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Fourth Quarter 2011 Earnings Conference Call

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Owning America’s Lifestyle^®

CNL Lifestyle Properties is a real estate investment trust (REIT) that invests in income-producing properties with a focus on lifestyle-related industries.
The company acquires properties and leases them primarily on a long-term,
triple-net basis. CNL Lifestyle Properties intends to invest in properties with the potential for long-term revenue generation based on demographic trends, associated concentrations of wealth and other proprietary underwriting models.

CNL Lifestyle Properties completed its third and final public offering of shares to new investors on April 9, 2011. CNL Lifestyle Properties continues to make select acquisitions and focus on the management and oversight of its existing portfolio.

This sales and advertising literature is neither an offer to sell nor a solicitation of an offer to buy the securities described herein.
This literature must be read with the prospectus in order to fully understand all of the implications and risks
of the offering of securities to which it relates. A copy of the prospectus must be made available to you in connection with this offering.