Document:

EXHIBIT 10.1

                                LOAN AGREEMENT

      THIS LOAN AGREEMENT (this  "Agreement") is made  and entered into  this
 10th day of November  2004, by and between  VPGI Corp., a Texas  corporation
 (the "Borrower") and Trident Growth Fund, LP, a Delaware limited partnership
 (the "Lender").

                             W I T N E S S E T H:

      WHEREAS, the Borrower has requested that Lender make a loan to Borrower
 of up to $700,000 (the "Loan"); and

      WHEREAS, Lender has agreed to make the Loan available to Borrower  upon
 the terms and conditions hereinafter set forth.

      NOW, THEREFORE, it is agreed as follows:

      SECTION 1. Definitions.   All of the  terms defined  in this  Agreement
 shall have such defined meanings when  used in the other Loan Documents  (as
 hereinafter defined) and  any certificates,  reports or  other documents  or
 instruments issued under or delivered pursuant to this Agreement unless  the
 context shall  require  otherwise.   For  purposes of  this  Agreement,  the
 following terms shall have the following meanings:

     1.1 "Affiliate" shall mean an entity that is  a member of a "controlled
 group of corporations" (within the meaning of Section 414(b) of the Internal
 Revenue Code), an "affiliated service group" (within the meaning of  Section
 414(m) of the Internal Revenue Code), or a group of trades or business under
 common control (within the meaning of Section 414(c) of the Internal Revenue
 Code) that also includes the Borrower as a member.

     1.2 "Agreement" shall include  this Agreement  as amended,  modified  or
 supplemented from time to time.

     1.3 "Authorized  Officer" shall mean the  Chief Executive Officer or the
 President of the Borrower or such other person designated in writing to  the
 Lender, who is authorized to act on behalf of the Borrower hereunder.

     1.4 "Business  Day"  means  a day  upon  which  banks are  open  for the
 transaction of business of the nature required by this Agreement in Texas.

     1.5 "Capital   Expenditure":    means  any   payment  made  directly  or
 indirectly for the purpose of acquiring  or constructing fixed assets,  real
 property or equipment  which in  accordance with GAAP  would be  added as  a
 debit to the  fixed asset  account of  the Person  making such  expenditure,
 including, without limitation, amounts paid or payable under any conditional
 sale or other title retention agreement or under any lease or other periodic
 payment arrangement which is  of such a nature  that payment obligations  of
 the lessee or obligor thereunder would be required by GAAP to be capitalized
 and shown as liabilities on the balance sheet of such lessee or obligor.

     1.6 "Cash Flow"  means an amount equal to (i) the Borrower' Consolidated
 EBITDA,  minus  (ii)  the   Borrower's  Consolidated  non-financed   Capital
 Expenditures.

     1.7 "Capital  Lease"  means any  lease  of property  (real,  personal or
 mixed) which, in accordance with GAAP, should be capitalized on the lessee's
 balance sheet or for which the amount of the asset and liability  thereunder
 as if so capitalized should be disclosed in a note to such balance sheet.

     1.8 "Change of Control"  means (a) a Change of Ownership; (b) during any
 period of  twelve  consecutive  calendar  months,  individuals  who  at  the
 beginning of such period constituted the board of directors of the  Borrower
 (together with any new directors whose election by the board of directors of
 the Borrower  or  whose  nomination for  election  by  the  shareholders  of
 Borrower was approved by a vote of at least two-thirds of the directors then
 still in office who either were directors at the beginning of such period or
 whose elections or nomination for election was previously so approved) cease
 for any reason other  than death or disability  to constitute a majority  of
 the directors then in office.

     1.9 "Change  of Ownership"  means any person  or group of persons (other
 than the Lender and/or the shareholders of the Borrower on the Closing Date)
 shall have acquired beneficial ownership (within  the meaning of Rule  13d-3
 promulgated by the Securities and  Exchange Commission under the  Securities
 Exchange Act of 1934, as amended)  of forty percent (40%) or more  (computed
 on a fully diluted  basis) of the issued  and outstanding shares of  capital
 stock of Borrower having the right to vote for the election of directors  of
 Borrower under ordinary circumstances.

