The Resorts Of TheCanadain Rockies LTD Buys Mont-Saine-Anne

Qubec, Canada, July 14 1999 – Mr. Charles Locke, owner of TheResorts of the Canadian Rockies Ltd. announced today that his company haspurchased Mont-Sainte-Anne Resort, located 30 minutes east of Qubec City,from the Texas-based corporation ClubCorp Resorts.

Mont-Sainte-Anne is Quebec’s most renowned ski area and is the secondlargest in terms of skiers visits attracting over 460 000 visitors eachwinter. The resort also includes Canada’s largest cross-country skifacility, two golf courses, including the magnificently revitalised GrandVallon, a beautiful campground and Quebec’s largest network of mountainbiking trails.

Mr. Locke indicated that he is very pleased with the acquisition saying”the purchase of Mont-Sainte-Anne, combined with Stoneham, makes TheResorts of the Canadian Rockies Ltd. the largest privately owned skioperator in Quebec.”

“Combining the strengths of both Stoneham and Mont-Sainte-Anne will allowus to promote the Greater Quebec City Area as the destination of choice inEastern North America, for both skiers and golfers” says Locke. “Moreover,the goal of The Resorts of the Canadian Rockies is to set the standards ofexcellence for resort operations and development, not only in NorthAmerica, but in the world. Our mission is to provide the best vacation andrecreation experience possible to our guests” concluded Locke.

The Resorts of the Canadian Rockies is one of North America’s largest skiresort operator with ownership of eight resorts including world-renownedLake Louise, Nakiska, site of the 1988 Winter Olympics, Fortress, andWintergreen in Alberta; Fernie and Kimberley in British Columbia; andStoneham and Mont-Sainte-Anne in Quebec.

The company is currently building resort villages at Fernie and Kimberley,B.C. and expects to start the construction of a resort village at Stonehamnext year.