Welcome to the Vail Resorts fiscal fourth quarter and fiscal year 2008 results conference call. (Operator Instructions) I would now like to turn the conference over to Rob Katz, CEO of Vail Resorts.

Welcome to the Vail Resorts fiscal 2008 year-end and fourth quarter earnings conference call and simultaneous webcast both open to the public and press at large. I’m Rob Katz, Chief Executive Officer of Vail Resorts. Joining me on the call this morning is Jeff Jones, our Chief Financial Officer. Before I get into a discussion of our results, let me remind you that we are using the terms reported EBITDA and reported EBITDA excluding stock-based compensation to report earnings for each of our operating segments, namely mountain, lodging and resort to the combination of the mountain and lodging segments and real estate. Complete reconciliations of reported EBITDA, reported EBITDA excluding stock-based compensation and other non-GAAP financial measures can be found in this morning’s earnings release and on the www.vailresorts.com website in the Investor Relations section. I also need to mention that comments made during this conference call other than statements of historical fact are forward-looking statements that are made pursuant to the Safe Harbor provisions in the Private Securities Litigation Reform Act of 1995. Certain risks and uncertainties could cause actual results to differ materially from those contained in the forward-looking statements. Investors are directed to the risks and uncertainties described in the documents filed by the company with the Securities and Exchange Commission including the company’s Form 10K for the fiscal year ended July 31, 2008. In addition the Safe Harbor language in today’s press release also applies to our comments on this call. All guidance and forward-looking statements made on this call are made as of the day hereof and we do not undertake any obligation to update any forecasts or forward-looking statements except as may be required by law. With that let’s turn to our results. As we mentioned in our earnings release, I am pleased with…

Good morning everyone. Earlier this morning we released our earnings for our fiscal year ending July 31, 2008 and filed our Form 10K for fiscal 2008. I’d now like to take you through some of the highlights of our results. Just briefly on our fourth quarter before I turn to our full-year results, as you aware our fourth quarter is historically a loss quarter for the company since although our mountain resorts are open for a portion of the fourth quarter for summer activities, there are generally no ski operations during the quarter. Our fourth quarter results were driven by our lodging and real estate segments, most significantly with closings on 35 Arrabelle units and five Lodge at Vail chalets in the quarter offset by our non-seasonal expenses across the company. In addition our Grand Teton Lodge Company, the summer seasonal business in Grand Teton National Park, performed very favorably this summer even in the face of rising fuel prices and the overall economic uncertainties. Now turning to our full-year fiscal 2008 results starting with our mountain segment. Mountain revenue increased 3% for fiscal 2008 including a lift ticket revenue increase of 5.2%. And mountain reported EBITDA set a net record at $220.6 million, up 6.2% from the prior year after absorbing $2 million in legal fees for litigation related to our attempted acquisition of The Canyons. As Rob said, overall skier visits were down 0.4% for the season due to the early season conditions and the earliest Easter in 90 years in the late season. Season passholders skied an additional approximate half a day compared to the prior year offset by a 3% decrease in paid skier visits. As Rob mentioned, total ETP has consistently grown up 5.6% this fiscal year and ETP excluding season pass eliminating the impact…

I’m very proud that Vail Resorts was recently named by Conde Nast Traveler as a world favorite for leadership in environmental protection. As one of only six global travel companies hand-picked from 142 applicants by an elite and prestigious judging panel for Conde Nast Traveler’s environmental leadership awards, we were recognized for our commitment to renewable energy, aggressive and innovative energy layoff conservation program where we have earmarked a 5% reduction in our energy consumption for our fiscal 2009, and our successful forest conservation partnership with the National Forest Foundation a nonprofit associated with the US Fire Service. At Vail Resorts our product is truly the great outdoors and as such we have a special obligation to protect the environment in which we live and work. Now turning to our real estate activity. Fiscal 2008 marked a milestone for Vail Resorts as we near completion on both the Arrabelle and the chalets. As we mentioned earlier, in fiscal 2008 we closed on 64 Arrabelle units with the remaining two Arrabelle units expected to close in fiscal 2009. On the chalet project we closed five chalets in July of fiscal 2008 and in fiscal 2009 we expect to close the remaining eight chalets including the unit that closed in August. At our Crystal Peak Lodge development on Peak 7 in Breckenridge, we currently have all 45 units under contract and will be working to close all of the Crystal Peak Lodge units during fiscal 2009. On our latest project the RockResorts at One Ski Hill Place which we brought to market in December 2007 at the base of Peak 8 in Breckenridge, we have released 70 units of the total 88 units and we currently have 50 units under contract. On the Ritz Carlton Residences Vail we have 47 units under…

(Operator Instructions) Our first question comes from [Anthony Powell - Barkley]. [Anthony Powell - Barkley]: A question on pricing this year. For the lift tickets that are going into Vail, you guys have really raised pricing over the past several years. I assume you’re going to ratchet back on that. Will you cut pricing versus last year in order to get visitation and traffic on the mountain?

We are not expecting to reduce price for any of the window or lead ticket prices at any of our five resorts. We’ve actually already put out pricing for certain multi-day options and certainly early season options, and all of those prices would be an increase over last year. [Anthony Powell - Barkley]: On international visitation, a big part of last year. Are you seeing that slow down this year or is that going to continue to be stronger than domestic?

