W. P. Carey Inc.

Our Board has adopted a Code of Business Conduct and Ethics, which we refer to in this Proxy Statement as the Code of Ethics, that applies to our Directors, officers and employees. Among other matters, our Code of Ethics is designed to deter wrongdoing and to promote:

■honest and ethical conduct;

■a culture of accountability, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

■compliance with applicable governmental laws, rules and regulations;

■a zero tolerance policy for bribes, kickbacks or similar payments of any kind;

■full and accurate information in our SEC reports and other public communications; and

■accountability for adherence to the Code of Ethics.