iStar, Inc., 7.50% Series I Cumulative Redeemable Preferred Stock

Ticker: STAR-I

Parent Ticker: STAR

OTC Grey Market Temporary Ticker: NA

Issuance Date: 02/27/2004

1st Call Date: 03/01/2009

Maturity Date: None

Shares Issued: 5,000,000

Overallotment Shares: 750,000

Coupon: 7.50%

Face Value: $25.00

Cumulative: Yes

Qualified: No

Quarterly Dividend Amount: 0.468

Ex-Dividend Months: FEB, MAY, AUG, NOV

Approx. Ex-Dividend Day: Last Day

Payment Months: MAR, JUN, SEP, DEC

Payment Day: 15

S&P Rating: B

III Rating (In Regards to Dividend Safety Only): C

Moody Rating: B2

Fitch Rating: NR

Egan-Jones Rating: NR