CNL GLOBAL REAL ESTATE FUNDTM

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CNL GLOBAL REAL ESTATE FUNDTM
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Disclosure

• Investing in a global mutual fund concentrating
  in real estate securities involves special risks,
  such as declines in the value of investment
  securities as well as increased susceptibility to
  adverse economic, political or regulatory
  developments affecting the real estate industry
  and the real estate companies that issue real
  estate related securities. Investing in one
  economic sector, such as real estate, may result
  in greater price fluctuations than owning a
  portfolio of diversified investments. Changes in
  interest rates may also affect the value of the
  funds investments in real estate securities.
  The real estate industry tends to be cyclical and
  therefore such cycles may adversely affect the
  value of the funds portfolio.
• The fund may invest in the securities issued by
  smaller and mid-size companies. Certain real
  estate companies have a relatively small market
  capitalization, which may tend to increase the
  volatility of the market price of their
  securities. Small and mid-size companies often
  have narrower markets and more limited managerial
  and financial resources than larger, more
  established companies. Investments in foreign
  (non-US) securities involve risks in addition to
  those of U.S. securities. Foreign securities are
  generally more volatile and less liquid than U.S.
  securities, in part because of greater political
  and economic risks and because there may be less
  public information available about foreign
  companies.
• Distributor Foreside Fund Services, LLC
• May 2008

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Disclosure

• By itself, the fund does not constitute a
  complete investment plan and should be considered
  a long-term investment for investors who can
  afford to weather changes in the value of their
  investments. Some of the funds investments may
  be considered speculative and are not appropriate
  for individuals who require safety of principal
  or stable income from their investments.
• The properties pictured are for illustrative
  purposes only. These do not necessarily
  represent investments by the fund.
• You should carefully consider the investment
  objectives, risks, charges and expenses of the
  Fund before investing. A prospectus containing
  this and other information about the Fund may be
  obtained by contacting your financial advisor or
  by visiting the Funds website
  www.thecnlfunds.com. You may also request Fund
  information by calling [phone]. Please
  read the prospectus carefully before investing.

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Agenda

• Overview
• The Opportunity Global Real Estate Securities
• Fund Profile
• Management Team Investment Process
• Appendix

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CNL GLOBAL REAL ESTATE FUND
Overview
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The fund accesses

• Broad Diversification in one investment, the
  fund offers access to quality real estate
  companies, multiple property types and thousands
  of buildings all over the world
• An Experienced and Talented Management Team CNL
  Financial Group Inc.s fund management
  experience, combined with the talented portfolio
  management team ofCB Richard Ellis Global Real
  Estate Securities, LLC

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The fund seeks to

• Achieve a high total return through a
• combination of current income and capital
• appreciation by investing globally in equity
• REITs and other listed real estate
• companies.

For the definition of a REIT, see appendix. There
are no assurances that these objectives will be
met.
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Diversification
The fund seeks to invest in a broadly diversified
portfolio
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Talented companies manage the fund
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Companies behind the fund - CNL

• CNL Financial Groups Experience
• CNL Financial Group, Inc. (CNL) is the parent
  company of CNL Fund Advisors Company
• Since 1973, CNL and its affiliates have formed or
  acquired companies with more than 23 billion in
  assets
• CNL has offered more than 100 public and private
  offerings with properties in all 50 states

As of December 31, 2007.
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CNLs key milestones
CNL Financial Group founded
1973
1978
Acquired first restaurant property
First real estate public offering
1985
1992
Acquisition of retail REIT
1995
Launched restaurant REIT
1997
Introduced hospitality REIT
1998
Formed retirement REIT
CNL Center II at City Commons, Orlando
2004
Launched lifestyle REIT
Began distribution of global REIT
2006
Launched global real estate securities mutual fund
2007
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Companies behind the fund - CBRE
CBRE GRES is able to draw from the resources of
the parent company CB Richard Ellis Group, Inc.

• CB Richard Ellis, an SP 500 company
  headquartered in Los Angeles, is one of the
  worlds largest commercial real estate services
  firm (in terms of 2007 revenue)
• The company serves real estate owners, investors
  and occupiers through more than 300 offices in 58
  countries

CB Richard Ellis Taipei office
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Companies behind the fund - CBRE
Commercial Real Estate Brokerage Market Share
2007 CB Richard Ellis 22 Cushman
Wakefield 11 Jones Lang LaSalle 10 Source
National Real Estate Investor, 04/2008 2007 Sales
and Leasing Transaction Value
As of December 31, 2007.
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CNL GLOBAL REAL ESTATE FUND
The OpportunityGlobal Real Estate Securities
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Global real estate securities

• REITs an expanding sector
• Strong historical returns
• Moderate volatility
• Strong diversifier for
• mixed-asset portfolios
• real estate portfolios

