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Tj ET Q BT /F1 18.00 Tf ET q 0 0 0 rg BT 490.46 492.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.35 480.50 Td (\(Name of Subject Company\)) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 121.45 446.90 Td (Jones Lang LaSalle Income Pr) Tj ET Q q 0 0 0 rg BT 356.13 446.90 Td (operty ) Tj ET Q q 0 0 0 rg BT 410.28 446.90 Td (T) Tj ET Q q 0 0 0 rg BT 420.95 446.90 Td (rust, Inc.) 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Goode ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.00 164.10 Td (Alston& BirdLLP) Tj ET Q q 0 0 0 rg BT 346.96 164.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.10 152.10 Td (1201 ) Tj ET Q q 0 0 0 rg BT 270.42 152.10 Td (W) Tj ET Q q 0 0 0 rg BT 279.87 152.10 Td (est Peachtr) Tj ET Q q 0 0 0 rg BT 327.16 152.10 Td (ee Str) Tj ET Q q 0 0 0 rg BT 351.69 152.10 Td (eet ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.40 140.10 Td (Atlanta, Georgia 30309 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.75 128.10 Td (\(404\)881-7000 ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 91 102.76699218750002 m 521 102.76699218750002 l s q 0 0 0 rg BT 91.00 104.10 Td (______________________________________________________________________________________) Tj ET Q /GS0 gs q 8.91 0 0 10.76 38.50 69.34 cm /I1 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.41 71.39 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 72.17 Td (Check ) Tj ET Q q 0 0 0 rg BT 87.55 72.17 Td (the ) Tj ET Q q 0 0 0 rg BT 102.26 72.17 Td (box ) Tj ET Q q 0 0 0 rg BT 119.76 72.17 Td (if ) Tj ET Q q 0 0 0 rg BT 128.37 72.17 Td (the ) Tj ET Q q 0 0 0 rg BT 143.09 72.17 Td (filing ) Tj ET Q q 0 0 0 rg BT 167.25 72.17 Td (relates ) Tj ET Q q 0 0 0 rg BT 195.85 72.17 Td (solely ) Tj ET Q q 0 0 0 rg BT 222.23 72.17 Td (to ) Tj ET Q q 0 0 0 rg BT 232.51 72.17 Td (preliminary ) Tj ET Q q 0 0 0 rg BT 281.66 72.17 Td (communications ) Tj ET Q q 0 0 0 rg BT 350.26 72.17 Td (made ) Tj ET Q q 0 0 0 rg BT 374.42 72.17 Td (before ) Tj ET Q q 0 0 0 rg BT 402.45 72.17 Td (the ) Tj ET Q q 0 0 0 rg BT 417.17 72.17 Td (commencement ) Tj ET Q q 0 0 0 rg BT 482.98 72.17 Td (of ) Tj ET Q q 0 0 0 rg BT 493.81 72.17 Td (a ) Tj ET Q q 0 0 0 rg BT 500.75 72.17 Td (tender ) Tj ET Q q 0 0 0 rg BT 528.23 72.17 Td (of) Tj ET Q q 0 0 0 rg BT 536.38 72.17 Td (fer) Tj ET Q q 0 0 0 rg BT 546.93 72.17 Td (.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 728.70 Td (Item1. Subject Company Information) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 704.70 Td (\(a\) Name and ) Tj ET Q q 0 0 0 rg BT 132.31 704.70 Td (Addr) Tj ET Q q 0 0 0 rg BT 151.94 704.70 Td (ess. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.16 704.70 Td (The name of the subject company is Jones Lang LaSalle Income Property ) Tj ET Q q 0 0 0 rg BT 466.11 704.70 Td (T) Tj ET Q q 0 0 0 rg BT 471.87 704.70 Td (rust, Inc., a Maryland ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 692.70 Td (corporation \(the Company\). ) Tj ET Q q 0 0 0 rg BT 172.55 692.70 Td (The address and telephone number of the principal executive of) Tj ET Q q 0 0 0 rg BT 427.00 692.70 Td (fices of the Company are 200 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.70 Td (East Randolph Drive, Chicago, IL, 60601, \(312\) 782-5800.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 656.70 Td (\(b\)Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.59 656.70 Td (. ) Tj ET Q q 0 0 0 rg BT 133.41 656.70 Td (The class of equity securities to which this Solicitation/Recommendation Statement on Schedule14D-9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.70 Td (\(this Schedule14D-9\) relates is the Company) Tj ET Q q 0 0 0 rg BT 243.84 644.70 Td (s Class M Common Stock, $0.01 par value per share \(the Shares\). ) Tj ET Q q 0 0 0 rg BT 517.95 644.70 Td (As of May ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.70 Td (28, 2014, there were 45,484,609 Shares outstanding. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 608.70 Td (Item 2. Identity and Backgr) Tj ET Q q 0 0 0 rg BT 168.43 608.70 Td (ound of Filing Person) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 584.70 Td (\(a\)Name and ) Tj ET Q q 0 0 0 rg BT 132.31 584.70 Td (Addr) Tj ET Q q 0 0 0 rg BT 151.94 584.70 Td (ess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.16 584.70 Td (. ) Tj ET Q q 0 0 0 rg BT 168.98 584.70 Td (The Company is the filing person. ) Tj ET Q q 0 0 0 rg BT 307.94 584.70 Td (The name, address and telephone number of the Company is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.70 Td (set forth in Item1\(a\) above. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 548.70 Td (\(b\)T) Tj ET Q q 0 0 0 rg BT 93.80 548.70 Td (ender Offer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.18 548.70 Td (. ) Tj ET Q q 0 0 0 rg BT 145.00 548.70 Td (This Schedule14D-9 relates to the cash tender of) Tj ET Q q 0 0 0 rg BT 341.98 548.70 Td (fer by MacKenzie Northstar Fund 3, LP) Tj ET Q q 0 0 0 rg BT 500.55 548.70 Td (, MacKenzie ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.70 Td (Northwest Fund, LP) Tj ET Q q 0 0 0 rg BT 130.28 536.70 Td (, MPF Northstar Fund 2, LP) Tj ET Q q 0 0 0 rg BT 241.69 536.70 Td (, MPF Northstar Fund, LP) Tj ET Q q 0 0 0 rg BT 345.60 536.70 Td (, MacKenzie Income Fund 27, LLC, MacKenzie Blue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.70 Td (Ridge Fund III, LP) Tj ET Q q 0 0 0 rg BT 125.00 524.70 Td (, MacKenzie Flagship Fund 15, LLC, MPF Flagship Fund 10, LLC, MPF Flagship Fund 13, LLC, MPF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.70 Td (Flagship Fund 14, LLC, Coastal Realty Business ) Tj ET Q q 0 0 0 rg BT 247.88 512.70 Td (T) Tj ET Q q 0 0 0 rg BT 253.63 512.70 Td (rust and