Capital Investment Case Studies

Investment Strategy • Generate attractive risk-adjusted returns by investing in net lease commercial real estate, primarily in the U.S. and Northern and Western Europe Protect downside by combining credit and real estate underwriting with sophisticated structuring and direct origination Transactions Evaluated on Four Key Factors Creditworthiness of Tenant • • Industry drivers and trends Competitor analysis Company history Financial wherewithal • . W. P. CAREY Acquire "mission-critical" assets essential to a tenant's operations Create upside through rent escalations, credit improvements and real estate appreciation Capitalize on existing tenant relationships through accretive expansions, renovations and follow-on deals Criticality of Asset · • Key distribution facility or profitable manufacturing plant • Critical R&D or data-center • Top performing retail stores Corporate headquarters . Hallmarks of our approach: Diversification by tenant, industry, property type and geography Disciplined Opportunistic Fundamental Value of the Underlying Real Estate • Local market analysis • Property condition • · 3rd party valuation / replacement cost Downside analysis / cost to re-lease • Proactive asset management Conservative capital structure Transaction Structure and Pricing • Lease terms - rent growth and maturity • Financial covenants Security deposits / letters of credit 5

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