Document:

THE YEAR TWO THOUSAND

the twenty-eighth day of January;

 

BEFORE Mtre. Pierre
Dupré, notary, practicing in the city of Saint-Jovite, province of Québec:

 

APPEARING:

 

The Société
de la faune et des parcs du Québec, created by An Act respecting the Société de la faune et des parcs
du Québec (S.Q. 1999, c. 36), having its principal place of business in Québec City, represented herein
by Mr. André Magny, its chief executive officer, duly authorized herein pursuant to the By-Law respecting the delegation
of signature, powers and functions of the Société de la faune et des parcs du Québec adopted pursuant
to resolution 99-05 of December three nineteen thousand ninety-nine (December 3, 1999) of the board of directors of the
Société, which is still in force having been neither amended nor revoked, a certified copy of which remains joined
to the original minute number twelve thousand and forty-seven (12,047) of the undersigned notary.

 

(hereinafter called the
“FAPAQ”)

 

AND:

 

STATION MONT TREMBLANT,
LIMITED PARTNERSHIP, a limited partnership duly constituted pursuant to the laws of the Province of Québec, having its
principal place of business at 3005, chemin Principal, Mont-Tremblant, Québec, J0T 1Z0, represented herein by its
sole general partner, Station Mont Tremblant Inc., represented by Michel Aubin, its president, and Charles Massicotte, its vice-president,
duly authorized for the purposes hereof pursuant to a resolution adopted by the unanimous consent of the directors taking effect
December six nineteen thousand ninety-one (December 6, 1991), which is still in force having been neither amended nor revoked,
a copy of which is annexed to minute number seven thousand sixty-five (7065) of the undersigned notary, a copy of which is registered
at the registry office for the registration division of Terrebonne (now, the land registry office for the registration division
of Terrebonne) (the “Office”) under number 1017835.

 

(hereinafter called the
“Company”)

 

    	 

    	 

    

 

WHICH PARTIES make the
following declarations:

 

CONSIDERING THAT the
Government of Québec (the “Government”) has concluded a lease with Station Mont Tremblant Inc. pursuant to the
terms of an act signed before Mtre. Raymond Boily, notary, on March 8, 1984, bearing number 7622 of his minutes, relating
to the leased territory described therein, which lease has been modified by an act signed before Mtre. Pierre Bolduc, notary,
on May 12, 1987, bearing number 553 of his minutes, between the Government and Station Mont Tremblant Lodge Inc. (previously
known as Station Mont Tremblant Inc.) (acts collectively designated as the “Initial Lease”);

 

CONSIDERING THAT the
Company has purchased substantially all of the assets of Station Mont Tremblant Lodge Inc. (“SMTL”) in relation to
its ski and vacation business, notably all buildings, installations, improvements (including ski trails), works and equipment erected
by or for SMTL on the leased territory pursuant to the Initial Lease as well as all the rights and obligations of SMTL pursuant
to the Initial Lease, and that the Company has accepted these rights and has assumed these obligations.

 

CONSIDERING THAT the
Government has transferred the Initial Lease to the Company and that the Government and the Company have amended and consolidated
the Initial Lease pursuant to the terms of an act intervened on August 31st, 1991 before Mtre. Louis Desjardins,
notary, registered at the Office under number 965473 (the “Act of Transfer and Consolidation”);

 

CONSIDERING THAT several
real servitudes were constituted pursuant to the Act of Transfer and Consolidation in favour of the leased territory pursuant to
this act as dominant land, and against certain immovables of the Company, as servient land;

 

CONSIDERING THAT the
Government and the Company have amended the Act of Transfer and Consolidation to modify the coverage of certain of the servitudes
pursuant to (i) an act of modification of servitude signed before the undersigned notary on December 22, 1994, rights
of which were published at the Office under number 1076314, (ii) an act of modification of servitude signed before the undersigned
notary on July 4, 1995, the rights of which were published at the Office under number 1090408, and (iii) an act of modification
of servitude signed today (collectively, the “Act of Modification of Servitudes”) (the Act of Transfer and Consolidation
as modified pursuant to the terms of the Act of Modification of Servitudes being hereinafter called the “Lease”);

 

CONSIDERING THAT the
FAPAQ has succeeded the Government and that it therefore controls and administers the entire territory included within a park pursuant
to the terms of Section 6 of the Parks Act (R.S.Q., c. P-9) as amended by Section 143 of the Act Respecting
the Société de la Faune et des Parcs du Québec (S.Q. 1999, c. 36);

 

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CONSIDERING THAT the
FAPAQ and the Company wish to amend the Lease in order to modify the limits of the territory that is leased thereunder to recognize
a zoning principle for the leased territory and to establish a partnership relative to a part of the territory carved out from
the leased territory;

 

THEREFORE, in light
of the preamble and the reciprocal undertakings contained herein, the FAPAQ and the Company agree as follows:

 

PRELIMINARY PROVISION
– CONDITIONAL ACT

 

This act and all of the
associated rights, notably all amendments to the Lease provided for herein, are conditional and will only take effect with:

 

		i)	the adoption and the coming into force of the regulation (the “regulation amending zoning”)
amending the Regulation respecting parks in order to establish new zoning of the Mont-Tremblant recreational park, a bill of which
was published in Part 2 of the Gazette Officielle du Québec on April 28, 1999; and

 

		ii)	the adoption and the coming into force of the regulation amending the Regulation Respecting the
Mont-Tremblant Recreational Park in order to permit the modification of the limits of the leased territority pursuant to the terms
of the Lease.

 

Until these conditions
have been met, the Lease will continue and remains in force without the amendments provided for herein. In case the conditions
mentioned at paragraph iii) (sic), above, is not realized within the period mentioned above, this act will become null and without
effect.

 

Certain expressions used
in this act, particularly with respect to immovables, are defined at Article 35 of this act.

 

ARTICLE
1 -CONSOLIDATION OF THE LEASE

 

The parties agree,
in light of the modifications already made to the Lease and in light of those agreed to by the parties hereby, to consolidate,
by virtue of this act, all the provisions. The following text therefore includes all of its provisions that will, as of the date
hereof, govern the parties.

 

    	-3-

    	 

    

  

The FAPAQ hereby waives
all of the rights of servitude constituted pursuant to the Lease but only insofar as these rights are in favor of the Liberated
Territory.

 

The Company declares
that, to the best of its knowledge, no Improvements (as defined hereinbelow) belong to it on the Liberated Territory. Nevertheless,
to the extent that same may exist, the FAPAQ becomes the owner thereof without indemnity.

 

ARTICLE
2 -LOCATION

 

The FAPAQ leases to
the Company, which accepts, the Leased Territory located within the limits of Mont-Tremblant Park, in the regional county municipality
of the Laurentians.

 

The Company declares
that it has visited the Leased Territory, and that it is satisfied therewith.

 

ARTICLE
3 -TELECOMMUNICATIONS

 

		3.1	The Telecommunications Site is composed of Site I (managed by the Minister of Culture and
Communications, on the authorization of the Government and now of the FAPAQ) and of a second site (“Site II”)
(comprising part of the Leased Territory which is under lease (the “Radio-Canada Lease”) in favor of Société
Radio-Canada pursuant to order in council number 1388 of June 9, 1961, amended by the order in council number 2171
of November 1st, 1961). The Telecommunications Site is used for purposes of telecommunications.

 

		3.2	The FAPAQ recognizes that the Company may negotiate an agreement for the purposes of redeveloping
or replacing the current telecommunications facilities and equipment, the whole at the cost and expenses of the Company. To the
extent that the facilities and equipment on Site I can be integrated into the immovables of the Company, Site I, subject
to the management rights of the Minister of Culture and Communications, may become part of the Leased Territory as long as the
rights and interests of the persons served by this Site I are respected. The Company recognizes that its rights pursuant to
the terms of this Lease are subject to the rights of Société Radio-Canada pursuant to the Radio-Canada lease and
undertakes to respect the rights and interests of the persons served by Site II.

 

    	-4-

    	 

    

 

		3.3	The Leased Territory is subject to the right of passage by the trail named “NANSEN”
by the users of the Telecommunications Site for the purpose of repairs and maintenance of the facilities and equipment. The Company
must agree, at the request of the Minister of Culture and Communications, to the terms of exercise of this right of way. The Company
may negotiate an agreement with the Minister of Culture and Communications for the purposes of changing the location of this right
of way to a place as convenient for its exercise as at present, the whole at the cost and expenses of the Company. Any agreement
in this regard is subject and under reserve of the authorization of FAPAQ.

 

ARTICLE
4 -TERM

 

This lease is consented
to for a term of fifty (50) years beginning on the first (1st) day of April, 1983, and ending on the thirty-first (31st)
day of March, 2033, and, from August 31st, 1991, being the date of the signature of the Act of Transfer and Consolidation,
it is extended from the first (1st) day of April, 2033 until the thirtieth (30th) day of June, 2051.

 

ARTICLE
5 -RENTAL

 

		5.1	The rental having been paid until December 31st, 1991, the Company must pay to the Government
for each year of rental, starting from the year beginning January 1st, 1992, the rental of FIVE THOUSAND DOLLARS
($5,000), which rental will be increased every five (5) years beginning January 1st, 1997. Beginning January 1st,
2000, the rental will become payable to the FAPAQ.

 

		5.2	The rental will be increased by a percentage equal to the percentage of the increase in the consumer
price index of Canada (CPI) over the sixty (60) month period preceding the day of the increase, calculated according to the following
formula:

 

	Percentage of

increase in  =

the CPI	 	CPI of the previous November	CPI of November 5 years earlier	 	X 100
	 	CPI of November 

5 years earlier	 

 

The data used
in this respect will be that of the month of November published by Statistics Canada on or about the 15th day of the
month of December or any other equivalent method which would replace it.

 

 

    	-5-

    	 

    

 

		5.3	This rental will be payable in advance on the first day of January of each year, the first payment
being due and payable on January 1st, 1992. Furthermore, for each year in which this rental is increased, the amount
corresponding to the increase will be payable, for each of the years in which there is an increase, on the first day of July following
the date of the increase.

 

In each year
in which the rental is to be increased, the FAPAQ will inform the Company in writing of the amount corresponding to the increase
and of the data used to calculate this amount.

 

		5.4	All rental must be payable to FAPAQ by cheque to the order of the Minister of Finance, payable
in Canadian legal tender and transmitted to the address of the head office of FAPAQ or its successors.

 

		5.5	The Company hereby waives its right to compensation for all and any claims or indemnities, present
and future, against any rental or any other amount due hereunder. The Company agrees to pay the rental and these other amounts
irrespective of any claim, restitution or compensation that it may revendicate or that a third party may claim in its name, without
any reduction or deduction.

 

		5.6	Each time that the Company is in default to pay when due any rental or any other amount due to
the FAPAQ pursuant to this lease, the Company must pay interest at the rate applicable at that time for which the Government charges
on claims for unpaid income taxes, from the day at which the amount was normally due until complete payment, the whole under reserve
of all rights and recourses of the FAPAQ.

 

ARTICLE
6 -UsE OF LEASED TERRITORY

 

		6.1	The Leased Territory, subject to the authorizations required by the Parks Act which may
be provided by the FAPAQ by way of the Master Development Plan or the Immovable Program provided for at Section 7 of this
Lease is only used:

 

    	-6-

    	 

    

 

		6.1.1	for the portion of the Leased Territory bordered in blue on the plan annexed hereto as Schedule A
(the “Service Zone”) only for the purposes of developing, erecting, building, modifying, exploiting, maintaining and
repairing a ski and sports and recreational activity center including structures, buildings, facilities, improvements, developments
(including ski trails), works and equipment required for the practice of downhill skiing, cross-country skiing and ski touring,
recreational tourism, back packing, cycling and for the operation of other sport and leisure activities, in conformity with the
Master Development Plan in force from time to time; and

 

		6.1.2	for the portion of the Leased Territory outlined in green on the plan annexed hereto as Schedule A
(the “Ambient Zone”), all the uses permitted pursuant to Article 6.1.1 except that it will not be permitted to
develop, erect, build and operate mechanical chairlifts, artificial snowmaking systems, nor any other related equipment or Improvement
(as defined herein below) intended for the practice of downhill skiing, and the development, erection, building and operation of
any Improvement intended for other sport or leisure activities must respect the regulations set out pursuant to the Parks Act
and applying to an Ambient Zone (in the sense of the Regulation Respecting Parks enacted by Decree 567-83 of March
23, 1983 (G.O.Q.II, 1645) as subsequently amended (administrative reference, P-9, r.7)). In the future, if an amendment to the
Regulation Respecting Parks is enacted by the Government and substantially changes the rules applying to an Ambient Zone at the
time of the signature of this act, FAPAQ undertakes to indemnify the Company for the damage which may be caused to it.

 

For these purposes,
and subject to the restrictions of Article 6.1.2, the Company may at its costs, develop, erect, build, modify, operate, maintain
and repair on the Leased Territory mechanical chairlifts, artificial snowmaking systems and related equipment, as well as other
structures, buildings, facilities, improvements, developments (including ski trails), works and equipment, structures and material
(hereinafter collectively called the “Improvements”) used or required for the operation of a ski center and its facilities
and sport and leisure activities.

 

		6.2	Notwithstanding paragraph 6.1, the Company does not have the right to organize or operate
a camping ground on the Leased Territory.

 

		6.3	During the term of this lease, the Company shall operate its business and carry on its activities
in the Leased Territory pursuant to the Master Development Plan in effect from time to time and following good practice.

 

    	-7-

    	 

    

 

		6.4	No provision of this lease limits the right of the Company to modify or cease operating its business
or carrying on its activities in the Leased Territory from time to time, subject to the Company continuing to operate its ski and
ski school business during the ski season from December to March if permitted by the climatic and snow conditions. Subject to the
foregoing, during the term of this lease, the Company does not have the right to abandon or evacuate the Leased Territory in whole
or in part.

 

ARTICLE
7 -MASTER DEVELOPMENT PLAN AND CAPITAL PROGRAM

 

		7.1	Throughout the entire term of this Lease, the Company must prepare and submit for approval by the
FAPAQ long term master development plans for the Leased Territory and the Land subject to the servitude belonging to the Company,
which is mentioned at Article 10 (hereinafter called the “Master Development Plan(s)”) and annual capital programs
following the terms below.

 

		7.2	The FAPAQ recognizes that the Company has submitted to it and that it has approved the Master Development
Plan for the Leased Territory and the Land subject to servitude for the period ending December 31st, 2001. Given the important
amendments to the Lease pursuant to the terms hereof, the Company may submit and the FAPAQ may review a modified Master Plan for
the period ending December 31st, 2001.

 

		7.3	By no later than January 1st, 2002, the Company must submit for the approval by the FAPAQ
a Master Development Plan covering the period beginning on that date and ending on December 31st, 2006. This Master
Plan must include notably all development projects, a study relating to the continued recreational potential of the park as well
as a land use plan for the land in the Leased Territory and the Land subject to servitude. The Master Development Plan must also
include a pro forma capital budget reflecting a detailed program of scheduling of works and investments to be realized throughout
the period beginning January 1st, 2002, and ending December 31st, 2006.

 

		7.4	Then, the Company must submit for the approval by the FAPAQ such a Master Development Plan for
each subsequent period of five (5) years, being the first day of January of the years 2007, 2012, 2017, 2022, 2027, 2032,
2037, 2042, and 2047, this last one covering a period of four (4) years and six (6) months.

 

    	-8-

    	 

    

 

		7.5	The Company undertakes to conform to the Master Development Plan submitted pursuant to the terms
of this Article and approved by the FAPAQ, respecting the objectives, the general principles and the strategy provided for therein.

 

		7.6	By no later than March 1st, 1999, the Company must submit for the approval by the
FAPAQ the program of capital expenditures that it plans to realize for the period beginning January 1st, 1999 and
ending December 31st, 1999. Then, each year, by not later than March 1st, beginning March 1st,
2000, the Company must, unless exempted by the FAPAQ, submit for approval by the FAPAQ the program of capital expenditures (the
“Capital Program”) that it plans to realize for the period beginning January 1st and ending December 31st
of that year, which must notably include the description of each project, the valuation of their costs and a demonstration of their
conformity with the Master Development Plan in force at that time.

 

		7.7	If the FAPAQ does not approve any Master Development Plan or annual Capital Program, the Company
must submit anew, for approval by FAPAQ, within the prescribed time by the latter, a Master Development Plan or a revised Capital
Program to meet the requirements of the FAPAQ. With respect to investments concerned by such Master Development Plan or such Capital
Program, requirements of the FAPAQ may not exceed the investment undertakings provided for at Article 9 until December 31st,
2006. Thereafter, these requirements may include investments relating to obligations of maintenance and repair provided for at
Article 12.

 

		7.8	Once the Capital Program has been approved by the FAPAQ, the Company must undertake and follow
out its realization according to the timeline provided therein until completion, in a diligent manner and according to good practice,
unless otherwise authorized by the FAPAQ. However, any default by the Company to respect the timeline provided for because of any
delay caused by force majeure or beyond the control of the Company is not considered as a default pursuant to this lease.

 

    	-9-

    	 

    

 

		7.9	A Master Development Plan or a Capital Program may be amended at any time, with the authorization
of the FAPAQ.

 

ARTICLE
8 -WORKS IN THE PARK

 

		8.1	The FAPAQ, as provided for in the Parks Act, authorizes the Company to undertake on the
Leased Territory in the Mont-Tremblant Recreational Park, all maintenance or repair works limited to the maintenance or restoration
of capacity or efficiency of an improvement.

 

		8.2	The Company cannot proceed with the erection, building or modification of the Improvements, including
the planning of the land or modification of the natural environment (waterways, tree cutting, etc.) on the Leased Territory, without
the prior authorization of the FAPAQ as provided for in the Parks Act, which may be given by way of the Master Development
Plan or the Capital Program and must include written approval of the plans and specifications of the works to be undertaken. These
works must be executed without major modifications, in conformity with the authorization given and with the plans and specifications
approved, unless otherwise authorized.

 

		8.3	The approval of the plans and specifications submitted by the Company in the context of a Capital
Program shall not be interpreted as a declaration of conformity of these plans and specifications with the applicable laws and
regulations or as having the effect of exempting the Company from seeking a permit or an authorization otherwise required pursuant
to applicable law, a government regulation, a municipal by-law or otherwise.

 

ARTICLE
9 -Investment undertakings

 

		9.1	The Company engages and obligates itself towards the Government that the real property investments
for the period beginning at the date hereof and ending December 31st, 1996, provided for in the first Master Development
Plan made for the period beginning at the date hereof and ending December 31st, 2001, and approved by the Government,
will total a minimum amount of fifteen million dollars ($15,000,000), and will be realized before December 31st,
1996. The FAPAQ acknowledges that the Company has respected these undertakings and obligations.

 

    	-10-

    	 

    

 

		9.2	Furthermore, the Company obligates itself to the FAPAQ that the real estate investments on the
Leased Territory and the Land subject to servitude provided for in the Master Development Plans approved by the FAPAQ and covering
the period beginning on the date hereof and ending on December 31st, 2006, amount to a total of at least thirty
million dollars ($30,000,000), and will be realized before December 31st, 2006.

 

Notwithstanding
anything contained in this lease, the Company will not be in default pursuant to this lease if the Company does not fulfill the
global undertaking provided for by this paragraph 9.2, to the extent that the Company is justified in its decision by the
market conditions existing from time to time or by its financial performance in the operation of the Leased Territory and the Land
subject to servitude, the whole which nevertheless will not prevent the FAPAQ from addressing the courts to enforce this undertaking
in the event that the Company abuses the discretion provided to it by this paragraph.

 

		9.3	The value of any sale of a Real Estate Asset (as defined herein below) being part of the Improvements,
acquired after the acquisition of the Improvements pursuant to the Purchase Agreement (as this term is defined in the Act of Transfer
and Consolidation), will be added to the investment undertaking.

 

		9.4	For the purposes of Article 9 and of each Inventory of Real Estate Assets approved pursuant
to Article 21:

 

		9.4.1	the amount of any non-refundable government financial aid received by the Company in relation to
the acquisition of an asset making up the Improvements will be deducted from the cost of acquisition of this asset; and

 

		9.4.2	the cost of acquisition of any asset making up the Improvements and acquired with any governmental
loan will be reduced by an amount equal to the difference between 1) the amount of this government loan used to acquire this
asset, and 2) the present value of the total amount of payments in capital and interest to be paid in the context of this
government loan, established by discounting this total amount at the preferential rate of the National Bank of Canada in effect
at the time of the disbursement of this governmental loan.

 

    	-11-

    	 

    

 

		9.5	The value of the acquisitions and dispositions of assets and financial aid received for the purposes
of the undertaking of investments provided for in paragraphs 9.1 and 9.2, is established based on the values recorded respectively
for the items in the Inventory of Real Estate Assets prepared in conformity with what is provided for to that effect in the present
lease for each year comprising the undertaking for investment.

 

ARTICLE
10 -SERVITUDE

 

		10.1	The Company recognizes that certain lands belonging to it are part of the infrastructures related
to the operation of a skiable domain on the Leased Territory, are situated outside of the Leased Territory, and are used in conjunction
therewith.

 

		10.2	Therefore, the Company constitutes on the servient Land – south face, as a servient land,
in favour of the Leased Territory, as a dominant land, a real and perpetual servitude for the purposes of installing, maintaining,
operating thereon trails and related facilities for sports and leisure activities and all necessary equipment, notably waterwork
systems and the power transmission lines as well as for the purposes of ensuring passage by foot, by car or otherwise as well as
car parking.

 

		10.3	The FAPAQ acknowledges that the Company, with the agreement of the FAPAQ which may not be refused
without a valid reason, may change the site of the servient land for the servitudes established pursuant to Article 10.2 to
a location as convenient for its exercise as the site of the servient land described herein, the whole at the cost and expenses
of the Company and according to any Master Development Plan and Capital Program in place from time to time.

 

		10.4	The Company constitutes on the Northern Camp Estate, as a servient land, in favour of the Leased
Territory, as a dominant land, a real and perpetual servitude for the following purposes:

 

		10.4.1	the installation, maintenance, and operation of ski trails and related facilities for sport and
leisure activities and all necessary equipment, notably, waterwork systems and power transmission lines as well as for the purposes
of insuring passage by foot, by car or otherwise as well as car parking. This servitude must be exercised at the locations provided
for this purpose from time to time (collectively, the “Trail”), at the sole discretion of the owner of the servient
land acting reasonably. The Trail must include the base of any mechanical chairlift that is situated partly on the Leased Territory
and partly on the servient estate, as well as any part of the servient land developed for the purposes of skiing. The Trail must
also include any part of the servient land required for the purpose of allowing skiers to conveniently access said bases of mechanical
chairlifts from the ski trails on the Leased Territory adjacent to the servient land;

 

    	-12-

    	 

    

 

		10.4.2	the installation, maintenance, repair and replacement of a road (the “Road”) having
a right of way of at least fifteen (15) meters and otherwise in conformity with the applicable municipal by-laws to allow access
between the public road, on one hand, and the Trail or the Leased Territory, on the other hand;

 

		10.4.3	the installation, maintenance, repair and replacement of one or several parking areas including
at least five hundred (500) parking spaces in conformity with the applicable municipal by-laws and which are not allocated to specific
real estate projects for the purposes of building permits;

 

		10.4.4	the installation, maintenance, repair and replacement of a high-voltage power distribution line
linking the trail with the public road;

 

		10.4.5	the installation, the maintenance, the repair and the replacement of water pipes, sewer pipe and
artificial snow lines (supply and waste) on a strip of at least six (6) meters linking the Trail to the point of origin or destination.

