PARK CITY, Utah, March 26 — American Skiing Company (OTC Bulletin Board: AESK) today announced that effective March 25, 2003, shares of its common stock commenced trading on the “Over-the-Counter Bulletin Board (“OTCBB”)” under the symbol AESK.

The OTCBB is a regulated quotation service that displays real-time quotes, last sale price and volume information in over-the-counter (“OTC”) securities. An OTC equity security is generally an equity that is not listed on NASDAQ, the NYSE or any other national securities exchange. The OTCBB provides access to over 3,600 securities and includes more than 330 participating market makers. Quotations and trading information can be accessed via websites such as Yahoo and other quotation services or through a securities broker. Information regarding the OTCBB can be found at www.otcbb.com.

About American Skiing Company

Headquartered in Park City, Utah, American Skiing Company is one of the largest operators of alpine ski, snowboard and golf resorts in the United States. Its resorts include Killington and Mount Snow in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; Steamboat in Colorado; and The Canyons in Utah. More information is available on the Company’s Web site, www.peaks.com.