^S2'YG0(` MTJ!,#00!EJ+X$6/[Z.&=I2`&*N-G&1H*_MFYV<-!(5]*)%@&+-@L.`L%<*"T M-8$B?F`(BN!YG$(#)/^`,ZK@$Y*?"Z:3\\S@\=E=H,""/M8A'<9?)6(@_^D@ MBP5BA+:;@[[5/_,$AGRUD"C96)K90])1:@[S?/HIA0O:@ M\X7?_%E?^WPA"XYA)?X#.-C:Q-W#F[1A&=X.,QJD->+.^D"#!`BE!!0E41YE M41;4*TW@23C(()K!GB4B!9R"!U91FM%CJ]1%GF$@%^[?&UI`!:C3\XP$0"9+ MW3D(""5+*#[@AO7:*J0:GW6D'>)-0ZKB:QBALN%=`6[D%X[A,5*?LS"DB.'- M3JT?X%AA(^V`2>ZC^&WA_,$E3.[E$UH-:)W"$%2>0`8D`=)E9*;@%SYA0K+_ M8&2*0@&4IFF>)FJ:I@4P0?)=X=R@XPNL8RELX+1Q8#M^X!)4%%9*B84!)OU- M)B9.UX>D#">.7FWS7&V13B M4?9U1'A96A;"9&?!X:MQX21NF#[4P2[L`AJTYWNZ)WRR)R_L0A;8VIM8GDFT M(3+NX9TA8%MR0"I8D#%HT(!2$`=QT`2E@BXP`5/:QE-&I2(B(B+VP#]@0B/N MYC^I5FB1-TAY^VL(*R5H@XF9$/FXB(!UF`- M7DOPL/1*+:,)/J>D M$=S$O=?K6EFTD8ZQN:?E<`_)&(3 MJ(4'@N"=SD6>*J2?->"E]F,,!HZ@!B+=,%^NJD4#^EE?JNHIX*JAUN7Z#2>' MX&5U#L1!H.JU!@^U:1W)&$<=:&8KK`I:8JB/)IJNHIE/K@`,3= M=\+8K-*J2E1CP98JGYZ;JBXJI]*E@*:KI*TIEX:9+9IU-XAHH*EL$K:MM:<2L#" MN,+KQ$JL]7UK76IBG[#BQ+FK6ABDX,(KIT+I9.;#ISZD.AEITR9?D%'M&QYJ MN![_*C-R:@,>+*ART]:VWSG6AL/:JZ;J*MZ>9+4":XT"GMH:YT(UE,XNP^EA5J%>'YJ]%F;_Z*MK.KO9Q;69Z+:\Q;_"(;:*6*Z'I M*;#B0KZJ*6MN+$$,XBSX8#R.U>Z:[.\*3,KVJMCZJ?"E:\H8G[*]B M+\2"UF3JK"KV+&$A6(2HA0*K1=2.*0@G$_ZW(_D.S2M@!XU[* MXN^UJD7+NMAP;B+J-F5`AN(4GYL4>S$(L\40EFY(*&[37N\7?R-;@'$88^_? MD'%L3&1`CB\(@]9:G!N?2G$=7^W9YNOI@AG\KO$=W[$=I['9HM-W\>\1FL3M M(JM:Z.9:5)03/W&>$K(>CVC68K%Q3@_@MO&A6C(>V_&YC3&LUBC=W9JRO2OV M&O(G@[%G_0-(KF_@J'!""4H+X^]DXC(&-^X@8VU(#IS[BF]+5*-:M/(NX^\G M3_&KDG%'U"Y)PN81OZUN5I2R0JL(J@HVXZD]?-87VS$%8.+^'F_F+MML+&\; M3Z87Y[+$JL48YZM'5.]UZ6@8'_^S9YU;*_/R/^R4.