 

		10.5	The Company constitutes on the Valley Land, as a servient land, in favour of the Leased Territory,
as a dominant land, a real and perpetual servitude for the following purposes:

 

		10.5.1	the installation, maintenance, repair and operation of ski trails and related facilities for sport
and leisure activities and any necessary equipment, notably waterwork systems and power transmission lines as well as to ensure
passage by foot, by car or otherwise as well as car parking. This servitude must be exercised in locations provided for this purpose
from time to time (collectively the “Trail”), to the sole discretion of the owner of the servient land acting reasonably.
The Trail must include the base of any mechanical chairlift that is situated in part on the Leased Territory and in part on the
servient land, as well as any part of the servient land developed for the purposes of skiing. The Trail must also include any part
of the servient land required in order to allow skiers to conveniently access said bases of mechanical chairlifts from the ski
trails on the Leased Territory adjacent to the servient land;

 

    	-13-

    	 

    

 

		10.5.2	the installation, maintenance, repair and replacement of a road (the “Road”) having
a right of way of at least fifteen (15) meters and otherwise in conformity with applicable municipal by-laws to allow access between
the public road, on the one hand, and the Trail or the Leased Territory on the other hand;

 

		10.5.3	the installation, maintenance, repair and replacement of one or several parking areas including
at least five hundred (500) parking spaces in conformity with applicable municipal by-laws and which are not allocated to specific
real estate projects for the purposes of building permits;

 

		10.5.4	the installation, maintenance, repair and replacement of a high-voltage power transmission line
connecting the trail with the public road;

 

		10.5.5	the installation, maintenance, repair and replacement of water pipes, sewer pipes and artificial
snow lines (supply and waste) on a strip of at least six (6) meters connecting the Trail to their point of origin or destination;

 

The rights
of servitude constituted under the terms of each of Articles 10.4.1 to 10.4.5 and 10.5.1 to 10.5.5 must be exercised in the
locations provided for this purpose from time to time at the choice of the owner of the servient land, acting reasonably and with
the consent or the deemed consent of the owner of the dominant land. The consent of the owner of the dominant land will be deemed
given in the case where the owner of the dominant land does not respond, either positively or negatively, within thirty (30) days,
to the request from the owner of the servient land to consider a proposal for the location of exercise. At any time and by unilateral
act, the owner of the servient land may cancel said rights or some of them relating to specific parcels, but only to the extent
that (i) location of exercise of the servitudes is not on these parcels and (ii) it remains possible to conveniently
exercise all the rights in question on other parts of the servient land. The owner of the servient land must specify to the owner
of the dominant land within a period of thirty (30) days from a request to this effect, the locations where all the rights of servitude
mentioned above are exercised. If the owner of the servient land modifies the location of exercise of these servitudes, he alone
must assume the costs resulting from such modification.

 

    	-14-

    	 

    

 

ARTICLE
11 -SURETYSHIP

 

		11.1	The Company may confide to third parties the erection, building or modification of the Improvements
including the development of the land, roads or the modification of the natural environment in the Leased Territory, provided however
prior submission of evidence to FAPAQ that the Company is the beneficiary of the following suretyship issued by companies legally
entitled to act as sureties in Québec:

 

		11.1.1	suretyship for the payment of labour and material, pursuant to which the third party contractor
and the guaranteeing company will be jointly and solidarily liable for the payment of the labour and the material required for
such erection, building, modification or development, for up to an amount equal to half of the total cost estimated for such works;

 

		11.1.2	suretyship for execution pursuant to which (i) the third party contractor and the guaranteeing
company will be jointly and solidarily liable for the complete execution according to the plans and specifications approved by
FAPAQ as stipulated above, of such erection, building, modification or development up to an amount equal to half the total cost
estimated for such works; (ii) the guaranteeing company will consent that the contract for such works may be modified and/or
delayed; (iii) in the case of the non-execution of such works, the guaranteeing company will undertake and do the works required
pursuant to the plans and specifications approved by the FAPAQ as stipulated above, failing which the Company may complete them
at the expenses of the guaranteeing company, the latter of which not being at any time called upon to pay more than an amount equal
to half the total cost estimated for the works.

 

		11.2	However, if the works that the Company has undertaken by these contractors does not exceed or should
not exceed, according to reasonable estimates, the amount of ONE HUNDRED THOUSAND dollars ($100,000.00) for one contract, this
obligation to require such suretyship will not be imposed.

 

    	-15-

    	 

    

 

		11.3	However, if the Company is acting as general contractor, the Company is not obligated to provide
suretyship if the Company, for the purposes of guaranteeing the payment of labour and materials, deposits in trust with a trustee,
an amount equal to ten percent (10%) of the total cost estimated for such works in cash or by irrevocable bank letter of credit,
which sum may not be discharged until the expiry of prescribed periods provided for by law for the publication of legal hypothecs,
if no legal hypothec is published, or for the purposes of paying and cancelling legal hypothecs which may have been legally published,
the balance of which, if any, being remitted to the Company.

 

		11.4	Furthermore, the Company is not obligated to provide the suretyships required at paragraph 11.1
nor the deposit required at paragraph 11.3 if the financial institution providing loans for the execution of the works requires,
for the execution of these works, a hold back of at least ten percent (10%) of the total cost estimated for such works in the manner
provided for by paragraph 11.3 until the expiry of the prescribed periods provided for by law for the publication of legal
hypothecs.

 

ARTICLE
12 -MAINTENANCE AND REPAIR

 

		12.1	At all times during the term of this lease, and at its own costs, the Company must maintain the
Leased Territory in good condition, and repair and maintain the Improvements belonging the Company, situated on the Leased Territory;
and maintain the whole in good condition as would a careful owner, except with respect the deterioration due to normal usage which
does not impede the suitable usage and enjoyment of these Improvements. The Company undertakes to do this maintenance, to make
these repairs at its own costs when necessary or when reasonably required by the FAPAQ, the whole until the end of this lease.
This obligation does not apply to the Improvements that, during the term of the lease, are recognized to be in disuse, unnecessary
or non-profitable by the FAPAQ and the Company, by way of the Master Development Plan provided for at Article 7; in the latter
case, the Master Development Plan must provide measures for preservation and security or destruction or alienation of these Improvements
by the Company, at the expenses of the Company.

 

    	-16-

    	 

    

 

		12.2	Notwithstanding paragraph 12.1, during the last ten (10) years of the term of this lease,
the Company will not be required to undertake maintenance and repairs to the Improvements that are in disuse, unnecessary or non-profitable
as long as the Company identifies them as such in the Master Development Plan provided for by Article 7, nor to undertake
repairs to Improvements that are damaged or destroyed in whole or in part, as long as such damages or destructions are not caused
its gross negligence, if the Company exercises its rights to terminate this lease before the expiry of the term as provided for
at paragraph 14.9.

 

		12.3	The FAPAQ, through its employees, representatives or agents, will have the right, at any time,
during normal business hours, to enter the Leased Territory and the Improvements belonging to the Company, and to examine the state
in which they are maintained, repaired, developed and kept. The FAPAQ in the context of the Company’s obligations pursuant
to paragraph 12.1, may send to the Company a notice requiring that the latter execute this maintenance or undertake repairs deemed
necessary following such examination. However, failure by the FAPAQ to provide a notice does not release the Company from its obligations.
If the Company does not conform to the request by the FAPAQ to undertake such maintenance, or to make such repairs within the prescribed
limits set by the FAPAQ, the latter may undertake these repairs or maintenance at the costs of the Company.

 

ARTICLE
13 -INSURANCE

 

		13.1	The Company must, at its own costs, take out and maintain in force throughout the entire term of
this lease:

 

		13.1.1	insurance for the Improvements erected on the Leased Territory for their entire replacement value
for any loss or damage caused by fire, smoke, wind, storms, hail, lightning, flooding, explosions, riots, shocks by airplane or
vehicle, acts of vandalism, collapse, earthquakes, and other risks covered by an “all risks” rider applying to all
fire insurance policies and for all other risks which are customarily insured under the terms of the supplementary guarantees rider
of the Association of insurers of Canada.

 

		13.1.2	general and civil liability insurance for the mutual benefit of the FAPAQ and the Company, for
all claims, for bodily injury, death, or material damages and events taking place on the Leased Territory in the amount of at least
five million dollars ($5,000,000) in the case of bodily injury, death, material damages or any other events for which the FAPAQ
and the Company may be held severally or solidarily liable. Beginning January 1st, 1997 and, thereafter, every five
(5) years, the amount of this general and civil liability insurance may, after consultation with the Company, be increased by the
FAPAQ, taking into account the practices of insuring these risks of insurers in similar situations and subject to the FAPAQ advising
the Company at least six (6) months before the date of the expiry of each five (5) year period.

 

    	-17-

    	 

    

 

		13.2	Subject to paragraph 13.1, the amounts and the form of these insurance policies must be to the
satisfaction of the FAPAQ. Each and all of these policies must designate the FAPAQ as a co-insured to the extent of its interests
and, in the case of civil liability insurance, the policy must contain a provision insuring claims between co-insureds, between
the FAPAQ and the Company. Each and all of these policies must stipulate that the insured will have no right of subrogation against
the FAPAQ with respect to any loss or damage covered by such insurance or with respect to payments made to settle any claims against
the FAPAQ or the Company covered by this insurance or to relieve FAPAQ or the Company of their liability covered by such insurance.
Notwithstanding any provisions herein, in the event that this insurance does not completely cover any loss or damage, because of
provisions providing for deductibles (premium clause), or because the amount of the loss or damage exceeds the coverage of the
policy, the FAPAQ will not be liable and the Company must relieve the FAPAQ from any liability and indemnify it and hold it harmless
with respect to any claims for the portion of the amount of the loss or damage that is not covered. The Company must obtain the
undertaking from the insurers under these policies to advise the FAPAQ in writing at least sixty (60) days before any cancellation
of these policies. The Company agrees that, in the event that it does not take out or maintain in force any of these insurances,
the FAPAQ will have the right to do so in its place and to pay the premium and the Company must then reimburse the FAPAQ, upon
the initial request, the amount paid for the premium. On or before January 1st of each year, the Company must provide
the FAPAQ a certificate establishing that the insurance is in force, as provided for herein.

 

		13.3	These policies may contain a clause relating to hypothecary guarantees in favor of hypothecary
creditors having rights in the Improvements erected on the Leased Territory. The Company may, at the request of any hypothecary
creditor or power of attorney acting for the bondholders, include in the insurance policy or policies over the Improvements built
on the Leased Territory, a rider pursuant to which the hypothecary creditors or the powers of attorney on behalf of the bondholders
will receive any insurance payments ahead of any persons, including the FAPAQ and only for the hypothecary creditors or the powers
of attorney for the bondholders, up to the amount of the sums due to them under the regime of the act or acts creating hypothecs
or trust.

 

    	-18-

    	 

    

 

		13.4	If the hypothecary creditor or creditors or the power or powers of attorney on behalf of the bondholders
demand payment of insurance benefits and if any insurance benefits remain after payment to hypothecary creditors or powers of attorney
acting on behalf of bondholders, this excess must be deposited by insurance company or companies with a chartered bank designated
by the FAPAQ, in a joint account, bearing interest, in the name of the FAPAQ and the Company both of whom agree that this excess
will be used solely for the restoration or the replacement of the Improvements erected on the Leased Territory, according to the
provisions stipulated at Article 14.

 

ARTICLE
14 -TOTAL OR PARTIAL LOSS

 

		14.1	If fire or any other cause damages or destroys, in whole or in part, the Improvements of the Company
on the Leased Territory, this lease will remain in effect and the Company must restore or reconstruct the Improvements so damaged
or destroyed, or replace them. The Company, to the extent that additional delays are not caused by force majeure or by events outside
of its control, must undertake the necessary work within a period of one hundred and eighty (180) days and must follow through
and complete its work with diligence, except on the consent of the parties.

 

		14.2	Notwithstanding any contrary provisions herein, the Company is not required to undertake the restoration,
construction or replacement of the Improvements where the Improvements were, at the time of their loss or damage, already in disuse,
unnecessary or non profitable as provided for in paragraph 12.1.

 

		14.3	The Company will obtain and maintain new insurance policies with respect to the repairs, restorations
and replacements in order to conform to the preceding Article 13.

 

		14.4	The insufficiency of insurance benefits following any loss may not be invoked by the Company in
relation to its obligation to restore, build, or replace the Improvements damaged or destroyed by the loss nor in relation to its
other obligations pursuant to the terms of this lease.

 

    	-19-

    	 

    

 

		14.5	When the monies have been deposited by an insurer in a bank account controlled jointly by the FAPAQ
and the Company, as provided above at paragraph 13.4, the FAPAQ will allow, subject to paragraph 14.6, that these amounts be given
and paid to the Company by the banker as the works for restoration, rebuilding or replacement of the damaged or destroyed Improvements
progress if the Company shows the availability of other sufficient funds to complete the restoration, rebuilding or replacement
and provided that it satisfies the requirements of the FAPAQ as stipulated hereinbelow.

 

		14.6	If it is established that the total cost of the works and material required for the restoration,
rebuilding or replacement of the damaged or destroyed Improvements will probably exceed the total availabilities of the Company
as represented by the joint bank account described above and any promise of loan satisfactory to the FAPAQ:

 

		14.6.1	the FAPAQ will not be obligated to allow the amounts in the bank account described above to be
remitted and paid to the Company until the latter has conducted the works or incorporated the materials that it will have paid
so that the Improvements being rebuilt, restored or replaced following damage or destruction are ready in a state in which the
Company’s cash available represented by the bank account and promises of loan described above are deemed reasonably satisfactory
and sufficient to complete this restoration, rebuilding or replacement;

 

		14.6.2	the FAPAQ may choose to allocate these amounts deposited in this bank account to the building by
the Company of new Improvements, but without these new Improvements exceeding the amount deposited in this bank account and any
hypothecary loan or other amount which may be obtained for this purpose.

 

		14.7	In the event that the insurance indemnities paid by the insurance companies exceed the cost of
restoration, rebuilding, or replacement of the Improvements that were damaged or destroyed, the FAPAQ undertakes to authorize the
payment or to distribute the surplus to the Company after the completion of the restoration, rebuilding or replacement works.

 

    	-20-

    	 

    

 

		14.8	The provisions relating to the erection, building or modification of the Improvements or the development,
provided for at Article 8, apply to restorations, replacements or rebuildings pursuant to this article.

 

		14.9	Notwithstanding any provisions to the contrary contained in this lease, if the Improvements of
the Company on the Leased Territory are damaged or destroyed, in whole or in part, during the last ten (10) years of
the term of this lease, the Company may, at its choice, choose to terminate this lease by way of a notice to this effect transmitted
to the FAPAQ within ninety (90) days of the loss which caused the damage or the destruction, and then:

 

		14.9.1	this lease will be terminated at the date that is one hundred and eighty (180) days following
the date of the loss which caused the damage or the destruction;

 

		14.9.2	the Company will not be required to restore, rebuild or replace the Improvements that were damaged
or destroyed; and

 

		14.9.3	the Company must use the insurance benefits for the destroyed or damaged Improvements on the Leased
Territory by first paying the amounts due to the Company’s hypothecary creditors and to powers of attorney on behalf of the
bondholders of the Company who hold a hypothec or another charge on the Improvements so destroyed or damaged in order to liberate
these Improvements from such hypothec or other charge and, then, if any balance on the insurance benefits remains after payment
of these creditors, deducting from this balance the residual value of these Improvements established pursuant to article 21 of
this lease immediately before the date of the destruction or the damage and, finally, if any balance remains, the Company must
remit it to the FAPAQ.

 

ARTICLE
15 -TAXES

 

		15.1	The Company is obligated to pay all general and special, municipal and school taxes and all other
land impositions charged against the Leased Territory and its Improvements belonging to the Company, including the subscriptions
and compensation that the FAPAQ must or may hold to a legally constituted authority, relative to the Leased Territory and to all
its Improvements belonging to the Company.

 

    	-21-

    	 

    

 

		15.2	Without limiting the generality of the foregoing, the Company will pay all business, rental, water,
garbage removal, moveable personal property taxes, permits, contributions and other charges levied or imposed on, concerning or
in relation with the Company’s businesses carried on the Leased Territory and the Improvements and other property and assets
of the Company found on the Leased Territory, whether these taxes, permits or charges are imposed against the FAPAQ or the Company.

 

ARTICLE
16 -LEGAL HYPOTHECS

 

		16.1	The Company must reasonably do all that is necessary to minimize the possibility of the publication
of any legal hypothec resulting from articles 2726 and following of the Civil Code of Quebec against the Improvements erected
on the Leased Territory. In the case in which such legal hypothec is published, the Company must immediately liberate it and obtain
its cancellation at its own costs, it being agreed that the Company will not be required to obtain the cancellation of these legal
hypothecs if the Company contest them in good faith.

 

		16.2	The Company must advise the FAPAQ forthwith of any action on the legal hypothecs or of any proceeding
of seizure or seizure before judgment instituted against it which may affect the Improvements of the Company on the Leased Territory.

 

ARTICLE
17 -EXEMPTION FROM LIABILITY AND INDEMNIFICATION

 

		17.1	Unless by the gross negligence of the FAPAQ, the latter is not liable for any damages, of whatever
nature, that may be suffered by the Company, or by one of its employees, agents or clients or by any other persons which may be
found on the Leased Territory; furthermore, except in the case of gross negligence by the FAPAQ, the latter is not liable for any
loss or damage to the property, moveables or immoveables, belonging to the Company, to its employees or to any other person, where
such property is on the Leased Territory. The Company must take up the defense of the FAPAQ, in any judicial proceedings, in first
instance or in appeal, commenced against the FAPAQ in relation to such loss or damage.

 

    	-22-

    	 

    

 

		17.2	The Company must indemnify the FAPAQ and hold it harmless in relation to any fines, any liability,
any damages, any proceedings, claims, demands and actions of any sort for which the FAPAQ will or may be liable, or that it will
or may be subject to because of default to execute, violation or non execution by the Company of any undertaking, term or provision
hereof or because of any injury (including any death that may result at any time) or damages to property suffered by or caused
to any person, including the FAPAQ, because of any such default to execute, violation or non execution or any act causing damage,
any negligence or any default on the part of the Company or anyone of its employees, directors, officers, agents or independent
contractors engaged by the Company, and with respect to and against all costs, attorneys’ fees, expenses and obligations
incurred relating to one or any of the preceding events.

 

This undertaking of the Company
to indemnify the FAPAQ and to hold it harmless will survive the end of this lease in relation to any events having taken place
before the end of the lease, the whole notwithstanding any contrary provisions herein.

 

		17.3	Except in the case of gross negligence, the FAPAQ, its agents, representatives, employees will
not be liable for any damage cause in the Leased Territory, to the Improvements of the Company situated therein or to their content
by reason of the fact that the FAPAQ, its agents, representatives, employees entered the Leased Territory, the Improvements of
the Company situated therein, to proceed with a verification or with any works or in the case of an emergency.

 

		17.4	It is agreed between the parties that the FAPAQ will in no way be pursued in liability, in its
capacity as owner of the Leased Territory subject to the rights of surface in favor of the Company, for any damage, accident or
incident which may take place on the immoveables affected by rights of surface and for which the Company is obligated pursuant
to the terms of this lease to take out the appropriate liability insurance.

 

		17.5	The liability of the Company pursuant to this article will be reduced by an amount equal to the
benefits received by the FAPAQ from any insurance taken by or for the Company in relation to the risks at issue.

 

ARTICLE
18 -LAWS AND REGULATIONs

 

The Company undertakes to conform
to the laws and regulations, governmental and municipal, which may apply to it.

 

Without limiting the generality
of the foregoing, the Company undertakes to conform to the Parks Act (R.S.Q., c. P-9) and to the Regulation respecting
parks and to their subsequent amendments.

 

    	-23-

    	 

    

 

ARTICLE
19 -ROADS AND LANES

 

		19.1	The Company must maintain and is solely responsible for the maintenance of roads and parking grounds
built or that will be built on the Leased Territory.

 

		19.2	After having obtained the written approval of the FAPAQ on the layout and the plans and specifications
of any new secondary roads or lanes, the Company may, at its own costs, proceed with the construction of such secondary roads or
lanes and must then maintain them as provided for in this article.

 

ARTICLE
20 -SIGNS AND BILLBOARDS

 

The Company may not install on
the Leased Territory or the Improvements any billboards, posters or signs unless they are in conformity with the Company’s
signage program, approved by the FAPAQ. This program must be submitted for approval before October 1st, 1992 and will
be valid for five (5) years; at its expiry it may be renewed, with or without modification, or it may be replaced, for a term of
five (5) years and thereafter every five (5) years until the end of this Lease. The Company is obligated to respect the signage
program as approved by the FAPAQ.

 

This program must be designed
in a manner to preserve the integrity of the territory as a Park established pursuant to the Parks Act. The Company is allowed
to identify itself as doing business in the Mont-Tremblant recreational park, or to identify its activities, or its sponsors or
franchises, if any.

 

ARTICLE
21 -INVENTORY OF IMMOVEABLE ASSETS

 

21.1       Initial Inventory
of Immoveable Assets

 

The Initial Inventory of Immoveable
Assets as at August 31st, 1991 will be established by the Government with the Inventory of Immoveable Assets of
SMTL, the former tenant, which are annexed to certified financial statements dated April 30, 1990, furnished to the Government
by the former tenant, which will be updated with the list immoveable investments made since this date and provided by the former
tenant to the Government, copies of which have been submitted to the Company, who declares itself to be satisfied. The follow up
of this inventory is now under the responsibility of the FAPAQ.

 

    	-24-

    	 

    

 

21.2       Annual Inventory
of Immoveable Assets

 

		21.2.1	Within one hundred and twenty (120) days following the financial year-end, the Company must submit
to the FAPAQ for approval, an inventory of the Company’s Immoveable Assets on the Leased Territory and the Territory subject
to servitude, at such financial year-end (the “Inventory of Immoveable Assets”). This Inventory of Immoveable Assets
will notably be destined for establishing the value of the investments provided for at article 9 hereof as well as to establish
the residual value of the Immoveable Assets for the purpose of the articles entitled respectively “End of Lease” and
“Defaults” of this lease.

 

		21.2.2	The Inventory of Immoveable Assets include all Improvements of the Company to the Leased Territory
and to the Land subject to servitude as well as any moveable property which may be considered as immoveable by destination under
the Civil Code of Lower Canada but it may not include any other moveable property or any incorporeal asset (each such Improvement
being a “Immoveable Asset”). The Immoveable Assets which are not mentioned in the Master Development Plan or in a Capitalization
Program approved by the Government or the FAPAQ, or which were not authorized by the FAPAQ and its predecessors, pursuant to the
provisions of article 8.2 of the Lease must not be included in the Inventory of Immoveable Assets.

 

		21.2.3	The Inventory of Immoveable Assets must use the same nomenclature for assets and the same classification
by category of assets as the previous inventory approved by the FAPAQ and its predecessors.

 

		21.2.4	The Inventory of Immoveable Assets must be presented in duplicate in the form of the document “INVENTORY
OF Immoveable Assets” and in conformity with the provisions of the document “SPECIFICATIONS RELATIVE TO THE USE OF
THE INVENTORY FORM OF Immoveable Assets”, which documents are annexed as Schedule E to the Act of Transfer and Consolidation,
after having been recognized as true and signed by the parties with and in the presence of the undersigned notary. The manner of
presentation of the Inventory or Immoveable Assets may be modified by the Company conditional upon obtaining the prior written
agreement of the FAPAQ.

 

    	-25-

    	 

    

 

		21.2.5	The Inventory of Immoveable Assets must include a specific document for the Immoveable Assets acquired
or disposed of during the year in question. This document must provide, for each project, the following precisions with respect
to the transactions having been effected:

 

		1.	The date of any acquisition or disposition of Immoveable Assets;

 

		2.	The name of the supplier or the acquirer;

 

		3.	The nature of the transaction;

 

		4.	The amount of the transaction;

 

		5.	A reconciliation of the cost of the Immoveable Assets added and the cost of the Immoveable Assets
disposed of with the financial statements, as the case may be.

 

		21.2.6	The Inventory of Immoveable Assets and all documents comprising a part thereof must be verified
by a chartered accountant. The Company undertakes to conserve and to give access to the FAPAQ all books and supporting documents
for the reports submitted pursuant to Article 21 for at least sixty (60) months after their submission to the FAPAQ. Notwithstanding
the provision to the FAPAQ and its acceptance of these reports, the Company recognizes that the FAPAQ has the right to require
an independent audit of the accounting books and other items of the Company. This audit will be undertaken at the expense of the
FAPAQ.

 

		21.2.7	Any Government financial assistance in relation to the acquisition of an immoveable asset must
be deducted from the cost of acquisition of this immoveable asset for the purpose of establishing it net residual value.

 

For the purposes of this article,
the value of financial assistance that will be deducted from the cost of acquisition of a real estate asset will be calculated
in same manner as for the purposes of article 9.

 

		21.2.8	The annual amortization of the value of Immoveable Assets will be established according to the
straight line method, in conformity with generally accepted accounting principles but the amortization rates used may not be less
than the respective minimal rates applicable to each category of assets in the list of amortization rates, which is annexed as
Schedule F to the Act of Transfer and Consolidation, after having been recognized as true and signed by the parties with and in
the presence of the undersigned notary.

 

    	-26-

    	 

    

 

		21.2.9	An Immoveable Asset must remain entered in the Inventory of Immoveable Assets even after the expiry
of its useful life, as long as it had not been disposed of. The residual value of an Immoveable Asset will be zero once its value
has been entirely amortized.

 

ARTICLE
22 -RIGHT OF surface

 

		22.1	To the extent that it has acquired them, the FAPAQ recognizes that the Company is the owner of
all Improvements on the Leased Territory which belonged to its predecessor in title, SMTL, and it provides the Company with a right
of surface therein. Subject to the provisions of this lease, the Company has a right of surface in the Leased Territory throughout
the term of the lease for all Improvements of the Company on the Leased Territory, for the purposes provided for at article 6,
whether they are held by the Company as owner, as tenant or in another capacity.

