CNL Growth Properties, Inc.

Full cycle NTR

CNL Growth Properties, Inc.

Full-Cycle REIT	CNL Growth Properties, Inc.
Sponsor	CNL Financial Group
Inception Date	October 20, 2009
Date of Full Cycle Event	October 24, 2017
Liquidity Event Type	Liquidation
Liquidity Event Description	Liquidation

Life Cycle Years	8.0
Average Total Assets ($ Mil.)	$255.46
Average Leverage (Debt/Total Assets)	50.0%
Initial Price	$10.00
Exit Price	$18.57

Alternate Sponsor Name	CNL Group
Original Offering Name	CNL Macquarie Global Growth Trust, Inc.
Original Name Through Date	N/A

Capital Gain	85.70%
Conditional Annual Distribution Yield	0.00%

Full-Cycle REIT IRRs vs. Custom Benchmarks

Full-Cycle REIT IRRs vs. Conventional Benchmarks

Full-Cycle (Date): Shareholders received cash or listed stock for all common shares of the previously non-traded investment program as of the given date.

In-Process: The investment program has commenced liquidation of its investment portfolio, has announced a merger or sale that has not yet been consummated, or has yet to provide common shareholders with full liquidity for their shares with cash and/or listed stock.

SRP/Tender: Share repurchase or tender program which permits shareholders to sell their shares back to the company, subject to limitations. The frequency, price, and limitations vary by investment program.

Suspended: The investment program has suspended its share repurchase or tender program.

None: The investment program does not have an intermittent liquidity program, but shareholders will receive liquidity upon termination or liquidity event at the end of the investment term.