Vornado’s common shares are traded on the New York Stock Exchange under the symbol “VNO”. Quarterly closing price ranges of the common shares and dividends paid per share for the years ended December 31, 2003 and 2002 were as follows: On March 1, 2004, there were 1,707 holders of recor of the Company’s common shares. (1) Comprised of a regular quarterly dividend of $.71 per share and a special capital gain cash dividend of $.16 per share. VORNADO REALTY TRUST 91 MARKET PRICE OF VORNADO COMMON STOCK AND RELATED INFORMATION MARKET PRICE OF VORNADO COMMON STOCK AND RELATED INFORMATION Recent Sales of Unregistered Securities During 2003, 2002, and 2001 the Company issued 737,212, 176,848, and 6,002 common shares, respectively, upon the redemption of Class A units of the Operating Partnership held by persons who received units in private placements in earlier periods in exchange for their interests in limited partnerships that owned real estate. The common shares were issued without registration under the Securities Act of 1933 in reliance on Section 4(2) of that Act. Year Ended December 31,  2003 2002 Quarter High Low Dividends High Low Dividends 1st $38.35 $33.30 $ .68 $44.90 $41.78 $ .66 2nd 45.15 36.17 .68 47.10 43.02 .66 3rd 48.25 43.37 .68 45.38 37.65 .66 4th 55.84 48.05 .87 (1) 39.21 34.41 .68