 

		22.2	Therefore, the FAPAQ hereby waives the rule of accession for all Improvements referred to in paragraph 22.1,
such that the Company may alienate them, subject to the rights of the FAPAQ becoming the owner thereof as provided for by this
lease.

 

		22.3	Therefore, the FAPAQ hereby provides to the Company all the necessary authorizations it needs for
the full exercise of these rights of surface pursuant to the terms of the lease. These authorizations affect the Leased Territory
and are granted in favor of the Improvements of the Company on the Leased Territory.

 

		22.4	The rights of surface granted by the present article are so granted without any consideration other
than the obligations assumed hereunder by the Company.

 

ARTICLE
23 -END OF LEASE

 

		23.1	At the expiry of the term of this lease or at its renewal, as the case may be, or at the time of
any termination before the term of this lease, excluding in the case of a default, in conformity with the dispositions hereof,
the Company, upon payment to the Company by the FAPAQ of an amount equal to the residual value, at that date and then, if necessary,
proceeding with adjustments required since the final annual inventory of Immoveable Assets, the Improvements of the Company on
the Leased Territory, established in conformity with article entitled “Inventory of Immoveable Assets” of the lease,
will assign to the FAPAQ all of these Improvements.

 

    	-27-

    	 

    

 

		23.2	The provisions of paragraph 23.1 apply mutatis mutandis in a case of a default provided
for in this lease except where the amount to be paid to the FAPAQ is equal to eighty percent (80%) of the amount obtained under
paragraph 23.1

 

		23.3	The Company grants to the FAPAQ the option to acquire the totality of the Lands subject to the
servitude and the Improvements of the Company that are found thereon at the expiry of the term of the lease or at its renewal,
as the case may be, or at the time of any termination before the expiry of the term of this lease in conformity with one of the
provisions of this lease, for the price of one dollar ($1) for the Lands subject to servitude and for a price equal to the residual
value of these Improvements for these Improvements. The FAPAQ must exercise its option to acquire these Lands subject to servitude
and these Improvements by giving prior notice to the Company:

 

		23.3.1	no later than two (2) years before the expiry of the terms of this lease,

 

		23.3.2	no later than thirty (30) days after having received notice from the Company provided for in paragraph
14.9 that the Company wishes to terminate the lease before the end of term in the circumstances mentioned in this paragraph 14.9,
or

 

		23.3.3	in any case, at least thirty (30) days before the termination of this lease, failing which the
FAPAQ will lose its rights to acquire the Lands subject to the servitude and these Improvements pursuant to the terms of the present
option.

 

		23.4	The assignments and transfers of the Improvement of the Company on the Leased Territory as well
as of the Lands subject to servitude and the Improvements of the Company on the Lands subject to servitude, as the case may be,
pursuant to this Article 23, will be effected by notarial act which must be signed by the FAPAQ and by the Company no later than
ninety (90) days after the end of this lease, unless additional delays are caused by events out of the control of the FAPAQ.

 

    	-28-

    	 

    

 

The FAPAQ must pay the costs
and the expenses of the act, the publication thereof and the necessary copies. The FAPAQ will take possession of the Lands subject
to servitude and the Improvements of the Company that are situated thereupon at the date of the execution of the notarial act.

 

		23.5	If the FAPAQ exercises the option stipulated at paragraph 23.3 within the period provided, the
FAPAQ must have the Lands subject to servitude surveyed at the costs of the FAPAQ within a time period necessary to proceed with
the assignments and transfers by notarial act, as provided for by paragraph 23.4.

 

		23.6	At the expiry of the lease or at its renewal, at the case may be, or at the time of any termination
of the lease before the expiry of its term for any reason whatsoever, the Company must provide the FAPAQ with the immediate possession
and enjoyment of the Leased Territory and the Improvements of the Company on the Leased Territory in good condition, except:

 

		23.6.1	with respect to normal wear that does not impede the use and enjoyment of the Leased Territory
and its Improvements.

 

		23.6.2	with respect to the Improvements that are disused, useless or not profitable, as provided at paragraph
12.1, and

 

		23.6.3	with respect to the Improvements that are damaged or that have been destroyed in whole or in part
over the course of the final ten (10) years of the lease, if the Company exercises its rights to terminate the lease before the
expiry of the terms pursuant to paragraph 14.9.

 

		23.7	At the expiry of the term of the lease, or at its renewal, as the case may be, or at the time of
any termination before the expiry of the term of this lease, pursuant to any provisions hereof, the Company will have the right
to remove, within reasonable periods, its accessories and equipment which are moveable property but it must in so doing, repair
any damaged caused by their installation or their removal. If the Company fails to proceed with such removal, or to repair any
damage caused by such removal, the FAPAQ may conserve as owner of these accessories and equipment which are the moveable property
of the Company, or have them remove itself at the costs of the Company, which must pay the costs of the repairs of damages caused
by such removal.

 

    	-29-

    	 

    

 

		23.8	The FAPAQ may deduct from any amounts due to the Company pursuant to paragraphs 23.1 and 23.2:
a) the amounts necessary for the restoration and the repair of the Improvements in poor working condition or poorly maintained,
to the extent that the Company has not respected its obligations pursuant to article 12, b) the amounts required to release the
Leased Territory and, as the case may be, the Lands subject to servitude, from any charges, rights or liens whatsoever created
by the Company or by reason of its act or assumed by it for which they or the Improvements may be charged or affected, c) the amount
due to the FAPAQ as reimbursement for loans granted to the Company or which it is in default.

 

ARTICLE
24 -ASSIGNMENT

 

		24.1	The Company may assigned this lease or dispose of the Improvements of the Company on the Leased
Territory or sublease in whole or in part the Leased Territory or its Improvements subject to the rights of surface, as long as
it has given a written prior notice to the FAPAQ of its intention to do so, with details about the proposed assignee, sub-lessee
or acquirer and that the FAPAQ within sixty (60) days following the receipt of this prior notice, consent thereto. The FAPAQ will
use this right to consent in a reasonable manner, according to the financial capacity of the proposed person to realize and maintain
the objectives and the use provided for by this lease and according to the capacity of this person to carry out the activities
of the nature of those provided for by this lease.

 

If this lease is assigned in
conformity with the provisions of the present paragraph and if the Company has, at the date of the assignment, realize the investments
provided for at paragraphs 9.1 and 9.2, the Company will thereby be released of all of its obligations pursuant to this lease.

 

The consent of the FAPAQ when
given does not constitute in anyway a waiver to the necessity of such consent for any subsequent assignment of the lease, subsequent
sublease of the Leased Territory, or subsequent disposition of the Improvements.

 

		24.2	The Company, as real owner of the Improvements, may, without the consent of the FAPAQ, give all
securities provided for at article 26 on the collaterals, the whole under the terms of its rights of as a superficiary as established
at article 22.

 

    	-30-

    	 

    

 

		24.3	The Company may without the consent of the FAPAQ, assign this lease or dispose of the Improvements
of the Company on the Leased Territory or sublease the Leased Territory in whole or in part to a person who is an affiliate (as
defined in the Canada Business Corporations Act) of the general partner of the Company, however subject to giving the FAPAQ
notice of such a situation within fifteen (15) days following the occurrence thereof.

 

		24.4	Notwithstanding any assignment of this lease, sublease of the Leased Territory or disposition of
the Improvements of the Company on the Leased Territory, the Company, subject to the provisions at paragraph 24.1, will remain
jointly and solidarily obligated by the present lease and will not be relieved of its obligations to execute the terms, agreements
and conditions hereof.

 

ARTICLE
25 -CORPORATE CHANGES

 

At all times during this lease,
if, following the sale or other disposition of the securities of the general partner of the Company, currently held by Corporation
Intrawest, the control of the general partner of the Company changes hands, the Company will be obligated to advise the FAPAQ of
such change of control within fifteen (15) days following such sale or other disposition and to provide the name and the address
of the new acquirers. This article also applies to any subsequent change of corporate control of the general partner of the Company,
with the necessary changes.

 

ARTICLE
26 -GUARANTEED ASSETS

 

		26.1	As provided by article 24, the Company has the right to offer securities in good faith as guarantee
for the reimbursement of amounts that it may borrow for the purpose of financing the acquisition provided by the Purchase Agreement,
its activities provided by this lease and the operation of its business at Mont-Tremblant. To this end, the Company may hypothecate,
pledge, encumber, assign and transfer or otherwise give as a guarantee the Improvements on the Leased Territory or its rights in
this lease, including its rights of surface and the related authorizations to its lenders, financial institutions or other funders
or creditors providing financing or to a power of attorney acting for bondholders for the purpose of providing a guarantee. In
such a case, the Company is obligated to inform the FAPAQ in writing of the name and the address of the secured creditor, within
thirty (30) days following the date upon which the guarantee is given. The Secured creditor may also provide such information.

 

    	-31-

    	 

    

 

		26.2	If, through cancelling its rights, a secured creditor of the Company provided for at paragraph
26.1 steps into the rights of the latter, this creditor will enjoy and hold all of the rights of the Company arising from this
lease but must also respect all of the obligations, conditions and restrictions imposed on the Company to the extent provided for
at paragraph 28.4.

 

ARTICLE
27 -APPROVAL BY THE FAPAQ

 

Except in the case stipulated
at article 10.5.5 hereof, each time the approval of the FAPAQ is required by this lease, the Company must submit a written request
to the FAPAQ, with all supporting documentation. The FAPAQ will then have sixty (60) calendar days from the receipt of the request,
and the supporting documentation, to grant or refuse the requested approval.

 

Failure by the FAPAQ to refuse
the requested approval within the sixty (60) day period, such approval will be considered to have been granted without any other
formality.

 

ARTICLE
28 -defaults

 

		28.1	Each of the following events constitute an event of default under the terms of this lease (event
of default):

 

		28.1.1	if the rental stipulated in this lease or any other amount that the Company has undertaken to pay
pursuant to any of the provisions of this lease is not paid within thirty (30) days following the date it becomes due;

 

		28.1.2	if the Company does not operate the Leased Territory in conformity with article 6 or abandons or
evacuates it;

 

		28.1.3	if the Company does not realize a capital program approved by the FAPAQ according to the timetable
provided for, within a delay of six (6) months from the date of a notice to this effect provided by the FAPAQ to the Company;

 

		28.1.4	if an attachment or a garnishment is undertaken by a third party, other than a hypothecary creditor
or a power of attorney acting on behalf of the bondholders of the Company, against the Improvements of the Company situated on
the Leased Territory and if this attachment is not lifted within thirty (30) days or contested in good faith by the Company within
thirty (30) days following this attachment;

 

    	-32-

    	 

    

 

		28.1.5	if the Company becomes bankrupt, becomes insolvent or makes an assignment for the benefit of its
creditors, or if, having become bankrupt or insolvent, it takes advantage of any law which may apply to bankrupt or insolvent debtors,
or it makes a proposal pursuant the Bankruptcy and Insolvency Act (Canada);

 

		28.1.6	if the Company does not file an initial Master Development Plan and subsequent master development
plans by no later than the six (6) months following the dates provided for at paragraphs 7.3 and 7.4 of this lease;

 

		28.1.7	if the Company does not respect, execute or fulfill, within a delay of sixty (60) days after receipt
of a written request from the FAPAQ to this effect, specifying the Company’s default, any other undertakings, agreements,
provisions, stipulations or conditions contained in this lease.

 

		28.2	In case of default, other than those established pursuant to paragraph 28.1.5, the FAPAQ may, at
its option, terminate this lease and the Company’s rights hereunder by giving the Company a written notice of its intention
to terminate this lease and detailing the Company’s default. The Company may prevent the termination of this lease by the
FAPAQ by remedying this default before the expiry of a period of sixty (60) days following receipt of the notice. If the Company
has not remedied this default within this sixty (60) day period, the FAPAQ may choose, upon advising the Company, for the lease
to be automatically terminated, and the FAPAQ may then enter the Leased Territory, take possession thereof, and become owner of
all the Improvements belonging to the Company on the Leased Territory upon payment to the Company of any amount established pursuant
to article 23.

 

Nevertheless, if the event of
default cannot conveniently be corrected within this sixty (60) day period, this default will be deemed to be corrected to the
satisfaction of the FAPAQ and the lease will not be terminated if during this sixty (60) day period, if the Company begins correcting
this default and pursues this correction with reasonable diligence, the whole subject to the rights of the FAPAQ to transmit, after
this period, a notice pursuant to the previous subparagraph in the event that the Company does not respect its obligations to correct
as provided in this subparagraph.

 

    	-33-

    	 

    

 

		28.3	If the event of default established pursuant to paragraph 28.1.5 occurs, subject to the provisions
of paragraph 28.4, this lease will automatically terminate, the FAPAQ may enter the Leased Territory, and take possession,
and become owner of all the Improvements belonging to the Company on the Leased Territory upon payment of any amount established
pursuant to article 23.

 

		28.4	The FAPAQ must send a copy of any notice provided pursuant to the terms of this article to secured
creditors holding securities described at paragraph 26.1 the address of whom will be provided to it as per this paragraph, in which
case:

 

		28.4.1	if the Company has not remedied the default identified in the notice pursuant to the terms of paragraph
28.2, within the prescribed time, the FAPAQ, after having acquired the right to terminate pursuant to terms of paragraph 28.2 or
the expiry of the lease pursuant to the terms of paragraph 28.3 must allow any such secured creditor, if it is interested in conserving
its rights to, following reception of a notice from the FAPAQ to this effect, remedy the default of the Company, take possession
of the Leased Territory and the Improvements of the Company, and choose to replace the Company for the execution of the obligations,
conditions and restrictions stipulated herein with respect to the Company;

 

		28.4.2	if in the sixty (60) days following receipt by these secured creditors of the aforementioned
notice, these creditors have not remedied the Company’s default, taken possession of the Leased Territory and the Improvements
of the Company on the Leased Territory, and replaced the Company for the execution of the Company’s obligations pursuant
to the terms of this lease, the FAPAQ may terminate this lease against everyone, and this lease will thus be terminated, the FAPAQ
may therefore take possession of the Leased Territory and will become the owner of all of the Improvements of the Company on the
Leased Territory in exchange for payment of any amount established pursuant to the provisions of article 23;

 

		28.4.3	notwithstanding the terms of paragraph 28.4.2, if the right to terminate the lease pursuant to
this article 28 arises:

 

    	-34-

    	 

    

 

		28.4.3.1	from a default under the terms of paragraph 28.1.4 and if any such secured creditor is able
to lift the seizure discussed by this paragraph pursuant to the priority rights that it may hold, from a default pursuant paragraph
28.1.5 or from a default to respect a purely personal obligation of the Company which may not be corrected by a third party, any
such secured creditor will not called upon to remedy such default, if this secured creditor respects the other provisions of paragraph
28.4.2 in the prescribed time.

 

		28.4.3.2	from a default mentioned at paragraph 28.1.3, any such secured creditor will not be called
upon to remedy such default if such creditor respects the other provisions of paragraph 28.4.2 within the periods prescribed therein,
if its seeks an acquirer for this lease and the Improvements in a diligent manner and assigns this lease and the Improvements on
the Leased Territory as well as the Lands subject to the servitude and the Improvements found thereon to a third party according
to the provisions of paragraph 24.1 within sixty (60) days from the approval of the FAPAQ or any other reasonable delay in the
circumstances. This third party acquirer will not be in default pursuant to paragraph 28.1.3 if it remedies the default within
the course of the year following its acquisition.

 

		28.4.4	Notwithstanding the terms of paragraphs 28.4.2 and 28.4.3, when such secured creditor cannot reasonably
remedy a default of the Company pursuant to this lease within the prescribed time in paragraph 28.4.2, such default may deemed
to be corrected to the satisfaction of the FAPAQ and this lease will not be resiliated against such a secured creditor if, within
the prescribed time under paragraph 28.4.2, such secured creditor begins correcting the default and pursues such correction with
reasonable diligence or institutes within this period and pursues with reasonable diligence judicial proceedings required for the
realization of its guarantees or taking of possession, the whole on the condition that, during this period, any such secured creditor
may operate or cause to be operated the ski business from December to March if permitted by the climatic conditions and the snow.
The Company is obligated to allow such a secured creditor to fulfill this condition subject to all the rights and recourses that
the Company may assert, have or exercise against such secured creditor.

 

    	-35-

    	 

    

 

		28.4.5	If more than one secured creditor has the right to avail itself of the provisions of paragraph
28.4, subject to any agreement between these secured creditors, the creditor whose security has priority of rank pursuant to the
law will be privileged in relation to paragraph 28.4.

 

		28.4.6	If such secured creditor does not respect or fulfill the obligations and conditions provided for
at paragraphs 28.4.2, 28.4.3, 28.4.4 or 28.4.5, the FAPAQ, at its discretion, will have the absolute right to terminate this
lease against everyone upon notice to this effect given to such secured creditor and this lease will thereby be resiliated against
every one.

 

		28.5	The Company recognizes that any violation on its part of any of its obligations pursuant to the
terms of articles 6, 7, 8, 9.1, 11, 12 and 24 of this lease is for all legal purposes presumed to cause serious or irreparable
prejudice to the FAPAQ and is presumed to be a violation which may not be remedied by a judgment in damages. Therefore, the Company
agrees that the FAPAQ will have the right to an injunctive recourse or recourse in execution in order to prevent or to stop the
violation of any obligations assumed by the Company pursuant to these articles or in order to force the Company to execute its
obligations.

 

		28.6	The fact that the FAPAQ has pardoned, excused or overlooked at any moment a default, violation
or non-execution on the part of the Company in relation to any of the conventions, stipulations, or conditions provided for herein,
will in no way have the effect of a waiver of the rights of the FAPAQ in relation to any default, violation or non-execution, present
or future, or the effect of cancelling or affecting in any way the rights of the FAPAQ under the terms hereof in relation to any
such default, violation or non-execution, present or future; and no waiver of a right may be presumed or inferred from any action
or omission of the FAPAQ except in the case where it arises from an express waiver in writing.

 

		28.7	The mention in this lease of a particular recourse of the FAPAQ in relation to any default by the
Company will not prevent the FAPAQ from exercising any other recourse in relation to such default, whether such recourse is available
in law, in equity or under law or it is expressly provided herein. No recourse will exclude another recourse nor depend on another
recourse, but the FAPAQ may from time to time exercise one or several of these recourses separately or together, cumulatively and
non-alternatively.

 

    	-36-

    	 

    

 

ARTICLE
29 -NON EMPHYTeUTIC LEASE

 

This lease is not and
must not be interpreted as being an emphyteutic lease nor a constitut in a sense of the repealed Constitut or Tenure System
Act (R.S.Q., chapter C-64).

 

ARTICLE
30 -COSTS AND FEES

 

The Company will pay
all of the costs and fees of this lease, the registration and the copies.

 

ARTICLE
31 -ARBITRATION

 

The FAPAQ or the Company
may, but is not obligated to, submit for arbitration any dispute resulting from the interpretation of this lease following the
provisions of articles 940 to 951 inclusively of the Code of Civil Procedure of the province of Quebec.

 

The preceding paragraph
must not be interpreted as a being an arbitration clause and in no way limits the rights of the FAPAQ of the Company to institute
proceedings before the courts in order to obtain a decision in a litigious matter, however subject to such contentious procedures
being served either before an arbitrator has been requested by the other party, or after the arbitrators have rendered their decision.

 

ARTICLE
32 -SKI TICKETS

 

The price of ski tickets
destined for clients of the hotels in the Laurentians must be uniformed, guaranteed and communicated to the Association Touristique
des Laurentides (“ATL”) or its successors, by no later than the 1st of April of each year, for the following
season. The Company must provide evidence to the FAPAQ that it has fulfilled its obligation pursuant to this article.

 

If the price of ski
tickets is not communicated by this date, the price of these tickets of the previous will be automatically renewed.

 

    	-37-

    	 

    

 

ARTICLE
33 -RIGHT OF PREEMPTION

 

		33.1	During the term of this lease and its renewals, if the FAPAQ would like to enhance (as defined
hereinbelow) the Liberated Territory or a part thereof (the “applicable immoveable”) either itself, with the participation
of a third party (the “proposed participant”) or by authorizing to this effect a proposed participant, the FAPAQ must
first offer to the Company participation in the increase in value of the applicable immoveable by giving it written notice of its
desire and by annexing a summary of the highlights of the offer received from the proposed participant (the “offer”).
The Company will then have the option to participate in the enhancement of the applicable immoveable on the conditions indicated
in the offer for a period of thirty (30) days following the receipt of such notice, which option must be exercised in writing.
If the Company does not exercise the aforementioned option within this thirty (30) day period, at any time within a delay of a
hundred and eighty (180) days following the expiry of the option, the FAPAQ may begin the enhancement of the applicable immoveable
with the participation in such enhancement of the proposed participant under the conditions contained in the offer. If this enhancement
is not commenced within this one hundred and eighty (180) day period, the right to enhance the applicable immoveable with the participation
in the enhancement of a third party will again be subject to the provision of this article 33.

 

		33.2	“participation in the enhancement” means (i) the participation by a person
other than the Société des établissements de plein air du Québec (R.S.Q., c. S-13.01) in
any kind of legal structure allowing it to participate in the economic benefits resulting from the enhancement of a project or
a business in the applicable immoveable, notably through lease, sale, license or any other means, or (ii) the participation of
such person with the FAPAQ as a partner in any partnership, as a general partner or limited partner in any limited partnership,
as a shareholder in any corporation or company, as a participant in any joint venture or as an undivided co-owner.

 

		33.3	Subject to an Act respecting access to documents held by public bodies and the protection of
personal information (R.S.Q., c. A-2.1), for an offer to be considered for the purposes of the present article 33, the notice
to the Company must be accompanied by all the details relating to the offer and the personal and financial situation of the proposed
participant or participants; if the offer is presented or signed by an agent or representative, the notice must identify the principal.
The FAPAQ will exercise reasonable efforts to obtain any consent necessary to allow this information to be disclosed.

 

    	-38-

    	 

    

 

		33.4	The offer must provide that the commencement of the enhancement project of the applicable immoveable
will take place not less than thirty (30) days and not more than sixty (60) days from the signature of the offer and does not contain
any consideration other than the participation in the enhancement of the applicable immoveable and a representation that it is
not connected to any other transaction.

 

ARTICLE
34 -NOTICE

 

Any notice that must
be given by one party to the other pursuant to the terms of this lease must be given in writing and is deemed as having been received
either the day of its service by bailiff or the day of its personal delivery or, is sent by mail, the third (3rd) business
day after its mailing by registered mail, to the addresses mentioned below:

 

The FAPAQ:

 

La Société de la
faune et des parcs du Québec

Édifice Marie-Guyart,
10th floor

675 René-Lévesque
Blvd. East

Québec (Québec)

G1R 5V7

 

The COMPANY :

 

Station Mont Tremblant société
en commandite

c/o Station Mont Tremblant Inc.

3005, chemin Principal

Mont-Tremblant (Québec)

J0T 1Z0

 

To the attention of :
Vice President, Real Estate Development.

 

or any place in Quebec
that each party may designate to the other in writing that is duly served.

 

ARTICLE
35 -DESIGNATION OF CERTAIN IMMOVEABLES

 

		35.1	The “Liberated Territory” is the Old Territory other than the Leased Territory.

 

		35.2	The “Old Territory” is described as follows:

 

[Designation of the old territory omitted]

 

    	-39-

    	 

    

 

35.3The “Leased
Territory” is described as follows:

 

[Designation of the
Leased Territory omitted]

 

35.4The « Site
I » is described as follows :

 

[Designation of Site I is omitted]

 

35.5The “Servient
Land – south face” is described as follows:

 

[Designation of the Servient Land –
south face” is omitted]

 

35.6The “North
Camp Grounds” is described as follows:

 

[Designation of the North Camp Grounds
is omitted]

 

35.7The “Valley
Grounds” is described as follows:

 

[Designation of the
Valley Grounds is omitted]

 

ARTICLE
36 -   mentions required pursuant to article 9 of AN ACT RESPECTING DUTIES ON TRANSFERS OF IMMOVABLEs (R.S.Q., c.
D-15.1)

 

a)          Name and address
of the Lessor:

 

La Société
de la faune et des parcs du Québec

Ministère responsable de la Faune et des Parcs

675, boul. René-Lévesque Est, 10e étage

Québec (Québec)

G1R 5V7

 

b)          Name and address
of the Lessee:

 

Station Mont Tremblant
société en commandite

a/s Station Mont Tremblant Inc.

3005, chemin Principal

Mont-Tremblant (Québec)

J0T 1Z0

 

		c)	The leased terrain is situated in the municipalities of Mont-Trembant and Saint-Jovite.

 

		d)	The leased terrain is affected for the purpose of the public interest and is located in the Mont
Tremblant Recreational Park created pursuant the Parks Act (R.S.Q. c. P-9) and has no market value.

 

    	-40-

    	 

    

 

e)           The basic
imposition amount is zero dollars ($0).

