“These two outstanding individuals are key leaders in our accounting, compliance and administrative management efforts, and are representative of the depth and quality of talent in these vital areas,” said Charles A. Ratner, Forest City president and chief executive officer. “It is a great pleasure to announce their promotions.”

In her new role, Kane will continue to serve as the Company’s chief accounting officer and will add additional responsibilities including overseeing cash management and risk management, among other duties. Kane served as vice president and corporate controller from 1995 until June, 2002, when she was promoted to senior vice president and corporate controller. She joined Forest City in 1990 as financial manager for Forest City’s Residential Group, and became asset manager for Forest City’s Commercial Group in 1992.

Prior to joining Forest City, Kane was a senior manager at Kopperman & Wolf CPAs, where she was responsible for audit, tax and consulting services for the firm’s largest real estate client. She has over 25 years experience in the real estate industry. Kane is a Certified Public Accountant (CPA) and holds a Bachelor of Business Administration degree with an accounting major from Cleveland State University.

In his new role, Obert, also a CPA, assumes overall responsibility for corporate external reporting and internal reporting. Prior to his promotion, Obert, who joined Forest City in 2004, was assistant controller and vice president of Forest City Rental Properties Corporation, a subsidiary of the Company. Before joining Forest City, Obert was a senior manager at Grant Thornton, LLP, an international public accounting firm, where he spent 16 years providing audit and consulting services to public and large private companies. Obert holds a Bachelor of Science degree in business with dual majors in accounting and finance from Miami University in Oxford, Ohio.

About Forest City Enterprises, Inc.

Forest City Enterprises, Inc. is a $10 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.