Snow Summit- Bear Mountain Deal Done

Big Bear Lake, Calif., October 11, 2002- Snow Summit Ski Corporation, owner of Snow Summit Mountain Resort (Snow Summit) located in Big Bear Lake, California, has finalized its purchase of neighboring Big Bear Mountain Resort (Bear Mountain) from Booth Creek Ski Holdings, Inc. The two resorts, located just one mile apart, will be jointly marketed under the new entity referred to as “Big Bear Mountain Resorts.” As a result, Big Bear Mountain Resort will revert to its former name of Bear Mountain Resort.

This winter, Snow Summit will commemorate its 50th anniversary by giving Southern California skiers and snowboarders one of the most exciting presents they could have asked for, two full-service resorts with one lift ticket. The customer truly benefits with access to a combined 430 developed acres, over 55 runs and 23 lifts (4 high-speed detachable quads). Together, the two resorts also offer hundreds of acres of open glades and canyons, some of the world’s most progressive freestyle terrain parks, a considerable variety of beginner through advanced terrain, two of the largest snowmaking systems in the world and a top quality infrastructure of facilities to satisfy all the needs and wants of skiers and snowboarders.

“Of course we anticipate some cost savings with this merger,” said Dick Kun, President of Snow Summit. “However, we believe the real value to our company, our guests, and the community of Big Bear is that we will be able to position each resort in ways that to date have not been possible.”

In recent years, each resort has attempted to be “all things to all people,” catering to a broad market including youthful freestyle enthusiasts, families with children and mainstream skiers and snowboarders. In doing so, certain services have been somewhat compromised at both resorts. Now, each resort will be able to gear its facilities and services more effectively to select segments of this extensive market to provide an enhanced experience for everyone. “Our goal is to create greater guest satisfaction and an enhanced experience across the board in order to grow the market and encourage those who may have left the sport to return,” said Kun.

Bear Mountain will be oriented more toward the youthful freestyle skiers and snowboarders whereas Snow Summit will cater more to families with children and mainstream skiers and snowboarders. Snow Summit and Bear Mountain will continue to offer the highest quality products and services to both skiers and snowboarders.

The new “Big Bear Mountain Resorts” entity will feature the individual Snow Summit and Bear Mountain brands. Interchangeable lift tickets will grant guests access to both resorts with the exception of Saturdays in January and February and holiday periods, during which time a limited number of dual mountain tickets will be sold. Once the limited offering is sold-out, only resort specific tickets will be sold allowing Snow Summit and Bear Mountain to maintain their famous ticket limiting policy and continue too successfully avoid overcrowding.

Snow Summit has been recognized as the premier mountain resort in Southern California for five decades because of its quality of operations in snowmaking and grooming, limited ticket sales, and most recently its cutting-edge freestyle terrain parks. The resorts are approximately one mile apart and are located in the San Bernardino Mountains, a 1-3 hour drive from most Southern California locations.