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Distribution History

CNL Lifestyle Properties, Inc.’s April Distribution Rate is $0.0521 per share, which equates to a 6.25% annual distribution rate.*

This distribution is payable by June 30, 2011 to stockholders of record at the close of business on April 1, 2011.

Since its launch in 2004, CNL Lifestyle Properties has declared distributions monthly and paid them on a quarterly basis. The company intends to continue to make quarterly distributions to stockholders. The amount of distributions declared to stockholders will be determined by the board of directors and is dependent upon a number of factors, including sources of cash available for distribution such as current year and inception to date cumulative cash flows, FFO and MFFO; expected future long-term stabilized cash flows, FFO and MFFO; the proportion of distributions paid in cash compared to that which is being reinvested through our reinvestment program; and other factors such as the avoidance of distribution volatility, our objective of continuing to qualify as a REIT, capital requirements and the general economic environment.

The chart below depicts CNL Lifestyle Properties’ annualized distribution per quarter. To calculate this, the average distribution rate for the three months was multiplied by 12 months.

† A one-time special distribution of $0.035 per share declared and paid on June 30, 2009 is not included in Q2 ‘09

From 2005, CNL Lifestyle Properties, Inc’s first full year of operations, through 2008, the company’s distributions were covered by cash flows from operating activities. Beginning in 2009, a portion of the company’s cash distributions have been funded from current and excess prior year cash flows from operating activities as well as borrowings. There can be no assurance that distributions will be sustained at current levels

Funds generated from operations include net income as calculated in accordance with generally accepted accounting principles adjusted so that depreciation allowances are not treated as an expense and payment of principle due on debt is deducted. The company has historically made, and may continue to utilize, advances under its revolving line of credit to fund a portion of the company’s cash distributions if operating cash flows are not sufficient to cover distributions or are used for other purposes. The company also may fund distributions from loan proceeds it received directly or through its joint venture arrangements. However, the company does not pay distributions from its offering proceeds.

* No assurance can be made that distributions will be sustained at current levels.

An investment in CNL Lifestyle Properties is subject to significant risks. A more detailed description of the risk factors is found in the section of the prospectus entitled “Risk Factors.” Investors should read the prospectus and carefully consider the investment objectives, risks, charges and expenses prior to investing.