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 <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><a name="scotch"><b><font size="2" face="Times New Roman">As Filed with the Securities and Exchange Commission on January&nbsp;16, 2007</font></b></a></p> <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p align="right" style="border:none;margin:0pt 0pt .0001pt;padding:0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p> </div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON, D.C. 20549</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM S-8</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REGISTRATION STATEMENT</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">UNDER</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">THE SECURITIES ACT OF 1933</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">iSTAR FINANCIAL INC.</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of
registrant as specified in its charter)</font></p>

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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <td width="51%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:51.2%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Maryland</b></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">95-6881527</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:51.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or Other
  Jurisdiction of Incorporation or Organization)</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer
  Identification No.)</font></p>
  </td>
 </tr>
</table>

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<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1114 Avenue of the Americas, 27</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">th</font>&#160;Floor, New York, New York 10036</b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
Principal Executive Offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip
Code)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">iStar Financial Inc 2006 Long
Term Incentive Plan</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Full Titles of
the Plans)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Jay
Sugarman</font></b></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1114
Avenue of the Americas, 27</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">th</font>&#160;Floor</b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York,
New York 10036</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(212) 930-9400</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and Address
of Agent For Service)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(212) 930 9400</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Telephone Number,
Including Area Code, of Agent For Service)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Copies to:</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Kathleen L. Werner, Esq.</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Clifford Chance US LLP</font></b></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">31 West 52</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">nd</font>&#160;Street</b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York, New York 10019</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(212)
878-8000</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CALCULATION OF REGISTRATION FEE</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.66%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proposed</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proposed</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.66%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Maximum</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Maximum</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount&nbsp;of</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.66%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title&nbsp;of&nbsp;Each&nbsp;Class&nbsp;of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">To&nbsp;Be</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Offering&nbsp;Price</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Aggregate</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Registration</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.66%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Securities&nbsp;To&nbsp;Be&nbsp;Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Registered(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Per&nbsp;Share</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Offering&nbsp;Price</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fee(2)</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:42.66%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock, $0.01 par
  value per share</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,550,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:1.0%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48.86</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:1.0%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">222,313,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:1.0%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23,787.50</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="319" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="88" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="80" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="81" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="80" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:2.98%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading -->(1)</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:1.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:96.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Rule 416 under the Securities Act of
  1933, as amended, this registration statement also covers additional shares
  that may become issuable under the plans by reason of certain corporate
  transactions or events, including any stock dividend, stock split,
  recapitalization or any other similar transaction effected without the
  receipt of consideration which results in an increase in the number of the
  registrant&#146;s outstanding shares of common stock.</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:2.98%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:1.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:96.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computed in accordance with Rule 457(h) under the
  Securities Act by averaging the high and low sales prices of iStar Financial
  Inc.&#146;s common stock as reported by the NYSE on January&nbsp;11, 2007.</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>
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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXPLANATORY NOTE</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are filing this registration statement in order to
register 4,550,000 shares of our common stock for issuance pursuant to the
iStar Financial Inc. 2006 Long-Term Incentive Plan (the &#147;Plan&#148;).&#160; This Plan was described in our definitive Proxy
Statement for our 2006 Annual Meeting of Stockholders and was approved at this
meeting on May 31, 2006.&#160; In accordance
with the instructional Note to Part I of Form S-8 as promulgated by the
Securities and Exchange Commission (the &#147;SEC&#148;), the information specified by
Part I of Form S-8 has been omitted from this Registration Statement.&#160; This Registration Statement has been prepared
in accordance with the requirements of Form S-8 under the Securities Act of
1933, as amended.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART II</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>Incorporation of Documents By