     1.10  "Closing Date" means the date first set forth above.

     1.11  "Committed Amount" means  the principal  amount of  up to $700,000
 which Lender has agreed to lend to Borrower as evidenced by the  Convertible
 Note.

     1.12  "Common Stock" shall have the meaning as defined in Section 3.3.

     1.13  DELETED.

     1.14  "Consolidated EBITDA" means, for any Person for any period:

           (i)    the   consolidated  net  income  of  such  Person  and  its
 Consolidated Subsidiaries for such period (after Income Taxes) calculated in
 accordance with GAAP, but excluding:

                (a)  any gain arising from the sale of capital assets,

                (b)  any gain arising from any write-up of assets,

                (c)  earnings of any other  Person, substantially all of  the
                     assets of which have been acquired by such Person or its
                     Consolidated Subsidiaries in any  manner, to the  extent
                     that such earnings  were realized by  such other  Person
                     prior to the date of such acquisition.

                (d)  earnings of  any  Person  in which  the  Person  or  its
                     Consolidated  Subsidiaries  has  an  ownership  interest
                     (other than wholly owned Subsidiaries of such Person  ),
                     unless such earnings have actually been received by  the
                     Person or its Consolidated  Subsidiaries in the form  of
                     cash distributions,

                (e)  earnings of any Person to which assets of the Person  or
                     its Consolidated  Subsidiaries  shall  have  been  sold,
                     transferred or  disposed of,  or into  which the  Person
                     shall have  merged, to  the  extent that  such  earnings
                     arise prior to the date of such transaction,

                (f)  any gain arising from the acquisition of any  securities
                     of such Person or any of its Consolidated  Subsidiaries,
                     and

                (g)  any extraordinary gain realized by such Person or any of
                     its Consolidated Subsidiaries during such period.

           (ii)  plus the following, but  only in  each  case to  the  extent
 incurred by  the  Borrower and  its  Consolidated Subsidiaries  during  such
 period and deducted in the calculation above for such period,

                (a)  all income and franchise taxes,

                (b)  all Interest Expense,

                (c)  all depreciation expense, and

                (d)  all amortization expense.

     1.15 "Consolidated Subsidiary" or "Consolidated Subsidiaries" means, for
 any Person, any Subsidiary  or other entity the  accounts of which would  be
 consolidated with  those  of  such  Person  in  its  consolidated  financial
 statements as of such date in accordance with GAAP.

     1.16  "Current Assets" means, at any particular time, all amounts which,
 in  conformity  with  GAAP,  would  be  included  as  current  assets  on  a
 consolidated balance sheet  of the Borrower  and its Subsidiaries;  provided
 however, there shall be excluded therefrom (a) all prepaid expenses of every
 type and nature, (b) all amounts  due from partners, officers,  stockholders
 or other Affiliates, and all loans due from employees, and (c) all  deferred
 charges.

     1.17  "Current Liabilities" means, at  any particular  time, all amounts
 (including deferred taxes) which, in conformity with GAAP, would be included
 as current liabilities on a consolidated  balance sheet of the Borrower  and
 its Subsidiaries.

     1.18  "Current  Ratio"  means  the ratio  of  Current  Assets to Current
 Liabilities.