MacKenzie Capital Management, LP) Tj ET Q q 0 0 0 rg BT 436.54 512.70 Td ( \(collectively) Tj ET Q q 0 0 0 rg BT 488.36 512.70 Td (, MCM\), to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.70 Td (purchase up to 500,000 Shares at a purchase price equal to $8.25 per Share, less the amount of any dividends declared or made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.70 Td (with respect to the Shares after June 30, 2014 or such other date to which the MCM Of) Tj ET Q q 0 0 0 rg BT 397.51 488.70 Td (fer \(as defined below\) may be extended, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.70 Td (upon the terms and subject to the conditions set forth in the Of) Tj ET Q q 0 0 0 rg BT 299.77 476.70 Td (fer to Purchase dated May 28, 2014 \(the Of) Tj ET Q q 0 0 0 rg BT 477.59 476.70 Td (fer to Purchase\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (and the related ) Tj ET Q q 0 0 0 rg BT 110.81 464.70 Td (Assignment Form \(together with the Of) Tj ET Q q 0 0 0 rg BT 269.21 464.70 Td (fer to Purchase, the MCM Of) Tj ET Q q 0 0 0 rg BT 390.67 464.70 Td (fer\), as set forth in MCM) Tj ET Q q 0 0 0 rg BT 498.42 464.70 Td (s ) Tj ET Q q 0 0 0 rg BT 504.63 464.70 Td (T) Tj ET Q q 0 0 0 rg BT 510.04 464.70 Td (ender Of) Tj ET Q q 0 0 0 rg BT 545.12 464.70 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.70 Td (Statement on Schedule) Tj ET Q q 0 0 0 rg BT 143.96 452.70 Td (T) Tj ET Q q 0 0 0 rg BT 149.89 452.70 Td (O, filed with the Securities and Exchange Commission \(the SEC\) on May 28, 2014 \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.70 Td (Schedule) Tj ET Q q 0 0 0 rg BT 93.41 440.70 Td (T) Tj ET Q q 0 0 0 rg BT 99.34 440.70 Td (O\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 416.70 Td (According to the Schedule) Tj ET Q q 0 0 0 rg BT 183.68 416.70 Td (T) Tj ET Q q 0 0 0 rg BT 189.60 416.70 Td (O, the address and principal executive of) Tj ET Q q 0 0 0 rg BT 352.97 416.70 Td (fices of MCM is 1640 School Street, Moraga, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.70 Td (California 94556, and its telephone number is \(800\)854-8357. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 380.70 Td (Item3. Past Contacts, ) Tj ET Q q 0 0 0 rg BT 145.91 380.70 Td (T) Tj ET Q q 0 0 0 rg BT 151.84 380.70 Td (ransactions, Negotiations and ) Tj ET Q q 0 0 0 rg BT 279.63 380.70 Td (Agr) Tj ET Q q 0 0 0 rg BT 296.11 380.70 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.54 380.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 356.70 Td (As of the date of this Schedule14D-9, there are no material agreements, arrangements or understandings or actual or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.70 Td (potential conflicts of interest between the Company or its af) Tj ET Q q 0 0 0 rg BT 289.47 344.70 Td (filiates and \(i\)the Company) Tj ET Q q 0 0 0 rg BT 404.44 344.70 Td (s executive of) Tj ET Q q 0 0 0 rg BT 459.79 344.70 Td (ficers, directors or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.70 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 332.70 Td (filiates or \(ii\)MCM and its executive of) Tj ET Q q 0 0 0 rg BT 217.65 332.70 Td (ficers, directors or af) Tj ET Q q 0 0 0 rg BT 300.76 332.70 Td (filiates, except for agreements, arrangements or understandings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.70 Td (and actual or potential conflicts of interest discussed under the headings Management ) Tj ET Q q 0 0 0 rg BT 406.65 320.70 Td (The ) Tj ET Q q 0 0 0 rg BT 424.15 320.70 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 463.32 320.70 Td (Agreement and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.70 Td (Conflicts of Interest in the Company) Tj ET Q q 0 0 0 rg BT 208.02 308.70 Td (s Post-Ef) Tj ET Q q 0 0 0 rg BT 244.23 308.70 Td (fective ) Tj ET Q q 0 0 0 rg BT 273.38 308.70 Td (Amendment No. 9 to Form S-1) Tj ET Q q 0 0 0 rg BT 398.00 308.70 Td (1 filed with the SEC on March 31, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.70 Td (which are filed as Exhibit \(e\)\(1\) to this Schedule14D-9 and are incorporated herein by reference. ) Tj ET Q q 0 0 0 rg BT 441.60 296.70 Td (The Post-Ef) Tj ET Q q 0 0 0 rg BT 489.47 296.70 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.70 Td (Amendment No. 9 to Form S-1) Tj ET Q q 0 0 0 rg BT 174.62 284.70 Td (1 is available for free on the SEC) Tj ET Q q 0 0 0 rg BT 310.42 284.70 Td (s website at www) Tj ET Q q 0 0 0 rg BT 380.59 284.70 Td (.sec.gov) Tj ET Q q 0 0 0 rg BT 412.71 284.70 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 260.70 Td (Item4. ) Tj ET Q q 0 0 0 rg BT 82.31 260.70 Td (The Solicitation or) Tj ET Q q 0 0 0 rg BT 161.57 260.70 Td ( Recommendation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.06 260.70 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 236.70 Td (\(a\)Recommendation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.58 236.70 Td (. ) Tj ET Q q 0 0 0 rg BT 163.40 236.70 Td (The information set forth in the letter to stockholders, dated May 28, 2014 \(the Letter to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.70 Td (Stockholders\) a copy of which is filed as Exhibit \(a\)\(2\) to this Schedule 14D-9, is incorporated herein by reference. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 200.70 Td (\(b\)Reasons. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.49 200.70 Td (The information set forth in the Letter to Stockholders, a copy of which is filed as Exhibit \(a\)\(2\) to this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.70 Td (Schedule14D-9, is incorporated herein by reference. