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iStar Financial Announces Final Results for its Exchange Offer on its 8.75% Notes due 2008

NEW YORK, Oct. 18 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), announced today the final results of its Offer to Exchange iStar Financial Inc. 5.95% Senior Notes due 2013 ("2013 notes") for outstanding iStar Financial Inc. 8.75% Notes due 2008 ("2008 notes") and Solicitation of Consents. The exchange offer and consent solicitation were launched on September 19, 2006 and expired at 12:00 midnight, New York City time, on October 17, 2006.

A total of $189,669,000 aggregate principal amount of 2008 notes have been validly submitted and accepted for exchange corresponding to 79.03% of the total outstanding amount of the 2008 notes. The amount includes $187,299,000 principal amount of 2008 notes which were previously exchanged in the early participation period of the offer which expired on October 2, 2006.

The 2013 notes have not been registered under the Securities Act or any state securities laws. Therefore, the 2013 notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.

This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities. The exchange offers are being made only pursuant to an offering memorandum and related consent and letter of transmittal and only to such persons and in such jurisdictions as is permitted under applicable law.

SOURCE iStar Financial Inc.
CONTACT: Catherine D. Rice, Chief Financial Officer, or Andrew G. Backman, Vice President - Investor Relations, +1-212-930-9400, both of iStar Financial Inc

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