FOREST CITY RATNER COMPANIES AND GEHRY PARTNERS ANNOUNCE ALTERATION TO ATLANTIC YARDS RELATIONSHIP Frank Gehry, Who

Produced Overall Master Plan, Relinquishes Role as Architect of the Barclays Center
NEW YORK, June 4, 2009 - Forest City Ratner Companies (FCRC) and Gehry Partners today announced a mutual agreement in which Pritzker Prize winning architect Frank Gehry, who produced the master plan for the Atlantic Yards development in Brooklyn, will no longer serve as the architect for the arena to be called the Barclays Center. As the master planner for the Atlantic Yards development, Frank Gehry created a blueprint for what will be a vibrant new urban community blending an arena, housing, retail and commercial space, as well as six acres of landscaped public open space. FCRC also announced that it has retained the award-winning architectural firm Ellerbe Becket to design the Barclays Center, which will be the home of the Nets basketball team and host over 200 concerts and family shows annually. The new arena design will incorporate all of the approved design standards. "I have an immense gratitude toward Frank Gehry for his amazing vision, unparalleled talent and steadfast partnership," said FCRC Chairman and CEO Bruce Ratner. “Both at Atlantic Yards and with the Beekman tower in lower Manhattan, he has continually produced beyond our expectations. Throughout this process - as litigation produced delay; as rising construction costs impacted the budgets of all developers; and a slowing economy altered expectations - Frank and his team have shown remarkable flexibility and professionalism, making cost-effective revisions as needed. The current economic climate is not right for this design, and with Frank’s understanding, the arena is undergoing a redesign that will make it more limited in scope.” Mr. Gehry said, "We remain extremely proud of our work on the Atlantic Yards master plan and on the original arena, which we designed in close collaboration with Forest City Ratner. While there are always regrets at designs not realized, we greatly appreciate our ongoing relationship with Bruce and his team." FCRC hopes to unveil the new images of the Barclays Center in late June and intends to

break ground later this year in anticipation of a completed arena in time for the Nets to play the 2011-2012 NBA season in Brooklyn. Ellerbe Becket has designed some of the world’s most notable and successful sports and entertainment facilities, most notably Conseco Fieldhouse in Indianapolis,IN, Qwest Field in Seattle,WA, and the Guangdong Olympic Stadium in China. “Ellerbe Becket has been responsible for designing some of the finest sports and entertainment venues in the world,” said NBA Commissioner David Stern. “From Conseco Fieldhouse to FedExForum, Ellerbe Becket has created a first-class fan experience in all of its buildings. I am excited for Ellerbe Becket to design a world-class arena for Brooklyn and I look forward to opening night at the Barclays Center.” Mr. Ratner said, "Working with Ellerbe Becket, I am confident that we will meet all of our design objectives while providing a dynamic environment and the best sightlines for basketball fans and spectators for all events.”

About Forest City Forest City Ratner Companies (FCRC), a wholly owned subsidiary of Forest City Enterprises, owns and operates 31 properties in the New York metropolitan area. Forest City Enterprises, Inc., a $10.9-billion NYSE-listed national real estate company, is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. About Gehry Partners Gehry Partners, LLP is a full service firm with broad international experience in academic, commercial, museum, performance and residential projects. Frank Gehry established his practice in Los Angeles, California in 1962. The Gehry partnership, Gehry Partners, LLP, was formed in 2002 and employs a large number of senior architects who have extensive experience in the technical development of building systems and construction documents, and who are highly qualified in the management of complex projects. Every project undertaken by Gehry Partners is designed personally and directly by Frank Gehry. About Ellerbe Becket Ellerbe Becket is internationally recognized as a leader in the architecture, engineering and interior design industries. The firm’s sports practice specializes in the design of facilities that are renowned for providing outstanding patron experience. With offices worldwide, the firm has designed more arenas than nearly any other architectural firm, including 15 new arenas for the NBA and NHL in the past two decades. Ellerbe Becket brings together fans, athletes, and sponsors through the design of iconic venues that are efficient to build, own and operate. 2009 marks Ellerbe Becket's 100th anniversary. For more information, visit www.ellerbebecket.com.

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