IF YOUR CLIENT IS CONSIDERING SELLING THEIR SHARES OF
CPA®:14 or CPA®:15 TO MADISON LIQUIDITY INVESTORS, PLEASE READ THIS!!

We recommend that your clients reject Madison’s offer for the reasons stated below. If your clients are considering selling their CPA®:14 or CPA®:15 shares to Madison we urge you to contact our Investor Relations Department at 1-800-WP CAREY (800-972-2739) or IR@wpcarey.com. Remember, once your client returns signed tender offer documents and they are accepted by Madison, their decision is FINAL and IRREVOCABLE. Madison will NOT allow your client to change their decision to sell their shares of CPA®:14 or CPA®:15.

CPA®:14

Year End 2007 NAV1  is $14.50
  • Has seen its NAV increase 50% since inception, including the $0.45 per share special distribution paid in July 2006;
  • Provided 40 consecutive quarterly cash distributions since inception; and
  • Recently paid its first quarter 2008 cash distribution at $0.1954 per share, representing an annualized yield of 8.18%.

MADISON’S OFFER

 CPA®:14     $11.05
 CPA®:15      $9.25

  • Your client will receive a per share price that is significantly less than the current NAV;
  • Your client will have to pay a separate transfer fee; and
  • Your client will no longer receive quarterly distributions.

CPA®:15

Year End 2007 NAV2  is $12.20
  • Has seen its NAV has increased 23% since inception, including the $0.08 per share special distribution paid in January 2007;
  • Provided 25 consecutive quarterly cash distributions since inception; and
  • Recently paid its first quarter 2008 cash distribution at $0.1704 per share, representing an annualized yield of 6.87%.

Both investment values and distributions can go up or down and past performance is not a guarantee of future results.

We encourage you to view the Securities and Exchange Commission’s website, www.sec.gov/investor/pubs/minitend.htm, which can provide additional information on the dangers of these types of tender offers. You can access the most recent information on CPA®:14 from www.cpa14.com and CPA®:15 from www.cpa15.com.

1 For further information regarding the calculation of CPA®:14’s NAV, please see the Form 8-K filed on March 10, 2008 at www.cpa14.com
2 For further information regarding the calculation of CPA®:15’s NAV, please see the Form 8-K filed on March 4, 2008 at www.cpa15.com