Reference.</b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following documents filed by the Company with the
Securities and Exchange Commission under the Securities Exchange Act of 1934
are incorporated by reference:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
description of the Company&#146;s common stock contained in the Company&#146;s
Registration Statement on Form 8-A filed under the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;), on February 27, 2004.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Company&#146;s Annual Report on Form 10-K for the fiscal year ended December 31,
2005.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Company&#146;s Quarterly Report on Form 10-Q for the fiscal quarters ended March 31,
2006, June 30, 2006 and September 30, 2006.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Company&#146;s Current Reports on Form 8-K filed on January&nbsp;16, 2006, January&nbsp;10,
2006, February&nbsp;16, 2006, February&nbsp;24, 2006, March&nbsp;3, 2006,
March&nbsp;24, 2006, April&nbsp;10, 2006, May&nbsp;19, 2006, July&nbsp;5, 2006,
September&nbsp;13, 2006, September&nbsp;13, 2006, September&nbsp;14, 2006,
September&nbsp;20, 2006, November&nbsp;9,2006 and December&nbsp;7, 2006.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All documents subsequently filed by the Company
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment to this registration statement which
indicates that all of the shares of the Company&#146;s common stock offered have
been sold or which deregisters all such shares then remaining unsold, shall be
deemed to be incorporated by reference in this registration statement and to be
a part hereof from the date of filing of such documents.&#160; Any statement contained in a document
incorporated or deemed incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this registration statement to the
extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement.&#160;
Any such statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this registration
statement.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>Description of Securities.</b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>Interests of Named Experts and
Counsel.</b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>Indemnification of Directors
and Officers.</b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As permitted by the General Corporation Law of the
State of Maryland (&#147;MGCL&#148;), our Amended and Restated Charter (&#147;Charter&#148;)
provides that an officer, director, employee or agent of our company is
entitled to be indemnified for the expenses, judgments, fines and amounts paid
in settlement actually and reasonably incurred by him by reason of any action,
suit or proceeding brought against him by virtue of his acting as such officer,
director, employee or agent, provided he acted in good faith or in a manner he
reasonably believed to be in or not opposed to the best interests of our
company and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his conduct was unlawful, except that in any action
or suit by or in the right of our company that person shall be indemnified only
for the expenses actually and reasonably incurred by him and, if that person
shall have been adjudged to be liable for negligence or misconduct, he shall
not be indemnified unless and only to the extent that a court of appropriate
jurisdiction shall determine that such indemnification is fair and reasonable.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the
Company and each of our directors and executive officers have entered into
indemnification agreements. The indemnification agreements provide that we will
indemnify the directors and the executive officers to the fullest extent
permitted by our Charter and Maryland law against certain liabilities
(including settlements) and expenses actually and reasonably incurred by them
in connection with any threatened or pending legal action, proceeding or
investigation to which any of them is, or is threatened to be, made a party by
reason of their status as our director, officer or agent, or by reason of their
serving as a director, officer or agent of another company at our request. We
will not indemnify the directors and executive officers if it is established
that: (1) the act or omission was material to the matter giving rise to the
proceeding and was committed in bad faith or the result of active and
deliberate dishonesty; (2) the director or officer actually received an improper
personal benefit; or (3) in the case of a criminal proceeding, the director or
officer had reasonable cause to believe the act or omission was unlawful. In
addition, we will not indemnify the directors and executive officers for a
proceeding brought by a director or officer against us, except to enforce
indemnification. If an amendment to the Charter or Maryland law with respect to
removal of limitations on indemnification is approved, the indemnification
agreements will be amended accordingly. We are not required to indemnify any
director or executive officer for liabilities: (1) for which he or she has
already been unconditionally reimbursed from other sources; or (2) resulting
from an accounting of profits under Section 16(b) of the Securities Exchange
Act of 1934. In addition, we have obtained directors and officers liability
insurance, which covers our directors and executive officers.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>Exemption from Registration
Claimed.</b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>Exhibits.</b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a list of exhibits to this
registration statement:</font></p>

<p style="font-weight:bold;margin:4.0pt 0pt 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEX TO EXHIBITS</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->4.1</p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of stock certificate for the Company&#146;s Common
  Stock. (1)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing Senior Floating Rate
  Notes due 2009 issued on September 22, 2006. (2)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;"><a name="row"></a>
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing 5.95% Senior Notes
  due 2013 issued on September 22, 2006. (2)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indenture dated September 22, 2006, governing the
  5.95% Notes due 2013. (2)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indenture dated September 18, 2006, governing the
  Senior Floating Rate Notes due 2009. (2)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iStar Financial Inc. 2006 Long Term Incentive
  Compensation Plan. (3)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing 5.80% Senior Notes
  due 2011 issued on December 14, 2005. (4)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing Senior Floating Rate
  Notes due 2009 issued on December 14, 2005. (4)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.9</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing 5.375% Senior Notes
  due 2010 issued on April 21, 2005. (5)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.10</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing 6.05% Senior Notes
  due 2015 issued on April 21, 2005. (5)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.11</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing 5.15% Senior Notes
  due 2012 issued on March 1, 2005. (6)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.12</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing floating rate notes
  due 2008 issued on March 1, 2005. (6)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.13</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing 5.70% Notes due 2014
  issued on March 9, 2004 and March 1, 2005 in connection with the Company&#146;s