^MK*YI$OVYH%QT2'P M/`\T%0L?H')3W]H=\?Q0">S+^_MAOSQVBH+0R?S*^\T3,ON2<,&$1>K$3^RLFKT5A>= MT4%)2./>-L<%&[>L/X)$<<(L2G"Q'I-UJVAPPMJH'"=4I0KR>;!Q7"BMY:[3 M@ZK$/P<,7K/%*9"N)N)10K=KE\9OM%YL(KM&[::E>`%PJWCT5S\BWH1".AR3 M#^DM^_+_;$IORTKW`RSX$&D;BTQ;<8><\N)Z!A24-@X1T*<"ZH:(ZA5ZBVM' ME2@0]A73:/O"T!7NFDE]SFMKSMD.7\HXD-$3K*3H?\DQG7T77X/_>7"6`,22KA353 MIMX;J_S89O_?HV:I\ M:V@?ZZ)C]V_!H2/N[O<3BW4AGP,-_"> M9"OR=J+R[0"88Z4&^W%X,^4'_Z[2EJA(\*+T6/B1/_DBM8:2MVN>SW>;__)5 M-U)61XDM9*B&^G>K<'9GMT9Q"C,Y/SH]ZKCE77*$E\^&`!Z\Z9@"*;LS/#?MC^^F*/@Z]H%G M7G:+NV,ED@=X;_=S/VP\5GIZHBLRM*=$LTVVOV,EP&MYMM?WRZXPB1B\MV^P M7-,[0HWWPZ_\J*F[2K#[S],CG:/P)R2T1`:*T=/CQ1KWL#X[4XK9R)]'R5\Y M7:#\7%3W7L]ZW4BC:)\L"02KD,_=C=,Z2CC\G>Y88P-[L`\$I[_[MT]:J!=K MVXN@@(:S1^C_>W(W?;_C?=3O?0,+/4<8WTW6>M8S<]IS?2V?Q,UCI2B4]]+2 M9K^\=+OI[T?_2^3*,@3SFS5_5SYE/_",I_FYVIU)#5K$V",65?3VRAR]7M:Q2^.%?ONF(PMNC.TAP MOMT)5MM.=C#MYJ*JQ2D407ZQ^_78P=-BPX;V&_>[U M@_4/8T:-IC"*TO@1(PD.!PF2'%@0I:Z%$RM27%AQ(L5:(&EZI/F1UJ M>KG094M!+QLB<''SWZF-2/\-&,D3852"%70$M=JR8D4(`Y@F[9J1_P-*@PA) M1DW%A.)0EU8G8LGPHA)2"O_\T?IZ]V.#!%U-6="E4ZS4@@I_KLWZL^)%FAP] M*F5J2J14DY+Y58AHU:K:BC._YN-[*M4GL5#+"O1YE2W0>T;Q,BWAM*1DR15\ M46196'._K:V[Z?@LZH1%W?[8E;7NKSQ-K"W"B/'?QRE_[-0H31IDX11 M'V[93]!%ZM')3SBJK`3#Z-H-R\UXB`5),D* MC)_A+D/QGJ%6[`J3)7I0DZ8;D>*($.QDZV\PA[`TN22-C>!*PD,G/#\K(T\2(U(U/`U(XLDH;# M+%2&,G@K.:;J`H+/!Q[0R+FN*/#KR%,1XF[`,[,*[ZL%;S*R4R0KD"A%9W]J MJ!:;U%2JS4$?/0VF%-4R;,NOO+WIM:=.);2RJNAT22T,N?J*E*]&$A?).-&: MZ$)*;SMNBJYL68+_SW^&'384`GC9Q8>(X9"88A_HR,*`C#7>F&,#/!`$Y)!% M'AED*,Z8N.**T5BA8I0G7F$7C#N>.>,LN%GRRFW[X08*<"+^&6@?X%`FAZ"- MCICFI`W(XH2FG7X:ZJ:SV$49EU/V`0VKA:9XA7ID5GKC+.CP@.RRS3[[A$AR M8/EHH'=!N6T?O@8[[*CM?IH.