 

		f)	No transfer taxes in relation to this leased terrain are payable pursuant to paragraph a) of Section
20 of this act.

 

WHICH ACT in Mont-Tremblant,
under number TWELVE THOUSAND FORTY-EIGHT (12,048) of the minutes of the undersigned notary.

 

HAVING READ the
parties have signed in the presence of the undersigned notary in the following manner:

 

Made and signed in Quebec,
on the twenty-eighth day of January two thousand (January 28, 2000)

 

LA SOCIÉTÉ
DE LA FAUNE ET DES PARCS DU QUÉBEC

 

Made and signed in Mont-Tremblant,
on the twenty-eighth day of January two thousand (January 28, 2000)

 

STATION
MONT TREMBLANT SOCIÉTÉ EN COMMANDITE

 

By its only
general partner

 

STATION
MONT TREMBLANT INC.

 

[signed by
Michel Aubin, president]

 

[signed by
Charles Massicotte, vice president, Finance]

 

[signed by
Pierre Dupré, notary]

 

 

    	41

    	 

    

 

Schedule A

 

 

 

    	42BLUE MOUNTAIN RESORTS HOLDINGS INC.

 

-and-

 

INTRAWEST CORPORATION

 

-and-

 

BLUE MOUNTAIN RESORTS LIMITED

 

 

 

SHAREHOLDERS’ AGREEMENT

 

 

 

January 28, 1999

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	ARTICLE 1
	 	 	 	 	 
	DEFINITIONS AND INTERPRETATION
	 	 	 	 	 
	 	 	 	 	 
	1.1	 	Definitions	 	2
	1.2	 	Sections and Headings	 	9
	1.3	 	Gender, Etc.	 	10
	1.4	 	Accounting Principles 	 	10
	1.5	 	Preamble 	 	10
	1.6	 	Approval 	 	10
	1.7	 	Unanimous
    Shareholders’ Agreement	 	10
	 	 	 	 	 
	ARTICLE 2
	 	 	 	 	 
	MANAGEMENT
	 
	2.1	 	Board of Directors	 	10
	2.2	 	Initial Nominees 	 	11
	2.3	 	Meetings	 	11
	2.4	 	Officers 	 	12
	2.5	 	Auditors 	 	12
	2.6	 	Matters Requiring Approval 	 	12
	2.7	 	Shareholder Representatives	 	15
	2.8	 	Investment in Village Core Commercial Space	 	15
	2.9	 	Distribution Policy	 	16
	2.10	 	Annual Budgets and Capital Expenditures Budgets 	 	16
	2.11	 	Implementation of Approved Budgets	 	17
	2.12	 	Information 	 	17
	2.13	 	Head Office Services	 	17
	2.14	 	Agreement to Act	 	17
	2.15	 	Corporation to be Bound	 	17
	2.16	 	Claims against the Corporation	 	18
	2.17	 	Confidentiality	 	18
	 	 	 	 	 
	ARTICLE 3
	 	 	 	 	 
	RESTRICTIONS ON TRANSFER
	 	 	 	 	 
	3.1	 	No Transfer of Shares	 	19
	3.2	 	Endorsement on Certificates 	 	19

 

    	-i-

    	 

    

	3.3	 	Permitted Encumbrances	 	19
	3.4	 	Intrawest Permitted Transfers 	 	20
	3.5	 	Continuance or Amalgamation Permitted	 	20
	3.6	 	Covenants re Intrawest Permitted Transferee 	 	20
	3.7	 	Holdings Permitted Transfers	 	21
	3.8	 	Covenants re Holdings Permitted Transferee 	 	21
	3.9	 	Matters Relating to Holdings 	 	22
	3.10	 	Eligible Holdings Transferees 	 	22
	3.11	 	Covenants re Eligible Holdings Transferee	 	23
	 	 	 	 	 
	ARTICLE 4
	 	 	 	 	 
	ISSUANCES OF ADDITIONAL SHARES
	 	 	 	 	 
	4.1	 	Pre-emptive Rights	 	23
	4.2	 	Closing	 	24
	 	 	 	 	 
	ARTICLE 5
	 	 	 	 	 
	RIGHT OF FIRST OFFER
	 	 	 	 	 
	5.1	 	Right of First Offer	 	24
	5.2	 	Carryback Note and Non-Cash Consideration	 	25
	5.3	 	Withdrawal of Offer	 	25
	5.4	 	Offeree’s Right to Purchase Offered Shares	 	25
	5.5	 	Notice of Intention to Purchase	 	27
	5.6	 	Purchase of Offered Shares by Offerees 	 	27
	5.7	 	Sale to Third Party Offeror 	 	27
	5.8	 	Extension of Time 	 	27
	5.9	 	Outstanding Notices 	 	27
	5.10	 	Limitations	 	27
	5.11	 	Limitations	 	28
	 	 	 	 	 
	ARTICLE 6
	 	 	 	 	 
	DRAW ALONG RIGHTS
	 	 	 	 	 
	6.1	 	Draw Along Right	 	28
	6.2	 	Draw Along Notice 	 	29
	6.3	 	Closing Procedures 	 	30
	6.4	 	Time Limit	 	31
	 	 	 	 	 

    	-ii-

    	 

    

 

	ARTICLE 7
	 	 	 	 	 
	TAG ALONG RIGHTS
	 	 	 	 	 
	7.1	 	Tag Along Rights		31
	7.2	 	Tag Along Offer	 	31
	7.3	 	Election by Remaining Shareholder 	 	33
	7.4	 	Closing Procedures 	 	33
	7.5	 	Failure to Give Tag Along Notice	 	33
	7.6	 	Time Limit		34
	 	 	 	 	 
	ARTICLE 8
	 	 	 	 	 
	PUT OPTIONS
	 	 	 	 	 
	8.1	 	Put Options 	 	34
	8.2	 	Put Notice	 	34
	8.3	 	Price	 	35
	8.4	 	Holdings Indemnity	 	35
	8.5	 	Closing	 	36
	8.6	 	Call Notice	 	36
	8.7	 	Suspension of Put Options	 	36
	 	 	 	 	 
	ARTICLE 9
	 	 	 	 	 
	INTRAWEST CALL OPTION
	9.1	 	Call Options	 	37
	9.2	 	Call Notice	 	37
	9.3	 	Price	 	37
	9.4	 	Closing	 	37
	9.5	 	Suspension of Call Option	 	37
	 	 	 	 	 
	ARTICLE 10
	 	 	 	 	 
	RESOLUTION OF DISPUTES BETWEEN HOLDINGS AND INTRAWEST
	 	 	 	 	 
	10.1	 	Deadlock 	 	38
	 	 	 	 	 

 

    	-iii-

    	 

    

	ARTICLE 11
	 	 	 	 	 
	DEFAULT AND INVOLUNTARY TRANSFERS OF SHARES
	 	 	 	 	 
	11.1	 	Default and Involuntary Transfers of Shares	 	39
	11.2	 	Right to Purchase Pro Rata	 	40
	11.3	 	Price	 	40
	11.4	 	Exercise of Involuntary Transfer Option	 	40
	11.5	 	Closing	 	40
	 	 	 	 	 
	ARTICLE 12
	 	 	 	 	 
	CLOSING PROCEDURES
	 	 	 	 	 
	12.1	 	Closing Procedures	 	40
	12.2	 	Time and Place of Closing	 	40
	12.3	 	Consents	 	41
	12.4	 	Payment and Delivery	 	41
	12.5	 	Default of Selling Shareholder	 	41
	12.6	 	Sale Effective	 	42
	12.7	 	Non-Completion by Intrawest	 	42
	12.8	 	Power of Attorney	 	42
	12.9	 	Consent to Transfer	 	42
	12.10	 	Entitlement to Purchase Price 	 	43
	 	 	 	 	 
	ARTICLE 13
	 	 	 	 	 
	GENERAL
	 
	13.1	 	Conflict 	 	43
	13.2	 	Transferees to be Bound by Agreement	 	43
	13.3	 	No Partnership	 	43
	13.4	 	Time of the Essence	 	44
	13.5	 	Benefit of the Agreement	 	44
	13.6	 	Entire Agreement	 	44
	13.7	 	Amendments and Waivers 	 	44
	13.8	 	Assignment 	 	44
	13.9	 	Termination	 	44
	13.10	 	Severability 	 	44
	13.11	 	Notices 	 	44
	13.12	 	Governing Law 	 	45

    	-iv-

    	 

    

	13.13	 	Counterparts	 	46
	13.14	 	Further Acts 	 	46
	13.15	 	Business Day	 	46
	13.16	 	Legal Fees 	 	46
	 	 	 	 	 
	ARTICLE 14
	 	 	 	 	 
	EXECUTION
	 	 	 	 	 
	14.1	 	Execution	 	46

 

SCHEDULE A - DETERMINATION OF MARKET VALUE

SCHEDULE B - HOLDINGS SHAREHOLDERS

SCHEDULE C - DIRECTORS’ REMUNERATION

 

    	-v-

    	 

    

 

SHAREHOLDERS’ AGREEMENT

 

THIS AGREEMENT is made as of the 28th day of January, 1999

 

AMONG:

 

BLUE MOUNTAIN RESORTS HOLDINGS INC.
an Ontario corporation

 

AND:

 

INTRAWEST CORPORATION,
a British Columbia company

 

AND:

 

BLUE MOUNTAIN RESORTS LIMITED,
an Ontario corporation

 

WHEREAS:

 

A.The
Corporation is incorporated under the laws of the Province of Ontario;

 

B.The
authorized capital of the Corporation consists of an unlimited number of Common Shares, of which 243,302 Common Shares are
issued and outstanding to the Shareholders in the respective numbers set forth opposite their names as follows:

 

	Shareholder	 	No.
    and Class of Shares
	Holdings	 	121,651 Common Shares
	Intrawest	 	121,651 Common Shares

 

C.The
parties hereto wish to set forth and declare herein their relationship towards each other in the Corporation and to provide, inter
alia, for the operation and management of the Corporation’s business and affairs and the transfer and sale of shares in the
capital of the Corporation and this Agreement supersedes all prior shareholders’ agreements entered into by the shareholders
of the Corporation, as they apply to the Corporation, including, without limitation, the agreement made August 27,1982, as amended
by the agreement made December 22,1993.

 

NOW THEREFORE THIS AGREEMENT WITNESSES
that in consideration of the premises and the mutual covenants and agreements herein contained the parties hereto agree as follows:

 

 

    	-1-

    	 

    

 

ARTICLE 1

 

DEFINITIONS AND INTERPRETATION

 

1.1 Definitions.
In this Agreement, unless something in the subject matter or context is inconsistent therewith:

 

“Act” means the Ontario Business
Corporations Act as amended and in force from time to time;

 

“Additional Share” means any Share
proposed to be issued by the Corporation;

 

“Agreement” means this agreement
and all schedules attached hereto and all amendments made hereto and thereto by written agreement between the parties hereto;

 

“Annual Budget” means, in respect
of any fiscal year of the Corporation, a budget and business plan for the Corporation and its subsidiaries for such fiscal year
prepared by management of the Corporation in a form consistent with past practice, including a summary of projected consolidated
net income of the Corporation for such fiscal year and projected EBITDA for such fiscal year (each determined in accordance with
generally accepted accounting principles) and a summary of projected consolidated cash flow from operations of the Corporation
for such fiscal year and changes in the consolidated financial position of the Corporation for such fiscal year (each determined
in accordance with generally accepted accounting principles);

 

“Appraiser” has the meaning set
out in section 5.2;

 

“Approved Budget” means, collectively,
the Annual Budget or amended Annual Budget and the Capital Expenditures Budget or amended Capital Expenditures Budget, most recently
approved pursuant to subsection 2.6(8);

 

“BMR Option” has the meaning given
to it in the Real Estate Purchase Agreement;

 

“Board of Directors” means the
directors of the Corporation from time to time;

 

“Business Day” means any day other
than a Saturday, Sunday or statutory holiday in Ontario;

 

“Call Event” means the second
anniversary of the date upon which the sales of 90% of the Commercial Resort Units and 50% of the aggregate of the Horizontally
Attached Dwellings and the Multi Attached Dwellings contemplated by the Master Plan have closed;

 

“Call Notice” has the meaning
set out in section 9.2;

 

“Call Option” has the meaning
set out in section 9.1;

 

    	-2-

    	 

    

 

“Call Shares” has the meaning
set out in section 9.1;

 

“Capital Expenditures Budget”
means, in respect of any fiscal year of the Corporation, a summary of the budgeted capital expenditures and dispositions of capital
assets of the Corporation during such fiscal year prepared by management of the Corporation in a form consistent with past practice;

 

“Carryback Note” has the meaning
set out in section 5.2;

 

“Carryback Note and Non-Cash Consideration
Value” has the meaning set out in section 5.2;

 

“Cash Equivalent Purchase Price per Offered
Share” means the aggregate of:

 

		(a)	the amount of cash to be
paid for the Offered Shares as set forth in the Notice divided by the number of Offered Shares;

 

		(b)	a cash amount equal to the
fair market value of all Carryback Notes, if any, set forth in the Notice to be given in exchange for the Offered Shares divided
by the number of Offered Shares; and

 

		(c)	a cash amount equal to the
fair market value of all Non-Cash Consideration, if any, set forth in the Notice to be given in exchange for the Offered Shares
divided by the number of Offered Shares;

 

“Claim” has the meaning given
to it in section 2.16;

 

“Commercial Resort Unit” has the
meaning given to it in the Real Estate Purchase Agreement;

 

“Common Shares” means the common
shares in the capital of the Corporation;

 

“Consent” has the meaning set
out in section 12.3;

 

“Constating Documents” of the
Corporation or any subsidiary of the Corporation means the articles of incorporation, continuance, amalgamation or arrangement
and the bylaws, or other constating documents, as the case may be, of the Corporation or any subsidiary of the Corporation, as
the same may be altered or amended in compliance with the terms hereof, and from time to time in effect and includes the memorandum
and articles, articles of incorporation, continuance, amalgamation or arrangement or other constating documents of any Successor
Corporation, as the same may be altered or amended in compliance with the terms hereof, and from time to time in effect;

 

“Corporation” means Blue Mountain
Resorts Limited and any Successor Corporation;

 

    	-3-

    	 

    

 

“Depositary” has the meaning set
out in subsection 8.4;

 

‘‘Determined Sales Price”
has the respective meanings set out in section 6.2 and section 7.2;

 

“Draw Along Notice” has the meaning
set out in section 6.2;

 

“Draw Along Right” has the meaning
set out in section 6.1;

 

“Draw Along Shareholder” has the
meaning set out in subsection 6.1(1);

 

“EBITDA”
means, for any period, the consolidated revenues less the consolidated expenses of the Corporation for such period determined in
accordance with generally accepted accounting principles, plus (i) consolidated interest expense of the Corporation for such period,
plus (ii) consolidated income tax expense of the Corporation for such period, plus (iii) consolidated depreciation expense of the
Corporation for such period, plus (iv) consolidated
amortization expense of the Corporation for such period, minus (v) consolidated
interest income of the Corporation for such period, all as determined in accordance with generally accepted accounting principles;
provided, however, that to the extent taken into account in determining such amount there shall be excluded therefrom all extraordinary
or non-recurring items and all income taxes (either positive or negative) attributable to extraordinary or non-recurring gains
or losses;

 

“Eligible
Holdings Transferee” means (i) any Holdings Family Member, (ii) any one or more trusts, the only beneficiaries of which
are one or more Holdings Family Members or (iii) any
general or limited partnership, corporation or limited liability company which is wholly owned, directly or indirectly, by one
or more Holdings Family Members or any trust of which they are the sole beneficiaries;

 

“Government Authority” means Canada
and the Provinces of British Columbia and Ontario and includes any agency, department, commission, board, bureau or instrumentality
thereof and any other Person exercising executive, legislative, judicial, regulatory or administrative functions thereof or pertaining
thereto;

 

“Holdings” means Blue Mountain
Resorts Holdings Inc.;

 

“Holdings Family Member” means,
with respect to a Holdings Shareholder who is an individual, such individual and any one or more of the direct lineal descendants,
natural or adoptive, of such Holdings Shareholder, or his or her current or future spouse, and with respect to any Holdings Shareholder
that is a corporation, the individuals who directly or indirectly hold the shares of such corporation at the date hereof, and any
one or more of their lineal descendants, natural or adoptive, and their current or future spouses;

 

“Holdings Permitted Transferee”
has the meaning set out in section 3.7;

 

“Holdings Shareholders” means
those Persons listed on Schedule B to this Agreement;

 

    	-4-

    	 

    

 

“Holdings Shares” means any shares
in the capital of Holdings;

 

“Horizontally Attached Dwellings”
has the meaning given to it in the Real Estate Purchase Agreement;

 

“Indemnity Deposit” has the meaning
set out in subsection 8.4(2)(a);

 

“Independent”, with reference
to an appraiser for purposes of section 5.2 or a public chartered accountancy firm for purposes of sections 4 and 6 of Schedule
A, means such Person (i) is in fact independent of each Shareholder involved in the relevant determination of fair market value,
(ii) does not have any direct financial interest or material indirect financial interest in any Shareholder, (iii) deals at “arm’s
length” with each Shareholder within the meaning of such expression in the Tax Act and (iv) does not have significant business
dealings with any Shareholder or any of its directors who form part of management or its senior officers;

 

“Intrawest” means Intrawest Corporation;

 

“Intrawest Permitted Transferee”
has the meaning set out in section 3.4;

 

“Involuntary Transfer” has the
meaning set out in section 11.1;

 

“Involuntary Transferor” has the
meaning set out in section 11.1;

 

“Involuntary Transferor Option”
has the meaning set out in section 11.1;

 

“Involuntary Transferor Shares”
has the meaning set out in section 11.1;

 

“Master Plan” has the meaning
given to it in the Real Estate Purchase Agreement;

 

“Material Asset” means any asset
of the Corporation or any subsidiary of the Corporation which is material to the business of the Corporation and its subsidiaries,
taken as a whole, and has a fair market value of $100,000 or more;

 

“Material Contract” means any
contracts to which the Corporation is a party:

 

		(a)	which are not entered into
in the ordinary and normal course of business and which involve an obligation of the Corporation to pay an amount of $25,000 or
more in respect of any single transaction or series of transactions constituting part of an overall transaction;

 

		(b)	which affect ownership or
possession of, or title to, or any interest in, or the right to use or occupy any Material Assets (other than by way of security
for indebtedness in respect of borrowed monies), in each case in a manner material to the Corporation and its subsidiaries, taken
as a whole;

 

    	-5-

    	 

    

 

		(c)	which involve co-ownership,
joint venture or partnership arrangement in respect of or affecting any Material Assets;

 

		(d)	which involve non-competition
obligations of the Corporation or any subsidiary of the Corporation;

 

		(e)	which involve restrictive
covenants of the Corporation or any subsidiary of the Corporation that limit the ability of the Corporation or such subsidiary
to carry on its business or operations in a manner consistent with past practice or future planned activities;

 

		(f)	under which the Corporation
or any subsidiary of the Corporation is required to pay any royalty, licence fee, management fee or the like to any Person of $100,000
or more in respect of any single transaction or series of transactions constituting part of an overall transaction; or

 

		(g)	the terms and conditions
of which would conflict with, or be breached by, or result in the acceleration of any debts, liabilities or obligations of the
Corporation or any subsidiary of the Corporation in the event of any Transfer of Common Shares expressly provided for in this Agreement;

 

“Mediator” has the meaning set
out in subsection 10.1(2);

 

“Multi Attached Dwellings” has
the meaning given to it in the Real Estate Purchase Agreement;

 

“Non-Cash Consideration” has the
meaning set out in section 5.2;

 

“Notice” has the meaning set out
in section 5.1;

 

“Offer” has the meaning set out
in section 5.1;

 

“Offered Shares” has the meaning
set out in subsection 5.1(1);

 

“Offeree” has the meaning set
out in section 5.1;

 

“Offeror” has the meaning set
out in section 5.1;

 

“Other Shareholder” has the meaning
set out in section 11.1;

 

“Person” includes an individual,
a firm, a corporation, a partnership, a trust, an association, a joint venture, an unincorporated organization and every other
legal or business entity whatsoever;

 

“Place of Closing” has the meaning
set out in section 12.2;

 

    	-6-

    	 

    

 

“Purchase Offer” has the meaning
set out in subsection 6.2(1)(b);

 

“Purchase Price” has the meaning
set out in section 12.4;

 

“Purchased Shares” has the meaning
set out in subsection 12.4(1);

 

“Purchaser” has the meaning set
out in section 12.4;

 

“Put Notice” has the meaning set
out in section 8.2;

 

“Put Option” has the meaning set
out in section 8.1;

 

“Put Shares” has the meaning set
out in section 8.1;

 

“Real Estate Purchase Agreement”
means the agreement of purchase and sale dated for reference December 31, 1998 among Intrawest, the Corporation and Craigleith
Development Limited relating to the purchase and development of certain lands currently owned by the Corporation and Craigleith
and known as the “Village Core”, as amended from time to time;

 

“Related Party” of the Corporation
or any subsidiary of the Corporation means any Person that is:

 

		(a)	a corporation of which the
Corporation or such subsidiary beneficially owns or controls, directly or indirectly, voting securities carrying more than 10%
of the voting rights attached to all voting securities of such corporation for the time being outstanding;

 

		(b)	a Person that beneficially
owns or controls, directly or indirectly, voting securities carrying more than 10% of the voting rights attached to all voting
securities of the Corporation for the time being outstanding;

 

		(c)	a partner of the Corporation
or such subsidiary, other than;

 

		(i)	a
limited partner in a limited partnership of the Corporation or such subsidiary; and

 

		(ii)	a partner of the Corporation
or such subsidiary holding less than a 20% interest in a partnership the business of which is not related to the business of the
Corporation;

 

		(d)	a current or former director,
officer or shareholder of the Corporation or such subsidiary or of any corporation or business enterprise in which the Corporation
or such subsidiary has a material interest;

 

    	-7-

    	 

    

 

		(e)	a trust or estate in which
the Corporation or such subsidiary or any Person referred to in paragraphs (a) to (d) above has a material interest or as to which
the Corporation or such subsidiary or any such Person serves as trustee or in a similar capacity;

 

		(f)	a beneficiary of any trust
or estate referred to in paragraph (e) above;

 

		(g)	a relative of any Person
referred to in paragraphs (a) to (f) above;

 

		(h)	a
Person to whom any Person referred to in paragraphs (a) to (f) aboveis married or with whom any such Person is living in
a conjugal relationship outside marriage;

 

		(i)	a
relative of a Person mentioned in paragraph (h) above who has the same home as any Person referred to in paragraphs (a) to
(f) above; or

 

		(j)	any Person not dealing at “arm’s length” with the Corporation or such subsidiary within the meaning of those
expressions in the Tax Act;

 

“Remaining Shareholder” has the
meaning set out in sections 6.1 and 7.1;

 

“Share Purchase Agreement” means
the Share Purchase Agreement dated as of January 8, 1999 between the Corporation and Intrawest;

 

“Shareholder Representative”
has the meaning set out in section 2.7;

 

“Shareholders” means Holdings
and Intrawest, together with such other Persons as may become parties to this Agreement pursuant to section 13.2 and the other
provisions hereof who are holders of Shares, and “Shareholder” means any of them (provided that any such party
will cease to be a Shareholder following the Transfer by such party of all of its right, title and interest in all Shares and such
Person ceasing to be registered as the owner of any Shares);

 

“Shares” means any shares in the
capital of the Corporation and “Share” means any of them;

 

“subsidiary” has the meaning given
to the term “subsidiary” in the Act;

 

“Successor Corporation” means
any successor corporation to Blue Mountain Resorts Limited following an amalgamation, reorganization or reconstruction of Blue
Mountain Resorts Limited or statutory arrangement between Blue Mountain Resorts Limited and its shareholders (or any class thereof);

 

“Tag Along Block Shareholder”
has the meaning set out in subsection 7.1(1);

 

“Tag Along Notice” has the meaning
set out in section 7.3;

 

    	-8-

    	 

    

 

“Tag Along Offer” has the meaning set out in section 7.1;

 

“Tax Act” means the Income
Tax Act (Canada), R.S.C. 1985, c.l (5th Supp.), as amended from time to time;

 

“Third Party Offer” has the respective
meanings set out in subsections 6.1(1) and 7.1(1);

 

“Third Party Offeror” means a
Person acting as principal and dealing at arm’s length with the Offeror within the meaning of such expression in the Tax
Act;

 

“Time of Closing” has the meaning
set out in section 12.2;

 

“Transfer” of any Share means
any sale, exchange, transfer, assignment, gift, pledge, encumbrance, hypothecation, alienation, disposition or other transaction,
whether voluntary, involuntary or by operation of law (as upon a court order or declaration or execution sale or otherwise), by
which the legal or beneficial ownership of, or any security interest or other interest in, such Share passes from one Person to
another, or to the same Person in a different capacity, whether or not for value, including any sale, assignment, transfer, mortgage,
pledge, charge, disposition or other encumbrance of any interest in or control over any Share by any assignee of a bankrupt or
insolvent Shareholder, execution creditor, liquidator, receiver, mortgagee, pledgee or other security holder of a Shareholder
other than a transmission of the Share from a deceased or incompetent Shareholder to the estate or legal personal representative
of the Shareholder or a transfer of the Share to a beneficiary of the estate of the Shareholder, for so long as the Share continues
to be held by such estate or legal personal representative or by such beneficiary, and “Transfer” includes
any corporate reorganization a significant result of which is to achieve indirectly that which is not permitted directly hereunder,
and “to Transfer”, “Transferred” and similar expressions have corresponding meanings;

 

“Vendor” has the meaning set out
in section 12.4; and

 

“Withdrawal Notice” has the meaning
set out in section 5.3;

 

and the terms defined in Schedule A have the
meanings assigned to such terms therein.

