Intrawest Announces Redemption of Senior Notes

PRNewswire-FirstCall VANCOUVER Oct. 21 :

Intrawest Corporation today announced that it has elected to redeem all of
its outstanding 9.75% Senior Notes due August 15, 2008 (the “2008 Notes”)
in accordance with the terms of the indenture governing the 2008 Notes.
The 2008 Notes will be redeemed on November 21, 2008 (the “Redemption
Date”) at a redemption price of $1,048.75 per $1,000 principal amount of
2008 Notes, plus all interest accrued thereon up to but excluding the
Redemption Date. The 2008 Notes will cease to bear interest from and after
the Redemption Date.
The 2008 Notes are currently the subject of a tender offer (the “Offer”)
the terms of which are described in Intrawest`s Offer to Purchase and
Consent Solicitation Statement dated September 29, 2003 and related Letter
of Transmittal (the “Offer Documents”). The Offer is not affected by the
proposed redemption of the 2008 Notes and remains open for acceptance
until 12:00 midnight, New York City time, on Tuesday, October 28, 2003.
2008 Notes tendered to the Offer prior to the expiration time will be
purchased at a price of $1,038.75 per $1,000 principal amount of 2008
Notes.
This announcement is not an offer to purchase, nor a solicitation of an
offer to purchase, 2008 Notes. The conditions to the Offer continue to be
as set out in the Offer Documents. The Offer Documents should be read
carefully before any decision is made with respect to the Offer.

Intrawest Corporation (IDR:NYSE; ITW:TSX) 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 per cent
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/.

Statements contained in this release that are not historical facts 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,
Intrawest`s ability to implement its business strategies, 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.

For additional information, contact Mr. Daniel Jarvis, executive vice
president and chief financial officer, at (604) 669-9777 or Stephen
Forgacs, manager, investor relations and corporate communications, at
(604) 623-6620 or at [email protected]
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