RELATED WESTPAC ANNOUNCES ACQUISITION OF VILLAGE PROPERTY MANAGEMENT

Snowmass Village, CO. (May 5, 2008) - Related WestPac today announced that it has acquired Village Property Management (VPM) in Snowmass Village. Related WestPac's investment in VPM is representative of their long-term commitment to Snowmass Village as well as their desire to continue offering superior comprehensive service to condominium owners as well as visitors.

The highly capable, experienced and professional staff of VPM will remain in place, and all current client relationships will continue seamlessly. The Related WestPac purchase of VPM will provide owners with the continuity of local talent in managing select Snowmass Village properties, while ensuring the long term stability of the business. VPM will play a vital role as the future operational plan of the new Base Village development continues to be realized.

Related WestPac President Pat Smith said, "We are pleased to be investing in this long-standing and well respected local service organization which offers direct, comprehensive management at the highest possible standards. We are proud that the employees of Village Property Management will continue to serve the Snowmass community with a local sensibility built on respected local relationships."

Village Property Management is a longstanding property management company with more than 80 employees, providing comprehensive owner management of more than 350 condominiums and villas with 220 in the vacation rental program.

Related WestPac
Related WestPac is a joint venture partnership of Related Companies, a fully integrated private real estate development company, and WestPac Investments Colorado LLC, a diversified Real Estate Investment and development company. Related WestPac owns Snowmass Base Village, Snowmass Center and parts of West Village and is creating an 80-acre master planned development, allowing all three sites to be cohesively developed. For information, visit www.snowmassliving.com

PRESS RELEASES
RELATED WESTPAC ANNOUNCES ACQUISITION OF VILLAGE PROPERTY MANAGEMENT
Joanna Rose 212.801.3902
5/5/2008 Snowmass Village, CO. (May 5, 2008) - Related WestPac today announced that it has acquired Village Property Management (VPM) in Snowmass Village. Related WestPac's investment in VPM is representative of their long-term commitment to Snowmass Village as well as their desire to continue offering superior comprehensive service to condominium owners as well as visitors.

The highly capable, experienced and professional staff of VPM will remain in place, and all current client relationships will continue seamlessly. The Related WestPac purchase of VPM will provide owners with the continuity of local talent in managing select Snowmass Village properties, while ensuring the long term stability of the business. VPM will play a vital role as the future operational plan of the new Base Village development continues to be realized.

Related WestPac President Pat Smith said, "We are pleased to be investing in this long-standing and well respected local service organization which offers direct, comprehensive management at the highest possible standards. We are proud that the employees of Village Property Management will continue to serve the Snowmass community with a local sensibility built on respected local relationships."

Village Property Management is a longstanding property management company with more than 80 employees, providing comprehensive owner management of more than 350 condominiums and villas with 220 in the vacation rental program.

Related WestPac
Related WestPac is a joint venture partnership of Related Companies, a fully integrated private real estate development company, and WestPac Investments Colorado LLC, a diversified Real Estate Investment and development company. Related WestPac owns Snowmass Base Village, Snowmass Center and parts of West Village and is creating an 80-acre master planned development, allowing all three sites to be cohesively developed. For information, visit www.snowmassliving.com