VAIL, Colo.–June 16, 2003–Booth Creek Ski Holdings, Inc. (“Booth Creek” or the “Company”) announced today results for the second fiscal quarter ended May 2, 2003.

Operating Conditions and Skier Visitation:

Total skier visits for the quarter ended May 2, 2003, were 1,040,000, a decline of 63,000 visits, or 6 percent, from the quarter ended May 3, 2002. For the six months ended May 2, 2003, total skier visits were 1,953,000, a decrease of 201,000 visits, or 9 percent from the 2002 period. A general discussion of the weather and operating conditions experienced by the Company’s resorts during the 2002/03 ski season follows.

The Lake Tahoe region experienced relatively dry conditions and a lack of natural snowfall through mid-December 2002. Due to its snowmaking system, Northstar opened on schedule. However, Sierra did not open until Dec. 16, 2002, due to its dependence on natural snowfall. During the period from Dec. 14 to 21, the region received a number of powerful storms resulting in over 6 feet of snowfall at Northstar and Sierra. While the storms provided excellent skiing conditions for the Christmas holiday season, the storms caused prolonged power outages prior to Christmas, difficult road conditions and other factors which negatively affected skier visitation on a number of days during mid-December 2002. During January, February and March 2003, the Lake Tahoe region experienced natural snowfall levels that were substantially below both long-term historical and prior season levels, which negatively impacted customers’ perception of skiing conditions in Lake Tahoe. Despite these weather challenges, skier visits at Northstar for the 2002/03 season increased by 49,000 visits, or 9 percent, due to the relative competitive advantage of its snowmaking system and the introduction of new season pass products.

Skier visitation at Sierra for the 2002/03 season declined by 66,000 visits, or 16 percent, due primarily to the delayed opening for the 2002/03 season and skier visit shortfalls in the latter part of January and February 2003 due to the lack of natural snowfall.

During the first half of the 2002/03 ski season, the northeastern United States experienced much colder temperatures and increased natural snowfall as compared to the record warm winter of 2001/02. As a result, the Company’s New Hampshire resorts (Waterville Valley, Mt. Cranmore and Loon Mountain) experienced generally good operating conditions for the early part of the 2002/03 ski season. Bitterly cold temperatures during the second half of January and the first half of February 2003, as well as several major disruptive storms (including over the important Presidents’ Day holiday) in Boston and other major cities in the Northeast, dampened mid-season skier visitation. Late season conditions at the Company’s New Hampshire resorts were generally improved over the prior season. For the 2002/03 ski season, skier visits at the Company’s New Hampshire resorts increased by 99,000 visits, or 16 percent, from the prior season.

For the 2002/03 season, the Pacific Northwest experienced unseasonably warm temperatures and substantially below average snowfall. Snowfall at the Summit for the 2002/03 season was less than 60 percent of historical long-term averages and prior season levels. In addition, average temperatures at the Summit during the 2002/03 ski season were generally warmer than normal, and the resort experienced a number of rain events during the course of the season. The Summit commenced partial operations on Dec. 27, 2002, on limited terrain, as compared to a Nov. 30, 2001, opening for the 2001/02 ski season. Skiing conditions remained poor at the Summit throughout the 2002/03 season. Conversely, operating conditions at the Summit were generally favorable throughout the 2001/02 ski season. As a result of these conditions, total skier visits at the Summit for the 2002/03 season were down 283,000 visits, or 46 percent, as compared to the 2001/02 seas.

Second Quarter Results:

Resort operations revenues were $50,431,000 for the quarter ended May 2, 2003, a reduction of $1,472,000, or 3 percent, from the level of revenues generated during the quarter ended May 3, 2002, due principally to the 6 percent decline in skier visits.

Cost of sales and selling, general and administrative expense applicable to the resort segment totaled $30,592,000 for the quarter ended May 2, 2003, an increase of $317,000 from the 2002 period, due principally to normal inflationary factors and higher insurance costs, partially offset by lower snowmaking costs, incentive compensation costs and workers’ compensation provisions.

Operating income for the resort segment for the 2003 period was $15,935,000 compared to operating income of $17,332,000 for the 2002 period. Resort operations contributed EBITDA (as defined below) of $19,839,000 for the quarter ended May 2, 2003, compared with EBITDA of $21,628,000 for the 2002 period, a decline of 8 percent.

Revenues from real estate operations for the quarter ended May 2, 2003, were $646,000, due to the close of escrow on the final lot within the Unit 7 development at Northstar. Thirteen lots within the Unit 7 development closed during the 2002 period, which generated revenues of $5,600,000.

Cost of sales, depletion and selling, general and administrative expense for the real estate and other segment totaled $762,000 for the quarter ended May 2, 2003, as compared to $1,806,000 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 $1,464,000, respectively, due to the lot sales within the Unit 7 development at Northstar.

Operating loss for the real estate and other segment was $116,000 for the 2003 period, as compared to operating income of $3,809,000 in the 2002 period. Real estate and other operations produced EBITDA (as defined below) of $74,000 for the quarter ended May 2, 2003, compared with EBITDA of $5,273,000 in the 2002 period.