  exchange offer for TriNet Corporate Realty Trust, Inc.&#146;s 7.70% Notes due
  2017. (7)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.14</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing floating rate notes
  due 2007 issued on March 12, 2004 and May 10, 2004. (7)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.15</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing 5.125% Notes due 2011
  issued on March 30, 2004. (7)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.16</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing 4.875% Senior Notes
  due 2009 issued on January 23, 2004. (7)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.17</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing 6.00% Senior Notes
  due 2010 issued on December 12, 2003. (8)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.18</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing 6.50% Senior Notes
  due 2013 issued on December 12, 2003. (8)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.19</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing 7.00% Senior Notes
  due 2008 issued in March and April of 2003. (9)(10)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.20</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Global Note evidencing 8.75% Senior Notes
  due 2008 issued on August 16, 2001. (11)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.21</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Supplemental Indenture, dated as of August
  16, 2001. (12)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->4.22</p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second Supplemental Indenture, dated as of March 14,
  2003. (9)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.23</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Third Supplemental Indenture, dated as of December
  12, 2003. (13)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.24</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fourth Supplemental Indenture, dated as of December
  12, 2003. (13)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.25</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fifth Supplemental Indenture, dated as of March 1,
  2005, as amended. (13)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.26</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sixth Supplemental Indenture, dated as of March 1,
  2005, as amended. (13)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.27</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seventh Supplemental Indenture, dated as of April
  21, 2005, as amended. (13)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.28</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eighth Supplemental Indenture, dated as of April 21,
  2005, as amended. (13)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.29</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ninth Supplemental Indenture, dated as of December
  14, 2005, as amended. (13)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.30</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tenth Supplemental Indenture, dated as of December
  14, 2005, as amended. (13)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.31</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indenture dated January 23, 2004, governing 4.875%
  Senior Notes Due 2009. (14)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.32</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indenture dated March 9, 2004, governing 5.70%
  Senior Notes Due 2014. (15)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.33</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indenture dated March 12, 2004 governing Senior
  Floating Rate Notes due 2007. (16)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.34</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indenture dated March 30, 2004, governing 5.125% Senior
  Notes Due 2011. (17)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.35</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of 7</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">7</font>/<font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">8</font>% Series E Cumulative
  Redeemable Preferred Stock Certificate. (10)</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.36</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of 7.8% Series F Cumulative Redeemable
  Preferred Stock Certificate. (18)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.37</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of 7.65% Series G Cumulative Redeemable
  Preferred Stock Certificate. (19)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.38</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of 7.50% Series I Cumulative Redeemable
  Preferred Stock Certificate. (20)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Clifford Chance US LLP as to the legality
  of the securities being registered</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Clifford Chance US LLP (included in
  Exhibit 5.1)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of PricewaterhouseCoopers LLP</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of Attorney (included on signature page)</font></p>
  </td>
 </tr>
</table>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<h3 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Explanatory Notes:</font></h3>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160; Incorporated
by reference from the Company&#146;s Annual Report on Form 10-K for the year ended
December 31, 1999 filed on March 30, 2000 (File No. 001-15371).</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160; Incorporated
by reference from the Company&#146;s Quarterly Report on Form 10-Q for the quarter
ended September 30, 2006 filed on November 8, 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160; Incorporated
by reference from the Company&#146;s Definitive Proxy Statement filed on May 1,
2006.</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160; Incorporated
by reference from the Company&#146;s Form 8-K filed on December 20, 2005.</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160; Incorporated
by reference from the Company&#146;s Form 8-K filed on April 20, 2005.</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160;&#160; Incorporated
by reference from the Company&#146;s Form 8-K filed on March 1, 2005.</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160;&#160; Incorporated
by reference from the Company&#146;s Annual Report on Form 10-K for the year ended
December 31, 2004 filed on March 16, 2005.</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160;&#160;&#160; Incorporated
by reference from the Company&#146;s Form 8-K filed on December 12, 2003</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160;&#160;&#160; Incorporated
by reference from the Company&#146;s Form 8-K filed on March 17, 2003</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160; Incorporated
by reference from the Company&#146;s Current Report on Form 8-A filed on July 8,
2003</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)&#160; Incorporated
by reference from the Company&#146;s Form 8-K filed on August 15, 2003</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12)&#160; Incorporated
by reference from the Company&#146;s Quarterly Report on Form 10-Q for the quarter
ended March 31, 2001 filed on May 15, 2001.</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13)&#160; Incorporated
by reference from the Company&#146;s Annual Report on Form 10-Q for the year ended
December 31, 2005 filed on March 16, 2006 (File No. 001-15371).</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(14)&#160; Incorporated
by reference from the Company&#146;s Form S-4 filed on April 6, 2004.</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15)&#160; Incorporated
