Investments to Focus on Enhancing the Guest and Employee Experience
Denver, CO, March 21, 2023 – Today, Alterra Mountain Company, the world's premier mountain
operating company, announces a nearly $500 million capital investment program focused on
enhancing the guest and employee experience across its portfolio of destinations over the next
year. The announcement follows last year's significant milestone, when the company completed
more than $1 billion in capital improvements over its first five years of operation, double the
original financial commitment of $555 million announced when the company was formed.

In the year ahead, Alterra will invest almost $400 million for lifts, snowmaking, summer
adventures, additional guest amenities, and resort infrastructure; $50 million dedicated to
employee housing; and $40 million for technology upgrades to better connect and streamline
the guest experience.

In just the past year, Alterra has completed three extraordinary projects, including the opening of
the new Base to Base Gondola that remade Palisades Tahoe into the largest ski area in
California, the opening of Steamboat's industry-redefining Greenhorn Ranch Learning Center,
and the first stage of its Wild Blue Gondola, which will ultimately become the longest gondola in
North America and the fastest in the country.

“In our first five years, Alterra Mountain Company has established itself as a proven leader in
the outdoor industry, and we intend to continue to innovate by investing in large-scale projects
that will deliver differentiated guest experiences,” said Jared Smith, President & CEO, Alterra
Mountain Company. “These projects, and our investments in the years ahead, demonstrate our
unwavering commitment to evolving our destinations to better serve our guests and to improving
the experience our employees can expect when living and working in our mountain
communities.”

Elevated Guest Amenities
With an eye towards providing all our guests with options that suit their tastes, Alterra has
committed to investing in the transformation of its base areas and on-mountain amenities,
including food and beverage and skier services offerings.

● In winter 23/24, Steamboat's three-year Full Steam Ahead project concludes with the
addition of 655 acres of expert terrain in Mahogany Ridge and Fish Creek Canyon,
making Steamboat the second largest ski resort in Colorado. Wild Blue Gondola will
become the longest gondola in North America and the fastest 10-person gondola in the
country. Over the course of Full Steam Ahead, Steamboat has transformed Steamboat
Square and reimagined the resort experience by adding an escalator to eliminate stairs,
moving the Steamboat Gondola on snow to make room for a larger Steamboat Square
featuring Skeeter's Ice Rink, the Mountain Stage and the Range Food & Drink Hall, and
introducing Greenhorn Ranch, a dedicated beginners area on-mountain. This concludes
the company's initial $220 million and three-year investment in Full Steam Ahead.

● Crystal Mountain's new 25,000 sq. ft. skier services facility, called Mountain Commons,
will bring new guest services and ticketing experience, retail, dining and an expanded
slope-side beach area for the 23/24 winter season.

● Snowshoe is planning for the new design concept replacing Shavers Center that will
feature enhanced skier services, including food and beverage and après offerings, and
other year-round activities.

In addition, the company has significant plans to enhance the base area offerings at Deer Valley
Resort, Winter Park Resort, Palisades Tahoe and Mammoth Mountain in the years ahead.

Increased Lift and Terrain Capacity
With a focus on providing a better experience for all guests by allowing for better capacity
balancing and expanding lift-served beginners areas, Alterra completed the installation of six
lifts prior to the 22/23 winter season. This year, Alterra will invest in an additional eight lifts,
including new or replacement lifts at Steamboat, Mammoth Mountain, Winter Park Resort,
Solitude Mountain Resort, and Snowshoe Mountain.

● The completion of Steamboat's much anticipated Wild Blue Gondola will increase
out-of-base capacity by nearly double, whisking skiers and riders to the top of Sunshine
Peak at 10,397 feet in about 12 minutes. Steamboat will also add 655 acres of expert
terrain in Mahogany Ridge and Fish Creek Canyon, serviced by the new Mahogany
Ridge Express high-speed quad lift, making Steamboat the second largest ski resort in
Colorado.

● Snowshoe will replace the Powder Monkey lift with a fixed-grip quad that will increase
uphill capacity in the Basin area and improve access to its Western Territory.
● Pioneer Lift at Winter Park Resort will become a 6-pack and benefit from a mid-station
loading point for better return skiing.

● Canyon Express at Mammoth Mountain will be upgraded from a quad to a high-speed
6-pack to boost uphill capacity by 25% and allow faster reopening after weather events.

● Eagle Express at Solitude Mountain Resort will be replaced with a high-speed 6-pack lift.
Expanded Beginner Terrain & Ski Racing Courses

In an effort to introduce more guests to snow sports, Alterra continues to make sizable
investments in beginner terrain and racing facilities. The company's investments include
Steamboat's new premier Greenhorn Ranch dedicated beginners area featuring terrain-based
learning, four magic carpets, and the Greenhorn Ranch Express, a detachable quad lift. In
addition, enhancements are being made to beginners areas in Deer Valley Resort, Stratton,
Snowshoe, and Big Bear Mountain Resort.

Alterra is also making significant investments in recreational ski racing infrastructure, adding
free racing courses to each of its mountain destinations in partnership with newly-minted FIS all
time World Cup record-holder, Mikaela Shiffrin, U.S. Ski and Snowboard, and Outside
Interactive, Inc., owner of NASTAR. Alterra and its partners hope offering these investments for
free will invite and ignite the next generation of ski-race champions.
More Efficient Snowmaking

To help ensure a consistent season length and a quality experience, Alterra is investing in
robust, multi-year snowmaking enhancement programs designed to bring higher efficiency
equipment to all resorts, most notably overhauling systems at Winter Park Resort, Steamboat,
Palisades Tahoe, Sugarbush, Snowshoe and Mammoth Mountain. These new systems favor
increased energy efficiency and reduced water usage allowing our destinations to improve our
guest experience while reducing our environmental impact.

