DearRedMountainFriend,IfyouareaCanadianconsideringinvestinginREDandhaveregisteredwithFrontFundryoucannowinvestinREDandwillbegivenaccesstoalotoflegalandfinancialinformation.Withoutgivingyouasummary,IwantedtopointoutafewfactsanddealpointsrelatedtotheofferingdocumentsandRED’sofferingofClassDUnits.WhatisdiscussedbelowisalsorelevanttoourUSfriendswhohavereservedbutwillhavetowaituntilsometimearoundNovember2nd,2017toinvest.**ItisalsorelevanttoalloftheresidentsofcountriesoutsideofCanadaandtheUSwhoIknowarewaitingtohearfromuswithrespecttotheiropportunitytoinvestinRED.AsstatedinourFAQ’s,inthecomingmonthswewillbeprovidingupdatesregardingwhichothercountriescanparticipateintheoffering.WehopetoprovideanupdatebeforewegoliveintheUS,sinceanyadditionalinvestorsoutsideofCanadaandtheUnitedStateswillusetheStartEnginePortaltoinvest–staytuned!

YoucanalsoclickheretogodirectlytoourFrontFundrcampaignpage>First,yourClassDUnitinvestmentwillbe“lastmoneyin,firstmoneyout”,aheadofClassA,B,CandC2unitholders.Inotherwords,intheeventofasale,yourcapitalwillbepaidbackbeforeanyotherUnitholders.YourcapitalinvestmentwillonlyrankbehindourinstitutionaldebtofapproximatelyC$4,900,000asmorefullydescribedintheCanadianOfferingMemorandum.YoucanalsofindthisinourLimitedPartnershipAgreement,whichispostedonFrontFundr.Secondly,asnotedintheCanadianOfferingMemorandum,onJune30,2017twolenderstoRMRAcquisitionCorp.("RMR"),awhollyownedsubsidiaryofthePartnership,convertedalittleoverC$23.5MinprincipalofloanstoClassCUnitsinthePartnership.TheselendersagreedtoconverttheirloansonaprincipalonlybasisandtowaiveallaccruedinterestowingbyRMRtosuchlenders.Inexchangefordoingso,theselendersreceivedaprofitsparticipationinterestintheformofanewClassC2UnitasdescribedintheCanadianOfferingMemorandum.Theconversionofthisdebthasaverypositivelongtermimpactontheincomestatement,balancesheetandthebusinessofthepartnership.AlloftheClassCandC2UnitsissuedinconnectionwiththisdebtconversionrankbehindtheClassDUnitswithrespecttorepaymentofcapital.Third,theREDSkiResorthasjustexperienceditstwomostsuccessfulskiseasons(fiscalyearsendedApril30,2016and2017)onrecord(recordsdatingbackto1988).ComparedtoanaverageofthepreviousbestfourseasonssincecurrentownershipofREDwasacquiredin2004,the2015/16seasonsawan8%increaseinguestvisits.The2016/17skiseasonsawguestvisitsincrease21%comparedtothesamefourseasonaverage.The2016/17skiseasonsawanincreaseinliftrevenuesof23.9%over2015/16.Weareexcitedandhopefulthattheadditionofthe106roomJosieHotelandsomenicewinterweatherwillcontinuethistrend.Fourth,althoughwearegoingliveinCanadaonAugust14,2017,REDhasalreadycommencedconstructionoftheremodelingofParadiseLodge,HighPerformanceCenter,PisteOffRetailCenterandtheexpansionoftheparkinglot,usingashort-termbridgeloanasdescribedintheCanadianOfferingMemorandum.AlloftheseprojectsaredisclosedintheuseofproceedssectionofourCanadianOfferingMemorandumbutwewantedthesefourprojectstobecompletebythebeginningofthisupcomingwinter.WearehopefulthatourFighttheMancampaignwillbesuccessfulinordertorepaythebridgeloanfortheseprojects.Fifth,anumberofyouhaveaskedwhatpercentagetheClassDUnitswillgetofthepartnership.Thepartnershipworksalittledifferentlythansomeofthecompaniesyoumayhaveinvestedinbefore.Thepartnershipisgovernedbyapartnershipagreementwhichsetsouthoweachclassofunitswillbetreated,includingwithrespecttothewaterfallofdistributionsmadebythepartnership.Asmentionedabove,holdersofClassDUnitsareatthetopofthewaterfall–theywillgettheirmoneybackoutofanydistributionsbeforeanydistributionsaremadetoholdersofClassA,B,CandC2units.ClassDUnitswillrankinprioritytoalloftheseissuedsecuritiesintermsofrepaymentofcapital.Aftertherepaymentofallcapitalandprioritydistributionsinthewaterfallforallclassesof