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 164.70 Td (\(c\)Intent to T) Tj ET Q q 0 0 0 rg BT 129.35 164.70 Td (ender) Tj ET Q q 0 0 0 rg BT 151.01 164.70 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.01 164.70 Td (After reasonable inquiry and to the best knowledge of the Company) Tj ET Q q 0 0 0 rg BT 426.95 164.70 Td (, none of the Company) Tj ET Q q 0 0 0 rg BT 521.10 164.70 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.70 Td (executive of) Tj ET Q q 0 0 0 rg BT 98.96 152.70 Td (ficers, directors, af) Tj ET Q q 0 0 0 rg BT 173.74 152.70 Td (filiates or subsidiaries intends to tender or sell Shares held of record or beneficially owned by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.70 Td (them pursuant to the MCM Of) Tj ET Q q 0 0 0 rg BT 171.75 140.70 Td (fer) Tj ET Q q 0 0 0 rg BT 182.30 140.70 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 116.70 Td (Item5. Persons/Assets, Retained, Employed, Compensated or) Tj ET Q q 0 0 0 rg BT 312.03 116.70 Td ( Used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.64 116.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 92.70 Td (T) Tj ET Q q 0 0 0 rg BT 80.41 92.70 Td (o the knowledge of the Company) Tj ET Q q 0 0 0 rg BT 212.79 92.70 Td (, neither the Company nor any person acting on its behalf has, directly or indirectly) Tj ET Q q 0 0 0 rg BT 544.82 92.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.70 Td (employed, retained or compensated, or intends to employ) Tj ET Q q 0 0 0 rg BT 279.01 80.70 Td (, retain or compensate, any person or class of persons to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.70 Td (solicitations or recommendations to the stockholders in connection with the MCM Of) Tj ET Q q 0 0 0 rg BT 392.26 68.70 Td (fer) Tj ET Q q 0 0 0 rg BT 402.81 68.70 Td (. ) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item6. Inter) Tj ET Q q 0 0 0 rg BT 103.97 742.25 Td (est in Securities of the Subject Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.18 742.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 718.25 Td (No transactions in the Shares have been ef) Tj ET Q q 0 0 0 rg BT 244.48 718.25 Td (fected during the last 60days by the Company or) Tj ET Q q 0 0 0 rg BT 440.98 718.25 Td (, to the knowledge of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 706.25 Td (, by any executive of) Tj ET Q q 0 0 0 rg BT 171.64 706.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 189.55 706.25 Td (, director) Tj ET Q q 0 0 0 rg BT 225.24 706.25 Td (, af) Tj ET Q q 0 0 0 rg BT 237.83 706.25 Td (filiate or subsidiary of the Company) Tj ET Q q 0 0 0 rg BT 381.88 706.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Item7. Purposes of the ) Tj ET Q q 0 0 0 rg BT 150.36 682.25 Td (T) Tj ET Q q 0 0 0 rg BT 156.29 682.25 Td (ransaction and Plans or) Tj ET Q q 0 0 0 rg BT 257.51 682.25 Td ( Pr) Tj ET Q q 0 0 0 rg BT 270.38 682.25 Td (oposals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.50 682.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 658.25 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.16 658.25 Td (Except as set forth in this Schedule14D-9, the Company is not undertaking and is not engaged in any negotiations in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (response to the MCM Of) Tj ET Q q 0 0 0 rg BT 149.81 646.25 Td (fer that relate to a tender of) Tj ET Q q 0 0 0 rg BT 258.46 646.25 Td (fer or other acquisition of the Shares by the Company) Tj ET Q q 0 0 0 rg BT 472.48 646.25 Td (, any subsidiary of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Company or any other person. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 610.25 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.16 610.25 Td (Except as set forth in this Schedule14D-9, the Company is not undertaking and is not engaged in any negotiations in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (response to the MCM Of) Tj ET Q q 0 0 0 rg BT 149.81 598.25 Td (fer that relate to, or would result in, \(i\)any extraordinary transaction, such as a mer) Tj ET Q q 0 0 0 rg BT 482.29 598.25 Td (ger) Tj ET Q q 0 0 0 rg BT 494.65 598.25 Td (, reor) Tj ET Q q 0 0 0 rg BT 515.57 598.25 Td (ganization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (or liquidation, involving the Company or any subsidiary of the Company) Tj ET Q q 0 0 0 rg BT 341.26 586.25 Td (, \(ii\)any purchase, sale or transfer of a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (amount of assets of the Company or any subsidiary of the Company or \(iii\)any material change in the present dividend rate or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (policy) Tj ET Q q 0 0 0 rg BT 74.35 562.25 Td (, or indebtedness or capitalization of the Company) Tj ET Q q 0 0 0 rg BT 275.31 562.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.00 538.25 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.60 538.25 Td (Except as set forth in this Schedule14D-9, there are no transactions, board resolutions, agreements in principle or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (signed contracts entered into in response to the MCM Of) Tj ET Q q 0 0 0 rg BT 277.27 526.25 Td (fer that relate to one or more of the matters referred to in this Item7. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (Item8. ) Tj ET Q q 0 0 0 rg BT 81.94 502.25 Td (Additional Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.23 502.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Cautionary Note Regarding Forward-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.76 478.