I think at this point what we’re seeing is that there’s no question. Two things. I’d say one is that last year we certainly benefited from the exchange rate and we also benefited from the fact that I think a lot of people abroad really want to come and try our resorts. The good news is that they came last year and tried it. We’re seeing a good instigation of repeat visitations. What I would say is that there are some economies though like the UK economy which is starting to feel some of the economic softness that I think is being felt in the US. What we don’t know right now is how that will impact our ultimate visitation for the year. Other places, Canada, Australia, Germany, I think are still looking very robust for this year because we think we have some more gains to make in those markets. I would also add Russia to that list in terms of where we’re seeing a lot more travel. So overall I think it’s too early to tell how the season will come but we’re still I’d say optimistic about how international visitation will help drive this season. [Anthony Powell - Barkley]: One more question on real estate. You said that you may see it get changes in the profit after some of these projects that are closing in the next few years. Most of them are under contract so are you able to get a possible cancellation or if someone wanted to negotiate down a price, would you be willing to do that as it gets closer to closing or how would that actually work?

Today we have no interest whatsoever in renegotiating any of our units that are under contract. What I would say though is we do have, particularly on the Ritz and on One Ski Hill Place, units that are still not under contract and I think that the comment that we’re making is those units may go at current price list, they may go above that but at the same time we’re looking at some instability in the real estate market and we’re obviously just alerting people. I think like everyone else in the country that it’s hard to exactly predict the future right now given what we’re seeing out there, and we wanted to make sure everybody was alerted with us.

Our next question comes from Chris Woronka - Deutsche Bank.

Maybe you could just talk directionally about how you see the mix this year shifting in terms of destination visitors versus season pass. Obviously from the forward bookings number you put out there, granted it’s a small percentage, but it certainly appears though that destination visits are not booking real strongly right now. Just kind of how you see that directionally shaping up.

Sure. I think it’s a very hard question to answer obviously. I would say certainly if you look back historically in times where travel gets impacted, we tend to shift a little bit more towards our local and front-range or bay area customers because obviously I think they’re much more stable. And to the extent that we’re going to lose some visitation, that’s typically going to come from people coming from out of state. I think that with that said, as we stand today that’s really hard to predict. I think that we also saw the booking curve for our out-of-state destination guests really expand over the last few years. So as we stand today I think we’re certainly not seeing very optimistic trends but at the same time I think you would expect to see the booking curve really shorten back in to where it might have been a few years back. And looking at it from that standpoint, it’s hard to tell right now. I also would say that I think even on our season pass sales that I think there’s some of that same dynamic that’s going on, which is people are deferring a little bit their purchases and I think that’s to be expected. My gut is that we’ll probably have a better sense obviously of this mix when we talk again certainly at the December conference call.

Our next question comes from Mimi Noel - Sidoti & Company. Mimi Noel - Sidoti & Company: I’m curious if you could elaborate on the genesis of the recent lodging acquisition in the Northeast. I’d previously thought you wanted to steer clear of those assets because of the unpredictability of the weather. So can you talk a little bit about that?

Yes Mimi. From a standpoint of what our targets may be on the mountain acquisition standpoint, we’ve certainly said that our focus normally would be on the West. Not that we would preclude looking at something in the Northeast but obviously our focus has been more on the West. But on the RockResorts’ expansion I think the RockResorts model works very well obviously around our resorts at other ski resorts and then certainly out into the warmer weather areas that you’ve seen us expanding into. And I think this absolutely should have a RockResorts presence in the Northeast. Stowe is a great town from a standpoint of the type of customers that would visit a RockResort and we think that’s a great fit. And remember these RockResorts expansions outside of our own resorts are not being done with our balance sheet. They’re being done with the owner’s/developer’s balance sheet. We’re coming in managing, working on marketing. We’re arranged to help them sell any real estate they may have to sell and other technical services that we provide. So it’s really from that standpoint expanding that RockResorts’ presence into the Northeast market that’s certainly is going to want to be in New England but also likes to come visit us in Colorado, too. And we get that RockResorts reach out into a great town like Stowe. I think it’s a homerun from the standpoint of Rock’s expansion. Mimi Noel - Sidoti & Company: Also just looking for some clarification on the CME transaction. I was distracted but did you say the price for that was renegotiated down?

Yes. We’ve gone through our due diligence process now and we’re not closed yet. We should say we don’t have a final contract so for full disclosure we’re at the point in time though we believe our negotiations are solved and the price has gone down. The last price that we disclosed was $40.5 million and the price we disclosed today was $38.3 million. Mimi Noel - Sidoti & Company: Can you talk about some of the influences on that lower price?

No. I think we wouldn’t want to get into the details of any of those negotiations. Obviously I think we’re still very excited about it and it’s just the settling of the price at the end of the day before we close on the deal.

Mr. Katz, it looks like there are no further questions. I’ll turn it back to you for closing comments.

That wraps up our 2008 fiscal year-end call. Thanks to everyone who joined us for the conference call today. Please feel free to contact me or Jeff directly should you have any further questions. Thank you for your time this morning and goodbye.