Gramercy Capital Corp. Reports Second Quarter 2008 Results

NEW YORK--(Business Wire)--
Second Quarter Highlights

-- For the quarter, generated funds from operations ("FFO") of
$32.9 million, an increase of $10.4 million, or 46.2%, from
the $22.5 million generated in the same quarter of the
previous year. On a fully diluted per share basis, FFO was
$0.64 and $0.82 for the second quarter of 2008 and 2007,
respectively.

-- For the quarter, net income to common stockholders was $10.1
million, or $0.20 per diluted share, a decrease from $20.0
million, or $0.73 per diluted share, for the same quarter in
the previous year. Net income for the second quarter of 2008
reflected depreciation expense of $22.5 million, or $0.44 per
fully diluted common share, due to the increase in depreciable
commercial real estate acquired in the AFR acquisition. By
comparison, depreciation expense for the same quarter of 2007
was only $1.1 million, or $0.04 per fully diluted common
share.

-- Completed on April 1, 2008, the $3.3 billion acquisition of
American Financial Realty Trust (NYSE: AFR), which transformed
Gramercy into a $7.9 billion diversified enterprise with
complementary business lines consisting of commercial real
estate finance and property investments.

-- Entered into new term loan and revolving credit facilities
with Wachovia with an extended maturity of July 2011, no
exposure to spread-based mark-to-market risk, a $115.7 million
term loan, and $100 million of financing capacity for new
investment opportunities.

-- Increased stockholders' equity at June 30, 2008 to $1.1
billion, or $21.78 per share, from $748.7 million due
primarily to the issuance of 15,634,854 shares of common stock
at a price per share of $22.36 in connection with the AFR
acquisition.

-- Strengthened Gramercy's senior management team through the
recruitment of: John B. Roche as Chief Financial Officer, who
was previously Executive Vice President and Chief Financial
Officer at New Plan Excel Realty Trust; Michael Berman as
Senior Vice President, Leasing and Asset Management for
Gramercy Realty, who brings more than 20 years of commercial
property leasing and asset management experience with industry
leaders including Equity Office Properties, Brookfield
Properties, Reckson Associates, La Salle Partners, and Julien
J. Studley, Inc.; and Edward J. Matey as General Counsel,
Gramercy Realty, and formerly general counsel of AFR.
Additionally, named as Chief Operating Officer Robert R.
Foley, who formerly served as Gramercy's Chief Financial
Officer.

-- Launched the build-out of an integrated asset management
platform within Gramercy Realty to consolidate responsibility
for, and control over, leasing, lease administration, property
management, and tenant relationship management. Reorganized
and upgraded accounting and other information management
systems within Gramercy. Increased Gramercy Finance's Loan
Servicing and Asset Management team to 12 professionals in New
York City and Los Angeles.

-- Maintained at quarter-end approximately $200 million of
available liquidity, including $55 million of cash-on-hand,
$44 million of cash in Gramercy's three CDOs, and availability
under secured and unsecured credit facilities of $101 million.
Additionally, Gramercy had unused borrowing capacity under its
secured and unsecured credit facilities of $733 million.

-- Generated $133.0 million of loan repayments. Reduced unfunded
commitments associated with existing loans to $101.9 million
from $165.6 million at March 31, 2008.

-- Entered into a contract of sale for the 546,020 net rentable
square feet Wachovia Center in Winston-Salem, North Carolina,
plus sales contracts on an additional 11 properties, with a
combined sales price of approximately $42.3 million. Closed on
the sales of 14 Held for Sale properties acquired from AFR for
an aggregate sales price of approximately $36.9 million, plus
6 other properties for an aggregate sales price of $8.8
million. To date, 68 of the 151 properties originally
identified as Held for Sale have been sold representing
approximately 78% of the aggregate expected gross proceeds.

-- Signed 27 new leases totaling 61,278 net rentable square feet
during the second quarter, finishing the quarter at 87.6%
occupancy for the portfolio as compared to 87.5% occupancy at
April 1, 2008.

-- Gramercy Finance's investment activity included the repurchase
of $37.8 million of BBB to A+ rated CRE CDO bonds previously
issued by Gramercy's CDOs, generating gains of $17.6 million,
and the purchase of $20.0 million of investment-grade rated
CMBS. No loans were directly originated or acquired during the
quarter.

