SOURCE: W. P. Carey & Co. LLC

September 06, 2005 09:20 ET

W. P. Carey & Co. Appoints Ralph F. Verni Chairman of Independent Investment Committee

NEW YORK, NY -- (MARKET WIRE) -- September 6, 2005 -- Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today announced the appointment of Ralph F. Verni, CFA, as Chairman of the independent Investment Committee of Carey Asset Management Corporation, a wholly owned subsidiary of W. P. Carey & Co. LLC and advisor to its Corporate Property Associates® series of income-generating real estate funds. Mr. Verni currently serves as a member of the Committee as well as an Independent Director of W. P. Carey & Co. LLC. Mr. Verni replaces George E. Stoddard who is stepping down after 24 years as the Chairman. Mr. Stoddard, who joined the Company in 1981, will continue to serve as a Director of W. P. Carey & Co. LLC, as well as a member of the independent Investment Committee.

W. P. Carey & Co. LLC Chairman Wm. Polk Carey said, "I am pleased to announce this change in our independent Investment Committee and the continuity that Ralph will provide to our investment process. Although George will no longer serve as Chairman, I am pleased that he will remain as an active member of this Committee. I am confident that Ralph, with his years of experience on the Committee and prior working relationship with George at the Equitable, will meet with equal success.

"George's hard work over the past 24 years has been instrumental to our success and I want to personally recognize him for his efforts. On behalf of our investors, as well as the entire W. P. Carey family, I want to thank George for his dedication and support over the years."

Ralph F. Verni, CFA

Mr. Verni is a business consultant and private investor, advising several companies and serving on a number of governing or advisory boards, among them, The Macgregor Group and the Eaton Vance Family of Mutual Funds. Mr. Verni was President and CEO of State Street Research & Management and served as Executive Vice President, Board Member and Chief Investment Officer of The New England Mutual Life Insurance Company. Prior to this he served in a variety of investment management positions at The Equitable (AXA today).

Mr. Verni received a B.A. from Colgate University and an M.B.A. from Columbia University.

W. P. Carey & Co. LLC

Founded in 1973, W. P. Carey & Co. LLC is a global investment firm concerned with assisting corporations with long-term financing. The Company also provides asset management services to the Corporate Property Associates (CPA®) series of real estate investment trusts (REITs). 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 700 commercial and industrial properties worldwide, representing more than 90 million square feet, valued at approximately $7.3 billion. www.wpcarey.com

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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.

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