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 454.25 Td (This Schedule14D-9, including the information incorporated herein by reference, may contain forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (statements regarding, among other things, the Company and the future value of the Company) Tj ET Q q 0 0 0 rg BT 425.74 442.25 Td (s Shares. Forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (statements include, but are not limited to, statements that represent the Company) Tj ET Q q 0 0 0 rg BT 375.75 430.25 Td (s beliefs concerning future operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (strategies, financial results or other developments. Forward-looking statements can be identified by the use of forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (terminology such as, but not limited to, may) Tj ET Q q 0 0 0 rg BT 230.71 406.25 Td (, should, expect, anticipate, estimate, would be, believe, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (continue or the negative or other variations of comparable terminology) Tj ET Q q 0 0 0 rg BT 341.74 394.25 Td (. Because these forward-looking statements are based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (are beyond the Company) Tj ET Q q 0 0 0 rg BT 153.03 370.25 Td (s control or are subject to change, actual results could be materially dif) Tj ET Q q 0 0 0 rg BT 435.80 370.25 Td (ferent. ) Tj ET Q q 0 0 0 rg BT 463.56 370.25 Td (Although the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (it cannot guarantee that it will achieve or realize these plans, intentions or expectations. Factors that could cause the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (not to realize its plans, intentions or expectations include, but are not limited to, those discussed under the headings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (Management) Tj ET Q q 0 0 0 rg BT 109.42 322.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 178.59 322.25 Td (Analysis of Financial Condition and Results of Operations and Risk Factors contained in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 310.25 Td (s ) Tj ET Q q 0 0 0 rg BT 112.22 310.25 Td (Annual Report on Form 10-K for the year ended December31, 2013 and the Company) Tj ET Q q 0 0 0 rg BT 462.96 310.25 Td (s Quarterly Report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Form 10-Q for the quarter ended March 31, 2014 filed with the SEC. Readers are cautioned not to place undue reliance on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (these forward-looking statements, which speak only as of the date this Schedule 14D-9. Except as required by law) Tj ET Q q 0 0 0 rg BT 506.17 286.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (Company does not undertake any obligation to update or revise any forward-looking statements contained in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (Schedule14D-9. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (Item9. Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.06 238.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 214.25 Td (The information under the heading ExhibitIndex appearing after the signature page of this Schedule14D-9 is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (incorporated herein by reference. ) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.60 725.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 307.53 725.25 Td (TURE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 701.25 Td (After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (true, complete and correct.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 624.75 m 318.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 624.75 m 326.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 624.75 m 560.5 624.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.00 643.48 Td (JONES LANG LASALLE INCOME PROPER) Tj ET Q q 0 0 0 rg BT 480.79 643.48 Td (TY) Tj ET Q q 0 0 0 rg BT 494.31 643.48 Td ( ) Tj ET Q q 0 0 0 rg BT 496.63 643.48 Td (TRUST) Tj ET Q q 0 0 0 rg BT 529.23 643.48 Td (, INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.06 643.48 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 629.32 Td (Date: May 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 629.32 Td (/s/ C. Allan Swaringen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 615.32 Td (Name:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 614.87 Td (C. Allan Swaringen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 600.32 Td (Title:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 600.32 Td (President and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 276.65 723.68505859375 m 335.2828125 723.68505859375 l s q 0 0 0 rg BT 276.65 725.25 Td (ExhibitIndex) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.28 725.25 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 687.75 m 95.5 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 95.5 687.75 m 117.5 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 122.5 687.75 m 575.5 687.75 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.10 691.48 Td (Exhibit No.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 125.00 691.48 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.20 678.32 Td (\(a\)\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 678.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 678.32 Td (Letter to Stockholders of the Company, from C. Allan Swaringen, President and Chief Executive Officer of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 668.32 Td (Company dated as of May 28, 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.20 640.32 Td (\(e\)\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 640.32 Td (The information contained under the headings Management The Advisory Agreement and Conflicts of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 630.32 Td (Interest in the Companys Post-Effective Amendment No. 9 to Form S-11 filed with the SEC on March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 620.32 Td (2014 is incorporated herein by reference.