VANCOUVER – Nov. 9, 2004 – Intrawest Corporation, one of the world's leading destination resort and adventure-travel companies, has announced its results for the fiscal 2005 first quarter ended September 30, 2004. Total revenue for the quarter was $206.5 million compared with $276.6 million for the same period last year. The company incurred a net loss of $6.7 million or $0.14 per share compared with net income of $0.9 million or $0.02 per share in 2003.

Total Company EBITDA (earnings before interest, income taxes, non- controlling interest, depreciation and amortization) was $16.1 million compared with $25.5 million in 2003. The decline in revenue, net income and Total Company EBITDA was expected and due mainly to the timing of construction completions. The company delivered significantly more real estate units in the first quarter last year compared with the first quarter this year.

Resort and travel operations revenue and profit contribution increased to $129.3 million and $7.1 million, respectively, from $54.4 million and $3.5 million, due mainly to the acquisition in July 2004 of a 67% interest in Abercrombie & Kent, the world's leading luxury adventure-travel company.

Abercrombie & Kent had a strong first quarter, generating revenue of $70.5 million. Excluding Abercrombie & Kent, resort and travel operations revenue increased 8% over the first quarter last year, led primarily by growth at Whistler Blackcomb and Sandestin.

"We are extremely pleased with the addition of Abercrombie & Kent," said Joe Houssian, Intrawest's chairman, president and chief executive officer. "The adventure-travel company has made a significant contribution in the first quarter which helps balance the seasonality of our mountain resorts." Management services revenue and profit contribution increased to $35.1 million and $5.7 million, respectively, from $24.5 million and $2.6 million primarily as a result of increased real estate development and sales services fees and higher property rental management fees. Occupied room nights in the first quarter increased five per cent over the first quarter last year and average daily rates increased seven per cent.

Revenue from real estate development decreased, as expected, to $39.6 million from $193.3 million in 2003 as 42 units were closed compared with 317 units last year. The timing of unit deliveries is tied to construction completion and two major projects at Sandestin and Lake Las Vegas completed construction during the quarter ended September 30, 2003, allowing the delivery of 229 units. In addition, one project was sold to Leisura for $5.3 million in the first quarter of fiscal 2005 compared with four projects for $48.8 million in the first quarter last year. The decline in revenue decreased the profit contribution from real estate development to $5.5 million from $14.5 million in the first quarter last year.

Intrawest's Board of Directors declared a dividend of Cdn$0.08 per common share payable on January 26, 2005 to shareholders of record on January 12, 2005.

For additional information, please contact Mr. John Currie, chief financial officer, at (604) 669-9777 or Mr. Tim McNulty, director, investor relations at (604) 623-6620 or at tmcnulty@intrawest.com.