NEWRY, Maine, August 27, 1999 /PRNewswire/ — The Board of Directors of American Skiing Company (NYSE: SKI) announced today that it scheduled a special meeting of shareholders for October 7, 1999.

At the special meeting, shareholders will be asked to approve the issuance of approximately 46 million shares of the Company’s common stock in connection with the recently closed $150 million Series B convertible preferred equity transaction. This common stock is issuable only upon conversion of the Series B preferred stock. In addition, shareholders will vote on reincorporating the Company in the State of Delaware.

The record date for the meeting is September 3, 1999. The meeting will be held at the Company’s Sunday River Resort in Newry, Maine. Details regarding the time and exact location for the meeting will be provided in materials to be sent to shareholders prior to the meeting. The date of this meeting is subject to change based on completion of any SEC review of materials being sent to shareholders.

Shareholders who have questions, need copies of the proxy statement or need help in voting their shares are urged to contact Kathy Wright, Boston Equiserve LP, at 781-575-3120.

Headquartered in Newry, Maine, American Skiing Company, founded by Leslie B. Otten, is the largest operator of alpine ski, snowboard and golf resorts in the United States growing skier visits ten-fold over the last five years. Its resorts include Steamboat in Colorado; Killington, Mount Snow and Sugarbush in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; The Canyons in Utah; and Heavenly in California/Nevada.

Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Please refer to the ‘Risk Factors’ included in the form 10-K dated October 27, 1998 and the form 10-Q dated June 9, 1999, on file with the Securities and Exchange Commission.