PARK CITY, UTAH – December 10, 2003 — American Skiing Company (OTC: AESK) today announced its financial results for the first quarter of fiscal 2004. The Company reported a significant increase in season pass sales as well as excellent early season skiing and riding conditions at all of its resorts.

“We continue to benefit from restructuring initiatives in every area of our resort business and we are excited about our prospects for the 2003/2004-ski season,” said CEO B.J. Fair. “The realignment of our marketing and sales organization has driven a solid increase in season pass sales that foreshadows higher visitation. We have enjoyed abundant early season snowfall in the West and conditions in the East have steadily improved, with excellent snowmaking temperatures and significant natural snowfall this past weekend. We remain cautiously optimistic given a number of positive indicators as we approach the heart of the season”

Season Pass Sales and Reservation Activity

The Company reported that through November 30, 2003, year-to-date season pass sales were 27.4% higher than at the same time in fiscal 2003. The increase has been driven primarily by the successful introduction of a combined Attitash Bear Peak/Sunday River season pass. As a result, year-to-date season pass sales for both resorts increased more than 100% through November 30, 2003. Season pass sales for all five eastern resorts were 38.6% higher than at the same time last year, with every resort posting double-digit increases. Season pass sales at western resorts were 5.2% higher year-to-date, through November 30, 2003. The Company further reported that it continues to witness a general trend toward last minute booking patterns in line with the experience of other companies in the leisure industry.

Early Season Results

The Company has enjoyed excellent early season skiing and riding conditions at its western resorts. The Canyons Resort, in Park City, Utah, opened a week earlier than planned, following a series of storms that left more than six and a half feet of natural snowfall. Conditions in Utah continued to improve and by Thanksgiving Day, The Canyons had received more than eight feet of natural snow. As a result, the resort recorded a significant increase is skier visits during Thanksgiving weekend relative to the comparable period in fiscal 2003. Early season conditions at Steamboat were also superb, with more than six feet of natural snow waiting for skiers and riders when the resort opened on November 26th. Steamboat posted a modest decline in year-over-year skier visits during Thanksgiving weekend compared to exceptional early season results in fiscal 2003.

In the East, early season conditions were less favorable than in fiscal 2003 when the Company enjoyed excellent weather and strong Thanksgiving weekend visitation. All of The Company’s eastern resorts were open by November 28th, but with significantly less available terrain than during the prior year. As a result, eastern skier visits during Thanksgiving weekend declined over the comparable period in fiscal 2003. Since Thanksgiving, the Company has enjoyed optimal snowmaking temperatures as well as significant natural snowfall setting the stage for excellent conditions during the peak holiday season.

Adoption of New Accounting Standard

Effective July 28, 2003, the Company adopted Statement of Financial Accounting Standards No. 150, “Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity” (SFAS No. 150). SFAS No. 150 establishes standards for how financial instruments with characteristics of both liabilities and equity should be measured and classified and requires that an issuer classify a financial instrument that is within its scope as a liability. All public entities are required to adopt SFAS No. 150. As a result of adopting SFAS No. 150, approximately $298.7 million of mezzanine-level securities were reclassified to liabilities in the Compans consolidated balance sheet in the first quarter of fiscal 2004. This represents the carrying value of all of the classes of mandatorily redeemable preferred stock. In addition, approximately $43.1 million of accretion of discount and dividends on the preferred stock in fiscal 2004 will be included in interest expense, whereas previously it was reported as accretion of discount and dividends on mandatorily redeemable preferred stock. For the 13 weeks ended October 26, 2003, approximately $10.2 million of accretion of discount and dividends on the preferred stock was included in interest expense. For the 13 weeks ended October 27, 2002, approximately $8.9 million of accretion of discount and dividends on the preferred stock was included in accretion of discount and dividends on mandatorily redeemable preferred stock.

