RockResorts Wins Rum Cay Contract

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. October 14, 2008

OCTOBER 27, 2006. Montana Holdings has selected RockResorts to manage the resort operations on the $700 million, 870-acre multi-use luxury resort / residential / marina development on Rum Cay Island, Bahamas.

RockResorts is a wholly-owned subsidiary of Vail Resorts, and operates resorts in five US states. In addition to managing the luxury hotel and spa facilities, RockResorts has been engaged to manage the marina village, golf facility, certain residential rental programs and one or more private membership clubs. RockResorts will provide technical consulting and marketing services during the development and pre-opening phases of the Rum Cay project.

"The addition of Rum Cay to the RockResorts portfolio reflects our commitment to grow our luxury hotel brand in select locations with unique, exceptional resorts," said Rob Katz, CEO of Vail Resorts. Katz continued, "Rum Cay has an amazing development plan, and we are thrilled to be providing a number of services for a resort that will offer world-class amenities and luxury in an unforgettable setting -- signatures of the RockResorts brand."

The branding of Rum Cay Resort Marina in the Bahamas puts RockResorts back into the tropical island region where the brand was originally created in 1956 by Laurance Rockefeller, with the development of Caneel Bay on St. John and Little Dix on Virgin Gorda. Rum Cay will be the first international addition to the brand since the company was purchased by Vail Resorts in 2001.

"Rum Cay will be a unique, industry-leading project in the Bahamas, and RockResorts' and Vail Resorts' expertise not only in managing luxury hotels but also in consulting on development phases, residential sales programs, private membership clubs, commercial leasing, and homeowner association structures made them a perfect fit for this project," said John Mittens, CEO of Montana Holdings Ltd.

Rum Cay Resort Marina is being built in three phases. Phase One, which began in the summer of 2006, will consist of an 80-slip Blue Flag marina, the Port Santa Maria Marina Village, and a variety of residential offerings from ocean estates to ridge villas.

Phase Two will include the RockResort hotel & spa, additional residences, and private membership clubs. Phase three will complete the resort development and will include additional residences and other amenities.

Plans for the resort also include expansion of the marina up to 200 total slips and additions to the marina service facilities. Port Santa Maria will contain exclusive shops, restaurants and sporting facilities.

The RockResorts hotel will have approximately 100 units plus an additional 80 multi-room villas. Hotel facilities will feature meeting space, restaurants, retail outlets, a free form swimming pool, a luxury Avanyu spa and fitness center and a variety of activities including diving, snorkeling, hiking/eco-tours, horseback riding, a golf training facility and tennis center.

Rum Cay Resort Marina will enhance what is already considered to be one of the finest fishing and diving destinations in the world.

The island is ringed by a spectacular coral necklace, which includes the Grand Canyon, a huge 60-foot coral wall, extending almost to the surface that provides a unique opportunity for avid divers and snorkelers.