Additional Summer Offerings
In an effort to provide guests with mountain adventures 12 months a year, Alterra continues to
reimagine and expand its slate of summer activities to enhance the guest experience beyond
the winter season. Among our larger projects:

● Mammoth Mountain will debut the revamped Woolly's Adventure Summit, which will add
one of the longest mountain coasters in North America after introducing expanded and
improved winter tubing lanes this past winter. In addition, Woolly's will break ground this
summer on a permanent base lodge with food and beverage amenities. Future phases
plan to include the addition of a zip coaster, adventure ropes courses and the relocation
of Snowmobile Adventures, making Woolly's Adventure Summit a true year-round center
for family mountain adventures of all ages.

● Additional summer offerings include a new alpine slide at Winter Park and an aerial
adventure course at Crystal Mountain.
○ The Winter Park Alpine Slide first opened in the summer of 1980 as Colorado's
longest alpine slide with 3,000 feet of smooth track. The track will be replaced
this summer.
○ Crystal Mountain's new Flying Raven Adventure Course will feature a series of
aerial challenges including rope bridges, barrel crossings, and treetop ladders
and will open in summer 2023.

Enhanced Digital Guest Technology Improvements
Alterra is committed to utilizing consumer technology to ease and enhance our guests' journey
from booking to arriving at our destinations. As a result, the company is investing significant
capital to improve its digital capabilities. In the year ahead, guests will benefit from additional
Ikon Pass app features, significantly streamlined booking and packaging options, new RFID
gate technology at most resorts, and a more connected experience on and off the mountain.

Commitment to Employee Housing
With its employees experience top of mind, Alterra is committed to doubling its portfolio-wide
employee housing capacity over the next five year investment period. In 2023, the company will
add almost 500 workforce housing beds with significant expansion at Palisades Tahoe, Stratton,
Tremblant, and Winter Park Resort, which will mark the opening of a brand new premier housing
facility that will house over 300 employees on resort grounds. The company is also in the
planning stages for nearly 1,000 additional affordable workforce housing beds across Palisades
Tahoe, Blue Mountain, Crystal Mountain, Sugarbush, and Deer Valley Resort.

About Alterra Mountain Company
Alterra Mountain Company is a family of 16 iconic year-round resorts, the world's largest heli-skiing operation, and
Ikon Pass - the premier ski and snowboard season pass offering access to more than 50 iconic mountain destinations
around the world. Headquartered in Denver, Colorado and born out of a shared love of the mountains and adventure,
the company has brought together some of the world's most aspirational brands, including: Steamboat and Winter
Park in Colorado; Palisades Tahoe, Mammoth Mountain, June Mountain, Big Bear Mountain Resort and Snow Valley
in California; Stratton Mountain and Sugarbush Resort in Vermont; Snowshoe Mountain in West Virginia; Tremblant in
Quebec and Blue Mountain in Ontario, Canada; Crystal Mountain in Washington; Deer Valley Resort and Solitude
Mountain Resort in Utah; and CMH Heli-Skiing & Summer Adventures in British Columbia. Also included in the
portfolio is Alpine Aerotech, a worldwide helicopter support and maintenance service center in British Columbia,
Canada, Aspenware, the ski industry leader in technology services and e-commerce, and Ski Butlers, the global
leader in ski and snowboard rental delivery. For more information, please visit www.alterramtnco.com.

About Ikon Pass
The Ikon Pass welcomes skiers and riders to a community of inspiring mountain destinations and the people who live
and play among them across the Americas, Europe, Australia, New Zealand, and Japan. Brought to you by Alterra
Mountain Company, the Ikon Pass unlocks adventure at iconic and unique destinations including Aspen Snowmass,
Steamboat, Winter Park, Copper Mountain Resort, Arapahoe Basin, and Eldora Mountain Resort in Colorado;
Palisades Tahoe, Mammoth Mountain, June Mountain, Big Bear Mountain Resort and Snow Valley in California;
Jackson Hole Mountain Resort in Wyoming; Big Sky Resort in Montana; Stratton, Sugarbush Resort, and Killington in
Vermont; Windham Mountain in New York; Snowshoe in West Virginia; The Highlands and Boyne Mountain in
Michigan; Crystal Mountain and The Summit at Snoqualmie in Washington; Mt. Bachelor in Oregon; Sun Valley and
Schweitzer in Idaho; Tremblant in Quebec and Blue Mountain in Ontario, Canada; SkiBig3 in Alberta, Canada;
Revelstoke Mountain Resort, RED Mountain, Cypress Mountain, Panorama Mountain Resort and Sun Peaks Resort
in British Columbia, Canada; Sunday River and Sugarloaf in Maine; Loon Mountain in New Hampshire; Taos Ski
Valley, New Mexico; Deer Valley Resort, Solitude Mountain Resort, Brighton Resort, Alta Ski Area, Snowbird and
Snowbasin in Utah; Chamonix Mont-Blanc Valley in France, Dolomiti Superski in Italy, Grandvalira Resorts Andorra in
Andorra, Kitzbühel in Austria, Zermatt in Switzerland; Thredbo and Mt Buller in Australia; Coronet Peak, The
Remarkables, Mt Hutt in New Zealand; Niseko United and Lotte Arai Resort in Japan, and Valle Nevado in Chile.
Special offers are available at CMH Heli-Skiing & Summer Adventures, the world's largest heli-skiing and
heli-accessed hiking operation. For more information, please visit www.ikonpass.com.