CPA^®:15

Corporate Property Associates 15 Incorporated (CPA^®:15) is a publicly held non-traded real estate investment trust (REIT) that provides long-term financing solutions to quality companies throughout the United States and Europe. We purchase and lease back real estate assets, enabling companies to reinvest the newly freed up capital in their businesses – a process known as sale-leaseback financing.

CPA^®:15 seeks to provide investors with increasing distributions and long-term investment growth by focusing primarily on tenant creditworthiness, building lasting relationships and investing in a broadly diversified portfolio of real estate assets. Through this approach, we attempt to protect investors in all market cycles. CPA^®:15 opened for investment in November 2001 and closed in August 2004.

DISTRIBUTION YIELD
As of December 31, 2007, yields are based on a $9.92 per share investment value after adjusting for the $.08 per share special distribution paid on January 16, 2008.

NET ASSET VALUE (NAV)
CPA^®:15's NAV as of December 31, 2007 is $12.20 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 4, 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.