SOURCE: W. P. Carey & Co. LLC

June 08, 2005 12:31 ET

Carey Financial Corporation Appoints Richard J. Paley General Counsel and Chief Compliance Officer

NEW YORK, NY -- (MARKET WIRE) -- June 8, 2005 -- Carey Financial Corporation (CFC), the broker-dealer subsidiary of investment firm W. P. Carey & Co. LLC (NYSE: WPC), today announced the appointment of Richard J. Paley as General Counsel and Chief Compliance Officer. In this role he will be responsible for overseeing and managing legal and regulatory issues for CFC. Mr. Paley will also serve as Senior Vice President and Associate General Counsel of W. P. Carey & Co. LLC and its managed Corporate Property Associates (CPA®) series of income generating real estate funds.

Carey Financial Corporation President Stephen H. Hamrick said, "I am pleased to announce Rick's appointment as General Counsel and Chief Compliance Officer. Broker-dealers of all types must adhere to an ever-increasing number of compliance related issues in today's heightened regulatory environment, and Rick's expertise and experience will help CFC fulfill its legal and regulatory obligations. Rick's role is important and fundamental to our continuing growth. We are very excited to have him as a senior member of the CFC team."

Prior to his appointment, Mr. Paley served as Director of Compliance and Associate General Counsel at Daiwa Securities America Inc. and Senior Vice President U.S. Compliance at Fox-Pitt, Kelton Inc., Swiss Re's global investment bank. Rick also served as Chief Legal and Regulatory Compliance Officer and Associate Counsel of The Depository Trust & Clearing Corporation.

Earlier in his career Rick was a U.S. Securities and Exchange Commission Special Counsel and a Kings County New York Assistant District Attorney.

Active in the securities industry, Mr. Paley has served on the Securities Industry Association's Self Regulation and Supervisory Practices, Institutional Brokerage and Federal Regulation Committees, as well as NASD's Membership Committee. He was recently elected Chairman of the NASD District 10 Committee. Rick is a graduate of Brooklyn Law School and St. Lawrence University and is admitted to the New York State Bar.

W. P. CAREY & CO. LLC

Founded in 1973, W. P. Carey & Co. LLC is a global investment firm concerned with assisting corporations with various forms of long-term financing. The Company also provides asset management services to the Corporate Property Associates (CPA®) series of income generating real estate funds. The W. P. Carey Group, with $3.5 billion in equity capital, is one of the leading providers of net lease financing for corporate properties worldwide. The Group owns more than 650 commercial and industrial properties worldwide, representing over 90 million square feet, valued at more than $7 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.

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