W. P. Carey Provides Update on Its Proposed REIT Conversion and Merger With Corporate Property Associates 15

Investment firm W. P. Carey & Co. LLC

reported today that on July 30, 2012 the Securities and Exchange Commission (SEC) declared effective the Registration Statement on Form S-4 related to its proposed conversion to a real estate investment trust ("REIT") and merger with its publicly held, non-traded REIT affiliate, Corporate Property Associates 15 Incorporated ("CPA®:15"). Additionally, as previously disclosed, on July 23, 2012 the Company entered into a Voting Agreement with the Estate of William Polk Carey and W. P. Carey & Co., Inc., a wholly-owned corporation of the Estate (collectively, the "Shareholders"), pursuant to which the Shareholders have agreed to vote their shares in favor of the approval of the REIT conversion and merger with CPA®:15. The Company also entered into a Share Purchase Agreement with the Shareholders, previously disclosed by W. P. Carey on July 23, 2012, pursuant to which the Company has agreed to purchase up to an aggregate amount of $85,000,000 of the Shareholders' listed shares of W. P. Carey in order to assist the Estate with anticipated near-term expenses, including estate taxes and other costs. Pursuant to that agreement, W. P. Carey received a notice from the Shareholders indicating their intention to exercise their sale option for $25,000,000 worth of W. P. Carey listed shares. Accordingly, on August 2, 2012, W. P. Carey repurchased 561,418 W. P. Carey listed shares from the Shareholders. Following this repurchase, the W. P. Carey listed shares beneficially owned by the Shareholders represent in the aggregate approximately 27.91% of the outstanding W. P. Carey listed shares.