Intrawest Corporation Announces Proposed Private Offerings of Senior Notes Listed: NYSE TSX Symbols: IDR (NYSE) ITW (TSX) VANCOUVER, Sept. 21 /PRNewswire-FirstCall/ -- Intrawest Corporation today announced that it intends to sell, on a private placement basis in the United States under Rule 144A of the Securities Act of 1933 (the Securities Act) and in each of the Canadian provinces, US dollar-denominated 7.50% senior notes due 2013 (the US$ Notes), and Canadian dollar-denominated senior notes due 2009 (the Cdn$ Notes, and together with the US$ Notes, the Notes). The total aggregate principal amount of Notes expected to be sold is approximately US$325 million. The closing of the offerings is expected to take place on or about October 7, 2004. The company intends to use the proceeds from the sale of the US$ Notes and the Cdn$ Notes to pay a portion of the consideration under the previously announced tender offer and consent solicitation in respect of the company's US$394.16 million aggregate principal amount of 10.50% senior notes due 2010 (the 2010 Notes). The remainder of the consideration payable under the tender offer and consent solicitation for the 2010 Notes will come from borrowings under the company's credit facilities and from cash on hand. The US$ Notes and the Cdn$ Notes will not be and have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy any US$ Notes, Cdn$ Notes or any other securities, nor will there be any sale of the US$ Notes, Cdn$ Notes or any other security in any jurisdiction in which such an offer or sale would be unlawful. Intrawest Corporation is the world's leading developer and operator of village-centered resorts. Intrawest owns or controls 10 mountain resorts in North America's most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic Games. The Company also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. Intrawest is developing five additional resort villages at locations 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. For more information, visit 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, please contact Mr. John Currie, chief financial officer at (604) 669-9777. If you would like to receive future news releases by email, please contact DATASOURCE: Intrawest Corporation CONTACT: Mr. John Currie, chief financial officer at (604) 669-9777; To request a free copy of this organization's annual report, please go to http://www.newswire.ca/ and click on reports@cnw.

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