Real Estate Investment Banker Wm. Polk Carey Helps Launch Educational Partnership with the People's Republic of China.

Business & Real Estate Editors

SHANGHAI, China--(BUSINESS WIRE)--Sept. 17, 2003

W. P. Carey MBA Shanghai Program Represents the First Partnership

Between the People's Republic of China and a U.S. Business School

Wm. Polk Carey, Chairman and Co-CEO of W. P. Carey & Co. LLC (NYSE: WPC), will join Chinese government officials, Shanghai business leaders and U.S. scholars to officially launch the W. P. Carey MBA Shanghai program on September 20, 2003. The executive education program, affiliated with the W. P. Carey School of Business at Arizona State University (ASU), represents the first partnership between a U.S. business school and the government of the People's Republic of China (PRC). The two-year executive education program is expected to assume a key role in China's continuing effort to prepare its business and government leaders for the world markets.

Developed in cooperation with the Chinese Ministry of Finance, the W. P. Carey MBA Shanghai will be delivered in collaboration with the Shanghai National Accounting Institute (SNAI). In contrast to other business education programs offered on-line by other U.S. schools in China, the W. P. Carey MBA Shanghai will be delivered face-to-face in Mandarin, pairing students with some of the world's most brilliant scholars in finance, accounting, economics, management and other disciplines. Students will be taught by internationally renowned W. P. Carey faculty, as well as professors from Massachusetts Institute of Technology (MIT), New York University (NYU), Stanford and Yale.

The inaugural W. P. Carey MBA Shanghai class consists of 65 individuals that include a number of Shanghai's top business leaders and government officials who oversee Shanghai's financial markets and state-owned companies. Two-thirds of the class holds the position of chairman, chief executive officer or executive/senior vice president in one of China's largest state-owned enterprises.

"I am pleased to be a part of this historic event which represents the government of China's first partnership with a U.S. business school," said Wm. Polk Carey. "The W. P. Carey MBA has been extremely popular in Beijing, and it's only fitting that Shanghai, as China's business capital, offer its own program where government and business leaders can learn from our country's top scholars. I have no doubt that this program will bring greater recognition of the W. P. Carey School of Business and all that it has to offer."

Dr. Buck Pei, associate dean for Asia Pacific Programs at the W. P. Carey School, said, "Shanghai is not only the economic and financial center of China, but it is also the future powerhouse for its tech, bio-tech, auto and software engineering sectors. The leaders in Shanghai will most likely lead China in the future - and many of them are enrolled in the W. P. Carey MBA."

Zhang Guangsheng, chairman of the board of Pudong Development Bank and W. P. Carey MBA Shanghai student said, "The true source of the competitive edge of a firm is its managerial talent and ability to learn. By enrolling in this program, I am setting an example for my colleagues."

The PRC's Ministry of Finance looked to the W. P. Carey MBA for this program because of ASU's exceptional American management program and its successful W. P. Carey MBA Beijing program. The Beijing program, which started more than five years ago, has been instrumental in educating individuals from Motorola China.

"The W. P. Carey School of Business and Motorola China have enjoyed a great partnership in management training and development," said Ruey-Bin Kao, executive director and acting president of Motorola China. "The W. P. Carey MBA Beijing provided in cooperation with Tsing Hua University has been an important cornerstone of our management localization strategy here in China. We believe the Shanghai program will have an even greater impact on China."

Milton Glick, ASU Executive Vice president and Provost, said, "ASU and the state of Arizona will gain valuable recognition as global players in education and the regional economy. Bringing this one-of-a-kind program to China's business and economic center, directly to the country's most prestigious executives, is an outstanding achievement for the W. P. Carey School and ASU."

In November 2001, China succeeded in its 15-year effort to be admitted to the World Trade Organization. Realizing the potential impact of WTO accession on global collaboration and competition, the business leaders and government officials in Shanghai have made a priority to invest in human capital.

The inauguration of the W. P. Carey MBA Shanghai will be marked with a gala dinner celebration in Shanghai on Friday, September 19th and will be followed by an opening ceremony on Saturday, September 20th. Both events will be attended by top Shanghai government officials, leaders of ASU and the W. P. Carey School and executives of multi-national firms.

W. P. CAREY SCHOOL OF BUSINESS

The W. P. Carey School of Business at Arizona State University provides quality undergraduate, masters and doctoral programs that draw upon a dynamic learning environment to prepare students at all levels for the future. Internationally recognized faculty enriches the curriculum with their latest research findings, and delivers this knowledge in a technology-rich environment. Ranked 21st in the nation by U.S. News & World Report, the undergraduate program features Business Honors, comprised of some of the best students in the country. The W. P. Carey MBA, ranked 17th in the nation among public programs, combines business fundamentals with marketplace issues and trends, giving graduates the knowledge and experience to excel in a global economy. W. P. Carey School of Business alumni are lifelong learners connected to the school and each other through an active alumni community and executive education opportunities.

W. P. CAREY & CO. LLC

W. P. Carey & Co. LLC is a leading investment firm that serves as the preeminent provider of sale-leaseback financing to corporations in the United States and Europe. The Company acquires single-tenant corporate and industrial properties and leases them back to the tenant often under a triple-net lease lasting 15-20 years. By converting an otherwise depreciating and underutilized asset, companies are able to use the capital they receive from W. P. Carey to pay down debt, fund acquisitions or reinvest in the core competencies of their business. W. P. Carey owns and/or manages more than 550 commercial and industrial properties throughout the United States and Europe representing more than 75 million square feet.

For photos/press materials visit: http://wpcarey.asu.edu/top/shanghai_qa.cfm