Okemo Owners To Buy Crested Butte

Ludlow, VT – (January 6, 2004) – Tim and Diane Mueller, Owners of Triple Peaks, LLC have announced today that they have entered into a Definitive Purchase and Sale Agreement to buy Crested Butte Ski Resort from the Callaway and Walton families, owners of Crested Butte Mountain Ski Resort, LLC and it subsidiaries.

The Mueller’s signed a Letter of Intent for the purchase of Crested Butte Ski Resort on October 28, 2003 and expect the completion of the sale to take place in early February of 2004.

“The qualitative aspect is, and has always been, the top priority with our family of resorts,” commented Tim Mueller, owner of Triple Peaks, LLC. “We recognize the potential that exists with Crested Butte and are committed to placing guest service and the overall quality of the recreational experience as our top priority. Our vision for the future is to build upon the attributes of the mountain and community to reinforce its reputation for excellence.”

“We’re excited to move one important step closer to the sale”, commented John Norton, President and CEO of Crested Butte Ski Resort. “Everyone here looks forward to the plans, energy and capital the Muellers will bring to Crested Butte.”

Crested Butte is located in southwest Colorado in the town of Mt. Crested Butte and is best known for its historic town, exciting nightlife and some of the best extreme skiing in the world. The resort has 85 trails spread over 1,058 acres, with 14 lifts and receives over 240 inches of natural snow each season.###

About Tim and Diane Mueller & Triple Peak, LLC Resorts

Tim and Diane Mueller are the owners of Okemo Mountain Resort in Ludlow, Vermont, one of the largest and most successful ski and golf resorts in the East; and operators of Mount Sunapee Resort in Newbury, New Hampshire, known for its pristine location, friendly environment, diverse trail system and family appeal. By reinvesting in the infrastructure of the mountain and by recognizing the potential of the staff, both Okemo and Mount Sunapee have received national acclaim in both the snowsports and golf industries.

Okemo Mountain Resort

Location: Ludlow, Vermont (4 ¿ hours from NYC)

Elevation: Base 1,194 feet; Summit 3,344 feet

Vertical Drop: 2,200 Feet (highest in Southern Vermont)

Acres: 604 (495 covered by snowmaking)

Lifts: 18, including 9 quad chairs (5 highspeed detachable quads), 3 triple chairs and 6 surface lifts

Trails: 113

Two Super Pipes and 6 Terrain Parks

Skier/Rider Visits: 604,000

Mount Sunapee Resort

Location: Newbury, NH (90 minutes from Boston)

Elevation: Summit 2,743 feet

Vertical Drop: 1,510 feet (highest in southern New Hampshire)

Acres: 230 (97% covered by snowmaking)

Lifts: 10, including 3 quad chairs (one high-speed detachable quad), 2 triple chairs,

1 double chair, 4 surface lifts

Trails: 65

Super Pipe and Freeride Terrain Parks

Skier/Rider Visits: 272,000

Crested Butte Ski Resort

Location: Mt. Crested Butte, Colorado (30 miles from Gunnison)

Elevation: 12,162 feet

Vertical Drop: 2,775 feet lift-served (3,062 feet with a short hike to the peak)

Acres: 1,058 (300 acres covered by snowmaking)

Lifts: 14, including 3 highspeed quads, 3 triple chairs, 3 double chairs, 3 surface lifts, 2 Magic Carpets"¢

Trails: 85

Halfpipe: One

Terrain Park: Two, one beginner/one intermediate-advanced with rails and jump features of various shapes and sizes

Skier/Rider Visits: 342,416