Intrawest Buyout News

NEWS RELEASE

FOR IMMEDIATE RELEASE

INTRAWEST CORPORATION ANNOUNCES AGREEMENT TO BE ACQUIRED BY

FORTRESS INVESTMENT GROUP LLC FOR US$35.00 PER SHARE OR

US$2.8 BILLION IN TOTAL TRANSACTION VALUE

ALL DOLLAR AMOUNTS ARE IN U.S. CURRENCY

Vancouver, BC and New York, NY, August 11, 2006 –
Intrawest Corporation (“Intrawest” or “the

company”) (IDR:NYSE; ITW:TSX) and Fortress Investment Group LLC (“Fortress”) announced today that

they have entered into a definitive agreement under which funds managed by affiliates of Fortress will

acquire all of Intrawest’s outstanding common shares at a price of $35.00 per share payable in cash. The

total value of the transaction, including the existing debt of Intrawest, is approximately $2.8 billion.

Fortress is a global investment and asset management firm with approximately $23 billion in equity capital

under management.

This all-cash transaction for 100 per cent of the company’s shares represents a 20 per cent premium over

Intrawest’s closing price on February 27, 2006, the last trading day before the company announced its

intention to review its strategic options, and a 32 per cent premium over the closing price prior to the

announcement of the offer.

“Following a thorough review of all strategic options to maximize value for Intrawest’s shareholders, which

included the appointment of a Special Committee of Directors to oversee the process, the Board of Directors

of Intrawest has determined that the transaction with Fortress is the best alternative for the shareholders and

is in the best interests of the company,” said Gordon MacDougall, lead director of Intrawest Corporation.

“The Intrawest Board has unanimously recommended that the shareholders of Intrawest approve the

transaction.”

In deciding to recommend the transaction to the Intrawest shareholders, the Board of Directors considered a

number of factors and received an opinion from the company’s financial advisors, Goldman, Sachs & Co. to

the effect, and subject to the assumptions and conditions set forth in such opinion, that the consideration to

be received for the common shares of the company is fair, from a financial point of view, to the Intrawest

shareholders. Capital West Partners provided additional advice to the company, the Board of Directors and

the Special Committee.

“I am pleased with the result of our review of strategic alternatives that was announced on February 28,

2006,” said Joe Houssian, chairman and chief executive officer of Intrawest Corporation. “Over the past five

months, we have thoroughly analyzed the financial and strategic options for the company and believe that the

value inherent in this transaction is in the best interests of all of our shareholders. Fortress was attracted by

our assets, people, business strategies and loyal customer base and is able to support Intrawest becoming a

global leader across all of our businesses.”

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“Fortress has a disciplined strategy of acquiring asset-based businesses with high quality platforms and

Intrawest is truly unique in this regard,” said Wesley R. Edens, principal and chairman of the management

committee of Fortress Investment Group LLC. “We have a great opportunity to continue Intrawest’s

evolution into a leading global leisure player and look forward to working with its management team,

employees and partners.”

The transaction will be carried out by way of a statutory plan of arrangement and must be approved by the

applicable court and by 66 2/3 per cent of the votes cast by holders of Intrawest shares. Closing is also

subject to customary conditions of closing, including regulatory approvals. The closing of the transaction is

not subject to any financing condition. The proposed transaction is expected to close in October 2006,

shortly after receipt of shareholder and court approvals.

Further information regarding the proposed transaction will be contained in an information circular which

Intrawest will mail to the holders of common shares in connection with the special meeting of shareholders

to be held to approve the transaction. It is expected that the materials will be mailed in September 2006 for a

meeting anticipated to be held in October 2006.

Goldman, Sachs & Co. acted as financial advisor and McCarthy Tétrault acted as legal advisor to Intrawest

Corporation. Farris, Vaughan, Wills & Murphy LLP provided legal advice to the Special Committee.

Lehman Brothers Inc. acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP and

Goodmans LLP acted as legal advisors to Fortress. Lehman Brothers, Deutsche Bank and Bear Stearns

provided a debt financing commitment for this acquisition.

A conference call is scheduled for August 11 at 9:00am ET (6:00am PT) to discuss the transaction. To

access the call, dial 1-800-921-9431 before the scheduled start time. A playback version of the conference

call will be available until August 18 at 1-877-519-4471 with password 7729315. The call will also be web

cast live on www.intrawest.com (or http://viavid.net/dce.aspx?sid=0000347B).

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.

Fortress Investment Group LLC is a global investment and asset management firm founded in 1998 with

approximately $23 billion in equity capital under management. Fortress is headquartered in New York, and

its affiliates have offices in Dallas, Frankfurt, Geneva, Hong Kong, London, Rome, San Diego, Sydney and

Toronto.

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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. In addition, the completion of

the transaction contemplated by this release is conditional upon a number of factors, many of which are outside