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S&P Awards CNL Financial Services Above Average Franchise Servicer Ranking

May 23, 2003 ORLANDO, FL – CNL American Properties Fund, Inc. announced today that its servicing subsidiary,
CNL Financial Services, LP (CNL) has earned an ABOVE AVERAGE Franchise Servicer Ranking from
Standard & Poor’s Ratings Services for demonstrating proactive, diligent servicing and special
servicing practices, staffing expertise for franchise debt and net lease assets, and sound reporting
capabilities. Above Average is currently the highest rating held by any servicer in the franchise sector.
The S&P ranking is based on CNL’s enhanced systems environment, payment processing function,
historic use of a thorough internal audit program, disaster recovery preparedness and testing
procedures, sound credit monitoring procedures, and asset recovery practices. CNL services a
$2.3 billion portfolio representing approximately 2,300 freestanding restaurant properties in 47 states.
S&P has characterized CNL’s lease and loan delinquencies as low and overall loan recoveries on
workout situations have demonstrated solid results, with minimal losses in the majority of situations,
and have been achieved within reasonable time frames.
CNL Financial Services, Inc. is the servicing subsidiary of CNL Franchise Network, LP, a
principal operating company of CNL American Properties Fund, Inc., the largest restaurant
REIT in the United States.
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