New Carey Business School to be Established at Johns Hopkins University

NEW YORK, Dec. 5 /PRNewswire-FirstCall/ -- W. P. Carey & Co. LLC , announced today that its Chairman and Founder, Wm. Polk Carey, donated $50 million through the W. P. Carey Foundation to establish the Carey Business School at Johns Hopkins University. Johns Hopkins University trustees voted to establish the school yesterday. With focus upon producing leaders with broad disciplinary skills, the new school will begin operations January 1.

The Carey Business School will be launched with a $100 million funding plan, one of the largest commitments in the history of business education.

"More than a century ago, Johns Hopkins University forever broke the mold in American medical and graduate education, establishing revolutionary new approaches that remain central even today to the preparation of physicians and scholars," said its President, William R. Brody. "Bill Carey's generosity makes it possible for Johns Hopkins to break the mold again, this time in management education."

The Carey Business School, Brody said, will make its mark producing leaders armed with both business skills and cross-disciplinary knowledge. Coordinating with other graduate programs, the Carey School will grant joint master's/MBA degrees, Brody said, and add a five-year B.A.-B.S./MBA option for outstanding liberal arts and engineering majors. There will be no undergraduate business degree offered.

The new Carey Business School will embrace both full- and part-time students. The existing W. P. Carey Program in Management and Entrepreneurship, established in 1996, is the University's most popular minor. This program will continue to be available to qualified undergraduates under the auspices of the Dean of the Carey Business School.

"A key to economic health is quality management education, and this school will be able to generate leaders for many important enterprises, be they in business, education, medicine, government, or whatever," said Carey.

"Johns Hopkins, one of the leading universities in the world, has played an important role in the history of my family," Carey added. "I am pleased that 130 years after its founding by Johns Hopkins and others, through the support of the Carey Foundation by W. P. Carey & Co. and the Carey family, we are able to add to their legacy by enhancing the university's contributions of knowledge for the world."

The gift to Johns Hopkins marks Carey's second $50 million gift in support of business education. His 2003 donation to Arizona State University endowed the W. P. Carey School of Business in Arizona and in China. The new Johns Hopkins Carey Business School is named for James Carey of Loudon, an 18th and 19th century Baltimore shipper, member of Baltimore's first city council, chairman of the Bank of Maryland and relative of university founder Johns Hopkins. James Carey was an ancestor of a number of initial trustees of the university and The Johns Hopkins Hospital, including Wm. Polk Carey's great grandfather, who also was named James Carey. First boards of Trustees of both the University and the Hospital were headed by his relatives.

The university is launching immediately a national search for a dean of the Carey Business School, Brody said. The dean must be a business expert with the energy and creativity to make a reality of a new vision for management education and to assure that the Carey Business School is a recognized leader among the world's business schools.

W. P. CAREY & CO. LLC

Founded in 1973, W. P. Carey & Co. LLC is a leading global real estate investment firm. The Company provides asset management services to its CPA(R) series of income generating real estate funds. With over $4 billion in equity capital, the W. P. Carey Group is one of the largest providers of net lease financing for corporations worldwide. The Group owns more than 700 commercial and industrial properties in 13 countries, representing over 95 million square feet, valued at more than $8 billion. http://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.

W. P. Carey & Co. LLC 50 Rockefeller Plaza New York, NY 10022 http://www.wpcarey.com/ PRESS CONTACT: Zachary Pack Tracy Pannozzo W. P. Carey & Co. LLC Fleishman-Hillard Inc. 212-492-1115 [e-mail]