Notice to Shareholders About REIT Exchange Offer

Mini-tender Notice

First Quarter 2013
Earnings Conference Call
Click to listen
to the audio
recording.

Owning America’s Lifestyle^®

CNL Lifestyle Properties (the "Company") 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 on a long-term, triple-net lease basis or engages qualified third-party managers to operate properties on its behalf. CNL Lifestyle Properties invests in properties with the potential for long-term revenue generation and appreciation based on demographic trends, associated concentrations of wealth and other proprietary underwriting models.

CNL Lifestyle Properties has built a unique portfolio of diversified properties, many of which are long-established and represent parts of the American lifestyle. The Company completed its third and final public offering of shares to new investors on April 9, 2011. CNL Lifestyle Properties continues to actively manage and reinvest in existing properties, as well as deploy the final capital raised by making select acquisitions. As of March 31, 2013, the portfolio consisted of 178 properties in 34 states and two Canadian provinces. CNL Lifestyle Properties has a continuing commitment to maximizing total long-term value for its shareholders.