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Intrawest Corporation announces redemption of Senior Notes

All dollar amounts are in U.S. currency
Listed: NYSE TSX Symbols: IDR (NYSE) ITW (TSX)
Press Release: Intrawest Corporation
October 22, 2003
VANCOUVER, BC -- Intrawest Corporation yesterday 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 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 sforgacs@intrawest.com.

Source: Intrawest Corporation