NEW YORK – December 13, 2006 - Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that Benjamin H. Griswold, IV will serve as an independent director of the Company. In addition, Charles C. Townsend, Jr. retired from the Board and became a director emeritus.
Wm. Polk Carey, Chairman of W. P. Carey & Co. commented, “Charlie Townsend is a man of great integrity and experience. His leadership has guided us from the time we were a private company with few assets to the $8 billion company we are today. We are thankful he is remaining with us as director emeritus and that we will thus continue to benefit from his wisdom.
“Ben brings a wealth of experience and knowledge to our Board. He is well respected in the securities and investment banking communities for his financial and management expertise and we are fortunate to be able to add his perspective and insight to that of our other Board members. His election to the W. P. Carey & Co. Board is consistent with our goal of providing strong and effective independent input on behalf of our investors along with valuable guidance for the future of the Company.”
BENJAMIN H. GRISWOLD, IV
Mr. Griswold is Partner and Chairman of Brown Advisory, a Baltimore-based firm providing asset management and strategic advisory services in the U.S. and abroad. Prior to joining Brown Advisory as Senior Partner in March 2005, Mr. Griswold had served as senior chairman of Deutsche Bank Securities Inc. He had served as senior chairman of Deutsche Banc Alex. Brown, the predecessor of Deutsche Bank Securities Inc. since the acquisition of Bankers Trust by Deutsche Bank in 1999.
Mr. Griswold began his career at Alex. Brown & Sons in 1967 and became a partner of the firm in 1972. He headed the company’s Research Department, Equity Trading, and Equity Division prior to being elected vice chairman of the board and director in 1984, and chairman of the board in 1987. Upon the acquisition of Alex. Brown by Bankers Trust New York Corporation in 1997, he became senior chairman of BT Alex. Brown.
Mr. Griswold is a member of the boards of Black & Decker, Baltimore Life Insurance and Flowers Foods. A former director of the New York Stock Exchange, he is active in civic affairs in the Baltimore area and serves on the board of Johns Hopkins University and heads the Endowment Board of the Baltimore Symphony Orchestra.
W. P. CAREY & CO. LLC
Founded in 1973, W. P. Carey & Co. LLC is a leading global real estate investment firm. The Company provides asset management services to its CPA® series of income generating real estate funds. With over $4 billion in equity capital, the W. P. Carey Group is one of the largest providers of net lease financing for corporations worldwide. The Group owns more than 700 commercial and industrial properties in 13 countries, representing approximately 94 million square feet, valued at approximately $8 billion. www.wpcarey.com
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.