Interest expense was $3,089,000 for the quarter ended May 2, 2003, as compared to $3,812,000 for the 2002 period, a reduction of $723,000, or 19 percent. The decline in interest expense for the 2003 period was primarily due to reduced borrowings and lower average interest rates.

The Company’s total debt, including revolving credit facility borrowings, has declined from $125,547,000 at May 3, 2002, to $113,492,000 at May 2, 2003, a reduction of $12,055,000, or 10 percent.

Following the close of the second quarter, the Company received an amendment which modified certain financial covenants under its Amended and Restated Credit Agreement.

The Company recognized a gain on the early retirement of debt of $2,761,000 for the quarter ended May 3, 2002, relating to the repurchase of $29,325,000 aggregate principal amount of its 12.5 percent senior notes due 2007 (the “Senior Notes”).

The Company’s income from continuing operations totaled $12,472,000 for the quarter ended May 2, 2003, a reduction of $7,375,000 from the Company’s income from continuing operations in the corresponding period of 2002, as a result of the factors discussed above.

Total EBITDA (excluding the noncash cost of real estate sales) (as defined below) was $19,913,000 for the quarter ended May 2, 2003, as compared to EBITDA of $26,901,000 for the 2002 period.

The Company realized income from discontinued operations of $1,712,000 during the quarter ended May 3, 2002, relating to the former operations of Bear Mountain, Inc. (“Bear Mountain”), which was sold on Oct. 10, 2002.

The Company’s net income for the quarter ended May 2, 2003, was $12,472,000, a reduction of $9,087,000 from the net income of $21,559,000 generated for the quarter ended May 3, 2002, primarily as a result of the $5,600,000 in real estate sales, $1,712,000 of income from discontinued operations of Bear Mountain 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.

Year-to-Date Results:

Resort operations revenues were $96,946,000 for the six months ended May 2, 2003, a reduction of $4,314,000, or 4 percent, from the level of revenues generated during the six months ended May 3, 2002. For the six months ended May 2, 2003, the Company experienced a decline in lift ticket and other related revenue sources due primarily to a 9 percent decline in total skier visits, which was partially offset by higher season pass sales. Total season pass sales for the 2002/03 season increased by $4,650,000, or 32 percent, from the level of passes sold for the 2001/02 season.

Cost of sales and selling, general and administrative expense applicable to the resort segment totaled $63,209,000 for the six months ended May 2, 2003, an increase of $82,000 from the comparable 2002 period, due principally to normal inflationary factors and higher insurance costs, partially offset by (i) lower snowmaking costs, (ii) reduced United States Forest Service permit fees in the 2003 period, (iii) the effect of higher workers’ compensation provisions in the 2002 period for exposures at the Company’s Lake Tahoe and Washington resorts, (iv) reduced provisions under incentive compensation arrangements in the 2003 period, and (v) lower legal fees in the 2003 period as a result of the resolution of certain legal matters involving Loon Mountain.

Operating income for the resort segment for the 2003 period was $26,010,000 compared to operating income of $29,566,000 for the 2002 period. Resort operations contributed EBITDA (as defined below) of $33,737,000 for the quarter ended May 2, 2003, compared with EBITDA of $38,133,000 for the 2002 period, a decline of $4,396,000, or 12 percent.

Revenues from real estate operations for the six months ended May 2, 2003, were $646,000, due to the close of escrow on the final lot within the Unit 7 development at Northstar. Twenty lots within the Unit 7 development at Northstar closed during the 2002 period, which generated revenues of $8,900,000.

Cost of sales, depletion and selling, general and administrative expense for the real estate and other segment totaled $1,078,000 for the six months ended May 2, 2003, as compared to $2,668,000 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 $2,129,000, respectively, due to the lot sales within the Unit 7 development at Northstar.

Operating loss for the real estate and other segment was $416,000 for the 2003 period, as compared to operating income of $6,247,000 in the 2002 period. Real estate and other operations produced an EBITDA loss (as defined below) of $219,000 for the six months ended May 2, 2003, compared with EBITDA of $8,376,000 in the 2002 period.

In March 2003, the Company launched the sale of the Unit 7A subdivision at Northstar, which consists of 15 ski-in/ski-out single family lots. As of June 13, 2003, the Company entered into binding contracts for the sale of 12 of the lots at an average lot price of approximately $770,000. The Company is continuing efforts to market and sell the remaining three lots within the subdivision. The close of escrow for the lots currently under contract is anticipated to occur during the Company’s fourth fiscal quarter of 2003, which is subject to (i) completion of the subdivision infrastructure, (ii) certain subdivision and final permitting activities, and (iii) other normal and customary closing conditions.

Interest expense was $6,460,000 for the six months ended May 2, 2003, as compared to $8,073,000 for the 2002 period, a reduction of $1,613,000, or 20 percent. The decline in interest expense for the 2003 period was primarily due to 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 six months ended May 2, 2003, and May 3, 2002, respectivriod and lower resort operations revenues in the 2003 period.