-- Recorded during the quarter a gross provision for possible
loan losses of $23.2 million involving 6 separate loans. The
provision was based on Gramercy's latest review of its loan
portfolio, continued illiquidity in the commercial real estate
capital markets, and slowing economic conditions. Gramercy's
reserve for possible loan losses at June 30, 2008 was $35.4
million in connection with 10 separate loans.

-- Declared a regular dividend of $0.63 per common share, and a
dividend for the Series A Preferred Stock for the period April
1, 2008 through June 30, 2008 of $0.50781 per preferred share.
The dividends were paid on July 15, 2008 to common
stockholders of record as of the close of business on June 30,
2008, and to preferred stockholders of record as of the close
of business on June 30, 2008.

-- Revised guidance for FFO per share to approximately $2.20 to
$2.45 for fiscal year 2008, due principally to an increase in
non-performing loans and provisions for possible loan losses
prompted by challenging economic conditions, severe
illiquidity in the capital markets, and a difficult operating
environment.

Summary

Gramercy Capital Corp. (NYSE: GKK) today reported funds from
operations ("FFO") of $32.9 million, or $0.64 per diluted share, for
the quarter ended June 30, 2008. Gramercy generated total revenues of
$202.1 million during the second quarter of 2008, an increase of
$123.8 million, from $78.3 million during the same quarter of the
prior year. Gramercy generated total revenues of $288.2 million during
the first half of 2008, an increase of $141.7 million, from $146.4
million during the same half of the prior year.

At June 30, 2008, Gramercy owned 29.2 million net rentable square
feet of commercial real estate in 37 states and the District of
Columbia with an aggregate asset book value of approximately $4.1
billion, in addition to $3.8 billion of debt investments, commercial
real estate securities investments, and other assets. As of June 30,
2008, approximately 52% of Gramercy's assets were comprised of
commercial property, 30% of debt investments, 11% of commercial
mortgage real estate securities and 7% of other assets.

Gramercy Realty

Gramercy's commercial real estate business operates under the name
Gramercy Realty. Gramercy Realty's portfolio consists of office
buildings and well-located bank branches serving investment-grade
rated financial institutions. During the quarter, Gramercy Realty sold
20 properties, including 14 Held for Sale properties, for an aggregate
sales price of approximately $45.7 million. To date 68 of the 151 Held
for Sale properties have been sold representing approximately 78.0% of
the aggregate expected gross proceeds. Also during the quarter,
Gramercy Realty signed 27 new leases totaling 61,278 net rentable
square feet, finishing the quarter at 87.6% occupancy for the
portfolio as compared to 87.5% occupancy at the merger with AFR.

Gramercy Realty's operating property portfolio as of June 30, 2008
is summarized below:

-0-
*T
Number of Square
Buildings Feet Occupancy
----------------------------------------------------------------------
Portfolio At At At At At At
Acquisition6/30/08 Acquisition 6/30/08 Acquisition6/30/08
----------------------------------------------------------------------
Core (1) 653 652 20,935,260 20,910,046 96.4% 96.3%
----------------------------------------------------------------------
Value -
Add 303 295 5,265,870 5,223,593 65.8% 65.7%
----------------------------------------------------------------------
Subtotal 956 947 26,201,130 26,133,639 90.3% 90.2%
----------------------------------------------------------------------
Held for
Sale (2) 96 84 2,382,666 1,914,749 57.1% 53.2%
----------------------------------------------------------------------
Total (3) 1,052 1,031 28,583,796 28,048,388 87.5% 87.6%
----------------------------------------------------------------------
*T

(1) Reflects one lease termination

(2) Excluded two properties reclassified from Value Add to Held
for Sale

(3) Excludes 3 legacy Gramercy joint venture net leased properties
comprising a total of 1.2 million net rentable square feet

Gramercy Finance

Gramercy's specialty finance business operates under the name
Gramercy Finance. As of June 30, 2008, debt investments had a carrying
value of approximately $2.3 billion, net of unamortized fees and
discounts of $66.4 million, and had associated unfunded commitments of
$101.9 million. Commercial mortgage real estate securities investments
totaled $855.8 million as of June 30, 2008, net of unamortized fees
and discounts of $33.4 million. Approximately 92% of Gramercy
Finance's commercial mortgage real estate securities investments are
rated AAA.

