Corporate Property Associates Inc.

Mr. Edmonson joined the investment department in 2003 and was promoted to Vice President in 2006. A Joseph Wharton Scholar at the Wharton School, he graduated magna cum laude from the University of Pennsylvania with a B.Sc. in Economics from Wharton and a B.A. in American History from the College of Arts and Sciences. Mr. Edmonson is a member of the Association for Corporate Growth, The New York Society of Security Analysts and Wharton Private Equity Partners and is a CFA charter holder.

Ms. Raun Schlesinger joined the Investment Department in September 2005. Prior to W. P. Carey, she spent four years as an Associate in the Private Equity Group at Brown Brothers Harriman where she was responsible for sourcing, executing and monitoring investments for the 1818 Funds. Ms. Raun graduated Phi Beta Kappa and summa cum laude from the University of Pennsylvania and received her MBA from Harvard Business School.

Ms. Barthmaier joined the Investment Department in 2004. She graduated magna cum laude from the Wharton School at the University of Pennsylvania, where she concentrated in Business and Public Policy and obtained a minor in Hispanic Studies from the College of Arts and Sciences. Upon graduation, Ms. Barthmaier was named a Fulbright Scholar to Mexico City. While in Mexico, Ms. Barthmaier participated in the Binational Business Program, which "seeks to strengthen understanding between the United States and Mexican business communities regarding the Mexican approach to production, operation, marketing, financing, and research and development." The scholarship combined an internship at DuPont Mexico with graduate-level coursework at the Instituto Tecnologico Autonomo de Mexico. Since joining W. P. Carey, Ms. Barthmaier has completed transactions totaling approximately $400 million.

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Mr. Fox joined the investment department as a Second Vice President in 2002 and was promoted to Vice President in 2004, Director in 2005 and Executive Director in 2007. Prior to W. P. Carey, Mr. Fox worked at the Spectrem Group, a consulting and M&A advisory firm in San Francisco. Prior to that, he spent two years teaching mathematics and physics at The Hotchkiss School in Connecticut. A former captain of the Notre Dame soccer team, Mr. Fox still enjoys playing soccer in his free time. Mr. Fox graduated magna cum laude from the University of Notre Dame, where he earned a B.Sc. in Civil Engineering and Environmental Science. He received his MBA from Harvard Business School.

Mr. Liu joined W. P. Carey in February 2003 as an International Analyst and moved to the investment department as a Second Vice President in July of 2004. He is responsible for creating and implementing strategies to introduce sale-leaseback financing in China. He routinely travels to China with senior management to negotiate the establishment of the W. P. Carey organization in China with officers in the highest levels of business and government. Prior to joining W. P. Carey, Mr. Liu worked as the Director of Sales for Edward Carter Galleries, Ltd., an international gallery chain headquartered in New York City, with branches in San Francisco, Aspen and Singapore. He was primarily responsible for advising corporations and museums on their art purchases. Mr. Liu graduated from the College of Business at Florida International University with a major in International Business and a minor in Finance. Prior to transferring to FIU, he majored in International Business at China's Southwest University of Finance and Economics in Chengdu, Sichuan. Mr. Liu is fluent in Mandarin Chinese.

Ms. Hyde is an Executive Director, Corporate Secretary and Director of Investor Relations of W. P. Carey & Co. Ms. Hyde oversees the Investor Relations, Corporate Communications and Special Events departments. Ms. Hyde also serves as Managing Director and Corporate Secretary of Carey Financial, LLC. She joined W. P. Carey & Co. in 1990 after graduating from Villanova University, where she received a B.S. in Business Administration with a concentration in marketing and a B.A. in English. She is a member of the National Association of Real Estate Investment Trusts ("NAREIT") and The Society of Corporate Secretaries and Governance Professionals.

Mr. Parker joined W. P. Carey in July 2005 after graduating from the McIntire School of Commerce at the University of Virginia where he earned a B.Sc. with a Finance Concentration. Prior to Virginia, he attended Woodberry Forest School, graduating summa cum laude. In the summer of 2004, Mr. Parker was employed as a junior analyst at Lloyd’s of London affiliate Newman, Martin, and Buchan, focusing primarily on the marine and energy sectors. He is an active member of the Association for Corporate Growth (ACG) as well as the Turnaround Management Association (TMA).

Mr. Townsend was elected to the Board of Directors of W. P. Carey & Co. LLC in 1998 and served as Lead Director of the Board and Chairman of its Compensation Committee until December 2006, when he became Director Emeritus. Mr. Townsend is an Advisory Director of Morgan Stanley & Co., having held such position since 1979. He is also Chairman of the Board of HTI VoiceSolutions Inc., and a director of Cass County Iron Co. Mr. Townsend was a Partner and a Managing Director of Morgan Stanley & Co. from 1963 to 1978 and served as Chairman of Morgan Stanley Realty Corporation from 1977 to 1982. Mr. Townsend holds a BSEE from Princeton University and an MBA from the Harvard Business School.