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.20 592.32 Td (\(e\)\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 592.32 Td (First Amended and Restated Advisory Agreement between Jones Lang LaSalle Income Property Trust, Inc. and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 582.32 Td (LaSalle Investment Management, Inc. \(incorporated by reference to Exhibit 10.1 to the Companys Current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 572.32 Td (Report on Form 8-K filed with the SEC on September 28, 2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.20 544.32 Td (\(e\)\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 544.32 Td (Dealer Manager Agreement \(incorporated by reference to Exhibit 1.1 to the Company's Current Report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 534.32 Td (Form 8-K filed with the SEC on September 12, 2012\).) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 469.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 469.32 Td (Included as the cover page to this Solicitation/Recommendation Statement on Schedule14D-9 mailed to holders of Shares of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 459.32 Td (the Company and filed herewith.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 30.20 Td (1) Tj ET Q /GS0 gs q 216.00 0 0 108.00 49.50 641.00 cm /I2 Do Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.50 614.60 Td (Exhibit \(a\)\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.60 Td (200 East Randolph Drive ) Tj ET Q q 0 0 0 rg BT 157.50 602.60 Td ( ) Tj ET Q q 0 0 0 rg BT 193.50 602.60 Td ( ) Tj ET Q q 0 0 0 rg BT 229.50 602.60 Td ( ) Tj ET Q q 0 0 0 rg BT 265.50 602.60 Td ( ) Tj ET Q q 0 0 0 rg BT 301.50 602.60 Td ( ) Tj ET Q q 0 0 0 rg BT 337.50 602.60 Td ( ) Tj ET Q q 0 0 0 rg BT 373.50 602.60 Td ( ) Tj ET Q q 0 0 0 rg BT 409.50 602.60 Td ( ) Tj ET Q q 0 0 0 rg BT 445.50 602.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.60 Td (Chicago, IL) Tj ET Q q 0 0 0 rg BT 96.89 590.60 Td ( 60601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.60 Td (May 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.60 Td (Dear Stockholder:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.60 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 506.60 Td (I am writing to you on behalf of the board of directors of Jones Lang LaSalle Income Property ) Tj ET Q q 0 0 0 rg BT 465.21 506.60 Td (T) Tj ET Q q 0 0 0 rg BT 470.97 506.60 Td (rust, Inc. \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.60 Td () Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53.9384765625 493.2669921875 m 92.8251953125 493.2669921875 l s q 0 0 0 rg BT 53.94 494.60 Td (Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.83 494.60 Td (\) to caution you about a tender of) Tj ET Q q 0 0 0 rg BT 230.10 494.60 Td (fer being made for your shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.60 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 470.60 Td (As you may be aware, certain entities af) Tj ET Q q 0 0 0 rg BT 245.81 470.60 Td (filiated with MacKenzie Capital Management, LP) Tj ET Q q 0 0 0 rg BT 445.37 470.60 Td ( \(MCM\) have made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.60 Td (an unsolicited tender of) Tj ET Q q 0 0 0 rg BT 143.46 458.60 Td (fer \(the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 179.5390625 457.2669921875 m 227.9619140625 457.2669921875 l s q 0 0 0 rg BT 179.54 458.60 Td (MCM Of) Tj ET Q q 0 0 0 rg BT 216.86 458.60 Td (fer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.96 458.60 Td (\) to holders of the Company) Tj ET Q q 0 0 0 rg BT 347.66 458.60 Td (s Class M common stock, to purchase up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.60 Td (500,000 shares at a price of $8.25 per share. ) Tj ET Q q 0 0 0 rg BT 230.65 446.60 Td (This price is significantly below the current net asset value \() Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 476.12109375 445.2669921875 m 496.4970703125 445.2669921875 l s q 0 0 0 rg BT 476.12 446.60 Td (NA) Tj ET Q q 0 0 0 rg BT 489.28 446.60 Td (V) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 446.60 Td (\) per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.60 Td (share ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 73.0986328125 433.03505859375 m 238.09375 433.03505859375 l s q 0 0 0 rg BT 73.10 434.60 Td (\(which was $10.35, as of May 21, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.09 434.60 Td ( and also well below what the Board believes to be the potential long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.60 Td (value of the shares. ) Tj ET Q q 0 0 0 rg BT 128.82 422.60 Td (Y) Tj ET Q q 0 0 0 rg BT 135.04 422.60 Td (ou may have already received materials from MCM about its of) Tj ET Q q 0 0 0 rg BT 389.78 422.60 Td (fer and may also have seen that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.60 Td (information on a Schedule ) Tj ET Q q 0 0 0 rg BT 157.63 410.60 Td (T) Tj ET Q q 0 0 0 rg BT 163.55 410.60 Td (O filed by MCM with the SEC on May 28, 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.60 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 386.60 Td (The Board has carefully evaluated the terms of the MCM Of) Tj ET Q q 0 0 0 rg BT 327.46 386.60 Td (fer and believes that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 362.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 362.60 Td (The price of) Tj ET Q q 0 0 0 rg BT 152.18 362.60 Td (fered substantially undervalues both the current and potential long-term value of the shares;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 338.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 338.60 Td (It attempts to get current stockholders to accept a low price for their shares; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 314.