HISTORY* REC DATE 3/31/08 DISTRIBUTION* $0.19540 YIELD* 8.18% ISSUED 4/15/08

DISTRIBUTION YIELD
As of June 30, 2006, yields are based on a $9.55 per share investment value after adjusting for the $.45 per share special distribution paid on July 14, 2006.

NET ASSET VALUE (NAV)
CPA®:14's NAV as of December 31, 2007 is $14.50 per share. NAVs for the CPA® REITs are based on appraisals conducted by an independent third party.  For further information regarding the calculation of NAVs, please review the Complete Form 8-K issued on March 10, 2008.

TENDER OFFER
Madison Liquidity Investors has solicited CPA® investors for several years offering to acquire their shares at a steep discount.  We recommend that you do not sell your shares to Madison Liquidity Investors.  We strongly encourage you to view the Securities and Exchange Commission’s website, www.sec.gov, which can provide additional information on the dangers of these types of tender offers.  For more information, please click here.