     1.19 "Debt"  means,  with  respect  to  any   Person  on  any  date   of
 determination (without duplication), (i) all obligations for borrowed money,
 (ii) all  obligations  evidenced  by bonds,  debentures,  notes  or  similar
 instruments, (iii) all  obligations to pay  the deferred  purchase price  of
 property or services except trade accounts  payable arising in the  ordinary
 course  of   business  which   are  paid   when  due   in  accordance   with
 ordinary-course payment terms, (iv) all obligations arising under acceptance
 facilities or facilities for  the discount or  sale of accounts  receivable,
 (v) all direct or  contingent obligations in respect  of letters of  credit,
 (vi) lease  obligations  (other  than  lease  obligations  with  respect  to
 operating leases) that have been (or  under GAAP should be) capitalized  for
 financial reporting purposes,  (vii) liabilities secured (or  for which  the
 holder of any obligations or liabilities  has an existing right,  contingent
 or otherwise, to be so  secured) by any Lien  existing on property owned  or
 acquired by that Person  and (viii) all  guaranties, endorsements and  other
 contingent obligations for liabilities or obligations or the maintenance  of
 financial condition  of  others,  including  obligations  to  repurchase  or
 purchase properties  or  to maintain  or  cause to  maintain  any  financial
 condition.

     1.20 "Default" or "Event of Default" means the occurrence of all or  any
 of the events  specified in Section 7  and/or set forth  in the  Convertible
 Note (as defined below).

     1.21  "ERISA" means the Employee Retirement Income Security Act of 1974,
 as amended.

     1.22  "GAAP" mean generally accepted accounting principles.

     1.23  "Indebtedness" means with respect to  any Person, all indebtedness
 of such Person for borrowed money,  all indebtedness of such Person for  the
 acquisition of property other than purchases of products and merchandise  in
 the ordinary course of business, indebtedness  secured by a lien, pledge  or
 other encumbrance  on  the property  of  such  Person whether  or  not  such
 indebtedness is assumed, all liability of such Person by way of endorsements
 (other than for collection or deposit  in the ordinary course of  business);
 all guarantees of Indebtedness of any other Person by such Person (including
 any  agreement,  contingent  or   otherwise,  to  purchase  any   obligation
 representing such Indebtedness or  property constituting security  therefor,
 or to  advance or  supply funds  for  such purpose  or to  maintain  working
 capital or other balance sheet or  income statement condition, or any  other
 arrangement in substance  effecting any of  the foregoing);  all leases  and
 other  items  which  in   accordance  with  Generally  Accepted   Accounting
 Principles are classified as liabilities on a balance sheet.

     1.24  "Interest Expense" means, with  respect to any  Person and for any
 period (without duplication),  all interest on  that Person's Debt,  whether
 paid in  cash or  accrued as  a liability  and payable  in cash  during  any
 subsequent period (including, without limitation, the interest component  of
 Capital Leases), as determined by GAAP.

     1.25 "Internal Revenue Code" means the Internal Revenue Code of 1986, as
 amended.

     1.26 "Liabilities" mean all liabilities, obligations and indebtedness of
 any  and  every  kind  and  nature  (including,  without  limitation,  lease
 obligations, accrued interest, charges, expenses, attorneys' fees and  other
 sums) chargeable to  the Borrower  and made  to or  for the  benefit of  the
 Borrower, whether arising under this Agreement or arising under the Note  or
 any of  the Loan  Documents  of the  Borrower,  whether heretofore,  now  or
 hereafter owing, arising,  due or payable  from Borrower to  the Lender  and
 however evidenced, credited, incurred,  acquired or owing, whether  primary,
 secondary, direct, contingent, fixed, or otherwise, including obligation  of
 performance.

     1.27  "Liens" shall have the meaning set forth in Section 3.9.

     1.28  "Loan  Amount" means the  principal amount of up to $700,000 which
 Lender has agreed to lend Borrower at Lender's sole option.

     1.29 "Loan  Documents" means this Agreement, the  Convertible Note,  the
 Pledge  Agreement,  the  Warrant,  the  Security  Agreements,  the   Royalty
 Agreement, and  all documents,  instruments, certificates,  reports and  all
 other written matters whether heretofore, now,  or hereafter executed by  or
 on behalf of the  Borrower or any Subsidiary  and/or delivered to Lender  in
 connection herewith or in connection with any prior transactions involving a
 Subsidiary and Lender, or which is otherwise contemplated hereby.

     1.30  "Convertible Note" or "Note" means  one or more Secured Promissory
 Notes, to be executed by the Borrower in favor of the Lender,  substantially
 in the form of Exhibit 1 attached hereto.