The aggregate carrying values, allocated by investment type and
weighted average yields of Gramercy Finance's debt and commercial
mortgage real estate securities investments as of June 30, 2008 were
as follows:

-0-
*T
Floating
Rate:
Average
Debt Fixed Effective
Investments % Allocation Rate: Spread
($ in of Debt Average over
millions) Investments Yield LIBOR
----------------------------------------------------------------------
Whole Loans - floating 335 bps
rate $1,392.2 59.9% -
----------------------------------------------------------------------
Whole Loans - fixed rate $ 155.3 6.7% 7.15% -
----------------------------------------------------------------------
Subordinate Mortgage
Interests - floating 451 bps
rate $ 132.0 5.7% -
----------------------------------------------------------------------
Subordinate Mortgage
Interests - fixed rate $ 43.6 1.9% 8.32% -
----------------------------------------------------------------------
Mezzanine Loans - 568 bps
floating rate $ 361.2 15.5% -
----------------------------------------------------------------------
Mezzanine Loans -
fixed rate $ 227.4 9.8% 8.99% -
----------------------------------------------------------------------
Preferred Equity - fixed
rate $ 11.9 0.5% 10.09% -
----------------------------------------------------------------------
Subtotal $2,323.6 100.0% 8.30% 389 bps
----------------------------------------------------------------------
Commercial mortgage real
estate securities - 854 bps
floating rate $ 68.6 8.0% -
----------------------------------------------------------------------
Commercial mortgage real
estate securities -
fixed rate $ 787.2 92.0% 6.22% -
----------------------------------------------------------------------
Subtotal $ 855.8 100.0% 6.22% 854 bps
----------------------------------------------------------------------
Total $3,179.4 6.96% 404 bps
----------------------------------------------------------------------
*T

Note: Investments are presented net of unamortized fees,
discounts, and unfunded commitments.

Asset yields for fixed rate and floating rate debt investments as
of June 30, 2008 were 8.3% and 30-day LIBOR plus 389 basis points,
respectively, compared to 8.3% and 30-day LIBOR plus 398 basis points,
respectively, in the previous quarter. Asset yields on Gramercy
Finance's floating rate first mortgage loans were virtually unchanged
from the prior quarter at 30-day LIBOR plus 335 basis points. First
mortgage loans remain the majority of Gramercy Finance's debt
portfolio, standing at 66.5% at June 30, 2008, compared to 67.4% from
the previous quarter.

The weighted average remaining term of Gramercy Finance's debt
investment portfolio decreased to 2.0 years from 2.1 years at the
prior quarter, and the weighted average remaining term of Gramercy
Finance's combined debt and real estate securities portfolio decreased
to 3.6 years from 3.9 years for the prior quarter.

At June 30, 2008, Gramercy Finance had 5 non-performing loans with
a carrying value of $205.7 million, net of associated loan loss
reserves of $26.1 million. Of these 5 loans, 4 were classified as
sub-performing loans for the prior quarter.

Operating Results

Gramercy Finance's debt investments generated investment income of
$63.0 million for the second quarter, including yield maintenance and
prepayment penalties. Gramercy Realty's rental revenues and
reimbursements generated revenue of $116.3 million for the second
quarter. Gain on sales and other income of $22.8 million consisted
primarily of $17.6 million of gains from the purchase at a discount of
ten investment grade CRE CDO bonds previously issued by Gramercy's
three CDOs, and investment earnings on the Company's cash balances
during the quarter. The bonds were not retired, but are reflected on
Gramercy's balance sheet as a reduction in the amount of CDO bonds
outstanding at June 30, 2008.

Interest expense of $77.8 million for the second quarter reflects
interest expense on $2.7 billion of investment-grade, long-term notes
issued by our three wholly-owned CDOs, $2.6 billion of mortgage notes
payable, and $413.8 million of other debt.

Management and incentive fees earned by affiliates of SL Green of
$11.7 million for the quarter includes a $2.6 million incentive fee
earned as a result of Gramercy's return to common shareholder equity,
based upon FFO, exceeding the 9.5% threshold.

Management, general and administrative expense was $4.1 million,
unchanged from the second quarter of the prior year, reflecting
initial post-merger corporate synergies and economies of scale. This
expense category, when measured as a percentage of total revenue,
declined to 2.0% at June 30, 2008 from 5.1% for the quarter ended June
30, 2007.