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 314.60 Td (MCM intends to make a profit from this below-market tender of) Tj ET Q q 0 0 0 rg BT 360.48 314.60 Td (fer) Tj ET Q q 0 0 0 rg BT 371.03 314.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 290.60 Td (The Board, taking into consideration the factors below) Tj ET Q q 0 0 0 rg BT 303.12 290.60 Td (, unanimously recommends that you reject the Of) Tj ET Q q 0 0 0 rg BT 500.67 290.60 Td (fer and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.60 Td (not tender your shares. However) Tj ET Q q 0 0 0 rg BT 179.33 278.60 Td (, each stockholder must evaluate whether to tender its shares to MCM and the Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.60 Td (recognizes that an individual stockholder may have liquidity needs that cannot be met in other ways that factor into his or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.60 Td (her consideration as to whether to accept the MCM Of) Tj ET Q q 0 0 0 rg BT 267.31 254.60 Td (fer) Tj ET Q q 0 0 0 rg BT 277.85 254.60 Td (. If you want to retain your shares, no action on your part is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.60 Td (necessary) Tj ET Q q 0 0 0 rg BT 87.72 242.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.60 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 218.60 Td (The Company is required by the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 300.44 218.60 Td (Act of 1934 and the rules and regulations under it to inform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.60 Td (you of its position with respect to the MCM Of) Tj ET Q q 0 0 0 rg BT 237.92 206.60 Td (fer) Tj ET Q q 0 0 0 rg BT 248.46 206.60 Td (. In reaching its conclusion, the Board: \(1\) consulted with LaSalle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.60 Td (Investment Management, Inc., the Company) Tj ET Q q 0 0 0 rg BT 230.29 194.60 Td (s advisor \(2\) reviewed the terms and conditions of the MCM Of) Tj ET Q q 0 0 0 rg BT 485.33 194.60 Td (fer; \(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.60 Td (considered other information relating to the Company) Tj ET Q q 0 0 0 rg BT 267.78 182.60 Td (s historical financial performance, portfolio of properties and future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.60 Td (opportunities; \(4\) evaluated various factors it deemed relevant in light of its knowledge of the Company) Tj ET Q q 0 0 0 rg BT 468.00 170.60 Td (s business and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.60 Td (financial condition; and \(5\) considered the fact that MCM regularly engages in below market tender of) Tj ET Q q 0 0 0 rg BT 460.01 158.60 Td (fers. ) Tj ET Q q 0 0 0 rg BT 479.82 158.60 Td (The following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.60 Td (are the material factors contributing to the Board) Tj ET Q q 0 0 0 rg BT 247.48 146.60 Td (s decision to recommend that you reject the MCM Of) Tj ET Q q 0 0 0 rg BT 461.42 146.60 Td (fer: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 122.60 Td (\(i\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 122.60 Td (MCM) Tj ET Q q 0 0 0 rg BT 121.56 122.60 Td (s Motive is to Make Money for) Tj ET Q q 0 0 0 rg BT 251.90 122.60 Td ( ) Tj ET Q q 0 0 0 rg BT 254.22 122.60 Td (Themselves. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.16 122.60 Td (MCM states that its of) Tj ET Q q 0 0 0 rg BT 400.42 122.60 Td (fer is being made for investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 110.60 Td (purposes and with the intention of making a profit from the ownership of the shares and that it was motivated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 98.60 Td (to establish the lowest price which might be acceptable to the Company) Tj ET Q q 0 0 0 rg BT 386.58 98.60 Td (s stockholders. MCM acknowledges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 86.60 Td (that the of) Tj ET Q q 0 0 0 rg BT 132.86 86.60 Td (fer price was established based on MCM) Tj ET Q q 0 0 0 rg BT 298.93 86.60 Td (s objectives and not necessarily in the best financial interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 74.60 Td (of you and the other Company stockholders.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 30.20 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 742.10 Td (\(ii\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 742.10 Td (MCM) Tj ET Q q 0 0 0 rg BT 121.56 742.10 Td (s Offer) Tj ET Q q 0 0 0 rg BT 151.08 742.10 Td ( Price is ) Tj ET Q q 0 0 0 rg BT 186.90 742.10 Td (Arbitrary) Tj ET Q q 0 0 0 rg BT 228.56 742.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.06 742.10 Td (Although MCM acknowledges that it has not made an independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 730.10 Td (appraisal of the shares or the Company) Tj ET Q q 0 0 0 rg BT 251.34 730.10 Td (s properties and that it is not qualified to appraise real estate, MCM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 718.10 Td (explains that it has arrived at the $8.25 per share of) Tj ET Q q 0 0 0 rg BT 296.97 718.10 Td (fer price by applying a liquidity discount to its calculation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 706.10 Td (the estimated liquidation value of the Company) Tj ET Q q 0 0 0 rg BT 281.81 706.10 Td (, and that it expects to make a profit by holding on to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 694.10 Td (shares. MCM provides no analysis with respect to how it arrived at a 20% liquidity discount to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 682.10 Td (current NA) Tj ET Q q 0 0 0 rg BT 136.47 682.10 Td (V) Tj ET Q q 0 0 0 rg BT 143.51 682.10 Td ( per share. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 658.10 Td (\(iii\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 658.