     1.31  "Material  Adverse  Effect" shall  have  the meaning  set forth in
 Section 3.1.

     1.32  "Net Income" or "Net Loss"  means,  with respect to any Person for
 any period,  the  net  income or  net  loss  of such  Person  determined  in
 accordance with  GAAP,  after payment  of  income Taxes  but  excluding  any
 extraordinary or non-recurring items.

     1.33  "Obligation" shall mean  the  principal amount  of the  Loan, plus
 twelve percent (12%) interest per annum paid monthly (subject to adjustment)
 together with such  costs and reimbursements  as may be  due under the  Loan
 Agreement and the Note.

     1.34  "Pledge   Agreement",  if  any,  means   the  pledge  agreement of
 approximate even date herewith executed  by Patrick A. Custer,  individually
 and on behalf of Custer Company, Inc. in favor of the Lender.

     1.35  Intentionally Deleted.

     1.36  "Registrable  Securities" shall mean (i)  the Common  Stock issued
 upon conversion of the Convertible Note,  (ii) any Common Stock issued  upon
 the exercise of the Warrant; (iii)  any Common Stock issued upon  conversion
 of any and all Series L Preferred Stock of the Borrower held by Lender; (iv)
 any Common Stock  acquired via any  other right or  other security which  is
 issued in conjunction with this transaction;  and (v) any Common Stock  held
 or acquired by Lender as a result of  (a) any stock dividend; (b) any  other
 distribution with respect to or in exchange for, or in replacement of Common
 Stock or other capital  stock of the  Borrower; (c) stock  split; or (d)  in
 connection  with  a   combination  of   shares,  recapitalization,   merger,
 consolidation or other reorganization.

     1.37  "Person"  means an  individual, partnership, corporation, business
 trust, joint stock company, trust, unincorporated organization, association,
 joint venture or a government or agency or political subdivision thereof.

     1.38  "Royalty   Agreement"  means  that  certain  Royalty  Agreement of
 approximate even  date herewith  executed by  Borrower and  Venture  Pacific
 Group, Inc. in favor of Lender.

     1.39  "SBA" means the Small Business Administration of the United States
 of America.

     1.40  "Securities  Act" means the Securities Act of 1933, as amended, or
 any successor  federal  law then  in  force,  together with  all  rules  and
 regulations promulgated thereunder.

     1.41  "Security  Agreement"  means  that  certain Security  Agreement of
 approximate even date  herewith executed  by the  Borrower in  favor of  the
 Lender as well as any Security  Agreement required by Lender to be  executed
 by any Subsidiary of Borrower.

     1.42  "Subsidiary" means any corporation or limited liability company of
 which at least a  50% of the outstanding  securities having ordinary  voting
 powers for the election  of Board of Directors  (or similar governing  body)
 are at the  time owned by  Borrower.  As  used herein,  the term  "Borrower"
 shall be deemed to include all of Borrower's Subsidiaries, if any.

     1.43  "Termination  Date" means the  earlier of:  (a) November 10, 2005;
 (b) the date of the  occurrence and continuance of  an Event of Default  (as
 hereinafter defined); (c)  the date  of repayment  of the  Loan Amount  plus
 accrued interest; (d) the date of the closing of a secondary public offering
 by the Borrower and/or its  shareholders; or (e) the  date of the Change  of
 Control of the Borrower.

     1.44  "Warrant", means that certain  warrant or  warrants of approximate
 even date  herewith  executed  by  the Borrower  in  favor  of  the  Lender.
 Borrower and Lender  agree that  the value  of the  Warrant as  of the  date
 hereof is less than $1,000.

      SECTION 2. Loan.