by reference from the Company&#146;s Form S-4 filed on May 21, 2004.</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16)&#160; Incorporated
by reference from the Company&#146;s Form S-4 filed on May 25, 2004.</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17)&#160; Incorporated
by reference from the Company&#146;s Form S-4 filed on June 9,2004.</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18)&#160; Incorporated
by reference from the Company&#146;s Current Report on Form 8-A filed on September
25, 2003</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(19)&#160; Incorporated
by reference from the Company&#146;s Current Report on Form 8-A filed on December
10, 2003</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(20)&#160; Incorporated
by reference from the Company&#146;s Current Report on Form 8-A filed on February
27, 2004.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">6</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Undertakings.</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The undersigned
registrant hereby undertakes:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 90.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>To include any
prospectus required by section 10(a)(3) of the Securities Act of 1933;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 90.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font>To reflect in
the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the
effective registration statement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 90.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font>To include any
material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such
information in the registration statement;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 126.0pt;text-indent:-72.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Provided, however</font></i>, That:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Paragraphs (a)(1)(i) and
(a)(1)(ii) of this section shall not apply if the registration statement is on
Form S-8, and the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished
to the Commission by the registrant pursuant to section 13 or section 15(d) of
the Securities Exchange Act of 1934 that are incorporated by reference in this registration
statement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That,
for the purpose of determining any liability under the Securities Act of 1933,
each such posteffective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s
annual report pursuant to section 13(a) or section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan&#146;s annual report pursuant to section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SIGNATURES</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Act of
1933, iStar Financial Inc. certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-8 and has duly
caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in New York City, State of New York, on
this 16th day of January, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.46%;">
  <p align="right" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:right;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iSTAR FINANCIAL
  INC.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.46%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.46%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.46%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Jay Sugarman</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="56%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:56.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jay Sugarman</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="56%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:56.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman and
  Chief Executive Officer</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="56%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:56.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">POWER OF ATTORNEY</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">KNOW THAT ALL PERSONS BY
THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Jay Sugarman and Catherine D. Rice (each with full
power to act alone), his or her true and lawful attorney-in-fact and agent with
full power of substitution, in the name and on behalf of the undersigned, to do
any and all acts and things and to execute any and all instruments which said
attorney and agent, may deem necessary or advisable to enable iStar Financial
Inc. (the &#147;Registrant&#148;) to comply with the Securities Act of 1933, and with the
Securities Exchange Act of 1934, and any rules, regulations and requirements of
the Securities and Exchange Commission in respect thereof in connection with
this Registration Statement and any and all amendments thereto or reports that
the Registrant is required to file pursuant to the requirements of federal or
state shares laws or any rules and regulations thereunder. The authority
granted under this Power of Attorney shall include, but not be limited to, the
power and authority to sign the name of the undersigned in the capacity or
capacities set forth below to a Registration Statement on Form S-8 to be filed
with the Securities and Exchange Commission, to any and all amendments
(including post-effective amendments) to that Registration Statement in respect
of the same, and to any and all instruments filed as a part of or in connection
with that Registration Statement; and each of the undersigned hereby ratifies
and confirms all that the attorney-in-fact and agent, shall lawfully do or
cause to be done by virtue hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Act of
1933, this amendment has been signed by the following persons in the capacities
and on the dates indicated. </font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Name</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Date</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Jay Sugarman</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board and Chief<br>
  Executive Officer (principal executive<br>
  officer)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;16, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jay Sugarman</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Catherine D.
  Rice</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer<br>
  (principal financial officer)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;16, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Catherine D.
  Rice</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Nicholas A.
  Radesca</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Accounting Officer<br>
  (principal accounting officer)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;16, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nicholas A. Radesca</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Willis
  Andersen, Jr.</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;16, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Willis Andersen,
  Jr.</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Glenn R.
  August</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;16, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Glenn R. August</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">8</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert W.
  Holman, Jr.</font><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;16, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert W.
  Holman, Jr.</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robin
  Josephs</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;16, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robin Josephs</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John G.
