Investment Advisors PresentationJanuary 2013

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 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.

Cautionary Statements

The information in this presentation is a summary and should not be relied upon

as the sole factor in making an investment decision. Investors should review the

Company’s applicable filings with the Securities and Exchange Commission before

making any investment decision.

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• Premier owner of net lease properties

– strong single tenant real estate

– long-term leases

– high credit quality tenants

• $1.9 billion investment portfolio

CapLease Overview

• $1.9 billion investment portfolio

• 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

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Premier Asset Quality

• High Quality Portfolio

– Diversified, high credit quality, $1.9 billion asset base– 12 million square feet 99% occupied– Strongest tenant credit rating among public net lease REITs– Long-term leases create stable NOI– Fungible, institutional grade, class A properties located in major markets that will retain

value well beyond initial lease terms

• Conservatively Financed

– 90% of portfolio is financed on long-term fixed rate basis– 90% 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

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

Our Properties

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Industry Wavg. Credit Rating Percent of Total¹

Insurance A 15%

Food & Beverage AA- 15%

Government AA+ 12%

Financial BBB 8%

Grocery BBB 6%

Energy BBB+ 6%

Retail Department Stores A 5%

Building Materials A- 5%

Retail Jewelry A- 4%

Diverse Portfolio

Diverse Tenant Industries and Property Types in Owned Property Portfolio

Office, 50%GSA (US Gov.), 12%

Retail, 12%

Office/Warehouse,

4%

Industrial,

1% Other, 1%

Retail Jewelry A- 4%

Automotive BBB- 4%

Telecommunications BBB 4%

Engineering BBB- 3%

Healthcare AA- 3%

Communications BBB 3%

Hotel BB+ 3%

Retail Drug BBB 1%

Publishing BBB+ 1%

Other N/A 2%

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¹ Percentages based on investment value as of September 30, 2012.

• 68 properties

• Over 12M SF

• Fungible property types

• Well located, predominately

in major markets

Warehouse, 21%

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 $199,975 10.8%

US Government AA+ 7 195,830 10.6%

TJX Companies, Inc. A 1 93,016 5.0%

Aon Corporation BBB+ 1 88,713 4.8%

The Kroger Co. BBB 11 87,882 4.8%

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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 September 30, 2012.

The Kroger Co. BBB 11 87,882 4.8%

Lowes Companies, Inc. A- 4 85,455 4.6%

Tiffany & Co. A- 1 77,640 4.2%

Invesco Holding Co. Ltd. A- 2 70,020 3.8%

Exelis, Inc. BBB- 1 56,747 3.1%

Allstate Insurance Company A+ 2 56,170 3.0%

A+ 33 1,011,449

11%7% 5% 7%

7%12%

5%4%

Geographic Diversity

14%

5%

> 12% of total revenue

8 > < 12%

5 > < 8%

4 > < 5%

< 4%

8As of September 30, 2012.

Our Business Strategy

2012 2011 2010 2009

Acquisitions

Steady growth

through accretive

acquisitions and

built-to-suit projects

$185M + $110M+ $40M+ $0

DividendSteadily increasing

dividend $0.30 (ann.) $0.26 $0.245 $0.21

Maintain high

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Well executed plan since the credit crisis

Occupancy

Maintain high

portfolio occupancy

level with pro-active

approach

99% 96% 95% 100%

Leverage

Reduce leverage

through natural

amortization and

targeted debt

repayment

62% 66% 72% 76%

10%

8%

11%

23%

8%

27%

5%

10%

15%

20%

25%

30%Manageable Lease Roll-overs

1%

8%

3%

5%

0%

5%

2013 2014 2015 2016 2017 2018 2019 2020 Thereafter

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Strong Growth

Tenants:

AT&T Services, Inc. &

MetroPCS Wireless,

Inc.

Location: Richardson, TX

Credit Rating: AT&T (A-), MetroPCS (B+)

Type: Office (Class A)

Size: 318,822 SF

Purchase Price: $46.0 million ($144 PSF)

Purchase Date: May 2012

Wavg. Lease Term: ~7.25 Years

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Wavg. Lease Term: ~7.25 Years

Avg. Cap Rate: 9.0%Debt Coupon: 4.60%

Strong Growth

Tenants:Praxair (106K SF),

Dover Corp. (14K SF), 3

other tenants (55K SF)

Location: The Woodlands, TX

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

Type: Office (LEED Silver)

Size: 175,035 SF

Purchase Price: $40.5 million

Purchase Date: June 2012

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Purchase Date: June 2012

Wavg. Lease Term: ~8.4 Years

Avg. Cap Rate: 7.90%+Debt Coupon: 3.70%

Strong GrowthBuilt-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%

Strong GrowthBuilt-to-suit investment…

Tenant:

Vitamin

Shoppe

Industries Inc.Location: Ashland, VA

Credit Rating: BB-

Type: Distribution Center

Size: 311,730 SF

Expected Development Cost: $20+ million

Close Date: August 2012

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Close Date: August 2012

Expected Completion Date: 2Q2013

Lease Term: 15 Years

Avg Cap Rate : 8% +Escalations: 1.5%

6.0%

7.0%

94.40%90%

100%

Strong Dividend Yield

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

• CapLease has increased the dividend over time

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

5.73%

5.23%

3.91%

3.29%3.05%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

LSE NNN REITs All REITs Industrial REITs Office REITs

45.45%

56.98%

65.20%

68.83%

0%

10%

20%

30%

40%

50%

60%

70%

80%

LSE¹ Office REITs All REITs Industrial REITs NNN REITs

15Source: KeyBanc Capital Markets as of 1/25/2013. NNN REITs are LXP, NNN, O and

EPR. LSE closing price of $5.24 as of 1/25/2013.

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

9.38%

7.99%

7.35% 7.26%7.0%

8.0%

9.0%

10.0%

14.9x

16.3x

17.7x18.3x

14.0x

16.0x

18.0x

20.0x

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

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

LSE Office Sector Industrial REITs NNN Reits

8.7x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

LSE¹ Office REITs All REITs Industrial REITs NNN REITs

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CapLease offers a compelling investment opportunity at an attractive valuation

Source: KeyBanc Capital Markets as of 1/25/2013. NNN REITs are LXP (except implied

cap rate), NNN, O and EPR. LSE closing price of $5.24 as of 1/25/2013.

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

Compelling Investment

•• 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 to capital decisions to

grow the companygrow the company

•• New property acquisitions with better than market returns New property acquisitions with better than market returns augmentaugment existing institutional existing institutional

quality property portfolio quality property portfolio –– primarily IG tenant base primarily IG tenant base

•• YearYear--toto--date acquisition volume of $185+ milliondate acquisition volume of $185+ million

•• All 2012 debt maturities have been extendedAll 2012 debt maturities have been extended

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•• All 2012 debt maturities have been extendedAll 2012 debt maturities have been extended

•• Ample liquidity with cash on hand and revolverAmple liquidity with cash on hand and revolver

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