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Securitization is expanding globally
Market capitalization of the FTSE EPRA/NAREIT
Global Real Estate Index has tripled in size in
four years
Source FTSE EPRA/NAREIT Global Real Estate Index
through December 31, 2007. For a definition of
the Index, see appendix. Indices are not managed
and cannot be directly invested into.
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And the potential is growing
June 2005
December 2007
Private Real Estate Value 13.7 Trillion Public
Real Estate Value 821 Billion
Private Real Estate Value 17.2 Trillion Public
Real Estate Value 1.4 Trillion
For the definition of Public vs. Private Real
Estate Value, see appendix. Source (EPRA)
European Public Real Estate Association as of
December 31, 3007.
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REITs are expanding globally
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High quality REITs and properties
For illustrative purposes only. These do not
necessarily represent investments by the fund.
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Institutional allocations are rising

• CalPERS is reallocating its 20 billion real
  estate portfolio from 14 to 50 international
  real estate.
• International real estate securities are targeted
  at 10 of CalPERS real estate portfolio.

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Favorable long-term returns
Total Return (in US )
Sources US Equities SP 500 Total Return
Global Equities MSCI World Index Total Return
FTSE NAREIT US Real Estate Composite Index
Global Real Estate Securities FTSE EPRA/NAREIT
Global Real Estate Index. As of March 31, 2008.
Indices are not managed and cannot be directly
invested into.
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With moderate long-term volatility
Volatility (Standard Deviation)
For a definition of Standard Deviation, see
appendix. Sources US Equities SP 500 Total
Return Global Equities MSCI World Index Total
Return FTSE NAREIT US Real Estate Composite
Index Global Real Estate Securities FTSE
EPRA/NAREIT Global Real Estate Index. As of March
31, 2008. Indices are not managed and cannot be
directly invested into.
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Diversifier for mixed asset portfolios
Correlation with Global Real Estate Securities as
of December 31, 2007
Rolling five-year periods of monthly returns.
Source UBS Global Property Index Morgan
Stanley Capital International World Equity Index
JP Morgan Global Bond Index through December 31,
2007. Calculations by CBRE GRES. All returns are
in local currencies.
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Managing portfolio risk
100 Stocks
15 Global Real Estate Securities
Return 6.93 Risk 13.8 Sharpe Ratio 0.23
Return 5.9 Risk 14.6 Sharpe Ratio 0.15
Annual Returns and Standard Deviations (risk), 10
year, as of December 31, 2007
For the Sharpe Ratio, see appendix. Source
Stocks SP 500 Global Real Estate FTSE
EPRA/NAREIT Global Real Estate Index. Not based
on actual fund performance.
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CNL GLOBAL REAL ESTATE FUND
Fund Profile
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Diversification
The fund seeks to diversify by geography
For illustrative purposes only. Chart represents
the diversification of the FTSE EPRA/NAREIT
Global Real Estate Index as of March 31, 2008.
The Funds diversification will differ from this
chart.
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Diversification
By property type
For illustrative purposes only. Chart represents
the diversification of the FTSE EPRA/NAREIT
Global Real Estate Index as of March 31, 2008.
The Funds diversification will differ from this
chart.
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Seeking to outperform the benchmark
For the Sub-Regional Allocation, see appendix.
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A C share classes
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Institutional share class
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CNL GLOBAL REAL ESTATE FUND
Management Team Investment Process
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Management investment process

• CNL Global Real Estate Fund adviser experience
• Portfolio manager experience
• Disciplined Investment process

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The adviser
CNL Fund Advisors Company

• CNL team has more than 60 years combined
  experience in real estate investment management
• Role of the adviser
• Operational management of the fund, including
  oversight of service providers
• Coordinates marketing and distribution
• Oversees financial reporting and investor
  relations

Grayson Sanders, President
Paul Saint-Pierre, Sr. Vice President CFO
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Portfolio management team
CBRE GRES leadership

• Team has more than 35 combined years of
  experience in managing real estate securities
  portfolios
• Alignment of interests key portfolio managers
  have significant ownership stake
• Team currently manages more than 2.0 billion in
  client assets
• 20 institutional investors located in Australia,
  Canada, Japan, the United Kingdom and the United
  States

Jeremy Anagnos, Co-Chief Investment
Officer European Focus
Steve Carroll, Co-Chief Investment
Officer Asia-Pacific Focus
William Morrill, Managing Director North America
Focus
As of March 31, 2008
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In summary

• The CNL Global Real Estate Fund provides
• Access to an attractive sector and team
• Global real estate diversification with daily
  liquidity
• Attractive risk-adjusted return potential

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CNL GLOBAL REAL ESTATE FUND
Appendix Investment Process Fund
Profile Management Team Bios Definitions
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CNL GLOBAL REAL ESTATE FUND
Appendix Investment Process
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38-member global REIT team
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Diversification
By companies within portfolio

• Basic
• Strong management team, track record of success
• High free cash flow and cash flow growth
• Dividend growth potential
• Flexible capital structure

• Small Cap
• Significant cash flow and dividend growth
• Recent management track record of success
• Stable capital structure

• Value
• Good management, but may have run into problems
  in past
• Long-term growth potential
• Sector out of favor
• Potential buy-out candidate