  McDonald</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;16, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John G. McDonald</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ George R. Puskar</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;16, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">George R. Puskar</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Jeffrey A.
  Weber</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;16, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey A. Weber</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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[{"type": "S-8", "sequence": "1", "filename": "a06-26273_1s8.htm", "description": "SECURITIES TO BE OFFERED TO EMPLOYEES PURSUANT TO EMPLOYEE BENEFIT PLANS", "secsgml_size_bytes": 136840}]
{"company-data": {"conformed-name": "ISTAR FINANCIAL INC", "cik": "0001095651", "assigned-sic": "6798", "irs-number": "000000000", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-140003", "film-number": "07532034"}, "business-address": {"street1": "1114 AVENUE OF THE AMERICAS 27TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10036", "phone": "2129309494"}, "mail-address": {"street1": "1114 AVENUE OF THE AMERICAS 27TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10036"}, "former-company": {"former-conformed-name": "STARWOOD FINANCIAL INC", "date-changed": "19990923"}}
As Filed with the Securities and Exchange Commission on January 16, 2007
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
iSTAR FINANCIAL INC.
(Exact name of
registrant as specified in its charter)
Maryland
95-6881527
(State or Other
  Jurisdiction of Incorporation or Organization)
(I.R.S. Employer
  Identification No.)
1114 Avenue of the Americas, 27
th
Floor, New York, New York 10036
(Address of
Principal Executive Offices)                                 (Zip
Code)
iStar Financial Inc 2006 Long
Term Incentive Plan
(Full Titles of
the Plans)
Jay
Sugarman
1114
Avenue of the Americas, 27
th
Floor
New York,
New York 10036
(212) 930-9400
(Name and Address
of Agent For Service)
(212) 930 9400
(Telephone Number,
Including Area Code, of Agent For Service)
Copies to:
Kathleen L. Werner, Esq.
Clifford Chance US LLP
31 West 52
nd
Street
New York, New York 10019
(212)
878-8000
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Amount
Maximum
Maximum
Amount of
Title of Each Class of
To Be
Offering Price
Aggregate
Registration
Securities To Be Registered
Registered(1)
Per Share
Offering Price
Fee(2)
Common Stock, $0.01 par
  value per share
4,550,000
$
48.86
$
222,313,000
$
23,787.50
(1)
Pursuant to Rule 416 under the Securities Act of
  1933, as amended, this registration statement also covers additional shares
  that may become issuable under the plans by reason of certain corporate
  transactions or events, including any stock dividend, stock split,
  recapitalization or any other similar transaction effected without the
  receipt of consideration which results in an increase in the number of the
  registrant's outstanding shares of common stock.
(2)
Computed in accordance with Rule 457(h) under the
  Securities Act by averaging the high and low sales prices of iStar Financial
  Inc.'s common stock as reported by the NYSE on January 11, 2007.
EXPLANATORY NOTE
We are filing this registration statement in order to
register 4,550,000 shares of our common stock for issuance pursuant to the
iStar Financial Inc. 2006 Long-Term Incentive Plan (the "Plan").  This Plan was described in our definitive Proxy
Statement for our 2006 Annual Meeting of Stockholders and was approved at this
meeting on May 31, 2006.  In accordance
with the instructional Note to Part I of Form S-8 as promulgated by the
Securities and Exchange Commission (the "SEC"), the information specified by
Part I of Form S-8 has been omitted from this Registration Statement.  This Registration Statement has been prepared
in accordance with the requirements of Form S-8 under the Securities Act of
1933, as amended.
2
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents By
Reference.
The following documents filed by the Company with the
Securities and Exchange Commission under the Securities Exchange Act of 1934
are incorporated by reference:
(a)
The
description of the Company's common stock contained in the Company's
Registration Statement on Form 8-A filed under the Securities Exchange Act of
1934, as amended (the "Exchange Act"), on February 27, 2004.
(b)
The
Company's Annual Report on Form 10-K for the fiscal year ended December 31,
2005.
(c)
The
Company's Quarterly Report on Form 10-Q for the fiscal quarters ended March 31,
2006, June 30, 2006 and September 30, 2006.
(d)
The
Company's Current Reports on Form 8-K filed on January 16, 2006, January 10,
2006, February 16, 2006, February 24, 2006, March 3, 2006,
March 24, 2006, April 10, 2006, May 19, 2006, July 5, 2006,
September 13, 2006, September 13, 2006, September 14, 2006,
September 20, 2006, November 9,2006 and December 7, 2006.
