WunderlichJune 2012

Certain statements made as part of this presentation are forward

looking in nature and are made pursuant to the safe harbor

provisions of the Private Securities Litigation Reform Act of 1995.

For a discussion of important factors that could cause actual

results to differ materially from those projected, please see “Risk

Factors” in the Company’s most recent Annual Report on Form

Forward Looking Statements

Factors” in the Company’s most recent Annual Report on Form

10-K and other filings with the Securities and Exchange

Commission, which are available on our website at

www.caplease.com or the SEC’s website at www.sec.gov.

2

• Premier owner of

– strong single tenant real estate

– long-term leases

– high credit quality tenants

CapLease Overview

– high credit quality tenants

• Well diversified real estate portfolio by

tenant, property type, geography

• Highest quality assets versus peer group

• National franchise with 17 years of

expertise in net lease investing

3

Premier Asset Quality

• High Quality Portfolio

– Diversified, high credit quality, $1.8 billion asset base– 11.6 million square feet 96% occupied– Strongest tenant credit rating among public net lease REITs– Long-term leases create growing earnings and cash flow– Fungible, institutional grade, class A properties located in major markets that will retain

value well beyond initial lease terms

• Conservatively Financed

– 86% of portfolio is financed on long-term fixed rate basis– 86% of portfolio is financed on long-term fixed rate basis

– Long-term fixed rate financing locks in long-term spread

– Substantially all financing is amortizing, non-recourse, and secured by individual assets and not the REIT

4

Diverse, high quality portfolio of office, retail, and industrial real estate.

Our Properties

5

Our Business Strategy

2012 2011 2010 2009

Acquisitions

Steady growth through

accretive, risk-adjusted

acquisitions and built-to-

suit projects

$86M + $110M+ $40M+ $0

Debt Repayment

Selected sale of debt

portfolio, recourse leverage

reduced by 66% , and debt

amortization

$40M $258M $73M $123M

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Well executed plan since the beginning of the credit crisis

Dividend Steadily increasing dividend $0.26 (ann.) $0.26 $0.245 $0.21

OccupancyMaintain high portfolio

occupancy level with pro-

active approach96% 96% 95% 100%

LeverageReduce leverage through

natural amortization and

targeted debt repayment64% 66% 72% 76%

A+

High Credit Quality Tenants

Top ten tenants are all rated investment grade and have an average credit rating of

Credit Rating¹ No. Of Properties Investment² Pct

Nestle Holdings, Inc. AA 3 $198,225 11.1%

US Government AA+ 7 195,568 11.0%

TJX Companies, Inc. A 1 93,016 5.2%

Aon Corporation BBB+ 1 88,390 5.0%

The Kroger Co. BBB 11 87,882 4.9%

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¹ Reflects actual or implied S&P rating.

² Reflects Company carry value before depreciation and amortization on owned properties.

Investment figures in thousands

As of March 31, 2012.

The Kroger Co. BBB 11 87,882 4.9%

Lowes Companies, Inc. A- 4 85,439 4.8%

Tiffany & Co. A- 1 77,640 4.4%

Invesco Holding Co. Ltd. A- 2 70,019 3.9%

Exelis Inc. BBB- 1 56,747 3.2%

Allstate Insurance Company A+ 2 56,170 3.2%

A+ 33 1,009,096

Industry Wavg. Credit Rating Percent of Total¹

Insurance A 16%

Food & Beverage AA- 16%

Government AA+ 13%

Financial BBB 9%

Grocery BBB 7%

Retail Department Stores A 6%

Building Materials A- 5%

Retail Jewelry A- 5%

Automotive BBB- 4%

Engineering BBB- 4%

Diverse Portfolio

Diverse Tenant Industries and Property Types in Owned Property Portfolio

Office, 50%

GSA (US Gov.), 12%

Retail, 10%

Office/Warehouse,

5%

Industrial,

1% Other, 1%

Engineering BBB- 4%

Healthcare AA- 3%

Communications BBB 3%

Hotel BBB 3%

Energy BBB- 2%

Publishing BBB+ 1%

Retail Drug BBB+ 1%

Other N/A 3%

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¹ Percentages based on investment value as of March 31, 2012. • 64 properties

• Over 11M SF

• Fungible property types

• Well located, predominately

in major markets

Warehouse, 22%

12%7% 6% 8%

8%13%

6%4%

Geographic Diversity

9%

6%

> 12% of total revenue

8 > < 12%

5 > < 8%

4 > < 5%

< 4%

9As of March 31, 2012.