 

1.2 Sections
and Headings. The division of this Agreement into Articles and sections
and the insertion of headings are for the convenience of reference only and shall not affect the construction or interpretation
of this Agreement. The terms “this Agreement”, “hereof”, “hereunder” and similar expressions
refer to this Agreement and not to any particular Article, section or other portion hereof and include any agreement or instrument
supplemental or ancillary hereto. The expressions “Article”, “section”, “subsection” and “paragraph”
followed by a number or a letter mean and refer to the specified article, section, subsection or paragraph of this Agreement.

 

    	-9-

    	 

    

 

1.3 Gender,
Etc. Except where the context requires otherwise, any reference in this Agreement
to gender includes all genders, words used herein importing the singular number include the plural and vice versa, words importing
Persons shall include individuals, partnerships, associations, trusts, unincorporated organizations and companies and vice versa,
the word “or” is not exclusive and the word “including” is not limiting (whether or not non-limiting language
(such as “without limitation” or “but not limited to” or words of similar import) is used with reference
thereto).

 

1.4 Accounting
Principles. Wherever in this Agreement reference is made to generally accepted
accounting principles, such reference shall be deemed to be to the generally accepted accounting principles from time to time approved
by the Canadian Institute of Chartered Accountants or any successor thereto, applicable as at the date on which a calculation is
made or required to be made hereunder in accordance with generally accepted accounting principles. All accounting terms not otherwise
defined herein shall have the meanings assigned to them, and all computations made pursuant to this Agreement, except as expressly
provided, otherwise shall be made in accordance with generally accepted accounting principles.

 

1.5 Preamble.
The preamble hereto is hereby incorporated into this Agreement and forms a part hereof.

 

1.6 Approval.
Unless the context otherwise requires or except as is otherwise provided, any reference to “approval”, “authorization”
or “consent” of a Shareholder means the written approval, written authorization or written consent of the Shareholder.

 

1.7 Unanimous
Shareholders’ Agreement. This Agreement is entered into between all the
Shareholders of the Corporation and, accordingly, is a unanimous shareholders’ agreement for the purposes of section 108(3)
of the Act.

 

ARTICLE 2 

 

MANAGEMENT

 

2.1 Board
of Directors. The Board of Directors will consist of eight directors. Each
Shareholder will vote or cause its Shares to be voted at each meeting of the shareholders of the Corporation at which directors
of the Corporation are elected or appointed (or execute or cause to be executed one or more consent resolutions in lieu thereof)
so:

 

		(1)	during the time when Holdings
holds greater than 90% of the issued and outstanding Common Shares, seven Persons nominated by Holdings and one Person nominated
by Intrawest for election to the Board of Directors will be elected or appointed as directors of the Corporation;

 

		(2)	during the time when Holdings
holds greater than 75% and no more than 90% of the issued and outstanding Common Shares, six Persons nominated by Holdings and
two Persons nominated by Intrawest for election to the Board of Directors will be elected or appointed as directors of the Corporation;

 

    	-10-

    	 

    

 

		(3)	during the time when Holdings
holds greater than 50% and no more than 75% of the issued and outstanding Common Shares, five Persons nominated by Holdings and
three Persons nominated by Intrawest for election to the Board of Directors will be elected or appointed as directors of the Corporation;

 

		(4)	during the time when each
of Intrawest and Holdings holds 50% of the issued and outstanding Common Shares, four Persons nominated by Intrawest and four Persons
nominated by Holdings for election to the Board of Directors will be elected or appointed as directors of the Corporation;

 

		(5)	during the time when Intrawest
holds greater than 50% and no more than 75% of the issued and outstanding Common Shares, five Persons nominated by Intrawest and
three Persons nominated by Holdings for election to the Board of Directors will be elected or appointed as directors of the Corporation;

 

		(6)	during the time when Intrawest
holds greater than 75% and no more than 90% of the issued and outstanding Common Shares, six Persons nominated by Intrawest and
two Persons nominated by Holdings for election to the Board of Directors will be elected or appointed as directors of the Corporation;
and

 

		(7)	during the time when Intrawest
holds greater than 90% of the issued and outstanding Common Shares, seven Persons nominated by Intrawest and one Person nominated
by Holdings for election to the Board of Directors will be elected or appointed as directors of the Corporation;

 

and no Shareholder will vote or suffer or permit any of its
Shares to be voted in favour of any Person for the office of director of the Corporation (or execute or suffer or permit to be
executed any consent resolution by which any Person is to be elected or appointed as a director of the Corporation) except Persons
nominated in accordance with this section 2.1.

 

2.2Initial
Nominees. The initial director nominees of Intrawest shall be Gary Raymond,
Hugh Smythe, Roger McCarthy and Lorne Bassel and the initial director nominees of Holdings shall be Gordon Canning, George Weider,
Don McGillivray and Urban Joseph. If a director vacates his or her position, the vacancy shall be filled with a nominee of the
nominator of such director within 30 days of the occurrence of such vacancy.

 

2.3Meetings.
Meetings of the Board of Directors shall be held at least once every three months. At least five Business Days’ prior notice
shall be given for each meeting unless the giving of such notice is waived by all directors before, during or after the meeting.
Such notice shall set out in reasonable detail the business to be considered at the meeting. Any director may participate in a
meeting by telephone. A quorum for the transaction of business at any meeting of the Board of Directors shall be a majority present
in person or by conference telephone, provided that such majority includes at least one nominee of Intrawest and one nominee of
Holdings; provided that if a meeting of the Board of Directors is called and a quorum is not achieved, the meeting shall be postponed
to the date which is one week after the date of such meeting, to be held at the same time 

    	-11-

    	 

    

 

and place, and the postponed meeting
shall be deemed to be duly constituted even if there is not one nominee of Intrawest and one nominee of Holdings present thereat.
Subject to section 2.6, all matters or questions requiring action or decision at any meeting of the Board of Directors shall be
determined by a majority of votes cast at such meeting. Any business to be conducted at a meeting of the Board of Directors may,
in lieu of a meeting, be conducted by resolution in writing signed by all of the directors. The Corporation shall reimburse each
of the directors for any reasonable travel costs incurred by him or her in the course of fulfilling his or her responsibilities
as director.

 

2.4  Officers.
The officers of the Corporation shall be:

 

	Name	 	Office or Offices to be Held
	George Weider	 	Chairman of the Board
	Gordon Canning	 	President and Chief Executive Officer
	Donald McGillivray	 	Vice-President
	Harold Abbotts	 	Vice-President, Finance
	William Skelton	 	Vice-President, Recreation Services
	Alvard Petten	 	Vice-President, Hospitality Services
	Bev Philp	 	Vice-President, Marketing
	David Sinclair	 	Vice-President, Human Resources

 

The officers of the Corporation shall be fully responsible
for the day-to-day operations of the Corporation, subject at all times to the provisions of section 2.6, and shall report to the
Board of Directors as required.

 

2.5 Auditors.
The auditors of the Corporation shall be Gaviller & Company, or such other firm of chartered accountants as may be appointed
from time to time by the Shareholders pursuant to subsection 2.6(17).

 

2.6 Matters
Requiring Approval. During
the time Intrawest or Holdings holds at least 25% of the issued and outstanding Common Shares, in addition to any other approval
that may be required by law, by this Agreement or pursuant to the Corporation’s Constating Documents, neither the Corporation
nor any subsidiary of the Corporation shall take any of the following actions, and none of the parties to this Agreement shall
authorize, take part in or permit any of the following actions to be taken by the Corporation or any subsidiary, unless such action
is approved by each of the Shareholders:

 

		(1)	the redemption or
                                                                  purchase for cancellation or acquisition or other retirement for value of any Shares, or any other distribution of the assets
                                                                  of the Corporation to its shareholders other than lawful distributions in accordance with the distribution policy referred to
                                                                  in section 2.9;

 

		(2)	the transfer or issuance
by the Corporation or any subsidiary of the Corporation of any shares in the capital of, or right, title or interest in, the Corporation
or any subsidiary of the Corporation or any corporation or other business entity other than the Corporation which carries on a material part of its overall business, including the making of an allotment of, or the issuance or granting of any option, right or warrant to subscribe for, purchase or otherwise acquire, any Share or any security convertible into or exchangeable for any Share;

 

    	-12-

    	 

    

 

		(3)	the conversion, exchange,
reclassification, redesignation, subdivision, consolidation or other change of or to any Shares or the amendment or variation of
any rights, privileges, restrictions or conditions attaching to any such Shares;

 

		(4)	the amalgamation, merger,
consolidation or reorganization of the Corporation or any subsidiary of the Corporation, or the approval or effecting of any compromise
or arrangement between the Corporation or any subsidiary of the Corporation and its creditors or any class of them or its Shareholders
or any class of them, in each case, whether statutory or otherwise;

 

		(5)	the filing of a voluntary
petition under any bankruptcy laws or the making of a voluntary assignment for the benefit of the creditors of the Corporation
or any subsidiary of the Corporation generally or the taking or institution of any proceedings for the winding-up, liquidation
or dissolution of the Corporation or any subsidiary of the Corporation;

 

		(6)	the taking of any action
to alter or amend or change the Constating Documents of the Corporation or any subsidiary of the Corporation;

 

		(7)	the entering into of any
transaction, contract, commitment or agreement with any Related Party of the Corporation or of a subsidiary of the Corporation
where the subject matter of the transaction, contract, commitment or agreement has a value in excess of, or such transaction, contract,
commitment or agreement may involve the Corporation or any of its subsidiaries being, or becoming obligated to make payments or
capital expenditures or incurring liabilities, in the aggregate over the term of such transaction, contract, commitment or agreement
in excess of, $50,000 in respect of any single transaction or series of transactions constituting part of an overall transaction,
provided that where the value of such transaction, contract, commitment or agreement is less than $50,000, such transaction, contract,
commitment or agreement is on terms and at a cost or for a price or consideration to the Corporation or any of its subsidiaries
which are no less advantageous to the Corporation or such subsidiary than would generally be available to the Corporation or such
subsidiary from Persons acting as principal and dealing at arm’s length with the Corporation or such subsidiary within the
meaning of such expression in the Tax Act;

 

		(8)	the adoption or approval
of an Annual Budget, an amended Annual Budget, a Capital Expenditures Budget or an amended Capital Expenditures Budget;

 

    	-13-

    	 

    

 

		(9)	except for indebtedness
for or in respect of borrowed monies in an amount less than $15,000,000 in the aggregate for the Corporation and its subsidiaries
and except as provided for in the Approved Budget, borrow any money, assume, incur or become liable upon any indebtedness for or
in respect of borrowed money, give any security or assume, incur or become liable or undertake, commit or agree to assume, incur
or become liable in respect of any indebtedness for borrowed monies of any Person;

 

		(10)	except as provided for in
the Approved Budget, authorize or make any capital expenditures in excess of, or purchase or otherwise acquire or sell, transfer,
lease, exchange or otherwise dispose of or encumber, or agree, absolutely or contingently, to purchase or otherwise acquire or
sell, transfer, lease, exchange or otherwise dispose of or encumber any single asset, or property or right having a value in excess
of $100,000 for any item or series of items constituting part of a single item, or $100,000 in the aggregate in any fiscal year
for the Corporation and its subsidiaries;

 

		(11)	enter into, or make any
material modification or material amendment to any Material Contract or waive (in whole or in part) any material rights under any
Material Contract, other than as provided for in the Approved Budget;

 

		(12)	establish, adopt, enter
into, make or amend any collective bargaining, bonus, profit sharing, compensation, pension, retirement, deferred compensation,
employment, termination, severance or other plan, agreement, trust, fund, policy or arrangement for the benefit of any director,
officer or employee of the Corporation or any of its subsidiaries, or make any award or payment to any director, officer or employee
of the Corporation or any of its subsidiaries except in the ordinary course of business and consistent with past practice and except
as provided for in the Approved Budget; provided, however, that compensation paid to the directors of the Corporation set out in
Schedule C for all services rendered to the Corporation by them will remain at the levels set out in Schedule C until the first
anniversary of the date of this Agreement;

 

		(13)	grant financial assistance
to any Person, directly or indirectly, by way of loan, guarantee, the provision of security or otherwise, other than financial
assistance where the amount or value of the loan, guarantee, security or other financial assistance provided to or for the benefit
of any Person or in respect of any single transaction or series of transactions constituting part of an overall transaction, does
not exceed $50,000 and the amount or value of the aggregate financial assistance in any financial year of the Corporation does
not exceed $50,000;

 

		(14)	subscribe for, take, purchase,
acquire or hold, or undertake, commit or agree to subscribe for, take, purchase, acquire or hold, shares or other securities of
any Person or the whole or any substantial part of the assets and liabilities of any Person comprising a business;

 

    	-14-

    	 

    

 

		(15)	enter into, create, dissolve or terminate any partnership, joint venture or any arrangement for the sharing of profits, co-ownership
or reciprocal concession with any Person pursuant to which the Corporation and its subsidiaries is or may become obligated to make
payments or incur liabilities, in the aggregate, over the term of the partnership, joint venture or profit sharing, co-ownership
or reciprocal concession arrangement, in excess of $50,000;

 

		(16)	the taking of any action
which would result in any material change in the nature of the business of the Corporation or the implementation of any other material
change in the present business, affairs, capitalization, distribution policy or practice, or financial condition of the Corporation
and its subsidiaries, taken as a whole, other than any change in general business conditions or any change in the markets or prices
for the Corporation’s principal services;

 

		(17)	any change in the fiscal
year end of the Corporation or of the auditors of the Corporation; or

 

		(18)	any change in the officers
of the Corporation;

 

provided that nothing contained in this section 2.6 shall prohibit
the making of any non-discretionary expenditures or any expenditures necessary for the normal repair and maintenance of any asset
or property owned or held under lease or licence by the Corporation or any subsidiary of the Corporation or to avoid the suspension
of necessary services to or the provisions of necessary services by the Corporation or any subsidiary of the Corporation, The provisions
of this section 2.6 do not apply to transactions between the Corporation and any of its wholly-owned subsidiaries or between any
of its wholly-owned subsidiaries.

 

2.7Shareholder
Representatives. For the purposes of approving the matters set out in section
2.6, each of the Shareholders shall appoint two representatives (“Shareholder Representatives”) and the initial Shareholder
Representatives shall be as follows:

 

	Intrawest	 	Holdings
	Gary Raymond	 	Gordon Canning
	Hugh Smythe	 	George Weider

 

Each of the Shareholder Representatives shall have full authority
to act on behalf of and to bind the Shareholder who appointed him or her, and all decisions and determinations made by a Shareholder
Representative in respect of matters under this Agreement shall be binding on the Shareholder who appointed him or her. Each of
the Shareholders may at any time and from time to time by notice replace any one or both of its Shareholder Representatives and
any Shareholder Representative so replaced shall cease to be a Shareholder Representative upon the delivery of a copy of such notice
to the other Shareholder.

 

    	-15-

    	 

    

 

2.8
Investmentin Village Core Commercial Space. Notwithstanding
any other provision of this Agreement, as long as Holdings owns at least 25% of the issued and outstanding Common Shares, Holdings
will have the unfettered ability in its sole discretion to cause the Corporation to exercise the BMR Option.

 

2.9 Distribution
Policy. Subject to the provisions of the Act in respect of the making of distributions,
including the payment of dividends, and unless the making of a distribution, including the declaration and payment of dividends,
causes a default in the Corporation’s loan agreements, each of the Shareholders acknowledges and agrees that the distribution
policy of the Corporation shall be:

 

		(1)	during each fiscal year
of the Corporation, the Corporation shall distribute to the holders of its Common Shares an aggregate amount equal to $576,000;
and

 

		(2)	in addition to the distributions
set out in subsection (1) above, for each of the first two years following the date of this Agreement, the Corporation shall distribute
to the holders of its Common Shares an aggregate amount equal to $300,000.

 

2.10Annual
Budgets and Capital Expenditures Budgets. Management of the Corporation
will prepare and submit to the Shareholders for approval pursuant to subsection 2.6(8): (i) no
later than November 1 in each fiscal year an Annual Budget in respect of such fiscal year and the first 45 days of the immediately
following fiscal year of the Corporation for approval pursuant to subsection 2.6(8) together with a draft Capital Expenditures
Budget for such fiscal year for informational purposes only; and (ii) no later than February 15 in each fiscal year, a final Capital
Expenditures Budget for such fiscal year for approval pursuant to subsection 2.6(8). In addition, if during any fiscal year of
the Corporation following approval by the Shareholders of an Annual Budget in respect of such fiscal year management of the Corporation,
in good faith, believes, or either of the Shareholders notifies the Corporation that it, in good faith, believes it is reasonably
likely that EBITDA in respect of such fiscal year will be less than 75% of budgeted EBITDA in respect of such fiscal year as set
out in such Approved Budget, as promptly as reasonably possible management of the Corporation will prepare and submit to the Shareholders
for approval pursuant to subsection 2.6(8) an amended Annual Budget and an amended Capital Expenditures Budget in respect of such
fiscal year. Promptly (and in any event within 30 days after the same is submitted to the Shareholders), a meeting of the Shareholders
will be held at which the Shareholders will either approve pursuant to subsection 2.6(8) or disapprove any Annual Budget or Capital
Expenditures Budget, as the case may be, submitted to the Shareholders pursuant to the foregoing provisions of this section 2.10,
or an adjustment thereof. If any such Annual Budget or Capital Expenditures Budget, as the case may be, is not approved by the
Shareholders pursuant to subsection 2.6(8) at such a meeting of the Shareholders, management of the Corporation will submit revisions
of such Annual Budget or Capital Expenditures Budget, as the case may be, to the Shareholders within 15 days thereafter, which
revised Annual Budget or Capital Expenditures Budget, as the case may be, will be subject to approval or disapproval at a further
meeting of the Shareholders which will be held within 15 days after such revised Annual Budget or Capital Expenditures Budget,
as the case may be, is submitted to the Shareholders. If an Annual Budget or Capital Expenditures Budget, as the case may be, or
an adjustment thereof, is not approved by the Shareholders pursuant to subsection 2.6(8) at such further meeting of the Shareholders,
thereafter, until an Annual Budget or Capital Expenditures Budget, as the case may be, is approved by the Shareholders pursuant
to subsection 2.6(8), the Annual Budget or Capital Expenditures Budget, as the case may be, shall be deemed to be the Annual Budget
or Capital Expenditures Budget, as the case may be, most recently approved by the Shareholders pursuant to subsection 2.6(8), mutatis
mutandis, except that there shall be excluded therefrom any acquisition, expansion or disposition of any Material Assets.

 

    	-16-

    	 

    

 

2.11 Implementation
of Approved Budgets.
Management of the Corporation will take all reasonable steps to implement and adhere to each Approved Budget for so long as such
Approved Budget remains in effect, provided that management of the Corporation will be permitted to deviate from an Approved Budget
to the extent management of the Corporation in good faith believes it is necessary or desirable to do so and such deviation is
not material when viewed as part of such Approved Budget as a whole, or is otherwise made in accordance with section 2.6, and provided
management of the Corporation notifies the Shareholders of such deviation within 15 days after the occurrence thereof.

 

2.12 Information.
As promptly as reasonably possible (and, in any event, within 90 days following the end of each fiscal year of the Corporation),
the Corporation will distribute to the Shareholders audited consolidated financial statements of the Corporation as at the last
day of such fiscal year and for the fiscal year of the Corporation then ended, prepared in accordance with generally accepted accounting
principles, together with a comparison of the actual operations and the Approved Budget for such fiscal year (if applicable, as
most recently amended) prepared by management of the Corporation. Each Shareholder will have the right to request additional financial
reports and information not expressly provided for herein in order to satisfy reporting or other requirements under any law, rule
or regulation applicable to such Shareholder and the Corporation will provide any such additional financial reports and information
to such Shareholder as promptly as reasonably possible after such request is made.

 

2.13 Head
Office Services. Intrawest agrees that it shall provide, upon request by the Corporation
and on terms agreed upon between Intrawest and the Corporation, head office services to the Corporation.

 

2.14 Agreement
to Act.
Subject as herein after provided, each of the parties covenants and agrees to execute and deliver, and to cause to be executed
and delivered, all such instruments and other documents and, subject to the other provisions hereof, to exercise or cause to be
exercised their influence and any and all voting rights held by them, respectively, from time to time, and to do or cause to be
done all such other acts and things in order that all provisions of this Agreement shall be fully and effectively carried out,
implemented and given effect to in accordance with the terms hereof and all such changes to the Constating Documents, resolutions
and other documents governing the Corporation or any subsidiary of the Corporation as may be necessary or desirable to accurately
reflect and give effect to the provisions of this Agreement will be made.

 

2.15 Corporation
to be Bound. The Corporation confirms its knowledge of this Agreement and
will carry out and be bound by the provisions of this Agreement to the full extent that it has the capacity and power at law to
do so.

 

    	-17-

    	 

    

 

2.16 Claims
against the Corporation. Notwithstanding any other provision of this Agreement,
the parties agree that if Intrawest makes a claim against the Corporation for compensation or indemnity under the Share Purchase
Agreement or the Real Estate Purchase Agreement, or any documents or agreements contemplated thereunder other than this Agreement,
or any other claim against the Corporation for damages arising as a result of any of the transactions contemplated by any of those
agreements or documents (a “Claim”), Holdings shall have the sole right to dispute and contest, and assume the defence
of such Claim on behalf of the Corporation, the costs relating to such Claim to be borne by the Corporation. Intrawest agrees that
notwithstanding any other provision of this Agreement, upon making a Claim, it shall have no further right to receive information
with respect to such Claim from the Corporation, other than as the Corporation may be required to disclose in accordance with applicable
law, that direction of the defence of such Claim on behalf of the Corporation shall be the sole responsibility of Holdings and
that neither Intrawest nor any of its nominee directors shall have any further involvement with respect to the defence of such
Claim on behalf of the Corporation.

 

2.17 Confidentiality.
The Shareholders acknowledge that they may have access to and may be entrusted with information concerning the business of the
Corporation and its subsidiaries (collectively, the “Information”). Accordingly, each of the Shareholders hereby covenants
and agrees that it will not at any time disclose Information to any Person provided that:

 

		(a)	each Shareholder may disclose
such Information to consultants, legal advisors, auditors, insurance consultants, financial institutions, investment bankers and
other third parties in accordance with prudent business practice as such Shareholder may reasonably consider to be necessary or
desirable for the bona fide purposes of its business and affairs and having reasonable regard for the interests of the Corporation
in the circumstances, provided that such Shareholder obtains reasonable assurances from the recipient of such Information that
the Information will be kept confidential by such recipient;

 

		(b)	Intrawest may disclose such
portions of the Information to financial analysts and shareholders of Intrawest in accordance with prudent business practice, provided
(i) such disclosed Information shall not contain any personal information relating to the directors, officers or employees of the
Corporation and its subsidiaries, including the salary or other terms of such Person’s employment, and (ii) with respect
to any press release issued by Intrawest with respect to the business and affairs of the Corporation, Holdings shall approve the
form of such press release prior to its release, such approval not to be unreasonably withheld;

 

		(c)	each Shareholder may
                                                                  disclose Information which is required to be disclosed by such Shareholder under any applicable law or regulation or any
                                                                  requirement of any judicial, administrative or governmental authority, including any applicable securities laws or
                                                                  regulations                                                                   and the rules of any stock exchange applicable
                                                                  to such Shareholder; and

 

		(d)	each Shareholder may disclose
any Information to the extent such disclosure has been approved by the other Shareholder.

 

    	-18-

    	 

    

 

ARTICLE
3 

 

RESTRICTIONS
ON TRANSFER

 

3.1 No
Transfer of Shares. Except as expressly provided for in this Agreement,
no Shareholder shall Transfer or suffer or permit any Transfer of, any Share unless, prior to the Transfer of such Share, all of
the Shareholders have consented in writing to such Transfer and the transferee or Person acquiring any interest or control over
the Share, is a Shareholder or complies with section 13.2.