All documents subsequently filed by the Company
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment to this registration statement which
indicates that all of the shares of the Company's common stock offered have
been sold or which deregisters all such shares then remaining unsold, shall be
deemed to be incorporated by reference in this registration statement and to be
a part hereof from the date of filing of such documents.  Any statement contained in a document
incorporated or deemed incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this registration statement to the
extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. 
Any such statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this registration
statement.
Item 4.
Description of Securities.
Not applicable.
Item 5.
Interests of Named Experts and
Counsel.
Not applicable.
Item 6.
Indemnification of Directors
and Officers.
As permitted by the General Corporation Law of the
State of Maryland ("MGCL"), our Amended and Restated Charter ("Charter")
provides that an officer, director, employee or agent of our company is
entitled to be indemnified for the expenses, judgments, fines and amounts paid
in settlement actually and reasonably incurred by him by reason of any action,
suit or proceeding brought against him by virtue of his acting as such officer,
director, employee or agent, provided he acted in good faith or in a manner he
reasonably believed to be in or not opposed to the best interests of our
company and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his conduct was unlawful, except that in any action
or suit by or in the right of our company that person shall be indemnified only
for the expenses actually and reasonably incurred by him and, if that person
shall have been adjudged to be liable for negligence or misconduct, he shall
not be indemnified unless and only to the extent that a court of appropriate
jurisdiction shall determine that such indemnification is fair and reasonable.
3
In addition, the
Company and each of our directors and executive officers have entered into
indemnification agreements. The indemnification agreements provide that we will
indemnify the directors and the executive officers to the fullest extent
permitted by our Charter and Maryland law against certain liabilities
(including settlements) and expenses actually and reasonably incurred by them
in connection with any threatened or pending legal action, proceeding or
investigation to which any of them is, or is threatened to be, made a party by
reason of their status as our director, officer or agent, or by reason of their
serving as a director, officer or agent of another company at our request. We
will not indemnify the directors and executive officers if it is established
that: (1) the act or omission was material to the matter giving rise to the
proceeding and was committed in bad faith or the result of active and
deliberate dishonesty; (2) the director or officer actually received an improper
personal benefit; or (3) in the case of a criminal proceeding, the director or
officer had reasonable cause to believe the act or omission was unlawful. In
addition, we will not indemnify the directors and executive officers for a
proceeding brought by a director or officer against us, except to enforce
indemnification. If an amendment to the Charter or Maryland law with respect to
removal of limitations on indemnification is approved, the indemnification
agreements will be amended accordingly. We are not required to indemnify any
director or executive officer for liabilities: (1) for which he or she has
already been unconditionally reimbursed from other sources; or (2) resulting
from an accounting of profits under Section 16(b) of the Securities Exchange
Act of 1934. In addition, we have obtained directors and officers liability
insurance, which covers our directors and executive officers.
Item 7.
Exemption from Registration
Claimed.
Not applicable.
Item 8.
Exhibits.
The following is a list of exhibits to this
registration statement:
INDEX TO EXHIBITS
4.1
Form of stock certificate for the Company's Common
  Stock. (1)
4.2
Form of Global Note evidencing Senior Floating Rate
  Notes due 2009 issued on September 22, 2006. (2)
4.3
Form of Global Note evidencing 5.95% Senior Notes
  due 2013 issued on September 22, 2006. (2)
4.4
Indenture dated September 22, 2006, governing the
  5.95% Notes due 2013. (2)
4.5
Indenture dated September 18, 2006, governing the
  Senior Floating Rate Notes due 2009. (2)
4.6
iStar Financial Inc. 2006 Long Term Incentive
  Compensation Plan. (3)
