Alterra Mountain Company to Acquire Arapahoe Basin in Colorado

Alterra Mountain Company has announced that it has entered into an agreement to purchase Arapahoe Basin in Colorado, from Dream Unlimited Corp., expanding Alterra's portfolio of unique, complementary destinations in the Rockies.

A-Basin, as the beloved big-mountain destination is known locally, is located just 68 miles from Denver and boasts the longest season in Colorado, often running through the 4th of July. A-Basin sits on the Continental Divide in the Rockies and offers some of North America's highest-elevation and most-challenging terrain, paired with a laid-back atmosphere. Its iconic terrain includes Pallavicini, the East Wall, and the Steep Gullies, plus the Beavers and Montezuma Bowl, some of North America's newest terrain. The Beach, a stretch of prime real estate at the base, transforms into one of Colorado's longest-standing après traditions.

"Arapahoe Basin is considered legendary for a reason. From its unparalleled terrain to its commitment to sustainability, A-Basin has a team that has a passion and commitment for this unique place and its traditions, making it an ideal fit for the Alterra Mountain Company family," said Jared Smith, President & CEO, Alterra Mountain Company. "A-Basin was a key addition to the Ikon Pass in 2019 and we have since then worked alongside their dedicated team and look forward to continuing our shared goals and values."

Alan Henceroth, A-Basin's Chief Operating Officer who has been with A-Basin for 36 years and has been the steward of the mountain's unique culture, will continue on to lead the resort. He will continue to oversee daily operations as well as leadership of future capital improvement plans, which include expanding parking and snowmaking.

"A-Basin has a long-time and loyal following among skiers and riders in Colorado and we care deeply about the culture of A-Basin that brings them back," said Alan Henceroth, COO of Arapahoe Basin. "We have worked with Alterra Mountain Company since 2019 when we joined the Ikon Pass community, and we have every faith that Alterra is committed to helping us maintain A-Basin's authenticity."

Over the last 27 years, Dream, together with the Arapahoe Basin management team, expanded the ski area to 1,428 acres, replaced all of the lifts and most of the buildings, and opened the two highest elevation restaurants in North America, Il Rifugio and Steilhang Hut. In 2018, A-Basin pledged to be carbon neutral by 2025 and recently the resort made a huge step toward that goal by officially using 100% renewable electricity.

There are no changes to Ikon Pass 23/24 winter access at this time.

The addition of Arapahoe Basin will bring Alterra's portfolio to 18 year-round mountain destinations throughout North America. The transaction is expected to close later in 2024, and is subject to certain closing conditions, including regulatory approvals. Terms of the transaction were not disclosed. More details will be released once the transaction has closed.

Alterra Mountain Company's destinations offer premium ski, snowboard and all-season activities for those who seek adventure, freedom, and fun in the great outdoors. Alterra Mountain Company mountain destinations are spread throughout seven states and three Canadian provinces: Steamboat and Winter Park Resort in Colorado; Palisades Tahoe, Mammoth Mountain, June Mountain, Big Bear Mountain Resort and Snow Valley in California; Sugarbush and Stratton in Vermont; Snowshoe in West Virginia; Tremblant in Quebec; Blue Mountain in Ontario; Crystal Mountain in Washington; Schweitzer in Idaho; Deer Valley Resort and Solitude Mountain Resort in Utah; and CMH Heli-Skiing & Summer Adventures in British Columbia.

At each destination, Alterra Mountain Company leaders are empowered to be decisive, creative, and bold in order to retain each mountain's authentic character. Recognizing the innate value of the unique culture found at each of the mountain communities, Alterra Mountain Company's goal is to preserve, sustain and support its two most important resources: the mountains and the people who live and play in them.

In January 2018, Alterra Mountain Company introduced the Ikon Pass for winter 18/19, the premier ski and snowboard season pass. Today, the Ikon Pass offers skiers and riders access to over 50 mountain destinations throughout the Americas, Europe, Australia, New Zealand, and Japan.

About Alterra Mountain Company

Alterra Mountain Company is a family of 17 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; Schweitzer in Idaho; 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.alterramtn.co.

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 and Big Bear Mountain Resort and Snow Valley in California; Jackson Hole Mountain Resort in Wyoming; Big Sky Resort in Montana; Alyeska Resort in Alaska; 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; Camelback Resort and Blue Mountain Resort in Pennsylvania; 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 Arai Snow 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.

About Arapahoe Basin

Founded in 1946, Arapahoe Basin Ski Area hosts the longest ski and ride season in Colorado, and one of the longest in the world. Located high on the Continental Divide, A-Basin is known for its legendary terrain and breathtaking views. It's also an authentic Colorado ski experience with a laid-back culture and vibe. Experience unique events, some of Colorado's most adventurous terrain and gourmet culinary experiences throughout the season. Visit www.arapahoebasin.com for more information about the mountain.

About Dream Unlimited Corp.

Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $24 billion of assets under management across four Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land and residential assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities.