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.

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A waiver of the Code of Ethics may only be granted by the Board or the NCG Committee and will be promptly disclosed as required by law or NYSE regulations.

Our Chief Ethics Officer reports directly to the CEO and has primary authority and responsibility for the administration of our Code of Business Conduct and Ethics, subject to the oversight of the NCG Committee.

Our Code of Ethics is available on our website, www.wpcarey.com, under the heading "Governance" in the "Investors" section. However, the information located on, or accessible from, our website is not, and should not be deemed to be, part of this Proxy Statement or incorporated into any other filing that we submit to the SEC.