Vail, Intrawest to End Keystone Partnership

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SAM Magazine--Vail, Colo., Dec. 24, 2003--Vail Resorts and Intrawest have reached an "amicable agreement" to divide the remaining developable assets, liquidate remaining partnership inventory, and ultimately to dissolve their Keystone development partnership. The partnership stems from Vail Resorts' purchase of Keystone in the mid-1990s, at which time it replaced former Keystone owner Ralston Purina in a partnership Ralston and Intrawest had formed in 1993 to develop River Run and other neighborhoods.

Under the agreement, Vail Resorts and Intrawest will each receive parcels of developable land in the resort. Vail Resorts will assume control of the partnership's existing commercial properties. Unsold standing inventory will remain in the partnership and proceeds of the sales will be distributed to the partners. The partnership will be dissolved once existing inventory has been sold.

As a part of this agreement, Vail Resorts has dropped its lawsuit against Intrawest over developing real estate at the Winter Park Ski Resort. \

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