4.7
Form of Global Note evidencing 5.80% Senior Notes
  due 2011 issued on December 14, 2005. (4)
4.8
Form of Global Note evidencing Senior Floating Rate
  Notes due 2009 issued on December 14, 2005. (4)
4.9
Form of Global Note evidencing 5.375% Senior Notes
  due 2010 issued on April 21, 2005. (5)
4.10
Form of Global Note evidencing 6.05% Senior Notes
  due 2015 issued on April 21, 2005. (5)
4.11
Form of Global Note evidencing 5.15% Senior Notes
  due 2012 issued on March 1, 2005. (6)
4.12
Form of Global Note evidencing floating rate notes
  due 2008 issued on March 1, 2005. (6)
4.13
Form of Global Note evidencing 5.70% Notes due 2014
  issued on March 9, 2004 and March 1, 2005 in connection with the Company's
  exchange offer for TriNet Corporate Realty Trust, Inc.'s 7.70% Notes due
  2017. (7)
4.14
Form of Global Note evidencing floating rate notes
  due 2007 issued on March 12, 2004 and May 10, 2004. (7)
4.15
Form of Global Note evidencing 5.125% Notes due 2011
  issued on March 30, 2004. (7)
4.16
Form of Global Note evidencing 4.875% Senior Notes
  due 2009 issued on January 23, 2004. (7)
4.17
Form of Global Note evidencing 6.00% Senior Notes
  due 2010 issued on December 12, 2003. (8)
4.18
Form of Global Note evidencing 6.50% Senior Notes
  due 2013 issued on December 12, 2003. (8)
4.19
Form of Global Note evidencing 7.00% Senior Notes
  due 2008 issued in March and April of 2003. (9)(10)
4.20
Form of Global Note evidencing 8.75% Senior Notes
  due 2008 issued on August 16, 2001. (11)
4.21
Form of Supplemental Indenture, dated as of August
  16, 2001. (12)
4
4.22
Second Supplemental Indenture, dated as of March 14,
  2003. (9)
4.23
Third Supplemental Indenture, dated as of December
  12, 2003. (13)
4.24
Fourth Supplemental Indenture, dated as of December
  12, 2003. (13)
4.25
Fifth Supplemental Indenture, dated as of March 1,
  2005, as amended. (13)
4.26
Sixth Supplemental Indenture, dated as of March 1,
  2005, as amended. (13)
4.27
Seventh Supplemental Indenture, dated as of April
  21, 2005, as amended. (13)
4.28
Eighth Supplemental Indenture, dated as of April 21,
  2005, as amended. (13)
4.29
Ninth Supplemental Indenture, dated as of December
  14, 2005, as amended. (13)
4.30
Tenth Supplemental Indenture, dated as of December
  14, 2005, as amended. (13)
4.31
Indenture dated January 23, 2004, governing 4.875%
  Senior Notes Due 2009. (14)
4.32
Indenture dated March 9, 2004, governing 5.70%
  Senior Notes Due 2014. (15)
4.33
Indenture dated March 12, 2004 governing Senior
  Floating Rate Notes due 2007. (16)
4.34
Indenture dated March 30, 2004, governing 5.125% Senior
  Notes Due 2011. (17)
4.35
Form of 7
7
/
8
% Series E Cumulative
  Redeemable Preferred Stock Certificate. (10)
4.36
Form of 7.8% Series F Cumulative Redeemable
  Preferred Stock Certificate. (18)
4.37
Form of 7.65% Series G Cumulative Redeemable
  Preferred Stock Certificate. (19)
4.38
Form of 7.50% Series I Cumulative Redeemable
  Preferred Stock Certificate. (20)
5.1
Opinion of Clifford Chance US LLP as to the legality
  of the securities being registered
23.1
Consent of Clifford Chance US LLP (included in
  Exhibit 5.1)
23.2
Consent of PricewaterhouseCoopers LLP
24.1
Power of Attorney (included on signature page)
Explanatory Notes:
(1)    Incorporated
by reference from the Company's Annual Report on Form 10-K for the year ended
December 31, 1999 filed on March 30, 2000 (File No. 001-15371).
(2)    Incorporated
by reference from the Company's Quarterly Report on Form 10-Q for the quarter
ended September 30, 2006 filed on November 8, 2006.
(3)    Incorporated
by reference from the Company's Definitive Proxy Statement filed on May 1,
2006.
(4)    Incorporated
by reference from the Company's Form 8-K filed on December 20, 2005.
(5)    Incorporated
by reference from the Company's Form 8-K filed on April 20, 2005.
(6)    Incorporated
by reference from the Company's Form 8-K filed on March 1, 2005.
(7)    Incorporated
by reference from the Company's Annual Report on Form 10-K for the year ended
December 31, 2004 filed on March 16, 2005.
(8)    Incorporated
by reference from the Company's Form 8-K filed on December 12, 2003
(9)    Incorporated
by reference from the Company's Form 8-K filed on March 17, 2003
(10)  Incorporated
by reference from the Company's Current Report on Form 8-A filed on July 8,
2003
5
(11)  Incorporated
by reference from the Company's Form 8-K filed on August 15, 2003
(12)  Incorporated
by reference from the Company's Quarterly Report on Form 10-Q for the quarter
ended March 31, 2001 filed on May 15, 2001.
