Intrawest's revenue increased 55% from $389.0 million to $601.7 million. Ski and resort revenue improved 40% and operating profit increased 23%. Real estate sales revenue and operating profit both increased 92%. Income from continuing operations increased 52% from $28.3 million to $43.0 million and income per share from continuing operations increased 23% from $1.02 to $1.25. The public offering and shares issued in partial consideration for the acquisitions of Whistler and Copper in the second half of 1997 increased the weighted average number of shares outstanding during 1998 by 24% from 27.8 million to 34.5 million shares.

Mr. Daniel Jarvis, Executive Vice President and Chief Financial Officer, said it was another exceptional year for Intrawest. ``Since 1993 income per share from continuing operations has increased at a compound annual average growth rate of 46%,'' said Jarvis. ``We're also well on the way to our projection of doubling Total Company EBITDA from 1997 to 2000. During this year alone Total Company EBITDA increased 43% from $89 million to $127 million.''

During the year Intrawest acquired Mountain Creek in New Jersey and increased its ownership in Mammoth from 33% to 58%. Mammoth had a record year in terms of profitability and Stratton, Tremblant, Snowshoe and Whistler/Blackcomb all showed significant increases in operating profit as well. Same-resort revenue grew by 16% over 1997.

``Over the past five years same-resort revenue grew at an average annual compound rate of 21%,'' said Jarvis.

``This reflects the enormous progress made in building our resort businesses.''

``One of our goals last year was to realize the synergies in the combined Whistler/Blackcomb entity,'' Jarvis added. ``We're pleased to report that Whistler/Blackcomb's operating profit increased 16% as a result of visit growth and improvement compared to a normalized 12-month operation in 1997''.

Intrawest's real estate showed high growth as well both from closing on a higher number of units than the previous year and contributions from a wider number of resorts. The company closed 763 units of real estate versus 465 units last year. In a series of successful real estate launches, the company has pre-sold $173 million of product which will close in 1999 and $109 million which will close in 2000.

The company was also active in the financial markets, raising $125 million in Canada and US$125 million in long-term unsecured fixed-rate financings to replace short-term floating-rate debt. This strengthened Intrawest's balance sheet and lowered its overall financial risk. Intrawest also netted $103.4 million from the issue of 3,850,000 common shares in June.

Subsequent to the year-end the company acquired Sandestin Golf and Beach Resort, the largest resort in northwestern Florida; Raven Golf Group, which owns two award-winning golf courses in Arizona; Breeze Winter Sports and Max Snowboards which have 43 stores in the mid-west; and a 15.7% interest in Compagnie des Alpes, the world's largest ski resort in terms of skier visits with ownership in 11 resorts in France and one in Italy.

Intrawest is the leading developer and operator of mountain resorts across North America. The company owns Whistler/Blackcomb, rated North America's #1 resort. It also owns Panorama in British Columbia, Tremblant and Mont Ste. Marie in Quebec, Copper in Colorado, Stratton in Vermont, Snowshoe in West Virginia, Mountain Creek in New Jersey and Mammoth in California. The company also has a high-end timeshare business and is creating world-class, four- season resort villages at Keystone, Colorado and Squaw Valley near Lake Tahoe, California. Intrawest owns Sandestin Golf and Beach Resort in Florida and owns 14 golf courses. Intrawest also recently completed an international alliance with Compagnie des Alpes, the largest ski company in the world in terms of skier visits.

Intrawest Corporation's shares are traded on the New York Stock Exchange (IDR) and the Toronto and Montrealexchanges (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.