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Tuesday, October 17, 2006

Intrawest Security Holders Approve Arrangement

Vancouver, October 17, 2006 – Intrawest Corporation (“Intrawest”) today announced that the proposed statutory plan of arrangement (the “Arrangement”) involving Intrawest, its shareholders and optionholders and two companies owned directly or indirectly by funds managed by affiliates of Fortress Investment Group LLC has been approved by Intrawest securityholders. At the special meeting of Intrawest shareholders and optionholders held this morning the Arrangement was approved by more than99.9 per cent of the securityholders voting.

The closing of the transaction remains subject to court approval in Canada as well as satisfaction or waiver of other conditions specified in the Arrangement Agreement entered into on August 10, 2006, including approval by the Ministry of Industry under the Investment Canada Act. Subject to such regulatory approval being obtained, an application for final court approval is scheduled to be heard by the British Columbia Supreme Court on October 24, 2006. If court approval is obtained and the other conditions to closing are satisfied or waived, the transaction is expected to close on October 25, 2006, after which all Intrawest shareholders will be entitled to receive U.S.$35.00 in cash for each Intrawest common share.

Intrawest Corporation (IDR: NYSE; ITW: TSX) is a world leader in destination resorts and adventure travel. The company has interests in 10 resorts at North America’s most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic and Paralympic Games.

Intrawest owns Canadian Mountain Holidays, the largest heli-skiing operation in the world, and an interest in Abercrombie & Kent, the world leader in luxury adventure travel. The Intrawest network also includes Sandestin Golf and Beach Resort in Florida and Club Intrawest – a private resort club with nine locations throughout North America. Intrawest develops real estate at its resorts and at other locations across North America and in Europe. Intrawest is headquartered in Vancouver, British Columbia. For more information, visit www.intrawest.com.

source: www.intrawest.com

To watch a resort movie of Intrawest owned Copper Mountain click here
To watch a resort movie of Intrawest owned Winter Park click here

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