July 20, 2009

I would like to clarify for everyone that in October of this year, we hope to formalize a $350-million investment in Bear Mountain Resort arranged by Siraj Capital (Dubai) Ltd. The form of investment is known as a "sukuk" – it is a hybrid between a share and a conventional bond and is used by Islamic investors to avoid the payment of interest which is forbidden in Islam. Upon closing the Dubai investment agreement, the Bear Mountain corporate "sukuk" would be the first Canadian investment of its kind, and the sukuk investors would own a $350-milllion interest in some of the Resort.

With a signed agreement in principal, Siraj Capital will now be raising money on the global market in order to initiate the investment in October. The outstanding real estate opportunity at Bear Mountain makes the most sense for the “sukuk” investors and for us. Access to capital remains a huge concern for developers in our Region. Everyone is watching how this will play out and we believe that success will spark other viable opportunities. The $350-million will support the expansion and further development of the Resort. We look forward to sharing more information with you in October. I hope this helps to clarify what we view as a tremendously exciting opportunity. Thank you for your patience.

Some frequently asked questions:

Has Bear Mountain Resort been sold?
No – Come October, we will have a new investment partner who will have an ownership interest in the outstanding raw land inventory slated for residential development – Siraj Capital (Dubai) Ltd.

Is Len Barrie still going to be the President and CEO?
Yes, this investment will allow me to consolidate my ownership interest and for the time being, I will retain the responsibility of President and CEO overseeing all of the Resort development.

Are you buying out your partners?
All of the original investors in the Bear Mountain Master Partnership will be bought out once the "sukuk" closes. I will forever be grateful to those who put their confidence in me during our start-up days and I’m proud to be returning their investment.

Can anyone golf at Bear Mountain or do you have to be a member?
Everyone is welcome to golf, shop, dine, stay, hike, bike and play at Bear Mountain. Even our state of the art gym and outdoor swimming pool - complete with a view and poolside catering - is open to the public for a drop in fee.

Please Direct all Media Enquiries to:
Kathi Springer, Pace Group Communications
250-888-8767