Reckson to Exchange Class B Stock

MELVILLE, NY-More changes are in store as Reckson Associates Realty Corp. is electing to exercise its right to exchange all of the outstanding shares of Class B Common Stock on Nov. 25 for shares of its Class A Common Stock, par value $.01 per share, at an exchange rate equal to one share of Class A Common Stock for each share of outstanding Class B Common Stock.

The shares of the Class B Common Stock will stop trading on the New York Stock Exchange at the close of business on that day. Shares of Class A Common Stock issuable upon exchange of the Class B Common Stock will trade on the New York Stock Exchange under the existing Class A Common Stock symbol RA.

Reckson’s board has declared a final cash dividend on the company’s Class B holders of record on Nov. 25 in the amount of $.1758 per share, payable on Jan. 12, 2004. This payment will cover the period from Nov. 1 through Nov. 25 and is based on the current quarterly Class B Common Stock dividend rate of $.6471 per share.