 

3.2 Endorsement
on Certificates. Share certificates of the Corporation shall bear the following
legend either as an endorsement or on the face thereof:

 

“The shares represented by this certificate
are subject to certain restrictions upon transfer and voting and all the other terms and conditions of that certain Shareholders’
Agreement dated January 28th, 1999 as the same may be amended from time to time, a copy of which is on file at the registered office
of the Corporation. A holder of the shares represented by this certificate may obtain, upon written request and without charge,
a copy of such Shareholders’ Agreement, as may be amended from time to time.”

 

3.3 Permitted
Encumbrances. Notwithstanding section 3.1, a Shareholder may hypothecate,
mortgage, pledge, charge or otherwise encumber any interest in any Shares held by such Shareholder to any chartered bank or other
institutional lender provided that the bank or other institutional lender agrees with each other Shareholder that the exercise
by it of any right or remedy that it is entitled to in connection therewith shall be subject to the following restrictions:

 

		(1)	the bank or other lender
shall not be entitled to demand that any Shares be Transferred on the register of the Corporation to the name of such bank or lender
or any nominee of such bank or lender;

 

		(2)	the bank or other lender
shall not be entitled to Transfer any interest in any Share except in accordance with the provisions of this Agreement; and

 

		(3)	the bank or other lender
will assign absolutely all of its interest in such Shares to any Shareholder or Shareholders who may subsequently be entitled to
acquire such Shares pursuant to this Agreement upon payment by such Shareholder or Shareholders to the bank or other lender of
all amounts to which the Shareholder hypothecating, mortgaging, pledging, charging or otherwise encumbering such Shares is entitled
pursuant to this Agreement in payment for such Shares, and each Shareholder hereby irrevocably authorizes and directs each other
Shareholder to pay all such amounts to which such Shareholder is so entitled to any bank or other lender to which it may hypothecate,
mortgage, pledge, charge or otherwise encumber any Shares held by such Shareholder.

 

    	-19-

    	 

    

 

3.4 Intrawest
Permitted Transfers. Notwithstanding anything to the contrary
contained herein, Intrawest may Transfer all or any of its Shares and rights under this Agreement to a corporation in which
Intrawest owns, directly or indirectly, voting shares carrying more than 75% of the voting rights attached to all voting
shares of such corporation then outstanding or a partnership or other non-corporate business entity in which Intrawest owns,
directly or indirectly, more than 75% of the total equity interests therein and directly or indirectly controls the
management thereof (an “Intrawest Permitted Transferee”) and any such Intrawest Permitted Transferee may Transfer
all or any of its Shares or rights under this Agreement to Intrawest or to any other Intrawest Permitted Transferee at any
time and from time to time, free of the restrictions otherwise applicable thereto under the terms of this Agreement on the
condition that:

 

		(1)	Intrawest provides prior
written notice thereof to the Corporation and to each of the other Shareholders;

 

		(2)	the Intrawest Permitted
Transferee executes such documents as may be reasonably required by any of the Shareholders to reflect such Transfer on and subject
to the terms of this Agreement including any document required pursuant to section 13.2;

 

		(3)	Intrawest shall remain liable
for the performance of all of its obligations hereunder, including, without limitation, those under Article 8; and

 

		(4)	if Holdings holds at least
25% of the issued and outstanding Common Shares at the time of such Transfer, Intrawest obtains the prior written consent of Holdings
to such Transfer (such consent not to be unreasonably withheld).

 

In the event of a Transfer pursuant to this section 3.4 of
less than all of the Shares held by Intrawest to an Intrawest Permitted Transferee, Holdings and Intrawest shall promptly execute
such documents as may be reasonably required to set forth new provisions in this Agreement or amend any existing provisions of
this Agreement so that Intrawest and the Intrawest Permitted Transferee will be treated as one and the same Person for all purposes
of this Agreement, mutatis mutandis.

 

3.5 Continuance
or Amalgamation Permitted. Notwithstanding any other provision of this
Agreement, nothing in this Agreement will restrict the continuance or amalgamation of Intrawest or any Intrawest Permitted Transferee
and the acquisition or continued ownership by the Corporation continuing following such continuance or amalgamation of Shares held
by Intrawest or such Intrawest Permitted Transferee.

 

3.6 Covenants
re Intrawest Permitted Transferee. So long as any Intrawest Permitted Transferee
continues to be a Shareholder, such Intrawest Permitted Transferee shall not, and Intrawest shall not permit such Intrawest Permitted
Transferee, or any corporation or other entity holding securities of such Intrawest Permitted Transferee, to issue any securities
or additional shares of any class or kind whatsoever, or permit the transfer of any of its securities or shares of any class or
kind whatsoever, or take or omit to take, any action or permit any other circumstance to occur if, as a result thereof, Intrawest
will cease to own, directly or indirectly, voting shares carrying more than 75% of the voting rights attached to all voting shares
of such Intrawest Permitted Transferee if such Intrawest Permitted Transferee is a corporation, or cease to own, directly or indirectly,
more than 75% of the total equity interests in, and directly or indirectly control the management of, such Intrawest Permitted
Transferee if such Intrawest Permitted Transferee is a partnership or other non-corporate business entity.

 

    	-20-

    	 

    

 

3.7 Holdings
Permitted Transfers. Notwithstanding anything to the contrary contained
herein, Holdings may Transfer any or all of its Shares and rights under this Agreement to a corporation in which Eligible Holdings
Transferees own, directly or indirectly, all of the shares of such corporation then outstanding or a partnership or other non-corporate
business entity in which Holdings owns, directly or indirectly, all of the total equity interests therein and directly or indirectly
controls the management thereof (a “Holdings Permitted Transferee”) and any such Holdings Permitted Transferee may
Transfer any or all of its Shares or rights under this Agreement to Holdings or to any other Holdings Permitted Transferee at any
time and from time to time, free of the restrictions otherwise applicable thereto under the terms of this Agreement on the condition
that:

 

		(1)	Holdings provides prior
written notice thereof to the Corporation and to each of the other Shareholders;

 

		(2)	the Holdings Permitted Transferee
executes such documents as may be reasonably required by any of the Shareholders to reflect such Transfer on and subject to the
terms of this Agreement, including any document required pursuant to section 13.2;

 

		(3)	Holdings shall remain liable
for the performance of all of its obligations hereunder; and

 

		(4)	if Intrawest holds at least
25% of the issued and outstanding Common Shares at the time of such Transfer, Holdings obtains the prior written consent of Intrawest
to such Transfer (such consent not to be unreasonably withheld).

 

In the event of a Transfer pursuant to this section 3.7 of less
than all of the Shares held by Holdings to a Holdings Permitted Transferee, Holdings and Intrawest shall promptly execute such
documents as may be reasonably required to set forth new provisions in this Agreement or amend any existing provisions of this
Agreement so that Holdings and the Holdings Permitted Transferee will be treated as one and the same Person for all purposes of
this Agreement, mutatis mutandis.

 

3.8Covenants
re Holdings Permitted Transferee. So long as any Holdings Permitted Transferee
continues to be a Shareholder, such Holdings Permitted Transferee shall not, and Holdings shall not permit such Holdings Permitted
Transferee, or any corporation or other entity holding securities of such Holdings Permitted Transferee, to issue any securities
or additional shares of any class or kind whatsoever, or permit the transfer of any of its securities or shares of any class or
kind whatsoever, or take or omit to take, any action or permit any other circumstance to occur if, as a result thereof, Eligible
Holdings Transferees will cease to own, directly or indirectly, all of the shares of such Holdings Permitted Transferee if such
Holdings Permitted Transferee is a corporation, or cease to own, directly or indirectly, all of the total equity interests in,
and directly or indirectly control the management of, such Holdings Permitted Transferee if such Holdings Permitted Transferee
is a partnership or other non-corporate business entity.

 

    	-21-

    	 

    

 

3.9 Matters
Relating to Holdings.

 

(1) Covenants
of Holdings

 

Holdings acknowledges that the identity
of its shareholders is of substantial importance to Intrawest and covenants and agrees that it will not, without the prior consent
in writing of Intrawest, such consent not to be unreasonably withheld:

 

		(a)	issue any securities or
additional shares of any class or kind whatsoever including, without limitation, Holdings Shares, except to a Holdings Shareholder
or an Eligible Holdings Transferee; or

 

		(b)	permit the transfer of any
of its securities or its shares of any class or kind whatsoever including, without limitation, Holdings Shares, except to a Holdings
Shareholder or an Eligible Holdings Transferee.

 

(2) Further
Assurances by Holdings

 

From time to time as reasonably required
by Intrawest, Holdings will provide to Intrawest:

 

		(a)	a list of its shareholders,
together with a description of the number of shares beneficially owned by each shareholder; and

 

		(b)	a copy of its articles of
incorporation and bylaws and any amendments thereto;

 

in each case, if required by Intrawest, certified to be correct
by a duly elected or appointed officer of Holdings.

 

3.10 Eligible
Holdings Transferees. Notwithstanding anything to the contrary contained
herein, any Holdings Shareholder may transfer all or any of the shares of Holdings held by such Holdings Shareholder to any Eligible
Holdings Transferee and any Eligible Holdings Transferee may transfer all or any of its shares of Holdings to any Holdings Shareholder
or to any other Eligible Holdings Transferee at any time and from time to time. In addition, notwithstanding any other provision
of this Agreement, the transmission of any shares of Holdings from a deceased or incompetent Holdings Shareholder to the estate
or legal representative of such Holdings Shareholder or the transfer of any shares of Holdings to a beneficiary of the estate of
such Holdings Shareholder will not constitute a breach of subsection 3.9(1) for so long as such shares of Holdings continue to
be held by such estate or legal representative or by such beneficiary or if such estate or legal representative or such beneficiary
transfers such shares of Holdings to any Holdings Shareholder or an Eligible Holdings Transferee.

 

    	-22-

    	 

    

 

3.11 Covenants
re Eligible Holdings Transferee. So long as any Eligible Holdings Transferee
continues to hold any shares of Holdings, such Eligible Holdings Transferee shall not issue any securities or additional shares
of any class or kind or other ownership interests in such Eligible Holdings Transferee or, where such Eligible Holdings Transferee
is a trust, designate any additional beneficiaries of such Eligible Holdings Transferee, or permit the transfer of any of its securities
or shares of any class or kind or other ownership interests in such Eligible Holdings Transferee or, where such Eligible Holdings
Transferee is a trust, the designation of any additional beneficiaries of such Eligible Holdings Transferee, or take or omit to
take any action or permit any other circumstance to occur if, as a result thereof:

 

		(1)	all of the shares of or
100% of any other ownership interests in such Eligible Holdings Transferee will cease to be owned, directly or indirectly, by one
or more Holdings Family Members; or

 

		(2)	all of the beneficiaries
of such trusts will not be Eligible Holdings Transferees;

 

provided that the foregoing provisions of this section 3.11
will not be breached by the transmission of any shares of or other ownership interest in, or, where the Eligible Holdings Transferee
is a trust, any beneficial interest in, such Eligible Holdings Transferee from a deceased or incompetent shareholder of or holder
of an ownership interest in, or beneficiary of, such Eligible Holdings Transferee to the estate or legal representative of such
shareholder, holder or beneficiary or the transfer of any shares of or other ownership interest in or, where the Eligible Holdings
Transferee is a trust, any beneficial interest in, such Eligible Holdings Transferee to a beneficiary of the estate of such shareholder,
holder or beneficiary for so long as such shares of or other ownership interests in, or, where the Eligible Holdings Transferee
is a trust, such beneficial interest in, such Eligible Holdings Transferee continue to be held by such estate or legal representative
or by such beneficiary or if such estate or legal representative or such beneficiary transfers such shares of Holdings to any Holdings
Shareholder or an Eligible Holdings Transferee.

 

ARTICLE 4

 

ISSUANCES OF ADDITIONAL SHARES

 

4.1 Pre-emptive
Rights. If the Corporation is to issue any Additional Shares, the Corporation
shall first offer such Additional Shares to all Shareholders by notice given to them of the Corporation’s intention to issue
Additional Shares, the number thereof to be so issued and the issue price per Additional Share. The Shareholders shall have the
right to purchase the Additional Shares so offered at the issue price per Additional Share set forth in such notice, pro rata based
upon the number of Common Shares held by the Shareholders at the date such notice is given. Each Shareholder shall have 20 Business
Days from the date such notice is given in which to notify the Corporation in writing that such Shareholder wishes to purchase
all or any of the Additional Shares so offered at such issue price per Additional Share which notice will specify either that the
Shareholder is electing to take up and pay for all of the Additional Shares offered to it or the number or portion of the Additional
Shares offered to it that the Shareholder wishes to purchase and upon receipt of such notice by the Corporation a binding contract
for the sale and purchase of the Shares

 

    	-23-

    	 

    

 

referred to in such notice will be deemed to be formed between
such Shareholder and the Corporation. If either Shareholder advises the Corporation in writing that it will not be exercising its
right to acquire all of the Additional Shares offered to it, does not exercise such right to acquire all of the Additional Shares
offered to it within the time stipulated in this section 4.1 or exercises such right in respect of less than all of the Additional
Shares offered to it, the Corporation will, following expiry of the foregoing 20 Business Day period, offer by notice given to
the Shareholder who elected to take up and pay for all of the Additional Shares initially offered to it, the Additional Shares
in respect of which the other Shareholder has not exercised its rights to acquire, and such Shareholder shall have the right to
purchase the Additional Shares so offered at such issue price per Additional Share. The Shareholder shall have 10 Business Days
from the date such subsequent notice is given in which to notify the Corporation in writing that such Shareholder wishes to purchase
all or any of the Additional Shares so offered at such issue price per Additional Share which notice will specify either that the
Shareholder is electing to take up and pay for all of the Additional Shares offered to it or the number or portion of the Additional
Shares offered to it that the Shareholder wishes to purchase and upon receipt of such notice by the Corporation a binding contract
for the sale and purchase of the Shares referred to in such notice will be deemed to be formed between such Shareholder and the
Corporation. After the expiration of such period of 20 Business Days or 10 Business Days, as applicable, the Additional Shares
not so taken up by the Shareholders may be issued to such Persons who are not Shareholders of the Corporation at such issue price
per Additional Share provided in the notice, provided that all such Additional Shares must be issued within 100 days from the date
such notice is given and such Persons to whom Additional Shares are so issued agree to be bound by this Agreement and to become
parties hereto.

 

4.2Closing.
The closing of a transaction contemplated in section 4.1 shall take place on the 10th Business Day following, as applicable, the
expiry of the 20 Business Day period referred to in section 4.1, in respect of the purchase and sale of Additional Shares in response
to an initial notice given by the Corporation offering to sell Additional Shares pursuant to section 4.1, or the expiry of the
10 Business Day Period referred to in section 4.1, in respect of the purchase and sale of Additional Shares in response to a subsequent
notice under section 4.1.

 

ARTICLE 5

 

RIGHT OF FIRST OFFER

 

5.1Right
of First Offer. Any Shareholder (the “Offeror”) who desires
to Transfer all or any of its Common Shares shall first give notice of such proposed Transfer (the “Notice”) to the
other Shareholder (the “Offeree”) and to the Corporation and shall set out in the Notice:

 

		(1)	the number of Common Shares
that the Offeror desires to Transfer (the “Offered Shares”); and

 

		(2)	the terms upon which the
Offeror desires to Transfer the Offered Shares, including the amount and form of consideration to be paid for the Offered Shares
and all of the terms pursuant to which such consideration shall be paid (including, but not limited to, all payment terms and a
description of the security for any debt to be issued).

 

    	-24-

    	 

    

 

If, prior to delivery of the Notice, the Offeror has received
a bona fide offer (an “Offer”) from a Third Party Offeror to purchase the Offered Shares which Offer has been accepted
or remains open for acceptance, or the Offeror has solicited or entered discussions or negotiations with a Third Party Offeror
concerning a possible sale of the Offered Shares by such Third Party Offeror (unless such discussions or negotiations have been
discontinued and at the time of delivery of the Notice the Offeror does not propose to resume discussions or negotiations with
such Third Party Offeror concerning a possible sale of the Offered Shares or anticipate that discussions or negotiations with such
Third Party Offeror concerning such a sale will be resumed by such Third Party Offeror), the Notice will contain the name and address
of such Third Party Offeror and be accompanied by a copy of the Offer or a summary setting out in reasonable detail the details
and status of such discussions or negotiations, as the case may be, and if, after delivery of the Notice but prior to the expiry
of the period set out in section 5.5 below, the Offeror receives such an Offer, or solicits or enters such discussions or negotiations,
the Offeror will promptly deliver to the Offeree such Offer or summary of the status of such discussions or negotiations, as the
case may be.

 

5.2 Carryback
Note and Non-Cash Consideration. If the Notice provides that any portion
of the consideration to be paid for the Offered Shares is in the form of a promissory note (a “Carryback Note”) or
any consideration other than cash or a Carryback Note (the “Non-Cash Consideration”), the fair market value (the “Carryback
Note and Non-Cash Consideration Value”) of all Carryback Notes and Non-Cash Consideration may be determined by agreement
of the Offeror and the Offeree. Unless the Carryback Note and Non-Cash Consideration Value has been determined by agreement of
the Offeror and the Offeree, the Offeror or the Offeree shall be entitled, at any time, to require such fair market value to be
determined by a qualified appraiser (an “Appraiser”) who has recognized competence in appraising property of the type
the fair market value of which is to be determined and who is Independent, as agreed to by the Offeror and the Offeree within five
Business Days of the date of the Notice, or, failing agreement within such five Business Day period, shall be determined by an
Appraiser appointed by a judge of the superior court of Ontario on the application of either the Offeror or the Offeree. The fees
and disbursements of any Appraiser shall be borne by the Corporation.

 

5.3 Withdrawal
of Offer. Notwithstanding any other provision in this Article 5, the Offeror
shall have the right to withdraw the Notice by giving notice (a “Withdrawal Notice”) on or before five Business Days
after the determination by the Appraiser of the Carryback Note and Non-Cash Consideration Value to the Offeree. If the Offeror
fails to deliver a Withdrawal Notice within such five Business Day period, this provision shall be deemed waived by the Offeror.
Upon the delivery of a Withdrawal Notice, the Offeror shall not be permitted to Transfer any of the Offered Shares without once
again complying with all the provisions of this Article 5.

 

5.4Offeree’s
Right to Purchase Offered Shares. Upon the Notice being given, the Offeree
shall have the right to purchase all of the Offered Shares for a per share price equal to any of the following, as the Offeree
may select in its sole and absolute discretion; provided, for greater certainty, that the Offeree shall only be entitled to select
payment by way of Carryback Notes or Non-Cash Consideration to the extent the terms of the proposed Transfer as set out in the
Notice also provide for the purchase price to be paid by Carryback Notes or Non-Cash Consideration, as the case may be, and in
such case, only in respect of the portion of the purchase price so provided for in the Notice:

 

    	-25-

    	 

    

 

		(1)	the Cash Equivalent Purchase
Price per Offered Share;

 

		(2)	the aggregate of:

 

		(a)	the amount of cash to be
paid for the Offered Shares as set forth in the Notice divided by the number of Offered Shares;

 

		(b)	Carryback Notes, if any,
to be given in exchange for the Offered Shares in accordance with the terms thereof set forth in the Notice and in the respective
principal amounts therefor as set forth in the Notice divided by the number of Offered Shares; and

 

		(c)	the amount of Non-Cash Consideration,
if any, to be given in exchange for the Offered Shares as set forth in the Notice divided by the number of Offered Shares;

 

		(3)	the aggregate of:

 

		(a)	the amount of cash to be
paid for the Offered Shares as set forth in the Notice divided by the number of Offered Shares;

 

		(b)	Carryback Notes, if any,
to be given in exchange for the Offered Shares in accordance with the terms thereof set forth in the Notice and in the respective
principal amounts therefor as set forth in the Notice divided by the number of Offered Shares; and

 

		(c)	a cash amount equal to the
fair market value of all Non-Cash Consideration, if any, set forth in the Notice to be given in exchange for the Offered Shares
(determined as set forth in section 5.2) divided by the number of Offered Shares; or

 

		(4)	the aggregate of:

 

		(a)	the amount of cash to be
paid for the Offered Shares as set forth in the Notice divided by the number of Offered Shares;

 

		(b)	a cash amount equal to the
fair market value of all Carryback Notes, if any, set forth in the Notice to be given in exchange for the Offered Shares (determined
as set forth in section 5.2) divided by the number of Offered Shares; and

 

		(c)	the amount of Non-Cash Consideration,
if any, to be given in exchange for the Offered Shares as set forth in the Notice divided by the number of Offered Shares.

 

    	-26-

    	 

    

 

5.5 Notice of Intention to Purchase.
Within either:

 

		(1)	25 Business Days after the
date the Notice is given if no portion of the consideration to be given for the Offered Shares (as set forth in the Notice) consists
of Carryback Notes or Non-Cash Consideration; or

 

		(2)	20 Business Days after the
date of determination of the Carryback Note and NonCash Consideration Value;

 

as applicable, if the Offeree is willing to purchase all of
the Offered Shares, it shall give notice thereof to the Offeror and to the Corporation, which notice shall specify whether the
Offeree is selecting the consideration payable pursuant to subsection 5.4(1), (2), (3) or (4).

 

5.6Purchase
of Offered Shares by Offerees. If the Offeree gives notice in accordance
with the provisions of section 5.5 that it is willing to purchase all of the Offered Shares, a binding contract of purchase and
sale will exist between the Offeror and the Offeree, which contract will be subject to the provisions of, and be completed in accordance
with the terms set out in the Notice as modified by this Article 5 and the provisions of Article 12. The closing of a transaction
contemplated in this Article 5 shall take place on the fifth Business Day after the expiry of the applicable 25 or 20 Business
Day period, as the case may be, specified in section 5.5.

 

5.7Sale
to Third Party Offeror. If the Offeree does not give notice in accordance with
the provisions of section 5.5 that it is willing to purchase all of the Offered Shares, the rights of the Offeree, subject as hereinafter
provided, to purchase the Offered Shares shall forthwith cease and terminate and, subject to compliance with sections 5.11 and
13.2, the Offeror may complete a Transfer of all but not less than all of the Offered Shares to any Third Party Offeror within
150 days after the expiry of the applicable 25 or 20 Business Day period, as the case may be, specified in section 5.5 for the
consideration per Offered Share set forth in the Notice and on terms no more favourable than those set forth in the Notice. If
the Offered Shares which the Offeree has not agreed to purchase are not Transferred by the Offeror within the 150 day period referred
to above and otherwise in accordance with the foregoing provisions of this Article 5, the rights of the Offeree pursuant to this
Article 5 shall again take effect and so on from time to time.

 

5.8Extension
of Time. Notwithstanding anything to the contrary contained in this Article 5,
the Offeror may extend any of the time periods set forth in section 5.5 upon written notice to the Offeree. In no event shall such
time periods be shorter than those currently set forth in such section, without the mutual agreement of the Offeror and the Offeree.

 

5.9Outstanding
Notices. At any time after (i) a Call Notice is delivered to Holdings pursuant
to section 9.2, (ii) notice of any exercise of an Involuntary Transfer Option is delivered to a Shareholder pursuant to Article
11 or (iii) Holdings gives a Put Notice given pursuant to section 8.2, the
Shareholder whose Common Shares are affected by such delivery will not be entitled to give a Notice pursuant to section 5.1.

 

    	-27-

    	 

    

 

5.10Limitations.
Notwithstanding anything to the contrary herein, no Transfer may be made to any Person pursuant to section 5.7 or Article 6 or
7 if:

 

		(1)	in
connection with such Transfer, it is necessary to obtain any consent, approval, authorization, waiver, exemption or ruling from
any Government Authority, the failure to obtain which would (i) result in such Transfer being prohibited by law or (ii)would
otherwise have a material adverse effect on the condition (financial or otherwise) of the Corporation and its subsidiaries, taken
as a whole; or

 

		(2)	such Transfer would, in
the absence of any necessary third party consent or approval, be prohibited by the terms of any indenture, agreement or instrument
to which the Corporation is a party or by which the Corporation is bound, or result in the acceleration of any indebtedness, liabilities
or obligations of the Corporation or any subsidiary of the Corporation, unless (i) such consent or approval has been obtained and
is in effect or (ii) the failure to obtain such consent or approval would not have a material adverse effect on the condition (financial
or otherwise) of the Corporation and its subsidiaries, taken as a whole.

 

If a proposed Transfer to a Third Party Offeror pursuant to
section 5.7 or Article 6 or 7 is prohibited by the foregoing provisions of this section 5.10 in the absence of any necessary consent,
approval, authorization, waiver, exemption, ruling or the like from any Government Authority or any necessary third party consent
or approval, the Shareholders shall give all reasonable co-operation in order to obtain such consent, approval, authorization,
waiver, exemption, ruling or the like or such third party consent or approval, as the case may be, as expeditiously as possible.