Liquidity and Funding

Gramercy's liquidity at June 30, 2008 consisted of $55 million of
cash-on-hand, $44 million of cash in its three CDOs, and immediate
availability under secured and unsecured credit facilities of $101
million. Additionally, Gramercy has available capacity under its
secured and unsecured credit facilities of $470 million. On July 23,
2008, Gramercy and Wachovia Securities entered into new credit
facilities that established a $115.7 million term loan secured by
collateral assets previously financed with Wachovia under a prior
credit facility, established a $100 million revolving credit facility
for new investment activity, set an extended maturity of July 2011 and
a credit spread of 242.5 basis points, and has no exposure to
spread-based mark-to-market risk.

Loan prepayments, partial repayments, and scheduled amortization
payments were $133.0 million during the quarter. Unfunded commitments
associated with existing loans declined to $101.9 million from $165.6
million as March 31, 2008. Additionally, Gramercy sold 14 Held for
Sale properties acquired from AFR for aggregate gross sales price of
approximately $36.8 million, and 6 other properties with an aggregate
sales price of approximately $8.8 million.

Dividends

The Board of Directors of Gramercy approved a quarterly dividend
of $0.63 per common share for the quarter ended June 30, 2008. The
Board of Directors of Gramercy also approved a quarterly dividend of
$0.50781 per share of its Series A Preferred Stock for the period
April 1, 2008 through June 30, 2008. The dividends were paid on July
15, 2008 to common stockholders of record at the close of business on
June 30, 2008, and to preferred stockholders of record at the close of
business on June 30, 2008.

Company Profile

Gramercy Capital Corp. is an integrated commercial real estate
finance and property investment company operating in two complementary
areas: Gramercy Finance, which focuses on the direct origination and
acquisition of whole loans, subordinate interests in whole loans,
mezzanine loans, preferred equity, CMBS and other real estate
securities; and Gramercy Realty, which focuses on the acquisition and
management of commercial properties net leased primarily to regulated
financial institutions and affiliated users throughout the United
States. Gramercy is externally-managed by GKK Manager LLC, which is a
majority-owned subsidiary of SL Green Realty Corp. (NYSE: SLG).
Gramercy is headquartered in New York City, and has regional
investment and portfolio management offices in Los Angeles,
California, Jenkintown, Pennsylvania, and Charlotte, North Carolina.

Conference Call

The Company's executive management team, led by Marc Holliday,
President and Chief Executive Officer, will host a conference call and
audio web cast on July 24, 2008 at 2:00 p.m. EST to discuss the second
quarter 2008 financial results.

The live conference will be webcast in listen-only mode on
Gramercy's web site at www.gramercycapitalcorp.com and on Thomson's
StreetEvents Network. The conference may also be accessed by dialing
(866) 825-3354 Domestic or (617) 213-8063 International, using pass
code Gramercy.

A replay of the call will be available from July 24, 2008 4:00
p.m. through, July 31, 2008 by dialing (888) 286-8010 Domestic or
(617) 801-6888 International, using pass code 24359280.

To review Gramercy's latest news releases and other corporate
documents, please visit Gramercy's website at
www.gramercycapitalcorp.com or contact Investor Relations at
212-297-1000.

Disclaimer

Non-GAAP Financial Measures

During the quarterly conference call, the Company may discuss
non-GAAP financial measures as defined by SEC Regulation G. In
addition, the Company has used non-GAAP financial measures in this
press release. A reconciliation of each non-GAAP financial measure and
the comparable GAAP financial measure (net income) can be found on
page 14 of this release.

Forward-looking Information

This press release contains forward-looking information based upon
the Company's current best judgment and expectations. Actual results
could vary from those presented herein. The risks and uncertainties
associated with forward-looking information in this release include
the strength of the commercial finance and real estate property
markets, and the banking industry specifically, competitive market
conditions, unanticipated administrative costs, general and local
economic conditions, interest rates, capital and credit market
conditions, bankruptcies and defaults of borrowers or tenants in our
properties or properties securing the Company's debt investments,
difficulties encountered in integrating American Financial Realty
Trust into the Company, and other factors including those listed in
our Annual Report on Form 10-K, which are beyond the Company's
control. We undertake no obligation to publicly update or revise any
of the forward-looking information. For further information, please
refer to the Company's filings with the Securities and Exchange
Commission.

