All Dollar Amounts are in US Currency

Vancouver, (August 12, 2004) - Intrawest Corporation, the world’s leading operator and developer of village-centered resorts, announced today that it intends to form a partnership with CNL Income Properties, Inc., a real estate investment trust (REIT), under which CNL Income Properties will acquire an 80 per cent interest in commercial properties at nine Intrawest resort villages.  These commercial properties have a total value of $160 million. As part of the venture formation agreement, Intrawest will continue in its role as property and leasing manager of all of the retail and commercial space involved.

While tenant groups vary based on location, the commercial component of Intrawest’s villages typically includes restaurants, retail and specialty shops. Resort lodging is not included.

A conference call is scheduled for Thursday, August 12, 2004 at 9:30 am ET (8:30 am CT, 6:30 am PT) to discuss this transaction. The call will be webcast live on Intrawest’s Web site at www.intrawest.com. Access to the call can also be obtained by calling 1-888-458-1598 (media and retail investors) and 1-888-202-2787 (analysts and institutional investors), using the access code 88228#, before the scheduled start time. A playback version of the conference call will be available until August 19, 2004 at 1-877-653-0545. The password to access the playback version is 242418.

“Creation of this partnership is another significant step in our transition to a management-intensive structure from a more capital-intensive one,” said Joe Houssian, chairman, president and chief executive officer of Intrawest. “This transaction will provide a significant recovery of capital as well as a partnership for future commercial development.

“This is a winning arrangement for both parties,” said Houssian. “Our commercial properties are a natural fit for CNL Income Properties, and Intrawest maintains its relationship with the retail and commercial tenants whose presence forms an important part of our resort guests’ experiences.”

Orlando-based CNL Income Properties invests in income-producing real estate with an emphasis on recreation and lifestyle segments, such as golf resorts, marinas, vacation ownership, and ski resorts and adjacent property.  The Intrawest commercial property portfolio will be CNL Income Properties’ first acquisition.

“This partnership is ideal for the lifestyle investment objectives of this REIT,” said CNL Income Properties President Byron Carlock. “The properties are in excellent locations and have marked opportunity for growth, and Intrawest is a recognized leader in its field.”

The agreement currently includes commercial properties at nine Intrawest resort villages:
· Whistler Creekside at Whistler Blackcomb, Whistler, British Columbia
· Village of Baytowne Wharf at Sandestin Golf and Beach Resort, Destin, Florida
· Village at Squaw Valley USA, Lake Tahoe, California
· Village at Mammoth Mountain, Mammoth Lakes, California
· Village at Copper Mountain, Copper, Colorado
· MonteLago Village at Lake Las Vegas Resort, Las Vegas, Nevada
· Village at Blue Mountain, Collingwood, Ontario
· Village at Snowshoe Mountain, Snowshoe, West Virginia
· Village at Stratton, Stratton, Vermont

The completion of the transaction is subject to a number of conditions, including finalizing the financing, settling and executing definitive documentation, completion of due diligence, and customary closing conditions. The transaction is scheduled to close before the end of December 2004.  There are no assurances that all of the closing conditions will be satisfied or that CNL Income Properties will acquire these properties.

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 six 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.

For information contact:
 
John Currie 
Chief Financial Officer 
Intrawest Corporation 
604-697-9777 

Carolyn B. Gosselin, APR
CNL Chief Communications Officer
407-540-2505