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 156.30 658.10 Td (s Sponsor) Tj ET Q q 0 0 0 rg BT 197.53 658.10 Td ( and ) Tj ET Q q 0 0 0 rg BT 218.10 658.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 251.81 658.10 Td ( have Confidence in NA) Tj ET Q q 0 0 0 rg BT 351.64 658.10 Td (V) Tj ET Q q 0 0 0 rg BT 357.57 658.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.07 658.10 Td ( On ) Tj ET Q q 0 0 0 rg BT 379.24 658.10 Td (August 8, 2012, af) Tj ET Q q 0 0 0 rg BT 453.22 658.10 Td (filiates of both Jones ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 646.10 Td (Lang LaSalle Incorporated and the advisor invested $50 million in the Company at the then-current NA) Tj ET Q q 0 0 0 rg BT 505.82 646.10 Td (V) Tj ET Q q 0 0 0 rg BT 512.86 646.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 634.10 Td ($9.76 per share which they believe represented a true and accurate valuation of the shares at that time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 610.10 Td (\(iv\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 610.10 Td (The Company Conducted its Own ) Tj ET Q q 0 0 0 rg BT 240.40 610.10 Td (T) Tj ET Q q 0 0 0 rg BT 246.15 610.10 Td (ender) Tj ET Q q 0 0 0 rg BT 270.41 610.10 Td ( Offer) Tj ET Q q 0 0 0 rg BT 296.04 610.10 Td ( at NA) Tj ET Q q 0 0 0 rg BT 322.53 610.10 Td (V) Tj ET Q q 0 0 0 rg BT 328.46 610.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.96 610.10 Td ( On September 13, 2012, the Company completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 598.10 Td (its own tender of) Tj ET Q q 0 0 0 rg BT 159.80 598.10 Td (fer in which it acquired shares at $9.76 per Share for a total repurchase of $26.9 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 586.10 Td (Stockholders who tendered shares in MCM) Tj ET Q q 0 0 0 rg BT 268.86 586.10 Td (s previous of) Tj ET Q q 0 0 0 rg BT 320.34 586.10 Td (fers did so at price between $1.73 and $6.00 per share, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 574.10 Td (which was a substantial discount to the Company) Tj ET Q q 0 0 0 rg BT 292.75 574.10 Td (s tender of) Tj ET Q q 0 0 0 rg BT 334.78 574.10 Td (fer price. MCM tendered all of the shares it had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 562.10 Td (previously accumulated in response to the Company) Tj ET Q q 0 0 0 rg BT 304.67 562.10 Td (s tender of) Tj ET Q q 0 0 0 rg BT 346.70 562.10 Td (fer) Tj ET Q q 0 0 0 rg BT 357.25 562.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 538.10 Td (\(v\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 538.10 Td (The Company has r) Tj ET Q q 0 0 0 rg BT 177.06 538.10 Td (epur) Tj ET Q q 0 0 0 rg BT 196.88 538.10 Td (chased shar) Tj ET Q q 0 0 0 rg BT 246.98 538.10 Td (es under) Tj ET Q q 0 0 0 rg BT 283.19 538.10 Td ( its Shar) Tj ET Q q 0 0 0 rg BT 318.57 538.10 Td (e Repur) Tj ET Q q 0 0 0 rg BT 352.55 538.10 Td (chase Plan at NA) Tj ET Q q 0 0 0 rg BT 424.31 538.10 Td (V) Tj ET Q q 0 0 0 rg BT 430.24 538.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.74 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.56 538.10 Td (The Company has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 526.10 Td (share repurchase plan that allows stockholders to have their shares repurchased at a price equal to the current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 514.10 Td (NA) Tj ET Q q 0 0 0 rg BT 105.65 514.10 Td (V) Tj ET Q q 0 0 0 rg BT 112.70 514.10 Td ( per share, subject to certain limitations, including the satisfaction of a one-year holding period. ) Tj ET Q q 0 0 0 rg BT 498.97 514.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 502.10 Td (March 31, 2014, the Company had honored all repurchase requests that met the one-year holding period and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 490.10 Td (has repurchased over 90,000 shares. MCM sees an opportunity to acquire shares at a lar) Tj ET Q q 0 0 0 rg BT 443.33 490.10 Td (ge discount to current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 478.10 Td (NA) Tj ET Q q 0 0 0 rg BT 105.65 478.10 Td (V) Tj ET Q q 0 0 0 rg BT 112.70 478.10 Td ( believing they will get liquidity through the share repurchase plan and profit on the transaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 454.10 Td (\(vi\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 454.10 Td (The Company has Been Paying Distributions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.48 454.10 Td ( In keeping with its intent to provide current returns to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 442.10 Td (stockholders, the Company has paid or declared ten consecutive quarterly dividend distributions. On May 6, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 430.10 Td (2014, the Company declared a distribution of $0.1) Tj ET Q q 0 0 0 rg BT 293.48 430.10 Td (1 per share to stockholders of record as of June 27, 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 418.10 Td (payable on ) Tj ET Q q 0 0 0 rg BT 138.04 418.10 Td (August 1, 2014. If you tender your shares to MCM in this of) Tj ET Q q 0 0 0 rg BT 382.01 418.10 Td (fer they will receive your dividends.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 394.10 Td (\(vii\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 394.10 Td (MCM) Tj ET Q q 0 0 0 rg BT 121.56 394.10 Td (s Offer) Tj ET Q q 0 0 0 rg BT 151.08 394.10 Td ( is 20% Below Curr) Tj ET Q q 0 0 0 rg BT 235.34 394.10 Td (ent NA) Tj ET Q q 0 0 0 rg BT 264.33 394.10 Td (V) Tj ET Q q 0 0 0 rg BT 270.26 394.