Selected Financial Data

-0-
*T
Gramercy Capital Corp.
Consolidated Statements of Income
(amounts in thousands, except share and per share data)

Three Months Six Months Ended
Ended June 30,
June 30,
2008 2007 2008 2007
-------- -------- -------- --------
Revenues
Investment income $ 63,003 $ 72,828 $137,598 $132,797
Rental revenue 82,153 1,850 85,852 3,586
Operating expense
reimbursements 34,142 --- 34,142 ---
Gain on sales and other income 22,773 3,625 30,570 10,054
-------- -------- -------- --------
Total revenues 202,071 78,303 288,162 146,437

Operating Expenses
Ground rent and leasehold
obligations 4,292 --- 4,292 ---
Real estate taxes 11,223 --- 11,223 ---
Utilities 10,834 --- 10,834 ---
Other property operating
expenses 23,454 --- 23,454 ---
Direct billable expenses 1,759 --- 1,759 ---
Total operating expenses 51,562 --- 51,562 ---

-------- -------- -------- --------
Net operating income 150,509 78,303 236,600 146,437
-------- -------- -------- --------

Other expenses:
Interest expense 77,759 39,209 119,202 75,670
Management fees 9,106 5,414 16,251 10,253
Incentive fee 2,604 3,784 5,100 6,601
Depreciation and amortization 22,478 1,088 24,308 1,759
Management, general and
administrative 4,068 4,103 6,872 7,923
Provision for loan loss 23,214 2,900 31,214 4,148
-------- -------- -------- --------
Total expenses 139,229 56,498 202,947 106,354
-------- -------- -------- --------

Income before equity in net income
(loss) of unconsolidated joint
ventures, provision for taxes,
minority interest and
discontinued operations 11,280 21,805 33,653 40,083
Equity in net income (loss) from
unconsolidated joint ventures 1,592 484 4,700 (211)
-------- -------- -------- --------
Income before provision for taxes,
minority interest and
discontinued operations 12,872 22,289 38,353 39,872

Provision for taxes - (429) (11) (963)
-------- -------- -------- --------
Net income from continuing
operations
before minority interests 12,872 21,860 38,342 38,909
Minority interest (251) --- (251) ---
-------- -------- -------- --------
Net income from continuing
operations 12,621 38,091
Net (loss) from discontinued
operations (222) --- (222) ---
-------- -------- -------- --------

Net income 12,399 21,860 37,869 38,909
Preferred stock dividends (2,336) (1,895) (4,672) (1,895)
-------- -------- -------- --------
Net income available to common
stockholders $ 10,063 $ 19,965 $ 33,197 $ 37,014
======== ======== ======== ========

Basic earnings per share:
Net income from continuing
operations $ 0.20 $ 0.77 $ 0.77 $ 1.42
Net loss from discontinued
operations --- --- --- ---
-------- -------- -------- --------

Net income available to common
Stockholders $ 0.20 $ 0.77 $ 0.77 $ 1.42
======== ======== ======== ========

Diluted earnings per share:
Net income from continuing
operations $ 0.20 $ 0.73 $ 0.77 $ 1.35
Net loss from discontinued
operations --- --- --- ---

Net income available to common
stockholders $ 0.20 $ 0.73 $ 0.77 $ 1.35
Dividends per common share $ 0.63 $ 0.63 $ 1.26 $ 1.19
======== ======== ======== ========
Basic weighted average common
shares
outstanding 51,166 26,049 42,966 26,037
======== ======== ======== ========

Diluted weighted average common
shares and common share
equivalents outstanding 51,291 27,462 43,167 27,467
======== ======== ======== ========
*T

-0-
*T
Gramercy Capital Corp.
Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)

June 30, December
31,
2008 2007
---------- ----------
Assets
Real estate investments, at cost
Land $ 741,619 $ 88,720
Building and improvements 2,642,437 79,549
Investment in joint ventures 68,799 49,440
Less: accumulated depreciation (19,170) (2,015)
---------- ----------
Total real estate investments, net 3,433,685 215,694
---------- ----------

