Industry Press Release

DEER VALLEY FOUNDER EDGAR STERN PASSES AWAY AT THE AGE OF 86

04/24/2009

Deer Valley, Park City, UT (October 13, 2008) — It is with profound sadness that Deer Valley Resort announced today that their founder Edgar B. Stern Jr. passed away Sunday, October 12, 2008, in Seattle, WA at the age of 86.

“Edgar was a true visionary and pioneer in the ski, television and hotel industries. His passion, determination and commitment to excellence over the years are evidenced by the legacies he leaves behind, not only in Deer Valley Resort, but in his successful developments and projects including the Stanford Court Hotel, Aspen’s famed Starwood Ranch residential subdivision and the Royal Orleans Hotel to mention a few,” said President and General Manager Bob Wheaton.

“The operation of Deer Valley will remain unchanged” Wheaton also stated. “With the assistance of his son Lessing who took over as Chairman of the Board of Deer Valley’s parent company Royal Street Corporation in 2007, we are honored to move forward in continuing to fulfill Edgar’s legacy and dream.”

A private memorial service will be held for the family and a public celebration of Edgar’s life will be planned at a later date in Park City, Utah.

Edgar Stern is survived by his wife of 61 years Pauline (Polly), daughter Sandra McIver and sons Eric, Monte and Lessing, seven grandchildren and one great granddaughter. In lieu of flowers, the family suggests that donations be made in Edgar Stern’s name to:

“UW Medicine”

Box 358045

University of Washington

Seattle, WA 98105

…with a memo reference in the check “Alzheimer’s Disease Research Center in memory of Edgar B. Stern, Jr.”

“Alzheimer’s Association”

12721 30th Ave., NE

Suite 101

Seattle, WA 98215

…with a memo reference in the check “In memory of Edgar B. Stern, Jr.”

“The United States Ski Team”

P.O. Box 100

Park City, UT 84060

with memo reference on the check “In memory of Edgar B. Stern, Jr.”

Or to the Charity of your choice in Edgar Stern’s name.

The family respectfully requests that they be given private time to grieve. Please direct all expressions of sympathy to:

Royal Street Corporation

7620 Royal Street East, Suite 205

P.O. Box 3179

Park City, UT 84060 3179

Or email to edgar@deervalley.com