Strategic Plan to Exit Office

Strategic Rationale ✓Clear path to monetizing WPC's legacy office portfolio Transaction accelerates WPC's office exit strategy, aligning WPC's portfolio with its investment focus on growing its core net lease portfolio ✓ Enhances WPC's growth profile through improved cost of capital - Transaction is expected to broaden WPC's appeal to debt and equity investors and serve as a catalyst to drive a re-rating of WPC - Post-Transaction portfolio expected to comprise higher-quality assets commanding an improved portfolio valuation and higher multiple Lower cost of capital widens WPC's investment spreads and enhances its overall earnings growth profile Furthers WPC's ability to drive sector-leading same-store rent growth through a combination of CPI and fixed rent escalators ✓Increases the quality and stability of WPC's earnings and cash flows through better end-of-lease outcomes Post-Transaction WPC benefits from higher overall releasing spreads, reduced downtimes and carrying costs and lower capex requirements ✓Improves portfolio quality and key metrics post-separation Vast majority of remaining net lease portfolio to comprise industrial / warehouse, essential retail and self-storage assets Increases overall real estate quality, criticality, and WALT of the portfolio with all other metrics largely in line with pre-Transaction levels ✓ Maintains strong, scalable investment grade balance sheet - - No material change to balance sheet and WPC will remain a top 25 REIT in the MSCI US REIT Index A credit positive with BBB+ (stable) and Baal (stable) unsecured credit ratings remaining unchanged Leverage to remain within WPC's target range of mid-to-high 5s net debt to EBITDA ✔Uniquely positioned to successfully manage NLOP's disposition plan - WPC originated and has managed office since inception and has a deep understanding of the assets and markets W. P. CAREY 9

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