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.76 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.58 394.10 Td (This is MCM) Tj ET Q q 0 0 0 rg BT 334.26 394.10 Td (s sixth tender of) Tj ET Q q 0 0 0 rg BT 398.23 394.10 Td (fer) Tj ET Q q 0 0 0 rg BT 408.93 394.10 Td (, each of which has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 382.10 Td (significantly below the NA) Tj ET Q q 0 0 0 rg BT 199.80 382.10 Td (V) Tj ET Q q 0 0 0 rg BT 206.84 382.10 Td ( per share estimated by the Company) Tj ET Q q 0 0 0 rg BT 354.48 382.10 Td (, and each time the Board has recommended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 370.10 Td (that you reject their of) Tj ET Q q 0 0 0 rg BT 181.17 370.10 Td (fer) Tj ET Q q 0 0 0 rg BT 191.72 370.10 Td (. MCM continues to raise its of) Tj ET Q q 0 0 0 rg BT 318.75 370.10 Td (fer price, almost 470% since its first tender) Tj ET Q q 0 0 0 rg BT 490.52 370.10 Td (, indicating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 358.10 Td (it continues to see increasing value in the shares. MCM) Tj ET Q q 0 0 0 rg BT 319.39 358.10 Td (s of) Tj ET Q q 0 0 0 rg BT 333.94 358.10 Td (fer of $8.25 per Share is 20% below the May 21, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 346.10 Td (2014 Class M NA) Tj ET Q q 0 0 0 rg BT 163.72 346.10 Td (V) Tj ET Q q 0 0 0 rg BT 170.76 346.10 Td ( per share of $10.35 \(which is based on the fair value of the Company) Tj ET Q q 0 0 0 rg BT 452.62 346.10 Td (s assets less its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 334.10 Td (outstanding liabilities\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 310.10 Td (There can be no assurance as to the actual long term value of the shares, as such value is dependent on a number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (of factors, including general economic conditions and the other factors discussed below under Cautionary Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (Regarding Forward-Looking Statements. In addition, there can be no assurance that stockholders will be able to have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (their shares repurchased at the time of their choosing following the satisfaction of the one-year holding period, due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (limitation on the amount of shares of all classes of common stock that can be repurchased in any given quarter and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (other limitations of the share repurchase plan. However) Tj ET Q q 0 0 0 rg BT 273.74 250.10 Td (, based on the information currently available to it, the Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (believes the MCM Of) Tj ET Q q 0 0 0 rg BT 136.80 238.10 Td (fer price could result in stockholders receiving much less for their shares than they otherwise might ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (over time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 209.10 Td (The Board understands that you must make your own decision whether to tender or refrain from tendering your ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 79.31 197.10 Td (The Board suggests you carefully consider all aspects of the MCM Of) Tj ET Q q 0 0 0 rg BT 359.34 197.10 Td (fer in light of your own circumstances, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (including \(i\) your investment objectives, \(ii\) your financial circumstances, including your tolerance for risk and need for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 82.74 173.10 Td (, \(iii\) other financial opportunities available to you, \(iv\) your own tax position and tax consequences, and \(v\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (other factors you determine are relevant to your decision. ) Tj ET Q q 0 0 0 rg BT 280.71 161.10 Td (Y) Tj ET Q q 0 0 0 rg BT 286.93 161.10 Td (ou should carefully review all of the MCM Of) Tj ET Q q 0 0 0 rg BT 471.70 161.10 Td (fer documents, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (as well as the Company) Tj ET Q q 0 0 0 rg BT 147.26 149.10 Td (s publicly available annual, quarterly and other reports and the enclosed Solicitation/ ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (Recommendation Statement on Schedule 14D-9 that the Company filed with the SEC on May 28, 2014, and consult with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (your own financial, tax and other advisors. ) Tj ET Q q 0 0 0 rg BT 222.51 125.10 Td (Again, no action is required on your part unless you are interested in selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (your shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 96.10 Td (Should you have any questions or need further information about your options, please feel free to contact Jones ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (Lang LaSalle Income Property ) Tj ET Q q 0 0 0 rg BT 174.83 84.10 Td (T) Tj ET Q q 0 0 0 rg BT 180.59 84.10 Td (rust, Inc., 200 East Randolph Drive, Chicago, IL) Tj ET Q q 0 0 0 rg BT 374.62 84.10 Td ( 60601, by telephone at \(855\) 652-0277, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (or via email at JLLIPT@LaSalle.com, attention: Stockholder Services. ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 30.20 Td (3) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 703.5 m 411 703.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 739.07 Td (Sincerely,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 709.07 Td (/s/ C. Allan Swaringen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 694.07 Td (C. Allan Swaringen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 679.07 Td (President and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 664.07 Td (Jones Lang LaSalle Income Property Trust, Inc.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 19 0 obj <> /View <>>>>> endobj 20 0 obj <> /View <>>>>> endobj 21 0 obj <> endobj 22 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;