Mr. Stoddard, Senior Managing Director of W. P. Carey & Co. LLC, was elected to the Board of Directors in 2000. He is also a member of the Investment Committee. From 2000 until September 2005, he served as Chairman of the Investment Committee and Co-Chief Investment Officer. From 1979 to 2000, Mr. Stoddard was Chairman of the Investment Committee of W. P. Carey & Co., Inc. Mr. Stoddard was until 1979 officer-in-charge of the Direct Placement Department of The Equitable Life Assurance Society of the United States (Equitable), with responsibility for all activities related to Equitable's portfolio of corporate investments acquired through direct negotiation. Mr. Stoddard was associated with Equitable for over 30 years. He holds an A.B. degree from Brigham Young University, an M.B.A. from Harvard Business School and an LL.B. from Fordham University Law School.

Mr. Price was appointed to the Board of Directors in September 2005, at which time he was also appointed to the Board CPA :16 Global. Mr. Price serves as an independent director on the Audit Committee of the Board of Directors. Mr. Price served as an independent director of CPA : 14 from September 2005 until April 2006 and is currently a nominee to CPA :15 s Board of Directors. Mr. Price has over 37 years of real estate experience in the U.S. and foreign markets, including significant experience in structuring mortgage loans, leveraged leases, credit leases and securitizations involving commercial and industrial real estate. He is the President of Price & Marshall, Inc., a corporate equipment and real estate financing boutique which he founded in 1993. From March 1990 to October 1993, he worked at Bear Stearns & Co., Inc, where he structured and negotiated securitizations of commercial mortgages and corporate financings of real and personal property. From March 1985 to March 1990, he served as a Managing Director at Drexel Burnham Lambert Incorporated and as an Executive Vice President at DBL Realty, its real estate division. He also served in various capacities at Merrill Lynch & Co., including serving as manager of the Private Placement Department from 1970 to 1980, as a founder of Merrill Lynch Leasing, Inc. in 1976 and as Chairman of the Merrill Lynch Leasing, Inc. Investment Committee from 1976 to 1982.

Marshall E. Blume serves as an Independent Director on the Audit Committee of the Board of Directors. Mr. Blume has also served as an Independent Director and a member of the Audit Committees of CPA :14 since April 2007 and CPA :16 Global from April 2007 to April 2008. Mr. Blume is the Howard Butcher III Professor of Financial Management at the Wharton School of the University of Pennsylvania and Director of the Rodney L. White Center for Financial Research, also at the Wharton School. Mr. Blume has been associated with the Wharton School since 1967. Mr. Blume is also a partner in Prudent Management Associates, a registered investment advisory firm, since 1982, and Chairman and President of Marshall E. Blume, Inc., a consulting firm, for over 25 years. He is an Associate Editor of the Journal of Fixed Income, Pensions, and the Journal of Portfolio Management. He is currently a member of the Board of Managers of the Measey Foundation, which is dedicated to the support of medical education in the Philadelphia area. He is a member of the S&P Academic Advisor Board, the Finance Committee of the Rosemont School of the Holy Child, the Shadow Financial Regulatory Committee and the Financial Economist Roundtable. Mr. Blume is a former trustee of Trinity College (Hartford) and the Rosemont School. Mr. Blume received his S.B. from Trinity College, and both his MBA and Ph.D. from the University of Chicago.

Mr. Winssinger was elected to the Board of Directors of W. P. Carey & Co. LLC in 1998. Mr. Winssinger is founder and Chairman of National Portfolio, Inc. (NPI), an Arizona-based firm involved in acquisition, financing, management, and construction of commercial, multi-family, industrial, and land development real estate projects. He represents the third generation of a respected real estate family in Belgium, well known in Europe for its real estate appraisal, construction, and management capabilities. He spent ten years at the Winssinger family real estate company in Belgium before coming to the United States in 1979 to expand their investment activity. Over a 20-year period he created and managed a $500 million portfolio of U.S. real estate investment for U.S. and European investors. He later formed Horizon Real Estate Group, Inc., doing business as NAI Horizon in Phoenix, Arizona, a full-service real estate firm providing brokerage, property management, construction management, and real estate consulting services. That group has now expanded its activity to the Las Vegas market. Mr. Winssinger currently manages multiple companies with real estate investments primarily in Arizona, California, and Texas. He also serves as a director of Pierce-Eislen, Inc., and is the Honorary Consul of Belgium to Arizona. He attended the Sorbonne and is an alumnus of the University of California at Berkeley.

Mr. Mittelstaedt was elected to the Board of Directors of W. P. Carey & Co. LLC in 2007. Mr. Mittelstaedt has served as Dean of the W. P. Carey School of Business at Arizona State University since June 2004. He also serves on the Boards of Directors of Innovative Solutions & Support, Inc., Laboratory Corporation of America Inc. and ASU Research Park. Between 1973 and 2004, Mr. Mittelstaedt served in numerous positions at The Wharton School, most recently as Vice Dean of Executive Education and Director of the Aresty Institute of Executive Education. From 1985-1990 he co-founded, developed and sold Intellego, Inc., a company engaged in practice management, systems development and service bureau billing operations in the medical industry. He formerly served as a member of the corporate Boards of Directors of: A.G. Simpson Automotive, Inc., Dresser Insurance, Inc., HIP Foundation, Inc. and Intelligent Electronics, Inc. He served on the non-profit board of The Methodist Home for Children of Philadelphia. Mr. Mittelstaedt received his B.Sc. (Mechanical Engineering) from Tulane University and his MBA from the Wharton School at the University of Pennsylvania.