7%

8%

12%13%

7%

28%

5%

10%

15%

20%

25%

30%

R

e

n

e

w

e

Manageable Lease Roll-overs

Down to 4.3% with lease extensions at (Nestle) Breinigsville, PA, (Del Monte) Lathrop, Ca, and (NIH) Bethesda, MD (expected during 2Q12)

7%

1%1%

5%

0%

5%

2012 2013 2014 2015 2016 2017 2018 2019 2020 Thereafter

e

d

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Accretive Investments

Tenant:Cooper Tire &

Rubber Co.Location: Franklin, IN

Credit Rating: BB-

Type: Warehouse

Size: 807,042 SF

Purchase Price: $32.5 million

Purchase Date: December 2010

Lease Term: 10.4 Years

Avg. Cap Rate: 9.2%

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Avg. Cap Rate: 9.2%Escalations: 3.00%

Accretive Investments

Tenants:

Praxair, Inc. (106,449 SF)

Dover Corp (14,005 SF), 3

other tenants (54,581 SF)

Location:The Woodlands, TX

(Houston)

Credit Rating: Praxair (A); Dover (A)

Type: Class A Office (LEED Silver)

Size: 175,035 SF

Purchase Price: $40.45 million

Purchase Date: June 2012

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Purchase Date: June 2012

Lease Term: Approx. 8.40 years

Avg. Cap Rate: 7.9%+Financing Rate: Sub 4.00%

Accretive InvestmentsBuilt-to-suit investment…

Tenant:

Cimarex

Energy

CompanyLocation: Tulsa CBD, OK

Credit Rating: BB+

Type: Office

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Type: Office

Size: 324,324 SF

Expected Purchase Price: $55.0 million

Close Date: July 2011

Expected Completion Date: 1Q2013

Lease Term: 12 Years

Avg Cap Rate : 10% +Escalations: 2.0%

Cap Rate Distribution 2011

20

25

30

35

40

45

1 STANDARD

DEVIATION, 8.18%-1 STANDARD

DEVIATION, 6.25%

MEAN, 7.22%

14

0

5

10

15

20

4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00%

-2 STANDARD

DEVIATIONS, 5.28%

2 STANDARD

DEVIATIONS,

9.15%

CapLease 2011

Cap Rate,

8.7%¹

Source: Real Capital Analytics

Note: Data set consists of single tenant properties, $15M+

¹ Represents our “going-in” cap rate which we compute by dividing the estimated net operating

income of the property for the first year of the lease term by our purchase price.

83.11%80%

90%

6.33%6.0%

7.0%

Strong Dividend Yield

• CapLease has a strong dividend yield with a low FFO payout ratio

• CapLease can increase the dividend over time as debt amortization declines

Strong dividend yield vs. peers Low Est. 2012 FFO payout ratio vs. peers

42.98%

52.78%

63.50%

67.47%

0%

10%

20%

30%

40%

50%

60%

70%

LSE¹ Office REITs All REITs Industrial REITs NNN REITs

5.32%

4.10%

3.78%

3.16%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

LSE NNN REITs All REITs Industrial REITs Office REITs

15Source: KeyBanc Capital Markets as of 05/04/2012. NNN REITs are LXP, NNN, O and

EPR. LSE closing price of $4.11 as of 05/04/2012.

¹ LSE 2012 FFO payout ratio based on mid-point of 2012 FFO guidance.

15.4x 15.4x 15.5x16.1x

12.0x

14.0x

16.0x

18.0x

8.64%

7.96%

7.17%7.01%

7.0%

8.0%

9.0%

10.0%

Compelling Investment

High implied cap rate vs. peers Low 2012 FFO multiple vs. peers

• CapLease trades at an implied cap rate significantly higher than its net lease peers

• CapLease’s stock price trades at a deep discount to NAV

6.8x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

LSE¹ All REITs Office REITs Industrial REITs NNN REITs

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

LSE Office Sector NNN Reits Industrial REITs

16

CapLease offers a compelling investment opportunity at a very attractive valuation

Source: KeyBanc Capital Markets as of 05/04/2012. NNN REITs are LXP (except implied

cap rate), NNN, O and EPR. LSE closing price of $4.11 as of 05/04/2012.

¹ LSE 2012 FFO multiple based on mid-point of 2012 FFO guidance.

•• StableStable property portfolio supports property portfolio supports well covered well covered dividenddividend

•• Compelling investment Compelling investment –– high cap rate high cap rate vs. peer group, even modest multiple expansion will vs. peer group, even modest multiple expansion will

have SIGNIFICANT share price impacthave SIGNIFICANT share price impact

•• Experienced management team aligned with shareholders making Experienced management team aligned with shareholders making prudent prudent capital decisions capital decisions

including raising preferred equity when accretive for new investments and executing share buyincluding raising preferred equity when accretive for new investments and executing share buy--

back when that may be the best investmentback when that may be the best investment

•• New property acquisitions New property acquisitions augmentaugment existing institutional quality property portfolio existing institutional quality property portfolio

•• STRONG pipeline of deals for 2012 with $86 million closed and more to comeSTRONG pipeline of deals for 2012 with $86 million closed and more to come

Compelling Investment

•• STRONG pipeline of deals for 2012 with $86 million closed and more to comeSTRONG pipeline of deals for 2012 with $86 million closed and more to come

•• Great liquidity with CASH on hand, borrowing capability under Wells line and growing cash flows Great liquidity with CASH on hand, borrowing capability under Wells line and growing cash flows

from the portfoliofrom the portfolio

•• Long term, inexpensive, amortizing nonLong term, inexpensive, amortizing non--recourse debt recourse debt lowerslowers risk and risk and buildsbuilds equityequity

•• Even with all of this, shares trade at a Even with all of this, shares trade at a steepsteep discountdiscount to both NAV and peersto both NAV and peers

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