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Sale of Steamboat is complete!

On March 1, 2007, the Company (American Ski Company) completed the sale of Steamboat Ski & Resort Corporation to Intrawest Holdings S.A.R.L. and Steamboat Acquisition Corp. (the "Steamboat Sale"). Total proceeds received by the Company, subject to a final post-closing working capital and income adjustment, was $239.1 million, after preliminary adjustments for working capital and debt assumed by the buyer, and income realized by the Company from and after October 31, 2006.

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