ASC Moving HQ To Park City

June 24, 2002

NEWRY, Maine, June — American Skiing Company (OTC: AESK) announced today that it has made a strategic decision to relocate certain corporate headquarters operations to Park City, Utah.

The Company has already begun moving certain strategic functions and expects to complete the move by this fall. The Company expects to ultimately locate approximately 45 positions in Utah. However, significant portions of the Company’s existing information services, finance and retail divisions will remain located in Maine and Vermont.

Sunday River Ski Resort, also based in Newry, will remain a vital part of the American Skiing Company family of resorts and the Company expects that its operations will not be impacted by the decision.

“Newry and neighboring Bethel have been the Company’s headquarters since its inception and we have enjoyed the strong support of the community as well as the state,” said CEO B.J. Fair. “Bethel offers an ideal setting for snow sports and outdoor recreation and we remain committed to the community and the ongoing success of Sunday River Ski Resort. Our decision to move certain strategic functions was made to allow the Company to more effectively concentrate on opportunities at our Western resorts including The Canyons resort in Park City, Utah and Steamboat ski resort in Steamboat Springs, Colorado.”

About American Skiing Company

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.