units,ClassDUnitswillparticipateinresidualdistributionswithalltheotherclassesofunitsassetoutintheCanadianOfferingMemorandumandtheLimitedPartnershipAgreementpostedonFrontFundr.ItisestimatedthattheproportioninwhichtheClassDUnitswouldparticipateintheresidualdistributionsisbasedupona“pre-money”(i.e.priortotheClassDUnitoffering)enterprisevaluationofapproximatelyC$53,104,977,asfurtherdescribedandsubjecttotheassumptionssetoutintheCanadianOfferingMemorandum.IfthemaximumofferingofC$10,000,000ofClassDUnitsisachieved,itisexpectedtheholdersofClassDUnitswouldreceiveapproximately15.85%oftheresidualdistributions(aftertherepaymentofcapitalandprioritydistributionsoftheotherclassesofunits)–seepages16-17oftheCanadianOfferingMemorandumforthecalculationsandassumptionsbehindthisexample.However,REDdoesnotexpecttobemakingresidualdistributionsintheforeseeablefuture.SinceClassDUnitsdonotcarryvotingrights,thereisnopercentageofvotingpoweraffordedtotheholdersoftheClassDUnits.InvestorsshouldreadtheCanadianOfferingMemorandumdescribingthetermsoftheClassDUnitsandtheotherunitsofRED.Sixth,itisanticipatedthattheovernightcabinsandclubhouseformingpartofourtieredrewardswillbeconstructedinthesummerof2018andavailableforuseinthe2018-19skiseason.TheclubhousewillbeasmallcozyspaceformembersandguestsofmembersonlyonGreyorGraniteMountain.Theclubhousewillbelocatedonmountainingeneralproximitytotheovernightcabins.Itwillincludeafireplaceandafewdifferentsocialgatheringareasandwillhaveacashbarandselectdailymenufoodservice.Allmemberswillbeissuedamembershipcardandwillbeallowedtosigninguests(basedonspaceavailability).Theclubhousewillbeopeneverydayduringliftoperationhoursduringthewinterseason.Subscriberswhoinvest$10,000ormore(Tier5or6)willbecomeRedHeadmembersandwillbegivenpriorityaccessandpricingtoovernighton-mountaincabinsbaseduponareservationsystemtobefinalizedatalaterdate.Nightlyfeesformembersareanticipatedtoinitiallybeapproximately$100/nightpercabin(housekeepingfee).Thecabinsareanticipatedtobeopenduringthewinterskiseason,weatherdependent.AftertheRedHeadclubmemberpriorityperiodhasclosedthecabinswillbeopentopublicreservationsifspaceisavailable.Minimumstaywillbeonenight.Maximumstayisyettobedeterminedbasedonreservations.Reservationswillberequiredtobesecuredwithacreditcardandfullpaymentwillberequiredpriortocheckin.Forlargegroupsrequiringmorethanonecabina20%non-refundabledepositwillberequiredatthetimeofbooking.Balancewillberequired60dayspriortocheckin.RegularmembershiptotheclubhouseandRedHeadmembershiptotheovernighton-mountaincabinswillbetransferrablebytheholdersthereofbutmaynotbedividedamongsttwoormoreindividuals.ThesemembershipswillnotbeattachedtotheClassDUnitsandarebeingprovidedasspecialincentiveunderthisOffering.SubscriberswishingtotransfertheirClassDUnits(inaccordancewithapplicablesecuritieslaws,includingrestrictionsonresalesetoutelsewhereinthisOfferingMemorandum),maychoosetotransfertheirmembershiptothesubsequentpurchaserofClassDUnits,ornot.Finally,formepersonally,thishasbeenoneofthemostinteresting,challengingandnervewrackingprojectsthatIhaveeverlead.WehaveopenedupourhouseforyoutoreviewandhopefullyyouwillappreciatethisopportunitytobeanownerinRED.Weknowthatthisinvestmentisnotrightforeveryone.Butforthosewhowanttojoinourfamily,andstandupforindependentskiing,welcometoRedMountain.Welookforwardtosharingourcommongoalsanddreamsaspartnersinwhatwethinkisoneofthegreatestskiresortsintheworld!Cheers,HowardKatkov,ChiefExecutiveOfficerClickheretogodirectlytoourFrontFundrcampaignpage>**ImportantNotetoU.Sresidents:NomoneyorotherconsiderationisbeingsolicitedintheUnitedStatesatthistime,andifsentintoRedMountainwillnotbeaccepted.NooffertobuysecuritiesofRedMountaincanbeacceptedintheUnitedStatesandnopartofthepurchasepricecanbereceivedfromU.S.investorsuntilRedMountain’sU.S.offeringstatementisqualifiedwiththeSECandaCanadianofferingmemorandumhasbeendeliveredtopotentialinvestors.Anysuchoffertobuysecuritiesmaybewithdrawnorrevoked,withoutobligationorcommitmentofanykind,atanytimebeforenoticeofitsacceptanceisgivenafterthequalificationdate.AnyindicationsofinterestinRedMountain’sofferingintheUnitedStatesinvolvesnoobligationorcommitmentofanykind.**