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CNL LIFESTYLE PROPERTIES, INC. PROPERTY PORTFOLIO† Ski & Mountain Lifestyle1 23 Properties 61% of Portfolio2 Attractions1 20 Properties 39% of Portfolio2 PROPERTY NAME LOCATION Brighton Ski Resort Crested Butte Mountain Resort Cypress Mountain Gatlinburg Sky Lift Jiminy Peak Mountain Resort Loon Mountain Resort Mount Sunapee Mountain Resort Mountain High Resort Northstar-at-Tahoe Resort Okemo Mountain Resort Sierra-at-Tahoe Resort Stevens Pass Sugarloaf Mountain Resort Summit-at-Snoqualmie Resort Sunday River Resort The Village at Northstar Village of Baytowne Wharf Village at Blue Mountain Village at Copper Mountain Village at Mammoth Mountain Village at Stratton Village of Snowshoe Mountain Whistler Creekside Brighton, UT Mt. Crested Butte, CO West Vancouver, BC, Canada Gatlinburg, TN Hancock, MA Lincoln, NH Newbury, NH Wrightwood, CA Truckee, CA Ludlow, VT Twin Bridges, CA Skykomish, WA Carrabassett Valley, ME Snoqualmie Pass, WA Newry, ME Lake Tahoe, CA Destin, FL Collingwood, ON, Canada Copper Mountain, CO Mammoth Lakes, CA Stratton, VT Snowshoe, WV Vancouver, BC, Canada Adventure Landing Camelot Park Darien Lake Frontier City Funtasticks Fun Center Pineville, NC Bakersfield, CA Buffalo, NY Oklahoma City, OK Tucson, AZ Garland, TX The Colony, TX Hot Springs, AR North Richland Hills, TX Myrtle Beach, SC Santa Monica, CA Riviera Beach, FL Concord, CA Kapolei, HI Palm Springs, CA Glendale, AZ Houston, TX Oklahoma City, OK Seattle, WA South Houston, TX Magic Springs and Crystal Falls Water and Theme Park Mountasia Family Fun Center Myrtle Waves Water Park Pacific Park Rapids Water Park Waterworld Wet 'n' Wild Hawaii Wet 'n' Wild Palm Springs Wet 'n' Wild Phoenix Wet 'n' Wild Splashtown White Water Bay Wild Waves Theme Park Zuma Fun Center the CNL Lifestyle Properties portfolio as of 06/30/16. CNLLifestyleReit.com Distributed by CNL Securities Corp. Member FINRA/SIPC. CNL LIFESTYLE PROPERTIES, INC. PROPERTY PORTFOLIO† PROPERTY NAME LOCATION 1 This material does not constitute an offer to sell, nor a solicitation of an offer to buy an interest in the real estate investment trust (REIT) described herein. The offering was closed to new investors as of April 9, 2011. The company is a real estate investment trust (REIT) that owns a diverse collection of lifestyle and other income-producing assets. The REIT leases its properties on a long-term, triple-net lease basis or engages qualified third-party managers to operate its properties on the REIT's behalf. In March 2014, the REIT engaged Jefferies LLC, a leading global investment banking and advisory firm, to assist in actively evaluating various strategic alternatives to provide liquidity to shareholders. During 2014 and 2015, the REIT sold 105 properties including an interest in one unconsolidated joint venture, 48 golf properties, 38 senior housing properties, 12 marina properties, a multifamily development property, four attractions properties, one ski and mountain lifestyle property, and the 81.98 percent interest in the Dallas Market Center. During the six months ended June 30, 2016, the REIT sold the five remaining marinas properties and an unimproved land parcel, and acquired the remaining 20 percent interest in the Intrawest Venture from the co-venture partner. As of June 30, 2016, contracts were in place to sell one attractions property and seven ski and mountain lifestyle properties. There is no assurance the sales will be finalized. 2 By initial purchase price. An investment in the REIT is subject to significant risks, including, but are not limited to, government regulation, economic, strategic, political and social conditions, and the following: illiquidity of the investment, risks associated with the REIT’s inability to identify a liquidity event or events, or other strategic alternatives or, even if identified, the REIT’s inability to complete any such transaction or transactions on favorable terms or at all, and liquidation at less than the subscription price of the stock; risks associated with the REIT’s investment strategy; history of losses; no guarantee of distributions; reliance on the REIT’s advisor and its affiliates, conflicts of interest, and the payment of substantial fees to the advisor and its affiliates; a worsening economic environment in the U.S. or globally, including financial market fluctuations; risks associated with real estate markets, including declining real estate values; the use of debt to finance the REIT’s business activities, including refinancing and interest rate risk and the REIT’s failure to comply with debt covenants; the REIT’s inability to make necessary improvements to properties on a timely or cost-efficient basis; competition for properties and/or tenants; defaults on or non-renewal of leases by tenants; failure to lease properties on favorable terms or at all; the impact of current and future environmental, zoning and other governmental regulations affecting the REIT’s properties; the impact of changes in accounting rules; the impact of regulations requiring periodic valuation of the REIT on a per share basis; inaccuracies of the REIT’s accounting estimates; unknown liabilities of acquired properties or liabilities caused by property managers or operators; material adverse actions or omissions by any joint venture partners; increases in operating costs and other expenses; uninsured losses or losses in excess of the REIT’s insurance coverage; the impact of outstanding and/or potential litigation; risks associated with the REIT’s tax structuring; failure to maintain REIT qualification; and the REIT’s inability to protect its intellectual property and the value of its brand. © 2016 CNL Lifestyle Properties, Inc. All Rights Reserved. CNL® and the Squares Within Squares design trademarks are under license from CNL Intellectual Properties, Inc. CNL Lifestyle Properties, Inc. is sponsored by CNL Financial Group, Inc. (CNL), and is advised by an affiliate of CNL. CLP-0916-16568-INV the CNL Lifestyle Properties portfolio as of 06/30/16. CNLLifestyleReit.com Distributed by CNL Securities Corp. Member FINRA/SIPC.