Kenneth J. Bacon joins Forest City Board of Directors

            Kenneth J. Bacon joins Forest City Board of Directors

PR Newswire

CLEVELAND, Dec. 5, 2012

CLEVELAND, Dec. 5, 2012 /PRNewswire/ --Forest City Enterprises, Inc. (NYSE:
FCEA and FCEB) today announced that Kenneth J. Bacon, co-founder of RailField
Partners and presiding director of the board for Comcast Corporation, has
accepted an appointment to Forest City's board of directors, effective
immediately. Bacon, 58, will stand for re-election at the company's next
annual meeting of shareholders.

Bacon becomes the board's seventh independent director, achieving the
company's previously announced goal of moving to a majority of independent
directors as part of its ongoing commitment to good corporate governance

"We are thrilled to have Kenneth on our board," said David J. LaRue, Forest
City president and chief executive officer. "The combination of his experience
in real estate and deep understanding of financial markets, together with
exemplary governance qualifications, will make him a tremendous asset to
Forest City and to the board."

Bacon began his career with Kidder Peabody and later Morgan Stanley, where his
focus was mortgage finance and related products. In 1990, he joined Resolution
Trust Corporation as director of policy for the Oversight Board, and was later
named director of securitization, positions that allowed him to interact
directly with the chairmen of the Federal Reserve and FDIC, among others. 

Three years later, Bacon joined the Federal National Mortgage Association
(Fannie Mae) as senior vice president, northeast region. In 1998, he was
tapped to lead Fannie Mae's American Communities Fund, directing community
development investing, including equity, mezzanine debt, and loan
participations. In 2000, he became senior vice president (with promotion in
2005 to executive vice president) of the organization's multifamily division.
Under Bacon's leadership, Fannie Mae's multifamily division grew from
approximately $56 billion in assets to a $190 billion mortgage portfolio,
making it the largest U.S. multifamily creditor, with guarantees for one-fifth
of all multifamily mortgages in the country. He retired from Fannie Mae in
2012, and recently co-founded RailField Partners, a financial advisory and
asset management firm based in Washington, D.C.

A Comcast Corporation board member since 2002, and currently presiding
director, Bacon serves on the Governance and Directors Nominating Committee.
He is also a member of the Executive Leadership Council and a director of the
Corporation for Supportive Housing.

Bacon earned a bachelor's degree from Stanford University, where he received a
prestigious Marshall Fellowship. He also has a master's degree in
international relations from the London School of Economics and an MBA from
Harvard Business School.

About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company
with $10.7 billion in total assets. The Company is principally engaged in the
ownership, development, management and acquisition of commercial and
residential real estate and land throughout the United States. For more
information, visit

SOURCE Forest City Enterprises, Inc.

Contact: AT THE COMPANY: Robert O'Brien, Executive Vice President - Chief
Financial Officer, +1-216-621-6060, or Jeff Linton, Senior Vice President -
Corporate Communication, +1-216-621-6060
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