INTRAWEST ANNOUNCES PRIVATE OFFERING OF UNSECURED NOTES

Press Release: Intrawest Corporation

May 12, 1999
Intrawest announced this week that it intends to sell, on a private placement basis in the United States and certain Canadian provinces, US $150 million of unsecured senior notes due 2009.

The notes offered will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The company intends to use the net proceeds from the sale of the notes to reduce bank indebtedness. The indebtedness to be repaid was incurred for maintenance and capital expenditures, real estate development projects and other general corporate purposes.

Intrawest is the leading developer and operator of mountain resorts across North America. The company owns Whistler/Blackcomb, rated North America's No.1 resort. It also owns Panorama in British Columbia, Blue Mountain in Ontario, Tremblant and Mont Ste. Marie in Quebec, Copper in Colorado, Stratton in Vermont, Snowshoe in West Virginia, Mountain Creek in New Jersey, Mammoth in California, and Sandestin, a golf and beach resort in Florida. The company is creating world-class, four-season resort villages at Keystone, Colorado, Solitude, Utah and Squaw Valley near Lake Tahoe, California and has a premier timeshare business. Intrawest has a significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits, and a 45% interest in Alpine Helicopters, Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world.

Intrawest Corporation's shares are listed on the New York Stock Exchange (IDR) and the Toronto and Montreal exchanges (ITW). The company is headquartered in Vancouver, British Columbia.

The statements which are not historical facts contained in this release 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, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company's filings with the U.S. Securities and Exchange Commission.