W. P. Carey & Co. Names Mykolas Rambus First Vice President

September 01, 2004

NEW YORK, NY– September 1, 2004 – Investment firm W. P. Carey & Co. LLC (NYSE:WPC) today announced the promotion of its Chief Information Officer, Mykolas Rambus, to First Vice President.

As First Vice President and Chief Information Officer, Mr. Rambus manages the Company’s information resources, including its core business applications and network infrastructure, as well as development of the Company’s strategic technical initiatives.

W. P. Carey Chairman Wm. Polk Carey said, “I am pleased to announce this recent promotion of Mykolas.  As our Chief Information Officer he does a tremendous job in ensuring that W. P. Carey’s information technology tools provide us the ability to effectively communicate with our investors and clients.  In addition, his department continues successfully to produce value-enhancing software tools that help us retain a competitive advantage.  At 25 years old, he represents a growing group of young W. P. Carey officers whose talents and skills ensure the continued success of W. P. Carey.”

Prior to joining W. P. Carey, Mr. Rambus was the President and CEO of a Boston-based telecommunications software company that sold software products to wireless operators in Europe and the United States.  His background is in telecommunications and systems integration management with organizations such as Met-Life, American Management Systems (now CGI and CACI) and Startec Global Communications.  He is a member of the Class of 2000 of the Massachusetts Institute of Technology’s Sloan School of Management, where he concentrated in Information Technology and Operations Research.

W. P. CAREY & CO. LLC
Founded in 1973, W. P. Carey & Co. is a leading global investment firm that has long served as a preeminent provider of sale-leaseback financing to corporations and private equity firms in the United States and Europe. It owns a portfolio of net-leased real estate assets and provides asset management services to the Corporate Property Associates (CPA^®) series of income generating, publicly held non-traded real estate investment trusts (REITs). The Company currently owns and/or manages more than 700 commercial and industrial properties worldwide, representing 95 million square feet valued at approximately $7 billion.

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This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the company, reference is made to the company's filings with the Securities and Exchange Commission.