Boyne USA Resorts Announces Coast-to-Coast Expansion
Acquisitions Expected to Increase Company Skier Days to 3.6 Million


Boyne Falls, Mich., September 19, 2007 – Backed by nearly 60 years of family run resort
experience, Boyne USA Resorts is excited to announce its nationwide expansion reinforcing the
Michigan-based corporation’s position as the largest family owned four-season resort company
in North America and owner/operator of more ski resorts than any other in the United States.
Aided by a partnership with CNL Income Properties, Inc., Boyne USA’s ski resort portfolio will
become the third largest in North America and boasts 10 resort locations operating in Maine,
Michigan, Montana, New Hampshire, Utah, Washington and British Columbia with a combined
skier count of approximately 3.6 million.

The expansion allows Boyne USA to further its existing geographic and economic diversity in
the winter sports industry, starting in the ’50s when the company built the Gatlinburg Sky Lift in
Tennessee and in earnest with the 1976 purchase of Big Sky Resort in Montana.

With today’s announcement of the pending addition of Booth Creek Ski Holdings, Inc.’s (“Booth
Creek”) Loon Mountain and The Summit at Snoqualmie resorts to its network, Boyne USA
Resorts is building upon its inaugural entry into the long contemplated New England market that
began last month with the addition of American Skiing Company’s Sunday River and Sugarloaf
resorts in Maine. Boyne USA has signed a contract with Booth Creek which at closing will
transfer the management of Loon Mountain and The Summit at Snoqualmie to Boyne USA. In
addition to furthering entry into the New England market, this transaction will reinforce Boyne
USA’s commitment in the Pacific Northwest, with three resorts in that region.

The Boyne USA Resorts team, headed by the Kircher family, is proud of its record as longest
running management within the mountain resort industry and believes that with its experienced
team of over 7,000 passionate individuals, the organization is in a strong position to take on these
new properties.

“By bringing almost 60 years of experience in resort and ski area management and building upon
the best of American Skiing Company’s and Booth Creek’s accomplishments, we are confident
that we will continue to be a very positive force in this industry,” said Stephen Kircher, president
of Boyne USA Resorts’ eastern operations. “These are exciting times to be part of this team.”

Boyne USA executives and their resort-based management teams have already begun mapping
the endless possibilities related to resort facility and amenity improvements as well as value
creation programs for the many loyal customers of these resorts.

“Boyne USA’s history of innovation as well as making continuous improvements at our resorts
will continue with these newly acquired facilities,” said John Kircher, president of Boyne USA
Resorts’ western operations and based in the Seattle area since 1996. “Our experience has
proven that a long-term vision and financial commitment to a resort is needed, which we are
confident CNL and Boyne USA provide. Our understanding and love of the sport, which in our
case, goes back to 1947, is one significant factor that drives us to make the facilities we own or
manage even better. Keeping our customers happy means reinvesting in the property and
creating the expectation of something new each season,” added John Kircher.

“From our proprietary Boyne low-e snowmaking technologies, commitment to superior guest
satisfaction, passion to build innovative new facilities and amenities, offerings like our
BoyneRewards loyalty program, and our unique coast-to-coast season passes, we anticipate
making a very positive impact on the entire resort network, its customers and its communities,”
said Stephen Kircher. “These additions are a continuation of our strategy reinforcing Boyne
USA’s overall goal of becoming the best four-season resort company in the world by 2015.”

About Boyne USA Resorts:
Boyne USA Resorts is the largest family owned four-season resort company in North America;
founded by Everett Kircher in 1947. A Michigan-based corporation, Boyne USA Resorts owns
and/or operates award-winning mountain and golf resorts and attractions throughout the United
States and Canada including Cypress Mountain near Vancouver, British Columbia, a host venue
of the 2010 Winter Olympic Games, Big Sky Resort in Montana, Boyne Mountain, Boyne
Highlands, The Inn at Bay Harbor – A Renaissance Golf Resort and Avalanche Bay Indoor
Waterpark in Michigan, Brighton in Utah, Crystal Mountain in Washington, Sugarloaf/USA and
Sunday River Resort in Maine and Gatlinburg Sky Lift in Tennessee. For more information on
Boyne USA Resorts, please visit www.boyneusaresorts.com.

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