Intrawest Corporation announces successful Consent Solicitation www.intrawest.com VANCOUVER, Sept. 28 /PRNewswire-FirstCall/ -- Intrawest Corporation ("Intrawest") today announced that it has successfully completed its Consent Solicitation relating to the $394,160,000 principal amount of its 10.5% Senior Notes due February 1, 2010 (the "2010 Notes"). The Consent Solicitation was conducted in conjunction with Intrawest's offer to purchase all of the outstanding 2010 Notes (the "Offer") and expired at 5:00 p.m., New York time, on Tuesday September 28, 2004 (the "Consent Date"). A total of $354,771,000, or approximately 90%, of the aggregate outstanding principal amount of 2010 Notes was tendered in the Offer to Purchase and Consent Solicitation prior to the Consent Date. Accordingly, Intrawest has executed a first supplemental indenture to the indenture governing the 2010 Notes, the effect of which is to eliminate substantially all of the restrictive covenants contained in the indenture. The total consideration to be paid for each validly tendered 2010 Note and properly delivered consent will be based upon a fixed spread of 50 points over the yield to maturity on the Price Determination Date (as defined below) of the 7.5 % U.S. Treasury Note due February 15, 2005, and includes a consent payment of $10.00 per $1,000 principal amount of 2010 Notes to the above holders who tendered their 2010 Notes and delivered their consents prior to 5:00 p.m. today. Holders of validly tendered 2010 Notes will also be entitled to receive accrued and unpaid interest up to, but not including, the payment date. The Offer, as described in Intrawest's Offer to Purchase and Consent Solicitation dated September 15, 2004 and related Letter of Transmittal (the "Offer Documents"), expires at midnight, New York time, on October 13, 2004 (the "Expiration Date") unless it is extended or terminated earlier. Payment for 2010 Notes tendered on or prior to the Expiration Date will be made on the second business day immediately following the Expiration Date. The yield to maturity of each reference U.S. Treasury Note used in the fixed spread formula will be set at 2:00 p.m., New York time, on the second business day prior to the Expiration Date (the "Price Determination Date"). This announcement is not an offer to purchase, nor a solicitation of an offer to purchase the 2010 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 is the world's leading operator and developer 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. Intrawest 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, contact Mr. John Currie, chief financial officer, at (604) 669-9777 or Tim McNulty, director, investor relations, at (604) 623-6620 or at . DATASOURCE: Intrawest Corporation CONTACT: Mr. John Currie, chief financial officer, at (604) 669-9777 or Tim McNulty, director, investor relations, at (604) 623-6620 or at .; 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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