X0202 3 2004-12-21 0 0000095301 SEQUA CORP /DE/ SQAA 0001312225 Dowling John J III SEQUA CORPORATION 200 PARK AVENUE NEW YORK NY 10166 0 1 0 0 Senior Vice President, Legal Class A Common 750.773 D Employee stock option (right to buy) 41.7 2008-09-24 Class A Common 3000 D Shares held in the Sequa 401(k) Plan as of December 16, 2004. Granted pursuant to the Sequa Corporation 1998 Key Employees Stock Option Plan. The option is exercisable in 3 equal annual installments on 9/25/2004, 9/25/2005 and 9/25/2006. /s/John J. Dowling III 2004-12-21