(13)  Incorporated
by reference from the Company's Annual Report on Form 10-Q for the year ended
December 31, 2005 filed on March 16, 2006 (File No. 001-15371).
(14)  Incorporated
by reference from the Company's Form S-4 filed on April 6, 2004.
(15)  Incorporated
by reference from the Company's Form S-4 filed on May 21, 2004.
(16)  Incorporated
by reference from the Company's Form S-4 filed on May 25, 2004.
(17)  Incorporated
by reference from the Company's Form S-4 filed on June 9,2004.
(18)  Incorporated
by reference from the Company's Current Report on Form 8-A filed on September
25, 2003
(19)  Incorporated
by reference from the Company's Current Report on Form 8-A filed on December
10, 2003
(20)  Incorporated
by reference from the Company's Current Report on Form 8-A filed on February
27, 2004.
6
Item 9.
Undertakings.
(a)
The undersigned
registrant hereby undertakes:
(1)
To
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
i.
To include any
prospectus required by section 10(a)(3) of the Securities Act of 1933;
ii.
To reflect in
the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in the
effective registration statement.
iii.
To include any
material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such
information in the registration statement;
Provided, however
, That:
Paragraphs (a)(1)(i) and
(a)(1)(ii) of this section shall not apply if the registration statement is on
Form S-8, and the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished
to the Commission by the registrant pursuant to section 13 or section 15(d) of
the Securities Exchange Act of 1934 that are incorporated by reference in this registration
statement.
(2)
That,
for the purpose of determining any liability under the Securities Act of 1933,
each such posteffective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
(3)
To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.
(b)
The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant's
annual report pursuant to section 13(a) or section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(h)
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
7
SIGNATURES
Pursuant to the requirements of the Securities Act of
1933, iStar Financial Inc. certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-8 and has duly
caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in New York City, State of New York, on
this 16th day of January, 2007.
iSTAR FINANCIAL
  INC.
By:
/s/ Jay Sugarman
Jay Sugarman
Chairman and
  Chief Executive Officer
POWER OF ATTORNEY
KNOW THAT ALL PERSONS BY
THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Jay Sugarman and Catherine D. Rice (each with full
power to act alone), his or her true and lawful attorney-in-fact and agent with
full power of substitution, in the name and on behalf of the undersigned, to do
any and all acts and things and to execute any and all instruments which said
attorney and agent, may deem necessary or advisable to enable iStar Financial
Inc. (the "Registrant") to comply with the Securities Act of 1933, and with the
Securities Exchange Act of 1934, and any rules, regulations and requirements of
the Securities and Exchange Commission in respect thereof in connection with
this Registration Statement and any and all amendments thereto or reports that
the Registrant is required to file pursuant to the requirements of federal or
state shares laws or any rules and regulations thereunder. The authority
granted under this Power of Attorney shall include, but not be limited to, the
power and authority to sign the name of the undersigned in the capacity or
capacities set forth below to a Registration Statement on Form S-8 to be filed
with the Securities and Exchange Commission, to any and all amendments
(including post-effective amendments) to that Registration Statement in respect
of the same, and to any and all instruments filed as a part of or in connection
with that Registration Statement; and each of the undersigned hereby ratifies
and confirms all that the attorney-in-fact and agent, shall lawfully do or
cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of
1933, this amendment has been signed by the following persons in the capacities
and on the dates indicated.
Name
Title
Date
/s/ Jay Sugarman
Chairman of the Board and Chief
Executive Officer (principal executive
officer)
January 16, 2007
Jay Sugarman
/s/ Catherine D.
  Rice
Chief Financial Officer
(principal financial officer)
January 16, 2007
Catherine D.
  Rice
/s/ Nicholas A.
  Radesca
Chief Accounting Officer
(principal accounting officer)
January 16, 2007
Nicholas A. Radesca
/s/ Willis
  Andersen, Jr.
Director
January 16, 2007
Willis Andersen,
  Jr.
/s/ Glenn R.
  August
Director
January 16, 2007
Glenn R. August
8
/s/ Robert W.
  Holman, Jr.
Director
January 16, 2007
Robert W.
  Holman, Jr.
/s/ Robin
  Josephs
Director
January 16, 2007
Robin Josephs
/s/ John G.
  McDonald
Director
January 16, 2007
John G. McDonald
/s/ George R. Puskar
Director
January 16, 2007
George R. Puskar
/s/ Jeffrey A.
  Weber
Director
January 16, 2007
Jeffrey A. Weber
9