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Key investment characteristics

• The Fund will seek to invest in real estate
  companies
• that have
• Experienced, entrepreneurial management teams
• Well-positioned, high-quality portfolios in
  growth markets
• Pipelines of accretive external growth
  opportunities
• Strong, flexible balance sheets
• Attractive relative valuations
• Low to modest risk profiles
• Good liquidity and trading volume

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CNL GLOBAL REAL ESTATE FUND
Appendix Fund Profile
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The fund provides strong governance
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Risk-adjusted returns have been strong
The Sharpe Ratio
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CNL GLOBAL REAL ESTATE FUND
Appendix Management Team Bios
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CNL Fund Advisors Company
Grayson Sanders President

• Responsible for creating and managing new
  investment offerings
• Thirty-five years experience in real estate
  investment management, including positions with
  AIG Global Real Estate, CB Richard Ellis
  Investors, Ameritech Pension Trust and Lend-Lease
• Previous positions on the Board of Directors and
  Executive Committee of the Pension Real Estate
  Association (PREA) and the Board of Governors of
  NAREIT, where he co-chaired the Institutional
  Investor Committee
• Bachelor of Arts from University of Virginia,
  Charlottesville, Virginia
• Master in Business Administration from Stanford
  University, Palo Alto, California. Past President
  of Stanford Business School Alumni Association

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CNL Fund Advisors Company
Paul Saint-Pierre Sr. Vice-President CFO

• Responsible for the operational management of the
  Fund, including oversight of service providers
• Twenty-seven years of experience within the
  institutional real estate investment sector,
  serving in various positions including global
  real estate securities portfolio manager, REIT
  analyst, investment banker, specialist in private
  real estate investment funds, real estate
  investment strategist for major institutional
  investors and co-founder of a real estate
  securities mutual fund
• Active involvement with numerous industry
  associations throughout his career
• Bachelor of Arts from Michigan State University,
  East Lansing, Michigan
• Master in Business Administration from
  University of California, Berkeley, California

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CBRE GRES
Jeremy Anagnos Co-Chief Investment Officer

• Primarily responsible for investment management
  and securities selection in Europe
• Prior positions include Head of European Real
  Estate Equity Research with Deutsche Bank and
  Senior Securities Analyst and Junior Portfolio
  Manager with LaSalle Investment Management
• Eleven years professional real estate experience,
  10 in real estate securities investment
  management
• Bachelor of Science from Boston College, Newton,
  Massachusetts
• Chartered Financial Analyst (CFA)

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CBRE GRES
Steve Carroll Co-Chief Investment Officer

• Primarily responsible for investment management
  and securities selection in the Asia-Pacific
  region
• Prior experience includes nine years with LaSalle
  Investment Management
• Eighteen years professional real estate
  experience, 13 in real estate securities
  investment management
• Bachelor of Arts from University of California,
  Los Angeles, California

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CBRE GRES
William Morrill Managing Director

• Primarily responsible for investment management
  and securities selection in North America
• Thirty-five years experience in real estate
  investment management, including a position as
  Portfolio Manager at LaSalle Investment
  Managementfor 17 years prior to joining CBRE
  Investors
• Forty-five years total professional experience
• Bachelor of Arts from Johns Hopkins University,
  Baltimore, Maryland
• Master of Business Administration fromHarvard
  University, Cambridge, Massachusetts

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CNL GLOBAL REAL ESTATE FUND
Appendix Definitions
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What is

• A Real Estate Investment Trust (REIT)
• Is a corporation or trust that combines capital
  of many investors to acquire or provide financing
  for real properties
• Generally does not pay federal income tax at the
  corporate level, which means it must pay
  distributions to investors of at least 90 of its
  taxable income

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What is

• FTSE EPRA/NAREIT Global Real Estate Index
• FTSE EPRA/NAREIT Global Real Estate Index is a
  market-cap weighted index designed to track
  listed real estate companies and REITs worldwide.
  The Index covers listed real estate companies in
  North America, Europe and Asia-Pacific that meet
  their size, liquidity and revenue minimums
• FTSE Financial Times Stock Exchange
• EPRA European Public Real Estate Association
• NAREIT National Association of Real Estate
  Investment Trusts

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What is

• Public vs. Private Real Estate Value
• Public real estate value represents the total
  market value of listed real estate stocks
  globally
• Private real estate value represents the total
  market value of non-listed institutional grade
  real estate globally

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Source European Public
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What is

• Standard Deviation
• A measure of how much a specific security or
  index fluctuates in the market. The higher the
  percent, the higher the volatility, the more
  stock price fluctuation in the market.

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What is

• Sub-Regional Allocation
• Current sub-regions include the United Sates,
  Canada, the United Kingdom, Continental Europe,
  Japan, Hong Kong, Singapore, Australia and New
  Zealand.
• The process for choosing sub-regions is ongoing
  and requires regular rebalancing of CNL Global
  Real Estate Funds global portfolio in order to
  meet the investment objectives.

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