George N. Gillett and Senior Management Acquire Booth Creek Ski Holdings

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. October 14, 2008

JANUARY 24, 2007. Day-to-Day Management and Operations of All Booth Creek Resorts Expected to Remain Unaffected Booth Creek Ski Holdings, Inc. (Booth Creek), owner of six mountain resort properties and select real estate holdings, announced today that it has been purchased by three principals of the company: George Gillett, chairman; Chris Ryman, president; Elizabeth Cole, chief financial officer. Jeff Joyce, a long-time business partner of Gillett, is a fourth principal involved in the purchase.

Booth Creek consists of six resorts across the United States including: Northstar-at-TahoeTM Resort and Sierra-at-Tahoe(R) Resort in California; Waterville Valley, Cranmore Mountain Resort and Loon(R) Mountain in New Hampshire and The Summit at Snoqualmie near Seattle, Washington.

Booth Creek today also closed the sale-leaseback of NorthstarTM Resort, SierraTM Resort, Loon(R) Mountain and The Summit-at-Snoqualmie with CNL Income Properties, Inc.

Booth Creek Ski Holdings, Inc. continues to own Cranmore Mountain Resort and Waterville Valley. The company and the resorts plan to continue business as usual with day-to-day operations remaining unaffected. This transaction will not impact any resort products including multi-resort season passes or lift ticket products.

"We are very pleased to be partnering with CNL Income Properties who is making a long-term commitment to both Booth Creek and the industry," said Gillett. "The company is one of the most active investors in lifestyle, leisure and recreational real estate in the nation with a reputation for honesty and integrity."

"CNL Income Properties is a solid financial partner who is committed to our company and the resorts," added Ryman. "This partnership will benefit the guest experience at all of the resort properties and will allow Booth Creek to accelerate its resort growth strategy, particularly at Northstar-at-TahoeTM Resort and Loon(R) Mountain."

At the forefront of Booth Creek's current business plan has been the on-going development of Northstar-at-TahoeTM Resort.

Welcoming guests during the 2006-2007 season:

---|A new base Village including 100,000 square feet of commercial space encompassing over 30 different specialty retailers, art galleries, restaurants and cafes. The new Village at NorthstarTM also features a 9,000-square-foot ice rink, and other recreational and entertainment amenities.

---|$10.5 million in mountain improvements including the new Tahoe Zephyr Express high-speed six-pack chairlift accessing 13 trails and 137 acres of new terrain.

Additional on-mountain improvements to snowmaking, terrain parks and the addition of the Lookout Link surface lift, providing improved access to Lookout Mountain.

Ongoing at NorthstarTM Resort is the development by Northstar Mountain Properties and East West Partners of:

---|135,000 square feet of commercial space within the new Village at NorthstarTM bringing the existing total of retail shops and restaurants in the village to roughly 40 distinct offerings

---|1,800 new residential units with ski-in/ski-out access

---|An on-mountain ski-in/ski-out Ritz-Carlton Hotel and residential resort community

---|Club amenities including golf, on-mountain dining, slope-side lockers, on-mountain dining, Lake Tahoe lakeside dining and lake access, and comprehensive exercise and spa facilities Loon(R) Mountain

Highlights include:

The Loon(R) ski area expansion of South Peak will open in December 2007 with two lifts including a new high-speed quad servicing new intermediate and advanced terrain with new snowmaking. Future planned phases will include more lifts, trails and skier amenities.

At the base of the new expansion terrain, the development of South Peak Resort, by Centex Destination Properties, into a four-season luxury mountain destination.