CNL Income Properties Inc. and Boyne USA, Inc Announce Acquisition and Leaseback Agreemnt as Part of

Agreement includes Cypress Mountain, site of the 2010 Winter Olympics and Paralympics freestyle skii

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. October 14, 2008

ORLANDO, FL, November 11, 2005. CNL Income Properties Inc., a real estate investment trust (REIT) focused on leisure and lifestyle properties, and Boyne USA, Inc., the largest, privately owned four-season resort company in North America, today announced a $47.5 million* agreement that calls for the REIT to acquire and leaseback to Boyne two leisure properties: Cypress Mountain, a ski resort in British Columbia; and Gatlinburg Sky Lift, a scenic chairlift in Gatlinburg, Tenn. The transaction is expected to close by the first quarter of 2006.**

CNL Income Properties will own 100 percent of the properties, including improvements and leasehold interests. Boyne USA will continue to operate both properties under a 20-year lease term with four, five-year renewal options. "Our investment strategy is driven largely by identifying and partnering with strong operators in each lifestyle property category," said CNL Income Properties' President Byron Carlock. "Boyne USA and the Kircher family fit that profile and we look forward to growing our relationship with them in the future. We are especially pleased to team up with Boyne in Canada in advance of the 2010 Olympics."

*$47.5 million is the approximate aggregate purchase price excluding closing costs.

**Terms of the agreement are subject to a number of closing conditions and there can be no assurance the acquisition will occur or what the timing of the acquisition will be.

"Boyne USA is very excited about the alliance with CNL Income Properties," said Boyne USA President of Eastern Operations Stephen Kircher, who also serves as president of Gatlinburg Sky Lift LLC. "The industry is ripe for aggregation and consolidation and we chose CNL Income Properties as our partner. Over the past 57 years, we have grown into the largest, privately held four-season resort company. We feel this relationship is a perfect way to continue to expand our management expertise geographically and help to reinvest in an industry that has solid, long-term growth potential."

The agreement includes:

. o Cypress Mountain - British Columbia, a North American freestyle ski and snowboard venue located 20 minutes from downtown Vancouver and site of the freestyle skiing and freestyle snowboarding competitions during the 2010 Winter Olympics and Paralympics. The ski resort is comprised of 38 downhill runs and 250 acres for skiing; it is consistently ranked the second most-visited ski resort in British Columbia, with approximately 354,000 skier visits in 2004 alone.

. o Gatlinburg Sky Lift - Gatlinburg, Tenn., a scenic chairlift near the heart of the Great Smoky Mountains National Park, the nation's most-visited national park. Located behind the Gatlinburg Inn, the historic lift is open year-round and has attracted more than 400,000 tourists each year for the past five years.

The agreement represents the latest in a number of lifestyle property acquisitions for Orlando-based CNL Income Properties. In December 2004, the company acquired a majority interest in 408,000 square feet of retail and commercial space at seven resort villages owned by Intrawest Corporation, including Whistler Creekside at Whistler Blackcomb, British Columbia, and the Village of Baytowne Wharf at Sandestin Golf and Beach Resort in Sandestin, Fla. The company acquired a majority interest in 4.8 million square feet of wholesale trade space at the Dallas Market Center, the world's largest wholesale merchandise mart, in spring of 2005. And last month, company executives announced a $114.5 million partnership with Great Wolf Resorts, the nation's largest owner, operator and developer of indoor waterpark resorts, in which the REIT acquired a majority interest in two waterpark hotel properties in the Midwest.