Year-to-Date Results:

Resort operations revenues were $96,946,000 for the six months ended May 2, 2003, a reduction of $4,314,000, or 4 percent, from the level of revenues generated during the six months ended May 3, 2002. For the six months ended May 2, 2003, the Company experienced a decline in lift ticket and other related revenue sources due primarily to a 9 percent decline in total skier visits, which was partially offset by higher season pass sales. Total season pass sales for the 2002/03 season increased by $4,650,000, or 32 percent, from the level of passes sold for the 2001/02 season.

Cost of sales and selling, general and administrative expense applicable to the resort segment totaled $63,209,000 for the six months ended May 2, 2003, an increase of $82,000 from the comparable 2002 period, due principally to normal inflationary factors and higher insurance costs, partially offset by (i) lower snowmaking costs, (ii) reduced United States Forest Service permit fees in the 2003 period, (iii) the effect of higher workers’ compensation provisions in the 2002 period for exposures at the Company’s Lake Tahoe and Washington resorts, (iv) reduced provisions under incentive compensation arrangements in the 2003 period, and (v) lower legal fees in the 2003 period as a result of the resolution of certain legal matters involving Loon Mountain.

Operating income for the resort segment for the 2003 period was $26,010,000 compared to operating income of $29,566,000 for the 2002 period. Resort operations contributed EBITDA (as defined below) of $33,737,000 for the quarter ended May 2, 2003, compared with EBITDA of $38,133,000 for the 2002 period, a decline of $4,396,000, or 12 percent.

Revenues from real estate operations for the six months ended May 2, 2003, were $646,000, due to the close of escrow on the final lot within the Unit 7 development at Northstar. Twenty lots within the Unit 7 development at Northstar closed during the 2002 period, which generated revenues of $8,900,000.

Cost of sales, depletion and selling, general and administrative expense for the real estate and other segment totaled $1,078,000 for the six months ended May 2, 2003, as compared to $2,668,000 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 $2,129,000, respectively, due to the lot sales within the Unit 7 development at Northstar.

Operating loss for the real estate and other segment was $416,000 for the 2003 period, as compared to operating income of $6,247,000 in the 2002 period. Real estate and other operations produced an EBITDA loss (as defined below) of $219,000 for the six months ended May 2, 2003, compared with EBITDA of $8,376,000 in the 2002 period.

In March 2003, the Company launched the sale of the Unit 7A subdivision at Northstar, which consists of 15 ski-in/ski-out single family lots. As of June 13, 2003, the Company entered into binding contracts for the sale of 12 of the lots at an average lot price of approximately $770,000. The Company is continuing efforts to market and sell the remaining three lots within the subdivision. The close of escrow for the lots currently under contract is anticipated to occur during the Company’s fourth fiscal quarter of 2003, which is subject to (i) completion of the subdivision infrastructure, (ii) certain subdivision and final permitting activities, and (iii) other normal and customary closing conditions.

Interest expense was $6,460,000 for the six months ended May 2, 2003, as compared to $8,073,000 for the 2002 period, a reduction of $1,613,000, or 20 percent. The decline in interest expense for the 2003 period was primarily due to 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 six months ended May 2, 2003, and May 3, 2002, respectively, relating to repurchases of $16,000,000 and $29,325,000 aggregate principal amount of its Senior Notes during the 2003 and 2002 periods, respectively.

The Company’s income from continuing operations totaled $19,103,000 for the six months ended May 2, 2003, a reduction of $10,915,000 from the Company’s income from continuing operations in the corresponding period of 2002, as a result of the factors discussed above.

Total EBITDA (excluding the noncash cost of real estate sales) (as defined below) was $33,518,000 for the six months ended May 2, 2003, as compared to EBITDA of $46,509,000 for the 2002 period.

The Company realized income from discontinued operations of $3,250,000 during the six months ended May 3, 2002, relating to the former operations of Bear Mountain.

The Company’s net income for the six months ended May 2, 2003, was $19,103,000, a reduction of $13,965,000 from the net income of $33,068,000 generated for the six months ended May 3, 2002, primarily as a result of the $8,900,000 in real estate sales, $3,250,000 of income from the discontinued operations of Bear Mountain 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).ctively, relating to repurchases of $16,000,000 and $29,325,000 aggregate principal amount of its Senior Notes during the 2003 and 2002 periods, respectively.

The Company’s income from continuing operations totaled $19,103,000 for the six months ended May 2, 2003, a reduction of $10,915,000 from the Company’s income from continuing operations in the corresponding period of 2002, as a result of the factors discussed above.

Total EBITDA (excluding the noncash cost of real estate sales) (as defined below) was $33,518,000 for the six months ended May 2, 2003, as compared to EBITDA of $46,509,000 for the 2002 period.

The Company realized income from discontinued operations of $3,250,000 during the six months ended May 3, 2002, relating to the former operations of Bear Mountain.

The Company’s net income for the six months ended May 2, 2003, was $19,103,000, a reduction of $13,965,000 from the net income of $33,068,000 generated for the six months ended May 3, 2002, primarily as a result of the $8,900,000 in real estate sales, $3,250,000 of income from the discontinued operations of Bear Mountain 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).