Vail, Colo. — Sept. 15, 2003 — Booth Creek Ski Holdings, Inc. (“Booth Creek” or the “Company”) announced today results for the third fiscal quarter ended Aug. 1, 2003.

Third Quarter Results:

Booth Creek’s fiscal third quarter is an off-peak period during which the Company begins its summer maintenance and capital programs. Booth Creek also offers summer activities at some of its resorts, including golf, mountain biking, lodging, conference facilities, food and beverage operations, and certain other recreational amenities.

Resort operations revenues were $3,568,000 for the quarter ended Aug. 1, 2003, an increase of $86,000, or 2 percent, from the level of revenues generated during the quarter ended Aug. 2, 2002.

Cost of sales and selling, general and administrative expense applicable to the resort segment totaled $9,810,000 for the quarter ended Aug. 1, 2003, a decrease of $403,000, or 4 percent, from the 2002 period, principally due to labor cost savings initiatives.

Operating loss for the resort segment for the 2003 period was $9,985,000 compared to an operating loss of $10,579,000 for the 2002 period. Resort operations incurred an EBITDA loss (as defined below) of $6,242,000 for the quarter ended Aug. 1, 2003, compared with an EBITDA loss of $6,731,000 for the 2002 period.

In March 2003, the Company launched the sale of the Unit 7A subdivision at Northstar, which consists of fifteen ski-in/ski-out single family lots. As of Sept. 12, 2003, the Company entered into binding contracts for the sale of 13 of the lots at an average lot price of approximately $780,000. The Company is continuing efforts to market and sell the remaining two lots within the subdivision. As of Sept. 12, 2003, the Company closed escrow on 10 of the 13 lots under contract. The remaining three lots currently under contract are expected to close escrow prior to the end of 2003, and are subject to normal and customary closing conditions.

There were no revenues from real estate and other operations (including timber) for the three months ended Aug. 1, 2003. Five lots within the Unit 7 development at Northstar closed during the 2002 period, which generated revenues of $2,400,000. Timber operations contributed revenues of $160,000 in the 2002 period.

Cost of sales, depletion and selling, general and administrative expense for the real estate and other segment totaled $236,000 for the quarter ended Aug. 1, 2003, as compared to $839,000 for the 2002 period. The results for the 2002 period included noncash cost of real estate sales (as defined below) of $363,000 due to the lot sales within the Unit 7 development at Northstar, and timber harvesting costs and depletion totaling $292,000.

Operating loss for the real estate and other segment was $236,000 for the 2003 period, as compared to operating income of $1,721,000 in the 2002 period. Real estate and other operations produced an EBITDA loss (as defined below) of $236,000 for the quarter ended Aug. 1, 2003, compared with EBITDA of $2,175,000 in the 2002 period.

Interest expense was $3,063,000 for the quarter ended Aug. 1, 2003, as compared to $3,572,000 for the 2002 period, a reduction of $509,000, or 14 percent.

The Company’s loss from continuing operations totaled $13,543,000 for the quarter ended Aug. 1, 2003, an

increase of $725,000 from the Company’s loss from continuing operations in the corresponding period of 2002. Total EBITDA loss (excluding the noncash cost of real estate sales) (as defined below) was $6,478,000 for the quarter ended Aug. 1, 2003, as compared to an EBITDA loss of $4,556,000 for the 2002 period.

The Company’s net loss for the quarter ended Aug. 1, 2003 was $13,543,000, a reduction of $3,765,000 from the net loss of $17,308,000 generated for the quarter ended Aug. 2, 2002, primarily as a result of the $4,490,000 loss on discontinued operations of Bear Mountain, partially offset by the $2,400,000 in real estate revenues reflected in the 2002 period.

Year-tto-Date Results:

Resort operations revenues were $100,514,000 for the nine months ended Aug. 1, 2003, a reduction of $4,228,000, or 4 percent, from the level of revenues generated during the nine months ended Aug. 2, 2002.

Cost of sales and selling, general and administrative expense applicable to the resort segment totaled $73,019,000 for the nine months ended Aug. 1, 2003, a decrease of $321,000 from the comparable 2002 period.

Operating income for the resort segment for the 2003 period was $16,025,000 compared to operating income of $18,987,000 for the 2002 period. Resort operations contributed EBITDA (as defined below) of $27,495,000 for the nine months ended Aug. 1, 2003, compared with EBITDA of $31,402,000 for the 2002 period.

Revenues from real estate operations for the nine months ended Aug. 1, 2003 were $646,000, due to the close of escrow on the final lot within the Unit 7 development at Northstar. Twenty-five lots within the Unit 7 development at Northstar closed during the 2002 period, which generated revenues of $11,300,000. Timber operations contributed revenues of $16,000 and $175,000 for the 2003 and 2002 periods, respectively.

Cost of sales, depletion and selling, general and administrative expense for the real estate and other segment totaled $1,314,000 for the nine months ended Aug. 1, 2003, as compared to $3,507,000 for the 2002 period. The results for the 2003 and 2002 periods included noncash cost of real estate sales (as defined below) of $190,000 and $2,492,000, respectively, due to the lot sales within the Unit 7 development at Northstar.

Operating loss for the real estate and other segment was $652,000 for the 2003 period, as compared to operating income of $7,968,000 in the 2002 period. Real estate and other operations produced an EBITDA loss (as defined below) of $455,000 for the nine months ended Aug. 1, 2003, compared with EBITDA of $10,551,000 in the 2002 period.

Interest expense was $9,523,000 for the nine months ended Aug. 1, 2003, a decrease of $2,122,000, or 18 percent, from the Company’s interest expense for the nine months ended Aug. 2, 2002, as a result of reduced borrowings and lower average interest rates.

The Company recognized gains on the early retirement of debt of $506,000 and $2,761,000 for the nine months ended Aug. 1, 2003 and Aug. 2, 2002, respectively, relating to repurchases of $16,000,000 and $29,325,000 aggregate principal amount of its 12.5 percent Senior Notes due 2007 (the “Senior Notes”) during the 2003 and 2002 periods, respectively.

The Company’s income from continuing operations totaled $5,560,000 for the nine months ended Aug. 1, 2003, a reduction of $11,640,000 from the Company’s income from continuing operations in the 2002 period. Total EBITDA (excluding the noncash cost of real estate sales) (as defined below) was $27,040,000 for the nine months ended Aug. 1, 2003, as compared to EBITDA of $41,953,000 for the 2002 period.

The Company realized income from discontinued operations of $1,960,000 during the nine months ended Aug. 2, 2002 relating to the former operations of the Bear Mountain resort, which was offset by a $3,200,000 loss on the disposal of the resort.

The Company’s net income for the nine months ended Aug. 1, 2003 was $5,560,000, a reduction of $10,200,000 from the net income of $15,760,000 generated for the 2002 period. The decline in net income was primarily a result of the $11,300,000 in real estate revenues and $2,761,000 gain on the early retirement of debt reflected in the 2002 period, and lower resort operations revenues in the 2003 period.

Booth Creek consists of six resorts across North America, including Northstar-at-Tahoe and Sierra-at-Tahoe in the Lake Tahoe region of Northern California; Waterville Valley, Mt. Cranmore Mountain Resort and Loon Mountain in New Hampshire; and the Summit at Snoqualmie near Seattle, Wash. Booth Creek is the fourth largest ski resort operator in the country (www.boothcreek.com).