Corporate Property Associates 12 Inc Watch

from SC 14D9 1 page Exhibit 1 if You Are Considering Selling Your Shares of Cpa(r):12 to Madison Liquidty Investors, Please Read This!! Once Again, Madison Liquidity Investors Is Seeking to Acquire Your Shares of Cpa(r):12. Madison and Its Affiliates Have Been Soliciting Cpa(r):12 Investors for Several Years in the Hope That Investors Will Sell Their Cpa(r):12 Shares at a Discount. Now They Are Soliciting Cpa(r):12 Investors With an Officer to Purchase Cpa(r):12 Shares for $9.00 Per Share, a 23% Discount to Its Net Asset Value of $11.70 Per Share, Which Is Based on an Independent Appraisal Done as of 12/31/03. Both Investment Values and Dividends Can Go Up or Down, of Course, and Past Performance Is Not a Guarantee of Future Results. to Date, However, Cpa(r):12 Has: O Provided 41 Consecutive Quarterly Distributions Since Inception; and O Seen Its Net Asset Value (Nav) Increase 17% From $10.00 to $11.70 Per Share. if You Were to Sell Your Shares, You Would Have to Pay a Separate Transfer Fee to Madison and Would Not Benefit From Cpa(r):12's Recently Declared Distribution, Which Represents an Annualized Yield of 8.3% Based on Your Original Investment of $10.00 Per Share. 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. You Can Access the Most Recent Information on Cpa(r):12 From Its Website, WWW.CPA12.com. Before You Consider Selling Your Shares of Cpa(r):12 to Madison and Make This Final Decision, Please Consult Your Financial Advisor, Call Cpa(r):12's Investor Relations Department at 1-800-Wp Carey (972-2739) or E-Mail Them at Cpa12@wpcarey.com. Remember, Once You Return the Signed Tender Offer and It Is - Accepted by Madison, Your Decision Is Final and Irrevocable. Madison Will Not Let You Change Your Decision to Sell Your Shares of Cpa(r):12. [Wp Carey Logo] 1-800-WP-CAREY*WWW.CPA12.COM*CPA12@WPCAREY.com [Cpa:12 Logo] -4

from SC 14D9 1 page Exhibit 1 if You Are Considering Selling Your Shares of Cpa(r):12 to Madison Liquidity Investors,please Read This!! Once Again, Madison Liquidity Investors Is Seeking to Acquire Your Shares of Cpa(r):12. Madison and Its Affiliates Have Been Soliciting Cpa(r):12 Investors for Several Years in the Hope That Investors Will Sell Their Cpa(r):12 Shares at a Discount. Now They Are Soliciting Cpa(r):12 Investors With an Offer to Purchase Cpa(r):12 Shares for $9.00 Per Share, a 23% Discount to Its Current Net Asset Value of $11.70 Per Share. Both Investment Values and Dividends Can Go Up or Down, of Course, and Past Performance Is Not a Guarantee of Future Results. to Date, However, Cpa(r):12 Has: O Provided 41 Consecutive Quarterly Distributions Since Inception; and O Seen Its Net Asset Value (Nav) Increase 17% From $10.00 to $11.70 Per Share. if You Were to Sell Your Shares, You Would Have to Pay a Separate Transfer Fee to Madison and Would Not Benefit From Cpa(r):12's Recently Declared Distribution, Which Represents an Annualized Yield of 8.3% Based on Your Original Investment of $10.00 Per Share. 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. Before You Consider Selling Your Shares of Cpa(r):12 to Madison and Make This Financial Decision, Please Consult Your Financial Advisor, Call Cpa(r):12's - Investor Relations Department at 1-800-Wp Carey (972-2739) or E-Mail Them at Cpa12@wpcarey.com. Remember, Once You Return the Signed Tender Offer and It Is Accepted by Madison, Your Decision Is Final and Irrevocable. Madison Will Not Let You Change Your Decision to Sell Your Shares of Cpa(r):12. [Wp Carey Logo] 1-800-WP-CAREY*WWW.CPA12.COM*CPA12@WPCAREY.com [Cpa:12 Logo] -4

from SC 14D9 1 page Exhibit 1 Text of Notice to Shareholders and Financial Advisors Before You Consider Selling Your Shares of Cpa(r):12 to Madison Liquidity Investors 112, LLC Please Read This!! Madison Liquidity Investors 112, LLC Is Soliciting Cpa(r):12 Investors With an Offer to Purchase Cpa(r):12 Shares at a Steep Discount to Its Current Net Asset Value. Madison Suggests That Its Offer Is an Efficient Way for Cpa(r):12 Shareholders to Realize Value. We Strongly Believe, for the Same Reasons You Invested in Cpa(r):12, You Should Consider Holding on to Your Investment: O Cpa(r):12 Has Paid 38 Consecutive Quarterly Dividends Since Inception. on an Annualized Basis, Cpa(r):12 Is Providing Its Investors With Dividends of $82.68* Per 100 Shares. O Cpa(r):12 Plays an Important Role in Your Portfolio's Asset Allocation. O as a Non-Traded Investment, Cpa(r):12 Is Not Subject to the Daily Fluctuations of the Traded Markets. Through the Recent Volatility of the Stock Markets, Cpa(r):12 Continues to Serve as a Portfolio Stabilizer. Madison's Offering Price Is $8.50 Per Share. in Order to Replace the Income You Will Lose if You Sell Your Shares of Cpa(r):12 to Madison, You Will Have to Re-Invest Your Sales Proceeds at 9.73%. We 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. Before You Consider Selling Your Shares of Cpa(r):12 to Madison and Make This Irrevocable Financial Decision, Please Consult Your Financial Advisor or Call Cpa(r):12's Investor Relations Department at 1-800-Wp-Carey (972-2739) or E-Mail US at Cpa12@wpcarey.com. Remember, Once You Sign the Tender Offer and Return It to Madison, Your Decision Is Final and Irrevocable. Madison Will Not Let You Change Your Decision to Sell Your Shares of Cpa(r):12. * Based on January 15, 2004 Dividend. 1-800-Wp Carey O WWW.CPA12.com O Cpa12@wpcarey.com [W. P. Carey Logo] [Cpa(r):12 Logo] -4