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Memorandum of Understanding

With respect to

Cooperation on Carcross Development Opportunities

August 1, 2003

The Carcross/Tagish First Nation (CTFN), Carcross, Yukon, Canada and the White Pass and Yukon Route (WP&YR), Skagway, Alaska:

RECOGNIZING that working together is mutually beneficial for economic growth and the creation of employment and business development;

RECOGNIZING the opportunities in the Carcross area for both organizations;

RECOGNIZING the long-standing relationship between WP&YR and the traditional people of the Carcross and Tagish area;

RECOGNIZING the CTFN is working towards the construction of the Four Valley Resort in the Carcross area and that the White Pass and Yukon Route is evaluating the viability of extending train service back into the Carcross area;

RECOGNIZING the Letter Respecting Areas of Mutual Interest between the Government of Yukon and the White Pass & Yukon Route of May 2, 2003;

HAVE REACHED the following understandings:

1. The parties will work together to create a positive economic climate, including the identification of specific opportunities for cooperation and enhancing relationships with key stakeholders;
   
2. The parties will co-host “Carcross Summit” by November 1, 2003 to engage potential partners and develop strategies for enhancing economic opportunities and partnership developments in the Carcross area.
   
3. The parties will explore opportunities to link WP&YR with the proposed new resort facility;
   
4. The parties will maintain regular contact to share information and will review progress when necessary;
   
5. This Memorandum is in effect when signed by both parties and will remain in effect until one of the parties notifies the other with written notice of termination.