Uphill Capacity To Increase By 38 Percent

STEAMBOAT SPRINGS, CO – November 30, 2018 — Alterra Mountain Company and the Steamboat Ski & Resort Corporation announce a $15 million replacement project of the resort’s existing gondola with a new eight-person gondola for the 2019/20 winter season.

“The new gondola demonstrates Alterra Mountain Company’s continued commitment to Steamboat Ski Resort, coming on the heels of nearly $12 million invested in Timber & Torch, the Taco Beast, and other resort improvements for winter 2018/19,” said Rob Perlman, president and chief operating officer for Steamboat Ski & Resort Corporation. “Everyone knows the gondola is the main lift out of the base area, and having a new, high speed, state of the art transportation system will be a noticeable improvement not only in the winter on Champagne Powder snow mornings, but also during the summer with our popular sunset happy hours.”

The Doppelmayr-designed gondola will feature all new level-walk-in cabins, with 12 added to the line, increasing from 125 to 137 total new cabins. The current ride time will go from 12 minutes to less than 10 with increased speeds from five meters/second to six, increasing uphill capacity nearly 38 percent from 2,600 people per hour, to 3,600. The new gondola cabin design will allow the resort to streamline freight hauling, eliminating guest impact while hauling more than 10,000 pounds of food up per day to support on-mountain dining. The new gondola will feature all new drives, brakes, line equipment and top-station bull wheel, along with all new towers to support the new machine. With an approximate nine-month construction timeline, the new gondola is expected to open in November 2019.

“From day one Alterra Mountain Company has emphasized our commitment to enhancing the guest experience across our family of 14 North American destinations. We are focused on improving every aspect of a guest’s visit, while preserving the unique character and traditions of each resort,” said David Perry, president and chief operating officer of Alterra Mountain Company. “We have designated $555 million in capital investment over five years company-wide, and Steamboat’s new gondola fits seamlessly within our plans. We are excited to invest in infrastructure, and proud of the impact it will make on the community, our guests, and the future of Steamboat.”

Work on the new gondola will begin immediately after the resort closes for the 2018/19 winter season. Due to construction, the gondola will not be available during summer 2019. The resort will work to formulate a plan offering alternate lifts for bike upload, scenic lift rides and access to the Steamboat Bike Park in the coming weeks. The Outlaw Mountain Coaster and other base area activities will be open during the summer season.

The resort will continue to provide updates on the gondola including enhancement announcements, construction schedules, plans for the current gondola and more throughout the season.

About Alterra Mountain Company

Alterra Mountain Company is a family of 14 iconic year-round destinations, including the world’s largest heli-ski and heli-hiking operation, offering the Ikon Pass, the new standard in season passes. The company owns and operates a range of recreation, hospitality, real estate development, food and beverage and retail businesses. Headquartered in Denver, Colorado, with destinations across the continent, Alterra Mountain Company is rooted in the spirit of the mountains and united by a passion for outdoor adventure. Alterra Mountain Company’s family of diverse playgrounds spans six U.S. states and three Canadian provinces: Steamboat and Winter Park Resort in Colorado; Squaw Valley Alpine Meadows, Mammoth Mountain, June Mountain and Big Bear Mountain Resort in California; Stratton in Vermont; Snowshoe in West Virginia; Tremblant in Quebec, Blue Mountain in Ontario; Crystal Mountain Resort in Washington; Deer Valley Resort and Solitude Mountain Resort in Utah; and CMH Heli-Skiing & Summer Adventures in

British Columbia. Alterra Mountain Company honors each destination’s unique character and authenticity and celebrates the legendary adventures and enduring memories they bring to everyone. For more information, please visit www.alterramtnco.com.