EX-99 4 mpfiinland2totexa3.txt EXHIBIT (A)(3) LETTER TO UNIT HOLDERS Exhibit (a)(3) August 23, 2005 TO: UNIT HOLDERS OF INLAND LAND APPRECIATION FUND II, L.P. SUBJECT: OFFER TO PURCHASE UNITS Dear Unit Holder: As described in the enclosed Offer to Purchase and related Letters of Transmittal (the "Offer") the Purchasers named in the attached Offer (collectively the "Purchasers") are offering to purchase up to 3,503 Units of limited partnership interest (the "Units") in INLAND LAND APPRECIATION FUND II, L.P. (the "Partnership") at a purchase price equal to: $700 per Unit ------------- The Offer will provide you with an opportunity to liquidate all, or a portion of, your investment in INLAND LAND APPRECIATION FUND II, L.P. without the usual transaction costs associated with market sales or partnership transfer fees. After carefully reading the enclosed Offer, if you elect to tender your Units, mail (using the enclosed pre-addressed, postage paid envelope) or fax a duly completed and executed copy of the Letter of Transmittal (printed on blue paper) and change of address forms, and any other documents required by the Letter of Transmittal, to the Depositary for the Offer at: MacKenzie Patterson Fuller, Inc. 1640 School Street Moraga, California 94556 Facsimile: (925) 631-9119 If you have any questions or need assistance, please call the Depository at 800-854-8357. This Offer expires (unless extended) October 4, 2005