 

5.11Limitations.
Notwithstanding anything to the contrary contained herein,the Transfer by Holdings or Intrawest of any of its Common
Shares to a Third Party Offeror pursuant to section 5.7 shall
not be permitted unless prior to or contemporaneously with such Transfer such Third Party Offeror executes and delivers such agreements,
instruments and documents as the other Shareholder may require, acting reasonably, so that such Third Party Offeror will be subject
to and bound by the terms and conditions set out in this Agreement, mutatis mutandis, as if such Third Party Offeror were
originally a party to this Agreement in place of Holdings or Intrawest, as the case may be, in respect of the Transferred Common
Shares. In such event, the other Shareholder and the Corporation shall execute and deliver such agreements, instruments and documents
as such Third Party Offeror may require, acting reasonably, to assure the right of such Third Party Offeror to enjoy the benefits
and advantages of Holdings or Intrawest, as the case may be, under this Agreement. Notwithstanding any such Transfer by Intrawest,
Intrawest will remain liable for the performance of its obligations under Article 8.

 

ARTICLE 6

 

DRAW ALONG RIGHTS

 

6.1 Draw
Along Right. If:

 

		(1)	a Shareholder holding more
than two-thirds of the total issued Common Shares (“Draw Along Shareholder”) proposes to accept an Offer to purchase
all of the Common Shares beneficially owned by the Draw Along Shareholder (the “Third Party Offer”); and

 

    	-28-

    	 

    

 

		(2)	the Draw Along Shareholder
has complied with the provisions of Article 5 with respect to the sale of its Common Shares;

 

the Draw Along Shareholder shall have the right (the “Draw
Along Right”), but not the obligation, to require the remaining Shareholder (the “Remaining Shareholder”) to
sell all but not less than all of its Common Shares to the Third Party Offeror for an amount equal to the Determined Sales Price
and otherwise on the terms and conditions as set out in this Article 6.

 

6.2 Draw
Along Notice.The Draw Along Right may be exercised by the Draw Along Shareholder
giving a written notice (a “Draw Along Notice”) to the Remaining Shareholder, which notice shall be:

 

		(1)	accompanied by:

 

		(a)	a copy of the Notice delivered
pursuant to section 5.1; and

 

		(b)	a written offer (the “Purchase
Offer”) from the Third Party Offeror offering to purchase from the Remaining Shareholder all of the Common Shares owned by
it for the Determined Sales Price, on the same terms and conditions as are contained in the Third Party Offer, including that the
completion of the purchase by the Third Party Offeror of the Remaining Shareholder’s Common Shares will be at the same time,
date and place as the time, date and place of the completion of the sale of Common Shares pursuant to the Third Party Offer, provided
that, if any portion of the consideration to be paid for the Remaining Shareholder’s Common Shares is in the form of a Carryback
Note or Non-Cash Consideration, the Purchase Offer shall provide that the Remaining Shareholder may select in its sole and absolute
discretion to receive any of the following:

 

(i)the
aggregate of:

 

		(A)	the amount of cash to be
paid for the Common Shares owned by the Remaining Shareholder;

 

		(B)	a cash amount equal to the
fair market value of such Carryback Note, if any, to be given in exchange for Common Shares owned by the Remaining Shareholder,
determined as set forth in section 5.2; and

 

		(C)	a cash amount equal to the
fair market value of such Non-Cash Consideration, if any, to be given in exchange for the Common Shares owned by the Remaining Shareholder,
determined as set forth in section 5.2;

 

    	-29-

    	 

    

 

		(ii)	the aggregate of:

 

		(A)	the amount of cash to be
paid for the Common Shares owned by the Remaining Shareholder;

 

		(B)	such Carryback Note, if
any, to be given in exchange for the Common Shares owned by the Remaining Shareholder; and

 

		(C)	the amount of Non-Cash Consideration,
if any, to be given in exchange for the Common Shares owned by the Remaining Shareholder;

 

		(iii)	the aggregate of:

 

		(A)	the amount of cash to be
paid for the Common Shares owned by the Remaining Shareholder;

 

		(B)	such Carryback Note, if
any, to be given in exchange for the Common Shares owned by the Remaining Shareholder; and

 

		(C)	a cash amount equal to the
fair market value of such Non-Cash Consideration, if any, to be given in exchange for Common Shares owned by the Remaining Shareholder,
determined as set forth in section 5.2; or

 

		(iv)	the aggregate of:

 

		(A)	the amount of cash to be
paid for the Common Shares owned by the Remaining Shareholder;

 

		(B)	a cash amount equal to the
fair market value of such Carryback Note, if any, to be given in exchange for Common Shares owned by the Remaining Shareholder,
determined as set forth in section 5.2; and

 

		(C)	the amount of Non-Cash Consideration,
if any, to be given in exchange for the Common Shares owned by the Remaining Shareholder; 

 

		(the “Determined Sales Price”);and

 

		(2)	given not less than 30 Business
Days prior to the date fixed for the completion of the transaction provided for in the Purchase Offer,

 

    	-30-

    	 

    

 

6.3 Closing
Procedures. No later than five Business Days after the expiry of the applicable
25 or 20 Business Day period specified in section 5.5 or, where the Draw Along Shareholder has complied fully with the provisions
of Article 5, after the date of the Draw Along Notice, the Remaining Shareholder will duly execute the Purchase Offer and will
deliver it to the Third Party Offeror in the manner contemplated by the Purchase Offer accompanied by a notice in writing specifying
whether the Remaining Shareholder is selecting the consideration described in clause 6.2(1 )(b)(i), (ii), (iii) or (iv). At the
closing of the sale of the Common Shares of the Remaining Shareholder pursuant to this Article 6, the Remaining Shareholder will
deliver to the Third Party Offeror share certificates representing its Common Shares duly endorsed in blank for Transfer and all
necessary documents required to Transfer to the Third Party Offeror, free and clear of all encumbrances, its Common Shares and
to otherwise fully comply with the terms of the Purchase Offer and the Draw Along Shareholder shall, or shall cause the Third Party
Offeror to, deliver to the Remaining Shareholder, consideration in an amount equal to the Remaining Shareholder’s Determined
Sales Price in the form selected by the Remaining Shareholder.

 

6.4 Time
Limit. If the sale of the Common Shares of the Draw Along Shareholder and
the Remaining Shareholder pursuant to this Article 6 is not completed within 150 days of the date specified for such completion
in the Third Party Offer and the Purchase Offer, the rights of the Draw Along Shareholder pursuant to this Article 6 shall again
take effect and so on from time to time.

 

ARTICLE 7 

 

TAG ALONG RIGHTS

 

7.1 Tag
Along Rights.
If

 

		(1)	a Shareholder holding at
least one-half of the total issued Common Shares (the “Tag Along Block Shareholder”) proposes to accept an Offer to
purchase at least 75% of the Common Shares beneficially owned by the Tag Along Block Shareholder (the “Third Party Offer”);
and

 

		(2)	the Tag Along Block Shareholder
has complied with the provisions of Article 5 with respect to the sale of its Common Shares;

 

the Tag Along Block Shareholder will not complete the
transaction contemplated by the Third Party Offer unless either (i) the Draw Along Right is exercised in respect of the Third
Party Offer or (ii) prior to the completion of the transaction contemplated by the Third Party Offer the Third Party Offeror
offers (the “Tag Along Offer”) to purchase from the remaining Shareholder (the “Remaining
Shareholder”) all of its Common Shares for an amount equal to the Determined Sales Price and otherwise on the terms and
conditions in this Article 7. For greater certainty, the foregoing provisions of this section 7.1 will not apply to a
purchase or sale of Common Shares pursuant to Article 8, 9 or 11.

 

    	-31-

    	 

    

 

7.2 Tag
Along Offer.
The Tag Along Offer shall:

 

		(1)	constitute an offer from the Third Party Offeror to purchase from the Remaining Shareholder all of the Common Shares owned
by it for the Determined Sales Price, on the same terms and conditions as are contained in the Third Party Offer, including that
the completion of the purchase by the Third Party Offeror of the Remaining Shareholder’s Common Shares will be at the same
time, date and place as the time, date and place of the completion of the sale of Common Shares pursuant to the Third Party Offer,
provided that, if any portion of the consideration to be paid for the Remaining Shareholder’s Common Shares is in the form
of a Carryback Note or Non-Cash Consideration, the Tag Along Offer shall provide that the Remaining Shareholder may select in its
sole and absolute discretion to receive any of the following:

 

		(a)	the aggregate of:

 

		(i)	the
amount of cash to be paid for the Common Shares owned by the Remaining Shareholder;

 

		(ii)	a cash amount equal to the
fair market value of such Carryback Note, if any, to be given in exchange for Common Shares owned by the Remaining Shareholder,
determined as set forth In section 5.2; and

 

		(iii)	a cash amount equal to the
fair market value of such Non-Cash Consideration, if any, to be given in exchange for the Common Shares owned by the Remaining
Shareholder, determined as set forth in section 5.2;

 

		(b)	the aggregate of:

 

		(i)	the
amount of cash to be paid for the Common Shares owned by the Remaining Shareholder;

 

		(ii)	such Carryback Note,
                                                                  if any, to be given in exchange for the Common Shares owned by the Remaining Shareholder; and

 

		(iii)	the amount of Non-Cash Consideration,
if any, to be given in exchange for the Common Shares owned by the Remaining Shareholder;

 

		(c)	the aggregate of:

 

		(i)	the
amount of cash to be paid for the Common Shares owned by the Remaining Shareholder;

 

		(ii)	such Carryback Note, if
any, to be given in exchange for the Common Shares owned by the Remaining Shareholder; and

 

		(iii)	a cash amount equal to the
fair market value of such Non-Cash Consideration, if any, to be given in exchange for Common Shares owned by the Remaining Shareholder,
determined as set forth in section 5.2; or

 

    	-32-

    	 

    

 

		(d)	the aggregate of;

 

		(i)	the
amount of cash to be paid for the Common Shares owned by the Remaining Shareholder;

 

		(ii)	a cash amount equal to the
fair market value of such Carryback Note, if any, to be given in exchange for Common Shares owned by the Remaining Shareholder,
determined as set forth in section 5.2; and

 

		(iii)	the amount of Non-Cash Consideration,
if any, to be given in exchange for the Common Shares owned by the Remaining Shareholder; 

 

		(the “Determined Sales Price”);

 

		(2)	be open for acceptance by
the Remaining Shareholder for a period of 30 days following delivery of the Tag Along Offer to it pursuant to section 7.1; and

 

		(3)	be given not less than 30
Business Days prior to the date fixed for completion of the transaction provided for in the Tag Along Offer.

 

7.3Election
by Remaining Shareholder. Following receipt by the Remaining Shareholder
of the Tag Along Offer, the Remaining Shareholder will have the right, but not the obligation, to elect to sell all of the Remaining
Shareholder’s Common Shares to the Third Party Offeror pursuant to the terms and conditions contained in the Tag Along Offer
and this Article 7, exercisable by delivering written notice (the “Tag Along Notice”) to the Tag Along Block Shareholder
and the Third Party Offeror within 30 days of receipt of the Tag Along Offer pursuant to section 7.1, accompanied by a notice in
writing specifying whether the Remaining Shareholder is selecting the consideration described in clause 7.2(1 )(a), (b), (c) or
(d).

 

7.4Closing
Procedures. At the closing of the sale of the Common Shares of the Remaining
Shareholder pursuant to this Article 7, the Remaining Shareholder will deliver to the Third Party Offeror share certificates representing
its Common Shares duly endorsed in blank for Transfer and all necessary documents required to Transfer to the Third Party Offeror,
free and clear of all encumbrances, its Common Shares and to otherwise fully comply with the terms of the Tag Along Offer and the
Tag Along Block Shareholder shall, or shall cause the Third Party Offeror to, deliver to the Remaining Shareholder consideration
in an amount equal to the Remaining Shareholder’s Determined Sales Price in the form selected by the Remaining Shareholder.

 

7.5Failure
to Give Tag Along Notice. If the Remaining Shareholder does not give a
Tag Along Notice within the 30 day period referred to in section 7.3, the Remaining Shareholder will be deemed to have elected
not to accept the Tag Along Offer.

 

    	-33-

    	 

    

 

7.6 Time
Limit. If the sale of the Common Shares of the Tag Along Block Shareholder
and the Remaining Shareholder, if a Tag Along Notice has been given pursuant to this Article 7 are not completed within 150 days
of the date specified for such completion in the Third Party Offer and the Tag Along Offer, the rights of the Remaining Shareholder
pursuant to this Article 7 shall again take effect and so on from time to time.

 

ARTICLE 8

 

PUT OPTIONS

 

8.1 Put Options.
Holdings shall have the option:

 

		(1)	exercisable at any time during the period commencing September 1 and ending December 31 in any year, to sell to Intrawest all,
but not less than all, of the Common Shares held by Holdings; and

 

		(2)	exercisable at any time during the period commencing September 1 and ending December 31 in any year, but not exercisable more
than one time, to sell to Intrawest Common Shares representing not less than 10% and not more than 25% of the total number of issued
and outstanding Common Shares;

 

(each such option is called a “Put Option” and the
Common Shares which are the subject of a Put Option are called “Put Shares”).

 

8.2 Put
Notice. If Holdings wishes to exercise either of the Put Options, it shall
give to Intrawest a notice (the “Put Notice”) which must:

 

		(1)	indicate whether Holdings
is exercising the Put Option set out in subsection 8.1(1) or (2);

 

		(2)	where Holdings is exercising
the Put Option set out in subsection 8.1(2), indicate the number of Common Shares it wishes to sell to Intrawest pursuant thereto;

 

		(3)	stipulate the time, the
date and the place of completion of the purchase of Holdings’ shares which time and date of completion will take into account
the time periods required to determine the fair market value of the Put Shares and which, in any event, shall not be longer than
90 days after the date of the Put Notice; and

 

		(4)	be executed by Holdings.

 

Promptly after a Put Notice is given to Intrawest (and in any
event no later than five Business Days thereafter), Intrawest will duly execute the Put Notice acknowledging the terms thereof
and Intrawest will deliver the Put Notice to Holdings.

 

    	-34-

    	 

    

 

8.3
Price. The price per Put Share shall be 90% of the fair market value of the
Put Shares calculated at the (date of the Put Notice in accordance with Schedule A, less the aggregate amount of any distributions
made or to be made by the Corporation to Holdings in respect of the Put Shares pursuant to section 2.9, after the date of the Put
Notice.

 

8.4
Holdings Indemnity.

 

		 (1)	If Holdings
                                                                      exercises the Put Option pursuant to subsection 8.1(l) prior to the Claims Expiry Date (as defined in the Share Purchase
                                                                      Agreement),                                                                       Holdings hereby agrees and shall be deemed
                                                                      to have agreed, as of the date the Purchase Price in respect of the Put Shares is
                                                                      paid by Intrawest to Holdings, to indemnify and hold harmless Intrawest from any Losses (as defined in the Share Purchase
                                                                      Agreement), actions or causes of action in accordance with the terms of Article 12 of the Share Purchase Agreement subject
                                                                      in                                                                       all respects to the limitations and restrictions set
                                                                      out in such Article 12, mutatis mutandis, in the place and stead
                                                                      of the Corporation, provided that the maximum aggregate obligation of Holdings pursuant to such indemnity shall not exceed
                                                                      $15,000,000 and provided that the indemnity shall expire on the Claims Expiry Date. In connection with such indemnity,
                                                                      Intrawest shall be entitled to deposit 20% of the Purchase Price with the Depositary to be held by the Depositary in
                                                                      accordance with the terms and conditions of subsection 8.4(2).

 

	(2)		(a)     In
                                                                                the event that funds are deposited by Intrawest with the Depositary pursuant to subsection 8.4(1), the
                                                                                           funds so deposited, together with any interest earned
                                                                                thereon (the “indemnity Deposit”), shall be held by
                                                                                           the Depositary in trust in an interest bearing account and
                                                                                disbursed only in accordance with the
             provisions of
                                                                                this subsection 8.4(2).

		(b)	The parties agree that, subject to paragraphs
(c) and (d) below, the Depositary shall pay to Holdings on the Claims Expiry Date the entire amount of the Indemnity Deposit then
remaining.

 

		(c)	Notwithstanding subsection
8.4(2)(b), the Depositary shall pay to Intrawest from the indemnity Deposit any and all amounts to which Intrawest is entitled
pursuant to the indemnity obligations of Holdings pursuant to subsection 8.4(1). Such amounts shall be agreed upon by Intrawest
and Holdings, failing which the matter will be determined by binding arbitration in such manner as the parties may agree or by
a court of competent jurisdiction (which determination has been certified or otherwise authenticated to the satisfaction of the
Depositary and which is final and is not itself subject to review or appeal).

 

    	-35-

    	 

    

 

		(d)	Notwithstanding subsection
8.4(2)(b), in the event that Intrawest delivers to the Depositary a certificate of two senior officers of Intrawest certifying
that Intrawest has a bona fide claim against Holdings pursuant to subsection 8.4(1I), the estimated amount of such claim
and that it has provided notice to Holdings of such claim together with reasonable particulars of the factual basis for such claim,
the Depositary shall only pay to Holdings pursuant to subsection 8.4(2)(b) the amount otherwise required to be paid to Holdings
thereunder less a reasonable reserve for the amount that could reasonably be anticipated to be payable to Intrawest pursuant to
subsection 8.4(1) in respect of such claim. The amount of such reserve shall be agreed upon by Intrawest and Holdings, failing
which the matter will be determined by binding arbitration in such manner as the parties may agree or by a court of competent jurisdiction
(which determination has been certified or otherwise authenticated to the satisfaction of the Depositary and which is final and
is not itself subject to review or appeal); provided that until the amount of such reserve is so agreed upon or determined, the
Depositary will be entitled to retain as such reserve the estimated amount of such claim specified in such certificate. Any reserve
retained by the Depositary in accordance with the foregoing shall only be held until such time as the claim to which such reserve
relates has been abandoned or the amount payable to Intrawest pursuant to the indemnity obligations of Holdings pursuant to subsection
8.4(1) has been agreed upon by Intrawest and Holdings or otherwise determined by binding arbitration in such manner as the parties
may agree or by a court of competent jurisdiction (which determination has been certified or otherwise authenticated to the satisfaction
of the Depositary and which is final and not itself subject to review or appeal). Forthwith upon such resolution, such reserve
plus any interest accrued thereon shall be applied by the Depositary to the payment of the amount payable to Intrawest pursuant
to subsection 8.4(1) in respect of such claim, if any, and the balance thereof, if any, shall be paid by the Depositary to Holdings.

 

For
purposes of this section 8.4, “Depositary” shall mean McCarthy Tetrault or, if for any reason McCarthy Tetrault is
unwilling to act as a Depositary for purposes of this section 8.4, such other law firm as Intrawest and Holdings may agree, and
Holdings and Intrawest will execute and deliver to the Depositary such confirmations as the Depositary may reasonably request for
its protection in acting as the Depositary. Notwithstanding any other provision hereof (including section 13.9), this section 8.4
to the extent that it is applicable shall survive the termination of this Agreement.

 

8.5
Closing. Upon a Put Notice being given, a binding contract of purchase and
sale for the Put Shares will be formed between Intrawest and Holdings, which contract will be subject to the provisions of, and
completed in the manner provided in, Article 12.

 

8.6
Call Notice. At any time after a Call Notice is given to Holdings pursuant
to section 9.2,Holdings will not be entitled to give a Put Notice under section
8.2.

 

8.7
Suspension of Put Options. The Put Options shall be suspended, and any outstanding
Put Notices pursuant to, or contracts or agreements of purchase and sale arising under, this Article 8 which have not been completed
shall be deemed to be terminated and of no further force and effect without prejudice to the rights of Holdings to deliver a further
Put Notice in accordance with the terms of section 8.1, in the event that the Corporation makes an assignment for the benefit of
creditors or is adjudicated bankrupt or insolvent or takes steps to wind up or terminate its existence, and thereafter the Put
Options shall not be exercisable unless and until such assignment or adjudication has ceased or the Corporation abandons its steps
to wind up or terminate its existence.

 

    	-36-

    	 

    

 

ARTICLE
9

 

INTRAWEST
CALL OPTION

 

9.1 Call
Options. Upon the occurrence of the Call  Event, Intrawest shall  have the option
(the “Call Option”) exercisable at any time during the period commencing September 1 and ending December 31 in any
year, to purchase from Holdings all, but not less than all, of the Common Shares held by Holdings (the “Call Shares”).

 

9.2 Call
Notice. If Intrawest wishes to exercise the Call Option, it shall give
to Holdings a notice (the “Call Notice”) which must:

 

		(1)	indicate that Intrawest is exercising its Call Option;

 

		(2)	stipulate the time, the date and the place of completion of the purchase of Call Shares, which time and date of completion
will take into account the time periods required to determine the fair market value of the Call Shares and which, in any event,
shall not be longer than 90 days after the date of the Call Notice; and

 

		(3)	be executed by Intrawest.

 

Promptly after a Call Notice is given to Holdings (and in any
event no later than five Business Days thereafter), Holdings will duly execute the Call Notice acknowledging the terms thereof
and Holdings will deliver the Call Notice to Intrawest.

 

9.3 Price.
The price per Call Share shall be 110% of the fair market value of the Call Shares, calculated at the date of the Call Notice in
accordance with Schedule A, less the aggregate amount of any distributions made or to be made by the Corporation to Holdings pursuant
to section 2.9, after the date of the Call Notice.

 

9.4 Closing.
Upon a Call Notice being given to Holdings, a binding contract of purchase and sale will be formed between Intrawest and Holdings,
which contract will be subject to the provisions of, and completed in the manner provided in, Article 12.

 

9.5 Suspension
of Call Option. The provisions of section 8.7 shall apply to the Call Option and
any outstanding Call Notice pursuant to, or a contract or agreement of purchase and sale arising under, this Article 9 which has
not been completed, mutatis mutandis.

 

    	-37-

    	 

    

 

ARTICLE 10

 

RESOLUTION OF DISPUTES BETWEEN

HOLDINGS AND INTRAWEST

 

10.1
Deadlock. In the event that there is a disagreement between Holdings
and Intrawest regarding any matter referred to in subsection 2.6(8), Holdings and Intrawest shall attempt to resolve such disagreement
in the manner and in accordance with the following procedures:

 

		(1)	Holdings and Intrawest will attempt in good faith to resolve the disagreement by negotiation, including convening a meeting
of their representatives for that purpose. All reasonable requests for relevant information relating to the disagreement made by
either party will be honoured.

 

		(2)	If Holdings and Intrawest are unable to resolve the disagreement through negotiation, either one of them may give notice to
the other requesting mediation of the disagreement. Following such notice being given, Holdings and Intrawest will agree on the
appointment of a qualified, impartial and experienced individual (the “Mediator”) to serve as a mediator in connection
with the disagreement.

 

		(3)	Should Holdings and Intrawest be unable
to agree on the appointment of a mutually acceptable Mediator within 14 days of the notice referred to in subsection 10.1(2), they
agree to refer the matter of the appointment of the Mediator to a judge of the superior court of Ontario.

 

		(4)	Within three days of the appointment of
the Mediator in accordance with the provisions of subsection 10.1(2) or (3), Holdings and Intrawest will each provide the Mediator
and each other with a written statement of their position in respect of the disagreement and a summary of the arguments supporting
its position.

 

		(5)	The Mediator will meet with Holdings and
Intrawest either together or separately as the Mediator in his or her sole discretion shall determine, in an attempt to resolve
the disagreement through mediation. In connection with the mediation of the disagreement, the Mediator shall be permitted to request
additional information from the parties, which requests shall not be unreasonably denied, and shall be permitted to engage experts.
The costs of the Mediator and of any experts retained by the Mediator in the course of the mediation shall be borne by the Corporation.

 

		(6)	Holdings and Intrawest will each be entitled
to retain legal counsel or other advisors in connection with the mediation. Each party shall be responsible for the costs of any
counsel or advisors so retained.

 

For
the purposes of this section 10.1, a disagreement between Holdings and Intrawest regarding a matter referred to in subsection 2.6(8)
will be deemed to exist if, but not until, an Annual Budget or Capital Expenditures Budget, as the case may be, submitted to the
Shareholders pursuant to section 2.10 is
not approved pursuant to subsection 2.6(8) at a meeting of the Shareholders held within 30 days after the same is submitted to
the Shareholders pursuant to section 2.10 and a revised Annual Budget or Capital Expenditures Budget, as the case may be, submitted
to the Shareholders pursuant to section 2.10 is not approved pursuant to subsection 2.6(8) at a meeting of the Shareholders held
within 15 days after such revised Annual Budget or Capital Expenditures Budget, as the case may be, is submitted to the Shareholders
pursuant to section 2.10.

