Updated 07/07

Who Owns Which Mountain Resorts
(Listed by state in which headquartered)

CALIFORNIA

Snow Summit Ski Corp.
Big Bear Mountain Resort, California
Sierra Summit, California
Snow Summit, California

COLORADO

Aspen Skiing Company
Aspen Mountain, Colorado
Aspen Highlands, Colorado
Buttermilk, Colorado
Snowmass Ski Area, Colorado

Booth Creek Inc.
Cranmore Mountain Resort, New Hampshire
Loon Mountain, New Hampshire (1)
Northstar-at-Tahoe, California (1)
Sierra-at-Tahoe, California (1)
Summit at Snoqualmie, Washington (1)
Waterville Valley, New Hampshire

(1) Resorts are operated under long-term agreement by Booth Creek Inc. Resorts are owned by CNL Income Corp.

Vail Resorts, Inc. (NYSE : MTN)
Beaver Creek, Colorado
Breckenridge, Colorado
Heavenly, California/Nevada
Keystone, Colorado
Vail, Colorado

MICHIGAN

Alpine Valley Holding Co.
Alpine Valley, Michigan
Alpine Valley Resort, Wisconsin
Bittersweet Ski Area, Michigan
Devil's Head Resort, Wisconsin
Mount Holly Ski Area, Michigan
Pine Knob Ski Area, Michigan
Wisconsin Resorts, Inc.

Boyne USA, Inc.
Big Sky Resort, Montana
Brighton Ski Resort, Utah (2)
Boyne Mountain Resort, Michigan
Boyne Highlands Resort, Michigan
Crystal Mountain Resort, Washington
Cypress Mountain, British Colombia (2)

(2) Resorts are operated under long-term agreement by Boyne USA. Resorts are owned by CNL Income Corp.

Note: Boyne USA is currently under contract to purchase Sugarloaf USA, Maine and Sunday River Ski Resort, Maine.

MINNESOTA

Afton Alps Ski Area Inc.
Afton Alps Ski Area, Minnesota
Mount Kato, Minnesota
Titus Mountain Inc., New York

MISSOURI

Peak Resorts, Inc.
Attitash, New Hampshire (3)
Big Boulder Ski Area, Pennsylvania (4)
Crotched Mt. Ski Area, New Hampshire (3)
Hidden Valley, Missouri
Jack Frost, Pennsylvania (4)
Mount Snow, Vermont (3)
Snow Creek Ski Area, Missouri
Paoli Peaks, Indiana
Mad River Mountain, Ohio (3)
Boston Mills/Brandywine, Ohio

(3) Resorts are operated under long-term agreement by Peak Resorts, Inc. Resorts are owned by Entertainment Properties Trust.

(4) Resorts are operated under long-term agreement by Peak Resorts, Inc. Resorts are owned by Blue Ridge Real Estate.

NEW YORK

State of New York
Belleayre Mountain (N.Y department of Environment Conservation)
Gore Mountain (Olympic Regional Development Authority)
Whiteface Mountain (Olympic Regional Development Authority)

PENNSYLVANIA

Snow Time, Inc.
Ski Liberty, Pennsylvania
Ski Roundtop, Pennsylvania
Whitetail, Pennsylvania

UTAH

Powdr Corp.
Boreal Ski Area, California
Killington/Pico, Vermont
Las Vegas Ski & Snowboard Resort, Nevada
Mount Bachelor, Oregon
Park City Ski Area, Utah
Soda Springs Ski Area, California

Sinclair Oil Corporation
Snowbasin, Utah
Sun Valley, Idaho

VERMONT

Three Peaks Development
Crested Butte Mountain Resort, Colorado
Mt. Sunapee, New Hampshire (operated under agreement for the state of New Hampshire)
Okemo Mountain Resort, Vermont

CANADA

Intrawest
Blue Mountain, Ontario (at 50%)
Copper Mountain, Colorado
Mountain Creek, New Jersey
Panorama, British Colombia
Snowshoe/Silver Creek, West Virginia
Steamboat, Colorado
Stratton Mountain Resort, Vermont
Tremblant, Quebec
Whistler Blackcomb, British Colombia
Winter Park, Colorado

Resorts of the Canadian Rockies LTD
Fernie, British Colombia
Fortress Mountain, Alberta
Kimberley Alpine Resort, British Colombia
Lake Louise, Alberta
Mont Sainte Anne, Quebec
Nakiska, Alberta
Stoneham, Quebec
Wintergreen Family Resorts, Alberta

Mont Saint-Sauveur International Inc.
Edelweiss Valley, Ottawa
Jay Peak, Vermont
Mont-Avila Ski Area, Quebec
Mont Gabriel, Quebec
Mont Olympia, Quebec
Mont Saint-Sauveur Ski Area, Quebec
Ski Morin Heights, Quebec

NOTE: CNL Income Corp. also owns Bretton Woods Resort, NH (operated under long-term agreement by National Resort Management Group) and Mountain High Resort, CA (operated under long-term agreement by Mountain High Associates).

Source: National Ski Areas Association, Lakewood, Colo.