&7Q8@>\5S#&G@32"<`2.,!)>.",")%#*H\;_ MJ6_=NVBT3Q133JDN/35L\BC3RCTZ@O''1>?<*[PB%]WTZ6PR9?-\SO#,P]A- MR?=)&C6"5:-\'4_PE%+L(6'ST5'G,_C@0>H]HTP?-\45?4C'2'GE:SPP_W3< M2_\'6(RR!Z(').P*=MB,0LGG]-9"GPYW;ZW_ZI06$E;>,5$.9,Q+Q_8I/^'\ MSBZDQ1S\/8EUY&D, M>4YQP:YX\(,'K.`!U03"5QGH/ET:8`1;XZ%%22=^1)K+BUB8/_FI#BDK))() MOP)`FCB&?L.K8;2&UZ75\7"(&0'@NC)UH,HE;(-/BB(1UY=$*UX1BTO)XA9M M^*053C"`,,1(%>\RPH29D8MI5.,:V=C&&@Y0A_\@7ZQ(Z,8LVLZ.>=3C'I-( M1CYVY(^\V5,@-2(LA2TL?(0TY"+#9TA"'A*2CO],9!O7Q-1 MLI7K_*$>8WB?Q_&SC:3"W.SRLXIVZA.BRQNH.MV(.W."Y*$L/)WUXLE&QCB1 M01B-Z$A_6)V,9M&,WGHB'ZOH0B'F$9R+(NE,"6DYT55G@1WJ)QU;2<&0RM.( M//6GM.;9$9MJD:?1H=W_@AB*5)IT]!\.I>E4Q^FA\\7T3V-,ZCTWXBV<*H^A M%805[A#Z.*P"$7H:0>A*O4(_,V*JE?E)GA^I6M,PA4: M".P;7$'8OHY"`XA%+`P(*]B^NJ*P@?UK8@.K6+\VEK"1C2QE^9K8RU;6L8.M MK&0;B]C)1C:SIM4K8C$K6,!ZUK.;+:Q@/7"FMC73A'^C%"'K5BQ?SIAM$0W1(0.6R``9GCSE12/:T(T.LY0S3>4V+_K31TZ"/\)K9U/7 M",\?:02?_6R.*_\#`!F)]:QAC9%8UYK6N<:UK0&0Z_]>UQK6NK[U1R)A"6-+ M0M;)QG6OA?WK6?_:UM%^-K"=S>MG5SO8V;YU$@1P:F][*1AP`&\CK&`%=5B@ M`9[IQ;HQLNY>_./=[VZWO.'=;GBSN][SOK>^W1UO>],;"(Z)!!D(CNQ[RYO> M]#[XP>/=;XW@N][^9G?"&[YOATL<(TG(A':_W?&;"&,%&=%0)QB1!I/?09_` M,$<:L)$&\4XU"<#P^,SOL@1S:*0)&-%0#V@HRQEBI`>V*\$@-?+SH.OY#% M(0ZQ=K>W'>YOESO;93'WNL?_W>YQU_O=%V#VOH]]`6<'O`3VL`E`B+T*@`<$ MX,I=WWK8W^+V-)B][5&_>-8O'@:LI[WMAQ]\U:L^%(L/1>J% M?WS>KW[YQ%>][H_/>MV[_O"J/P3RCQ\*ZC-?^J^G/O&S?XC1GU\C@^QY1J2. M=*;3Y$5"AU%7:%B"JK=&_HY&ROKE,O^/N.C^V,7]_`_]"I`FVD_G*$#I:,S] M^._E]&_J&-#_L"X"NR+G!K#H7BWKU`"/PNL"_Z\"LR?]]D\"@2[J7`0D%M`` +5Y`%!5N0CP("`#L_ ` end -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

EX-99.1  Supplemental Reporting Package