 

    	-38-

    	 

    

 

ARTICLE 11

 

DEFAULT
AND INVOLUNTARY TRANSFERS OF SHARES

 

11.1
Default and Involuntary Transfers of Shares. In the event that:

 

		(1)	any Shareholder contravenes
section 3.1, 3.3, 3.6, 3.8, 3.9 or 3.11;

 

		(2)	any Shareholder makes an
assignment for the benefit of creditors or is adjudicated bankrupt or insolvent or any Shareholder other than an individual Shareholder
takes steps to wind up or terminate its existence; or

 

		(3)	any proceedings are commenced
                                                                  requesting the sale or transfer of, or a declaration of trust in relation to, any Common Shares of which the Shareholder is
                                                                  the registered owner, whether by operation of law or court order, and whether pursuant to the Family Law Act, R.S.O.
                                                                  1990, c. F6, any statute of similar purport in any jurisdiction, or otherwise than by voluntary act of such Shareholder
                                                                  (other than the transmission of any Common Shares from a deceased or incompetent Shareholder to the legal representative of
                                                                  such Shareholder);

 

(any
such event being herein referred to as an “Involuntary Transfer” and any such Shareholder being herein referred to
as an “Involuntary Transferor”), the other Shareholder (the “Other Shareholder”) will have the option (the
“Involuntary Transferor Option”), exercisable at any time (i) with
respect to (1) above, no sooner than 30 and no later than 60 days after notice by the Other Shareholder has been given to the Involuntary
Transferor and only to the extent the relevant contravention has not been subsequently cured, and (ii) with respect to (2) and
(3) above prior to the expiration of 30 days after the Other Shareholder has been notified, or has otherwise become aware, of such
event, to purchase all or any of the Common Shares of which such involuntary Transferor is the registered owner immediately prior
to the Involuntary Transfer (the “Involuntary Transferor Shares”) on the terms set out in this Article 11, provided
that where any violation by Holdings of a provision referred to in section 3.9 or 3.11 which is caused by a Holdings Shareholder
or an Eligible Holdings Transferee, the Other Shareholder shall only be entitled to purchase that number of Common Shares equal
to (i) the number of Common Shares held by Holdings multiplied by (ii) the percentage obtained by dividing (A) the number of Holdings
Shares owned by such Holdings Shareholder or Eligible Holdings Transferee immediately prior to the violation of such provision
by (B) the number of
issued and outstanding Holdings Shares at such time.

 

    	-39-

    	 

    

 

11.2 Right
to Purchase Pro Rata. The Other Shareholder shall have the right to purchase
the Involuntary Transferor Shares at the price to be determined in accordance with the provisions of section. 

 

11.3 Price.
The price of the Involuntary Transferor
Shares shall be:

 

		(1)	in respect of an Involuntary Transfer referred to in subsection 11.1(1), 90%; and

 

		(2)	in respect of an Involuntary Transfer
referred to in subsections 11.1(2) and (3), 100%;

 

of the fair market value of the Involuntary Transferor Shares
as determined pursuant to Schedule A as at the end of the fiscal quarter of the Corporation immediately preceding the fiscal quarter
in which the event set out in subsection 11.1(1), (2) or (3) occurs, less the aggregate amount of any distributions made or to
be made by the Corporation to the Involuntary Transferor after the end of such immediately preceding fiscal quarter.

 

11.4 Exercise
of Involuntary Transfer Option. Within 10 Business Days of the fair market value
of the Involuntary Transferor Shares having been determined, the Other Shareholder who desires to purchase all of the Involuntary
Transferor Shares shall give notice thereof to the Involuntary Transferor and to the Corporation.

 

11.5 Closing.
Upon the giving of notice pursuant to section 11.4, a binding contract of purchase and sale will exist between the
Involuntary Transferor and the Other Shareholder which contract will be subject to the provisions of, and completed in the manner
provided in, Article 12. The closing of a transaction contemplated in this Article 11 shall take place 10 Business Days after
the date of the notice given pursuant to section 11.4.

 

ARTICLE 12

 

CLOSING PROCEDURES

 

12.1 Closing
Procedures. The closing of (i) all purchases and sales of Offered Shares
to an Offeree pursuant to Article 5, to the extent that the closing procedures contemplated in this Article 12 are not inconsistent
with the terms stipulated in any Notice delivered pursuant to section 5.1; (ii) all purchases and sales of Put Shares or Call
Shares pursuant to Articles 8 and 9; and (iii) all
purchases and sales of Involuntary Transferor Shares pursuant to Article 11 shall take place in accordance with the provisions
of this Article 12.

 

12.2 Time
and Place of Closing. Closing shall take place at the head office of the
Corporation (the “Place of Closing”) at 10:00 a.m. (Eastern Daylight or Standard Time, as the case may be) (the “Time
of Closing”) on the dates for closing specified in or contemplated by each of Articles 5, 8, 9, or 11, respectively.

 

    	-40-

    	 

    

 

12.3 Consents.
If in connection with any purchase and sale transaction contemplated under Article 5 (where the purchaser of the Offered Shares
is the Offeree), 8.9 or 11, it is necessary to obtain any consent, approval, authorization, waiver, exemption or ruling from any
Government Authority, the failure to obtain which would have a material adverse effect on the condition (financial or otherwise)
of the Corporation and its subsidiaries, taken as a whole, or would under applicable law prohibit completion of the purchase and
sale transaction (a “Consent”), each of the Purchaser and the Vendor shall use all reasonable commercial efforts, and
act together in good faith, to obtain such Consent as expeditiously as possible and in any event, prior to the Time of Closing.
If despite such efforts of the parties, a Consent is not obtained prior to the Time of Closing and the Purchaser does not waive
the obtaining of the Consent, the closing of the relevant transaction shall be delayed until such Consent is obtained provided
that if such Consent cannot be obtained within 180 days of the date of the Put Notice or Call Notice, as the case may be, and the
Purchaser does not waive the obtaining of the Consent the binding contract of purchase and sale formed pursuant to the Put Notice
or Call Notice, as the case may be, shall be deemed to be terminated and of no force and effect, without prejudice to the relevant
party’s right to deliver further Put Notices or Call Notices, as the case may be, in accordance with the terms hereof.

 

12.4 Payment
and Delivery. At the Time of Closing, each Person who has exercised its right,
or who is required, to purchase Common Shares (a “Purchaser”) shall deliver to the Person selling Common Shares (the
“Vendor”) the consideration required to be paid pursuant to Article 5, 8, 9, or 11, as the case may be, (the “Purchase
Price”). At the Time of Closing:

 

		(1)	the Vendor shall deliver
to the Purchaser share certificates representing the Common Shares required to be issued or Transferred to the Purchaser (the “Purchased
Shares”);

 

		(2)	the Vendor shall deliver
all necessary documents (which documents shall, as to form and content, be satisfactory in all respects to the Purchaser and its
counsel, acting reasonably) required to Transfer to the Purchaser the Purchased Shares, free and clear of all mortgages, pledges,
liens, charges, security interests, adverse claims and other encumbrances and to otherwise comply fully with the intent of this
Agreement and to deliver a representation and warranty to the Purchaser in a form satisfactory to the Purchaser, acting reasonably,
regarding the Vendor’s title to and ownership of the Purchased Shares and such other documents as may otherwise be required
to comply with and to fulfil the intent of this Agreement; and

 

		(3)	each Consent required under
section 12.3 shall be tabled by the party who obtained it.

 

12.5 Default
of Selling Shareholder. If the Vendor is not present at the Place of Closing at
the Time of Closing or is present but fails for any reason whatsoever to comply with section 12.4, in addition to and without limitation
to any other rights it may have at law, the Purchaser may make payment of the Purchase Price by depositing the same into a special
interest-bearing account at a branch of the Corporation’s bankers in the name of and in trust for the Vendor. Such deposit
shall constitute valid and effective payment of the Purchase Price to the Vendor even though the Vendor has voluntarily encumbered
or disposed of any of the Purchased Shares and notwithstanding the fact that a certificate or certificates representing the Purchased
Shares may have been delivered to any pledgee, transferee or other Person.

 

    	-41-

    	 

    

 

12.6 Sale
Effective. If the Purchase Price is deposited pursuant to section 12.5 into a
special account at a branch of the Corporation’s bankers in the name of and in trust for the Vendor, then from and after
the date of such deposit and even though the Purchased Shares have not been delivered to the Purchaser, the purchase and sale of
such Purchased Shares shall be deemed to have been fully completed and all right, title, benefit and interest, both at law and
at equity, in and to such Purchased Shares shall be conclusively deemed to have been Transferred and assigned to and become vested
in the Purchaser and all right, title, benefit and interest, both at law and in equity, of the Vendor, or of any assignee or other
Person having any interest, legal or equitable, therein or thereto, whether as shareholder or creditor of any Person in the Corporation
or otherwise, shall cease and determine; provided, however, that the Vendor shall be entitled to receive the Purchase Price so
deposited with interest thereon.

 

12.7 Non-Completion
by Intrawest. If Intrawest fails to complete a purchase of any Common Shares under
the Put Option or the Call Option on the later of the date provided for under subsection 8.2(3) or 9.2(2), as the case may be,
and the date which is five Business Days after the determination of Market Value in accordance with the provisions of Schedule
A, and provided that Holdings shall have complied with all of its obligations under section 12.4 with respect to such purchase
and all relevant Consents shall have been obtained, Intrawest shall pay to Holdings, in addition to the Purchase Price, interest
from such date on the amount of the Purchase Price, at a rate equal to the prime rate quoted by the Corporation’s principal
banker plus 2% until such time as the relevant purchase transaction closes, without prejudice to any other right of Holdings at
law or in equity, arising as a result of Intrawest’s failure to complete such purchase.

 

12.8 Power
of Attorney. If the Vendor is not present at the Place of Closing at the Time
of Closing or is present but fails for any reason whatsoever to comply with section 12.4 and provided that the Purchaser has complied
with all of its obligations under section 12.4, the Vendor irrevocably constitutes and appoints the Purchaser as its true and lawful
attorney in fact as agent for, in the name of and on behalf of the Vendor to execute and deliver in the name of the Vendor all
such assignments, transfers, deeds and instruments as may be necessary effectively to Transfer and assign the Purchased Shares
to the Purchaser or its nominee or nominees. Such appointment and power of attorney, being coupled with an interest, shall not
be revoked by the insolvency, bankruptcy or incapacity of the Vendor and the Vendor hereby ratifies and confirms and agrees to
ratify and confirm all that the Purchaser may lawfully do or cause to be done by virtue of the provisions of this section 12.8.

 

12.9 Consent
to Transfer. All parties to this Agreement from time to time hereby
irrevocably consent, including, without limitation, for the purposes of the restrictions on Transfer contained in the
Constating Documents of the Corporation, to any Transfer of Shares made pursuant to the provisions of this Agreement and
hereby agree to execute any and all such forms of consent, instruments and other documents as may be required from time to
time to evidence or give effect to the foregoing and to cause the Board of Directors of the Corporation to pass such
resolutions or to take such other action necessary to implement the same.

 

    	-42-

    	 

    

 

12.10 Entitlement
to Purchase Price. The Vendor shall be entitled to receive the Purchase
Price deposited with the bankers of the Corporation on delivery to the Purchaser of the documents required by section 12.4
together with an indenture, in form satisfactory to the Purchaser, acting reasonably, ratifying and confirming all that the
Purchaser has lawfully done or caused to be done by virtue of the provisions of section 12.8.

 

ARTICLE 13 

 

GENERAL

 

13.1 Conflict.
In the event of any conflict between the provisions of this Agreement and the Constating Documents of the Corporation or any subsidiary
of the Corporation, the provisions of this Agreement shall govern to the extent permitted by law. Each of the Shareholders agrees
to vote its Shares or cause its Shares to be voted and the Corporation agrees to take such acts so as to cause the Constating Documents
of the Corporation or any subsidiary of the Corporation to be amended to the extent permitted by law in order to resolve such conflict
in favour of the provisions of this Agreement.

 

13.2 Transferees
to be Bound by Agreement. Notwithstanding anything to the contrary contained herein,
no Common Share may be Transferred by any Shareholder or allotted or issued to any Person who has not agreed to be bound by all
of the provisions of this Agreement including, without limitation, that any purchaser or other acquirer of Common Shares held by
Intrawest will assume its obligations under Article 8 hereof, and no such Person who acquires any interest in or control over any
Common Shares under this Agreement will be recognized or considered as a Shareholder under this Agreement and the Shareholders
will not be required to consider any Person a Shareholder under this Agreement or afford any Person the rights afforded by this
Agreement or any of the incidents connected with being a Shareholder under this Agreement until that Person agrees to be bound
by this Agreement. Any Person who becomes a holder of Common Shares or rights under this Agreement after the date of this Agreement
will agree to be bound by this Agreement and will signify its assent to the terms of this Agreement by signing this Agreement or
by delivering an instrument in writing duly executed under seal to the Secretary of the Corporation and to the existing Shareholders
indicating an intention and agreement to be bound by the terms of this Agreement. Each of the parties to this Agreement will be
bound each to each other and, upon the subsequent assent to this Agreement by any Person, each of them will be bound to each and
every such Person and, in like manner, each and every such Person will be bound to each party and to each and every subsequent
Person who agrees to be bound by this Agreement thereafter. Each of the parties agrees that to the extent any Person to which it
Transfers Common Shares hereunder fails to perform any obligation assumed by such transferee pursuant to this section 13.2, the
transferring party shall remain fully obligated to the other Shareholders for the performance of such obligation.

 

13.3 No
Partnership. Nothing in this Agreement or in the relationship of the parties hereto
shall be construed as in any sense creating a partnership between the parties or as giving to any party any of the rights of, or
subjecting any party to any of the creditors of, the other party.

 

    	-43-

    	 

    

 

13.4 Time of the Essence. Time shall be of the
essence of this Agreement

 

13.5 Benefit
of the Agreement. This Agreement shall ensure to the benefit of and be binding
upon the respective heirs, executors, administrators, successors and permitted assigns of the parties hereto.

 

13.6 Entire
Agreement. This Agreement constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof and cancels and supersedes any prior understandings and agreements between the
parties hereto with respect thereto. There are no representations, warranties, terms, conditions, undertakings or collateral agreements,
express, implied or statutory, between the parties other than those expressly set forth or contemplated in this Agreement and in
the Share Purchase Agreement.

 

13.7 Amendments
and Waivers. No amendment to this Agreement shall be valid or binding unless set
forth in writing and duly executed by all of the parties hereto. No waiver of any breach of any provision of this Agreement shall
be effective or binding unless made in writing and signed by the party purporting to give the same and, unless otherwise provided
in the written waiver, shall be limited to the specific breach waived. Failure by any party hereto to insist in any one or more
instances upon the strict performance of any one of the covenants contained herein shall not be construed as a waiver or relinquishment
of such covenant.

 

13.8 Assignment. Except as may be expressly provided
in this Agreement, none of the parties hereto may assign its rights or obligations under this Agreement without the prior written
consent of all of the other parties hereto.

 

13.9 Termination. This Agreement shall terminate
upon:

 

		(1)	the written agreement of all of the Shareholders;

 

		(2)	the dissolution of the Corporation; or

 

		(3)	one Shareholder becoming the beneficial owner of all of the issued and outstanding Common Shares.

  

13.10 Severability. If any provision of
this Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability shall
attach only to such provision or part thereof and the remaining part of such provision and all other provisions hereof shall
continue in full force and effect and the parties hereby undertake to renegotiate in good faith, with a view to concluding
arrangements as nearly as possible the same as those herein contained.

 

13.11 Notices.
Any demand, notice or other communication to be given in connection with this Agreement shall be given in writing and may be
given by actual delivery, or by transmittal by facsimile transmission addressed to the recipient as
follows:

 

    	-44-

    	 

    

 

To Holdings:

 

Blue
Mountain Resorts Holdings Inc. 

R.R.
#3 

Collingwood,
Ontario 

L9Y
3Z2

 

Attention:
President 

Facsimile No.: (705) 443-5520

 

To
Intrawest:

 

Intrawest
Corporation 

800 - 200 Burrard Street 

Vancouver, British Columbia

V6C 3L6

 

Attention:
President, Resort Development Group 

Facsimile
No.: (604) 669-0605

 

To
the Corporation:

 

Blue
Mountain Resorts Limited 

R.R. #3 

Collingwood,
Ontario 

L9Y
3Z2

 

Attention:
President

 Facsimile No.: (705) 443-5520

 

or such other address, telecopy number or individual as may
be designated by notice by any party to the others. Any demand, notice or other communication given by actual delivery shall be
conclusively deemed to have been given on the day of actual delivery thereof (or, if such day is not a Business Day, on the next
Business Day) or on the day on which the party to which such demand, notice or other communication is transmitted received such
transmission (or, if such day is not a Business Day, on the next Business Day).

 

13.12 Governing
Law. This Agreement shall be governed by and construed in accordance with
the laws of the Province of Ontario applicable in the case of contracts made and to be wholly performed in such province and
without application of the choice of law principles of such province. All disputes arising under this Agreement will be
referred to the courts of the Province of Ontario which will have exclusive jurisdiction and, by execution and delivery of
this Agreement, each party hereto irrevocably submits to the jurisdiction of such courts.

 

    	-45-

    	 

    

 

13.13 Counterparts.
This Agreement may be executed is any number of counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same agreement.

 

13.14 Further
Acts. Each of the parties to this Agreement shall at the request of any other
party hereto, and at the expense of the Corporation, execute and deliver any further documents and do all acts and things as that
party may reasonably require to carry out the true intent and meaning of this Agreement.

 

13.15 Business
Day. Any obligations required to be performed by a party under this Agreement
on a day, other than a Business Day, shall be properly discharged if performed by such party on the next following day which is
a Business Day.

 

13.16 Legal
Fees. If any party institutes legal proceedings with respect to this Agreement,
the prevailing party shall be entitled to court costs and reasonable legal fees incurred by such party in connection with such
legal proceedings.

 

ARTICLE 14 

 

EXECUTION

 

14.1
Execution. This Agreement has been executed by the parties hereto on January
28, 1999.

 

	 	BLUE MOUNTAIN RESORTS HOLDINGS INC.	 	 
	 	By: 	

/s/ George Canning	 	 	 
	 	Title: 	President	 	 	 

	 	INTRAWEST CORPORATION	 	 
	 	By: 	

/s/ Gary Raymond	 	 	 
	 	Title: 	Executive Vice President, Development and Acquisitions	 	 	 

    	-46-

    	 

    

 

	 	BLUE
    MOUNTAIN RESORTS LIMITED	 	 
	 	By: 	

/s/ George Weider	 	 	 
	 	Title: 	Chairman of the Board	 	 	 

    	-47-

    	 

    

 

SCHEDULE A

 

DETERMINATION OF MARKET VALUE

 

1.Definition
of Market Value. “Market Value” shall mean fair market value
as determined in accordance with section 2 of this Schedule A or, failing agreement under section 2, in accordance with the remaining
provisions of this Schedule A.

 

2.Determination
by Agreement. If the Market Value of any Common Shares is to be determined pursuant
to this Schedule, the Market Value of such Common Shares may be determined by agreement of Holdings and Intrawest.

 

3.Determination
by Valuator. Unless the Market Value of any Common Shares has been determined
by agreement of Holdings and Intrawest in accordance with section 2, any party shall be entitled, at any time, to require such
Market Value to be determined in accordance with the remaining provisions of this Schedule A, provided that such Market Value
will be the fair market value with no minority discount or majority premium, and shall be calculated on a per share basis.

 

4.Selection
of Valuator. Any party (the “Selecting Party”) that wishes
to exercise the right referred to in section 3 shall provide notice in writing to the other party (the “Other Party”),
Forthwith following such notice being given and in any event within three Business Days thereafter, the Selecting Party and the
Other Party shall each engage an Independent internationally recognized public chartered accountancy firm or investment bank which
has substantial offices in Canada and which has substantial experience in business valuation (in this Schedule A, the “First
Valuator” and the “Second Valuator”) to determine the Market Value of the relevant Common Shares.

 

5.Cooperation
and Delivery of Valuation. The Selecting Party and the Other Party shall, respectively,
retain the First Valuator and the Second Valuator to determine the Market Value of the relevant Common Shares as at the date referred
to in section 8.2, 9.2 or 11.3, as applicable (the “Relevant Date”) as required under this Agreement, without taking
into account any liabilities of the Corporation in respect of any distributions made or to be made by the Corporation to the Shareholders
pursuant to section 2.9 of the Shareholders’ Agreement after the Relevant Date, applying such principles of valuation as
each of the First Valuator and the Second Valuator, respectively, considers appropriate in the circumstances. Each of the parties
hereto shall in all respects cooperate with the First Valuator and the Second Valuator in the determination of such Market Value.
In particular, each of the parties shall make available to the First Valuator and the Second Valuator all such documents and information
with respect to the affairs of the Corporation and its subsidiaries or any other Person as either the First Valuator or the Second
Valuator may reasonably require to make its determination of Market Value, and shall make their personnel available at all reasonable
times to assist in such determination. Each of the parties shall use its best efforts to ensure that, within 30 Business Days
following their appointment, the First Valuator and the Second Valuator shall provide the Selecting Party and the Other Party
with their determinations of Market Value of the relevant Common Shares. If the First Valuator or Second Valuator specifies a
range of values for Market Value, subject to section 6, such “Market Value” shall be the mid-point of the range.

 

    	-1-

    	 

    

 

6.Market
Value - Average. If the amount determined by the First Valuator in accordance
with the provisions of section 5 (the “First Valuation”) and the amount determined by the Second Valuator in accordance
with the provisions of section 5 (the “Second Valuation”) do not vary by more than 10% of the higher of the two, the
Market Value of the relevant Common Shares shall be the arithmetic average of the First Valuation and the Second Valuation. If
the First Valuation and Second Valuation vary by more than 10% of the higher of the two, the Selecting Party and the Other Party
shall cause the First Valuator and the Second Valuator to engage a third Independent internationally recognized public chartered
accountancy firm or investment bank which has substantial offices in Canada and which has substantial experience in business valuations
(the “Third Valuator”) to determine the Market Value of the relevant Common Shares as at the Relevant Date without
taking into account any liabilities of the Corporation in respect of any distributions made or to be made by the Corporation to
the Shareholders pursuant to section 2.9 of the Shareholders’ Agreement. The Selecting Party and the Other Party shall jointly
retain the Third Valuator to determine the Market Value of the relevant Common Shares as at the Relevant Date as required under
this Agreement and the provisions of section 5 shall apply, mutatis mutandis, to such third determination (the “Third
Valuation”). In these circumstances, the Market Value of the relevant Common Shares shall be:

 

	(a)		the
arithmetic average of the two of the First Valuation,Second Valuation and Third Valuation that are closest to one another,
provided that the Third Valuation is higher than one of the First Valuation and the Second Valuation and lower than one of the
First Valuation and the Second Valuation;

	(b)		if
the Third Valuation is higher than both the FirstValuation and the Second Valuation, the higher of the First Valuation and
the Second Valuation; and

 

	(c)		if
the Third Valuation is lower than both the FirstValuation and the Second Valuation, the lower of the First Valuation and the
Second Valuation.

7.Fees
and Disbursements. All fees, disbursements and other costs and expenses associated
with the determination of Market Value by the Valuator, the Second Valuator or the Third Valuator shall be borne by the Corporation.

 

8.Determination
by Board of Directors. In the event that any action required to be taken
by the Selecting Party or the Other Party pursuant to this Schedule A shall not have been taken within the period of time provided
for in this Schedule A, the Board of Directors may (but shall be under no obligation to) by resolution determine such matter or
take such action on behalf of the Selecting Party or the Other Party.

 

    	-2-

    	 

    

 

SCHEDULE
B

 

HOLDINGS SHAREHOLDERS

 

A.Common
Shares

 

Mr. Gordon Canning

Mrs. Barbara Weider

Mrs. Katherine Canning

Mr. George Weider

Dr. Donald McGillivray

Mrs. Helen Weider

Mrs. Helen McGillivray

Jozo Weider Limited*

Mrs. Anna Marik

 

B.
Class “A” Shares

Mr. Gordon Canning 

Mr. Gordon Canning, in
Trust

  

	*		All of the shares of Jozo Weider Limited are owned by certain of the Persons listed
in this Schedule B.

 

    	 

    	 

    

 

SCHEDULE
C

 

DIRECTORS’ REMUNERATION

 

	 	 	November
    1, 1997 to October 31, 1998	 	November
    1, 1998 to October 31, 1999
	Urban Joseph 	 	$	23,058
                                                                                          plus $6,000 onetime bonus	 	 	$	23,750 (3% increase)	 
	Don
    McGillivray	 	 	33,619	 	 	 	34,628 (3% increase)	 
	George Welder	 	 	53,403	 	 	 	54.285(1.6%increase)	 
	Total	 	$	110,080	 	 	$	112,663	 
	 	 	 	 	 	 	 	 	 

    	-2-

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