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Supplemental Indenture Executed With Respect to iStar Financial Consent Solicitation

NEW YORK, Jan. 9 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) announced today that pursuant to its previously announced consent solicitation for certain series of its outstanding senior Notes, the Company has received the requisite consents to adopt the proposed amendments to the indentures governing each series of Notes.

    The table below presents the results of the consent solicitation.

         Securities                  Amount Outstanding           % Consenting

    7.000% Notes due 2008               $185,000,000                  95.82 %
    4.875% Notes due 2009               $350,000,000                  94.57 %
    6.000% Notes due 2010               $350,000,000                  93.57 %
    5.125% Notes due 2011               $250,000,000                  94.46 %
    6.500% Notes due 2013               $150,000,000                  99.41 %
    5.700% Notes due 2014               $367,022,000                  96.87 %

Adoption of the proposed amendments required the consent of holders of at least a majority of the aggregate principal amount of the outstanding Notes of each series under the indentures. The proposed amendments will conform most of the covenants to the Company's investment grade bond covenants. iStar and U.S. Bank Trust National Association, the trustee under the indentures, executed the supplemental indentures adopting the proposed amendments on January 9, 2007. In addition, the consent solicitation expired at 5:00 p.m. today, January 9, 2007. The amendments will not become operative until iStar Financial accepts and pays for all consents received.

Citigroup Corporate and Investment Banking acted as the solicitation agent for the Consent Solicitation. Global Bondholder Services Corporation acted as the information and tabulation agent.

This announcement is not a solicitation of consents with respect to any securities. The solicitation was being made solely by the Consent Solicitation Statement, as amended and related Consent Form. iStar Financial may amend, extend or, subject to certain conditions, terminate the Consent Solicitation with respect to all of the series.

iStar Financial Inc. is a leading publicly traded finance company focused on the commercial real estate industry. The Company primarily provides custom-tailored financing to high-end private and corporate owners of real estate, including senior and mezzanine real estate debt, senior and mezzanine corporate capital, corporate net lease financing and equity. The Company, which is taxed as a real estate investment trust ("REIT"), seeks to deliver strong dividends and superior risk-adjusted returns on equity to shareholders by providing innovative and value added financing solutions to its customers. Additional information on iStar Financial is available on the Company's website at

SOURCE iStar Financial Inc.

Catherine D. Rice
Chief Financial Officer
Andrew G. Backman
Vice President, Investor Relations
both of iStar Financial Inc.
Web site:

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