Fiscal 2004 First Quarter Results

On a GAAP basis, net loss available to common shareholders for the first quarter of fiscal 2004 was $41.3 million, or $1.30 per basic and diluted share, compared with a net loss of $39.1 million, or $1.23 per basic and diluted share for the first quarter of fiscal 2003. The net loss in the first quarter of fiscal 2004 included a $0.1 million restructuring charge. The Company did not incur restructuring charges during the first quarter of fiscal 2003.

Total consolidated revenue was $18.5 million for the first quarter of fiscal 2004, compared with $20.6 million for the first quarter of fiscal 2003. Resort revenue was $16.1 million for the quarter, compared with $16.9 million for the first quarter of fiscal 2003. The slight decline in resort revenues reflects the continued effect of a soft economy on conference business and poor weather in the East that impacted golf and summer business. Real estate revenue from ongoing fractional ownership sales was $2.3 million, versus $3.7 million for the comparable period in fiscal 2003. The decrease in real estate revenue resulted from the impacts of continuing disruptions related to the Company’s efforts to restructure its real estate senior credit facilities and weak economic conditions.

The Company’s consolidated loss from continuing operations was $41.3 million for the first quarter of fiscal 2004, compared with a consolidated loss from continuing operations of $30.2 million for the comparable period in fiscal 2003. Excluding the restructuring charge and the accretion of preferred stock dividends, the consolidated loss from continuing operations was $30.9 million for the first quarter of fiscal 2004. The loss from continuing resort operations was $35.9 million for the first fiscal quarter of 2004 versus a loss of $24.9 million for the first quarter of fiscal 2003. Excluding the restructuring charges and the accretion of preferred stock dividends, the loss from continuing resort operations was $25.5 million for the first quarter of fiscal 2004 compared to a loss of $24.9 million for the comparable quarter of fiscal 2003. The wider resort loss was driven almost entirely by lower revenues. Resort operating expenses were essentially flat year-over-year as a result of aggressive cost control efforts which helped mitigate increases in insurance and other costs that could not be as easily controlled. The loss from continuing real estate operations was $5.4 million for the first fiscal quarter of 2004, compared with a loss of $5.3 million for the first quarter of fiscal 2003. The Company has provided reconciliations from GAAP financial measures to non-GAAP financial measures in the tables following this discussion.

Use of Non-GAAP Financial Information

The Company uses both GAAP and non-GAAP metrics to measure its financial results. Management believes that non-GAAP financial measures which exclude other items provide useful information to investors regarding the Company’s ongoing financial condition and results of operations. In addition, management believes these non-GAAP metrics are useful to investors because they remove certain items that occur in the affected periods (such as the Company’s restructuring charge and the reclassification into liabilities of all its mandatorily redeemable preferred stock following its adoption of SFAS No. 150 in the first quarter of fiscal 2004) and provide a basis for measuring the Company’s financial condition against other periods. Since the Company has historically reported non-GAAP results to the investment community, management also believes the inclusion of non-GAAP measures provides consistency in its financial reporting. However, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition to the information contained in this press release, investors should also review information contained in the Company’s Form 10-Q and Form 10-K, dated December 10, 2003 and October 27, 2003, respectively, as well as other filings with the Securities and Exchange Commission when assessing the Company’s financial condition and results of operations. The Company has provided reconciliations from GAAP financial measures to non-GAAP financial measures in the tables following this discussion.

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.items that occur in the affected periods (such as the Company’s restructuring charge and the reclassification into liabilities of all its mandatorily redeemable preferred stock following its adoption of SFAS No. 150 in the first quarter of fiscal 2004) and provide a basis for measuring the Company’s financial condition against other periods. Since the Company has historically reported non-GAAP results to the investment community, management also believes the inclusion of non-GAAP measures provides consistency in its financial reporting. However, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition to the information contained in this press release, investors should also review information contained in the Company’s Form 10-Q and Form 10-K, dated December 10, 2003 and October 27, 2003, respectively, as well as other filings with the Securities and Exchange Commission when assessing the Company’s financial condition and results of operations. The Company has provided reconciliations from GAAP financial measures to non-GAAP financial measures in the tables following this discussion.

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.