Capital Lease Funding Retains McGladrey & Pullen as Independent Auditors

Business Wire, Sept 15, 2005

NEW YORK -- Capital Lease Funding, Inc. (NYSE: LSE) announced today that it has retained McGladrey & Pullen LLP as its independent audit firm, replacing Ernst & Young LLP. The decision to change independent auditors was made by CapLease's audit committee.

Shawn Seale, CapLease's Chief Financial Officer, said, "We thank Ernst & Young for its fine services over the past 10 years. Our change was not the result of a disagreement with Ernst & Young, but reflects our belief that our audit can be done more efficiently and cost effectively, without sacrificing audit quality."

"Our firm is committed to providing efficient, high quality, cost-effective audits for real estate industry clients," says Bruce Bernstein, Assurance Practice Leader for the New York office of McGladrey & Pullen, LLP. "CapLease is an important new client of our firm and we are very excited to move forward."

About the Company:

Capital Lease Funding, Inc. (NYSE: LSE) is real estate investment trust, or REIT, focused on financing and owning commercial real estate that is net leased primarily to single tenants with investment grade or near investment grade credit ratings.

About McGladrey & Pullen:

McGladrey & Pullen LLP, a partner-owned CPA firm, provides audit and attest services. The firm is committed to the real estate industry and maintains a national practice group that focuses on the unique accounting issues facing its real estate clients. The firm has 100 offices in the United States and helps clients with global business needs through its membership in RSM International (an affiliation of separate and independent accounting and consulting firms). McGladrey and Pullen provides service to more than 100 current clients with publicly held securities. The firm represents clients listed on all of the major stock exchanges including NYSE, AMEX, Nasdaq, National Market and Nasdaq Small Cap.

McGladrey & Pullen LLP and RSM McGladrey Inc., a business services provider, have an alternative practice structure. Though separate and independent legal entities, they work together to serve clients' business needs. When considered together, the two companies rank as the sixth largest provider of accounting, tax and business consulting in the United States (source: Public Accounting Report).