Press Release December 19, 2006

American Skiing Company Announces Sale of Steamboat Resort for $265 Million

BOSTON, Dec. 19, 2006 — American Skiing Company has announced that it has entered into a definite agreement to sell Steamboat Ski & Resort Corporation, in Steamboat Springs, Colo., to Steamboat Acquisition Corporation, an affiliate of Intrawest ULC, for $265 million. Steamboat was the nation's eighth most visited resort in 2006, with more than one million skier visits. Known as Ski Town USA®, and renowned for its Champagne Powder®, Steamboat was recently named the "#1 Family Resort in the West" by SKI Magazine.

Goodwin Procter attorney Sam Richardson represented American Skiing Company in this transaction.