Intrawest Corporation Announces Private Placement Of Senior Notes

Intrawest Corporation today announced that it has agreed to sell, on a private placement basis in the United States under Rule 144A and in certain Canadian provinces, US $125 million aggregate principal amount of 10.5% senior notes due February 1, 2010. The net proceeds will amount to approximately US$128.2 million. The notes are being sold at a price of 104.315% of their principal amount (with effective yield to maturity of approximately 9.625%) and will be consolidated with and form a single series of securities with the US$135 million aggregate principal amount of notes bearing the same terms originally issued by the Company in January 2000. The closing of the offering is expected to take place on March 9, 2001.

The company intends to use the net proceeds from the sale of the notes to reduce bank indebtedness.

The notes have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act.

The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties. Intrawest`s actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company`s filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.