ALL DOLLAR AMOUNTS ARE IN U.S. CURRENCY

• Intrawest slashes debt as it achieves $293 million positive free cash flow for fiscal 2004
• Total company EBITDA at $268 million compared with $209 million in 2003

Vancouver, BC - Intrawest Corporation, the world’s leading operator and developer of village-centered resorts, announced today its results for the fiscal year ended June 30, 2004. Income from continuing operations for the year was $59.9 million compared with $34.8 million in 2003. Income per share from continuing operations for the year, on a fully diluted basis, was $1.25 ($1.48 before the call premium and other costs on the redemption of bonds) compared with $0.73 ($0.96 before a write-down of technology assets) in 2003.

Cash flow from continuing operating activities for the year was $422.9 million, compared with negative cash flow of $21.0 million last year. This $443.9-million improvement was due mainly to significantly increased cash flow from real estate development and management services and the impact of selling projects to the Leisura partnerships. Intrawest generated free cash flow (i.e., cash flow from continuing operating activities less cash flow for investments) of $292.9 million for the year, which was used to reduce debt. As a result, net debt was $849.0 million at June 30, 2004, down from $1.13 billion at June 30, 2003.

“With our $285-million reduction in net debt, we have achieved a strengthened balance sheet showing healthy liquidity and dramatically improved leverage ratios, said John Currie, chief financial officer.

Total revenue for the year increased to $1.54 billion from $1.10 billion. Total Company EBITDA (earnings before interest, income taxes, non-controlling interest, depreciation and amortization) increased 28 per cent to $268.3 million from $209.2 million in 2003.

“2004 was a most satisfying year indeed. We more than met our objectives on income, EBITDA and free cash flow,” said Joe Houssian, chairman, president and chief executive officer. “We are now reaping the rewards of our business strategy and the groundwork of the past three years. Looking ahead, the recent creation of our Leisure and Travel Group, including the alignment of all our non-real estate businesses, will further strengthen our resort operations activities and drive growth.”

For the year ended June 30, 2004, resort operations revenue was $541.3 million compared with $499.9 million in 2003. Resort operations EBITDA for the year was $105.1 million compared with $112.4 million in 2003 due to reduced skier visits resulting from a late season start and very cold weather in January in the East, and exceptionally warm weather in Colorado in March.

Management services revenue for the year was $124.4 million compared with $88.2 million in 2003 due to increased lodging-management fees, fees charged to Leisura, and higher sales fees from third-party developers to Playground, Intrawest’s real estate sales and marketing division. This higher revenue increased the management services profit contribution for the year to $27.5 million from $11.0 million in 2003.

Real estate revenue increased from $512.7 million in 2003 to $878.2 million, including $171.5 million of revenue on the sale of 14 projects to Leisura. In accordance with generally accepted accounting principles (GAAP) in Canada, the profit on the sales to Leisura is initially deferred. Real estate profit was $91.4 million compared with $68.3 million in 2003. This increase in profit included $9.2 million of combined land profit and equity income from Leisura. Other contributing factors were the higher number of units closed, above average margins on certain high-end projects and improved profits from the resort club. Intrawest delivered 1,334 real estate units in the year compared with 1,239 in 2003.

Income from continuing operations for the fourth quarter ended June 30, 2004 was $2.6 million compared with a loss of $14.5 million (after taking a write-down of $12.3 million against technology assets) in the same period last year. Income per share from continuing operations, on a fully diluted basis, was $0.05 compared with a loss per share of $0.30 (a loss of $0.08 before the write-down of technology assets) in the fourth quarter of 2003.

Revenue for the quarter increased to $485.1 million from $371.4 million last year. Total Company EBITDA increased 54 per cent to $62.8 million from $40.8 million in the same quarter of 2003 as increased EBITDA from real estate development and management services was partially offset by reduced EBITDA from resort operations.

The terms EBITDA and free cash flow do not have standardized meanings prescribed by GAAP and may not be comparable to similarly titled measures presented by other publicly traded companies. Reconciliations between net earnings and cash flow as determined in accordance with Canadian GAAP and EBITDA are presented in the Statistical Supplement included below.

A conference call is scheduled for Tuesday, September 14, 2004 at 11:00 am ET (10:00 am CT, 8:00 am PT) to review Intrawest’s fiscal 2004 fourth quarter and year-end results. The call will be webcast live on Intrawest’s Web site at www.intrawest.com.

Access to the call may be obtained by calling the numbers below before the scheduled start time:

1-888-458-1598 (analysts and institutional investors only) access code 88228
1-866-332-8741 (media and retail investors) access code 88228

A playback version of the conference call will be available through September 21, 2004 at 1-877-653-0545. The password to access the playback version is 246601.

Intrawest Corporation (IDR:NYSE; ITW:TSX) is the world’s leading developer and operator of village-centered resorts. Intrawest owns or controls 10 mountain resorts in North America’s most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic Games. The company also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. Intrawest is developing an additional five resort villages at locations 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. For more information visit 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.

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For additional information contact:

John Currie, chief financial officer, Intrwest

604.623.6640

jcurrie@intrawest.com.