Cash and cash equivalents $ 55,201 $ 293,126
Restricted cash 229,119 135,957
Loans and other lending investments, net 2,179,311 2,441,747
Commercial mortgage backed securities 855,815 791,983
Assets held for sale, net 365,270 194,998
Pledged government securities, net 103,527 ---
Tenant and other receivables, net 52,565 ---
Derivative instruments, at fair value 786 ---
Accrued interest 33,040 32,587
In-place leases, net of accumulated amortization
of $7,847 and $0 412,634 ---
Deferred financing costs 39,353 44,381
Deferred costs 39,088 11,728
Other assets 83,465 42,877
---------- ----------
Total assets $7,882,859 $4,205,078
========== ==========

Liabilities
Mortgage notes payable $2,557,181 $ 153,624
Credit facilities 168,917 ---
Repurchase agreements 94,915 200,197
Collateralized debt obligations 2,683,955 2,735,145
---------- ----------
Total secured and other debt 5,504,968 3,088,966
---------- ----------

Management and incentive fees payable 6,065 5,617
Dividends payable 34,675 93,992
Accrued interest 12,677 ---
Accounts payable and accrued expenses 117,299 35,188
Deferred revenue 83,622 ---
Below market lease liabilities, net of
accumulated amortization of $16,581 and $0 746,146 ---
Leasehold interests, net of accumulated
amortization of $704 and $0 21,895 ---
Other liabilities related to assets held for
sale 7,274 ---
Derivative instruments, at fair value 63,902 72,495
Other liabilities 14,995 10,085
Junior subordinated deferrable interest
debentures held by trusts that issued trust
preferred securities 150,000 150,000
---------- ----------
Total liabilities 6,763,518 3,456,343
---------- ----------

Commitments and contingencies --- ---

Minority interest 2,386 ---

Stockholders' Equity:
Common stock, par value $0.001, 100,000,000
shares authorized, 51,295,294 and 34,850,577
shares issued and outstanding at June 30, 2008
and December 31, 2007, respectively 51 34
Series A cumulative redeemable preferred stock,
par value $0.001, liquidation preference
$115,000, 4,600,000 shares authorized,
4,600,000 shares issued and outstanding at June
30, 2008 and December 31, 2007, respectively 111,205 111,205
Additional paid-in-capital 1,079,851 685,958
Accumulated other comprehensive income (58,627) (65,658)
(Accumulated deficit) retained earnings (15,525) 17,196
---------- ----------
Total stockholders' equity 1,116,955 748,735
---------------------
Total liabilities and stockholders' equity $7,882,859 $4,205,078
=====================
*T

-0-
*T
Gramercy Capital Corp.
Reconciliation of Non-GAAP Financial Measures
(amounts in thousands, except per share data)

For the For the For the For the
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
June June June June
30, 30, 30, 30,
2008 2007 2008 2007
-------- -------- -------- --------
Net income available to common
stockholders $ 10,063 $ 19,965 $ 33,197 $ 37,014
Add:
Depreciation and amortization 25,721 3,174 30,310 5,593
FFO adjustment for
unconsolidated joint ventures 179 1,946 365 3,893
Less:
Non-real estate depreciation and
amortization (3,036) (2,592) (6,913) (4,428)
-------- -------- -------- --------
Funds from operations $ 32,927 $ 22,493 $ 56,959 $ 42,072
======== ======== ======== ========

Funds from operations per share -
basic $ 0.64 $ 0.86 $ 1.33 $ 1.62
======== ======== ======== ========
Funds from operations per share -
diluted $ 0.64 $ 0.82 $ 1.32 $ 1.53
======== ======== ======== ========
*T

-0-
*T
For the For the
Three Three
Months Months
Ended March Ended March
31, 2008 31, 2007
------------ ------------

Net income available to common stockholders $ 23,135 $ 17,048
Add:
Depreciation and amortization 4,589 2,419
FFO adjustment for unconsolidated joint
ventures 186 1,947
Less:
Non-real estate depreciation and
amortization (3,877) (1,836)
------------ ------------
Funds from operations $ 24,033 $ 19,578
============ ============

Funds from operations per share - basic $ 0.69 $ 0.75
============ ============
Funds from operations per share - diluted $ 0.69 $ 0.71
============ ============
*T

Gramercy Capital Corp.
John B. Roche, 212-297-1000
Chief Financial Officer
or
Investor Relations
Laura Godfrey, 212-297-1000

Copyright Business Wire 2008