Intrawest Launches Leisure and Travel Group

Intrawest Corporation has
combined all of its travel and leisure businesses into the newly formed
Leisure and Travel Group. This new group includes Intrawest’s mountain and
warm-weather resorts, its golf, lodging and central reservations
businesses, and Club Intrawest. This group of businesses generated $650
million in revenues in fiscal 2003. “The formation of the Leisure and Travel Group will enable us to draw on
our legacy of innovation to offer a whole new range of experiences and
benefits to our customers and to build powerful global brands,” said Joe
Houssian, Intrawest chairman, president and chief executive officer. “Over
the years, we have built a network of resort businesses of sufficient
scale and diversity to present significant opportunities in marketing,
sales and operational integration. We are now poised to take full
advantage of these new opportunities.”

Intrawest’s move to a less capital-intensive model in the past two years
and the positive impact on free cash flow and debt levels have created a
strong financial platform. Now, the newly formed group will more
effectively leverage Intrawest’s assets and expertise. It will have a
shared infrastructure of finance, IT and administrative services that will
be more cost-efficient, and more scalable for growth. It will also allow
the consolidation of customer contact and key marketing resources to
facilitate more effective customer interaction and marketing across the
full range of the company’s products. The new structure has been made
possible by the investment over the past five years in company-wide
enterprise systems, customer information systems and reservations
capabilities.

Veteran Intrawest executives Dan Jarvis and Hugh Smythe will lead the
Leisure and Travel Group. Jarvis, formerly the company’s executive vice
president and chief financial officer, will now serve as president and
chief executive officer of the Leisure and Travel Group and Smythe,
formerly president, Resort Operations Group, will serve as president and
chief operating officer of the Leisure and Travel Group.

The Smythe/Jarvis management collaboration brings together two highly
talented executives with complementary strengths: Smythe’s vast
operational experience, visionary instinct and intense passion for the
elements that make the Intrawest experience unique; Jarvis’ strong
financial background, strategic vision and focus on building the business.

“The new executive team that we have assembled to lead this division
brings together a remarkably talented and experienced group of executives
with expertise in all aspects of resort operations as well as the
supporting functions of marketing, sales, finance and system development,”
said Jarvis.

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With this new structure the entire company now comprises two divisions,
the Leisure and Travel Group and the Resort Development Group, which
carries out the real estate development business. Both of these divisions
report to Joe Houssian, Intrawest chairman, president and chief executive
officer. Gary Raymond will continue to serve as chief executive officer,
Resort Development Group. Joe Houssian, Dan Jarvis, Hugh Smythe and Gary
Raymond together will form the senior executive management committee of
Intrawest.

John Currie, who has been with Intrawest in a senior financial role for 15
years, takes on the position of acting chief financial officer, pending
Board review of the position. Currie will be responsible for the
corporate-level finance functions which include financing, taxation,
accounting and reporting, treasury, budgeting, insurance and internal
audit. Currie will also assume the day-to-day investor relations functions
and in this role will work closely with Houssian and Jarvis in presenting
the company to investors.

  Dan Jarvis, president and chief executive officer, Leisure and Travel
Group Dan Jarvis grew up in Toronto, Ontario. He graduated from Queens
University and received an MBA from Harvard University. He returned to
Canada in 1975 to work for Wood Gundy and then moved to Bell Canada to
head up the task force that created BCE. He held a number of senior
financial positions within the BCE group, including treasurer of BCE Inc.,
before joining Intrawest in 1989.

Jarvis lead the company into the public markets in 1990 and has played a
key leadership role as the company has grown from a single resort with
less than $150 million in assets to a major resort company with $2.4
billion in assets. Jarvis has been involved in all aspects of the
company’s business and has played a leading role in developing and
communicating the company’s strategy. Most recently Jarvis has directed
the company’s move to a less capital-intensive model which was accelerated
dramatically in the past year with the formation of the Leisura
partnerships.

Jarvis is a director of Intrawest Corporation and its major subsidiaries,
a member of the Board of B.C. Pavilion Corporation as well as the Board of
the Canadian Tourism Commission. He has also served on several educational
and community boards. Jarvis and his family live in Vancouver.

Hugh Smythe, president and chief operating officer, Leisure and Travel Group

Hugh Smythe grew up in British Columbia, and started his career in the ski
industry as a professional ski patroller on Whistler Mountain in 1966. He
advanced through various positions to hill manager, and left Whistler in
1975 to resurrect Fortress Mountain, a defunct ski area outside Calgary,
Alberta.

His success there as general manager led him in 1978 to convince the Aspen
Skiing Company and the Federal Business Development Bank to pursue
proposal calls for development of Blackcomb Mountain. As president of
Blackcomb he directed the project through inception, planning and
construction to its opening in December 1980, and its ongoing growth. In
1986 he attracted Intrawest’s attention to Blackcomb, resulting in their
acquisition of the resort and, under Smythe’s direction, the major
expansion the following year that positioned Blackcomb as Canada’s premier
ski resort.

Smythe has been responsible for the strategic planning and operation for
all Intrawest resorts. He has played a key leadership role in the growth
of the company from a single resort with revenues of $6 million in 1986 to
its position as the world’s leading operator and developer of
village-centered resorts, with in excess of $500 million in operating
revenues generated by its diversified collection of award winning resorts.
Throughout this growth, Smythe has been extensively involved in the
evaluation of opportunities for the acquisition or development by
Intrawest of additional resorts.

Smythe was the recipient of the Henry Singer Award in 1995, for
exceptional leadership in retailing and services in Canada. Also in 1995
he received the Jim Marshall Award, in recognition of his inspiring
contribution to the ski industry. He was honoured in 2000 with the British
Columbia Tourism Industry Leader Award. Smythe and his family live in
Whistler.

Intrawest Corporation is the world’s leading developer and operator of
village-centered resorts. The company owns or controls 10 mountain
resorts, including Whistler Blackcomb, North America’s most popular
mountain resort. Intrawest also owns Sandestin Golf and Beach Resort in
Florida and has a premier vacation ownership business, Club Intrawest. The
Company is developing additional resort villages at six resorts in North
America and Europe. The Company has a 45 percent interest in Alpine
Helicopters Ltd., owner of Canadian Mountain Holidays, the largest
heli-skiing operation in the world. Intrawest is headquartered in
Vancouver, British Columbia and is located on the World Wide Web at
http://www.intrawest.com/.
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