     2.1 Loan Amount.  Subject to the terms and conditions of this Agreement,
 the Lender agrees to  loan to the  Borrower up to  $700,000 pursuant to  the
 terms of  the  Convertible  Note  and the  other  Loan  Documents  upon  the
 execution of  this Agreement.   The  Loan  Amount shall  be payable  in  two
 traunches (via check or  wire transfer) following receipt  by Lender of  all
 Loan Documents duly executed by Borrower and all necessary third parties and
 Subsidiaries, the first payment to be made on the date hereof in the  amount
 of $125,000 provided all conditions precedent set forth in Section 4 are met
 (other than subsections  (j), (k), (o),  and (q)) ,  and the  second in  the
 amount of $575,000  to be payable  on November 15,  2004, provided that  the
 conditions precedent set  forth in  subsections (j),  (k), (o),  and (q)  of
 Section 4 herein are wholly satisfied in the sole discretion of the  Lender.
 Nothing set forth herein shall prohibit the Borrower from making prepayments
 without penalty at  any time and  from time to  time (subject  to the  prior
 exercise of existing conversion rights).  All provisions of the  Convertible
 Note are  incorporated  herein by  reference.   Any  conflicts  between  the
 Convertible Note and this Loan Agreement  shall be resolved by reference  to
 the  Convertible Note.  Upon  execution of  this Agreement,  contemporaneous
 with the funding of the  Loan, Borrower shall promptly  pay to the order  of
 the Lender a commitment fee in the amount of 1.0% and an origination fee  of
 4.0% of the Committed Amount.

     2.2 Payments of Interest  and Principal.   Interest on  the Loan  Amount
 shall accrue at the rate of fourteen  percent (14%) per annum from the  date
 funds are paid by  Lender, and shall be  payable monthly via wire  transfer.
 Unless earlier repaid in accordance with payment provisions set forth in the
 Note, Borrower  shall pay  to  Lender on  the  Termination Date  the  entire
 outstanding principal amount  of the  Convertible Note,  via wire  transfer,
 together with accrued interest thereon and any fees then owed.

     2.3 Use of Proceeds.   The proceeds  of the Loan  shall be  used by the
 Borrower in accordance with the provisions of Schedule 2.3 hereof.

     2.4  Conversion.    Terms found in the Convertible Note.

      SECTION 3. Representations  and Warranties.   In  order to  induce  the
 Lender to enter  into this  Agreement and to  make the  Loan available,  the
 Borrower represents and warrants to the Lender as of the Closing Date (which
 representations and warranties shall survive  the delivery of the  documents
 mentioned herein, and the termination of this Agreement) as follows:

     3.1 Organization.

      (a)  The Borrower and each  Subsidiary, if any,  is a corporation  duly
 organized, validly  existing and  in good  standing under  the laws  of  the
 jurisdiction  of  its  respective  formation,  has  the  power  to  own  its
 respective properties and to carry on its respective businesses as now being
 conducted and is duly qualified to do business in every jurisdiction in  the
 United States of America for  which the failure to  so qualify would have  a
 material  impact  on  the  financial  condition,  operations,  business   or
 prospects of the Borrower ("Material Adverse Effect").

      (b)  Schedule  3.1  sets  forth  true   and  complete  copies  of   the
 Certificate of Incorporation and Bylaws, as in effect on the date hereof, of
 the Borrower and all  other corporate formation  and governing documents  of
 each of  the Subsidiaries.   Except  as set  forth in  Schedule 3.1(b),  the
 Borrower does  not  own  or control,  directly  or  indirectly,  any  equity
 interest  in   any   corporation,  company,   limited   liability   company,
 association,  partnership,  limited  partnership,  joint  venture  or  other
 entity.

     3.2 Power and Authority.   The  Borrower is  duly authorized  under  all
 applicable provisions  of law,  its Certificate  of Incorporation,  and  its
 Bylaws to execute, deliver and perform this Agreement, the Convertible  Note
 and the other Loan Documents to which it is a party, and all other action on
 the part of  the Borrower required  for the lawful  execution, delivery  and
 performance thereof have been duly taken.  This Agreement and the other Loan
 Documents, if any, upon  the due execution and  delivery thereof, are  valid
 and enforceable instruments,  obligations or agreements  of the parties,  in
 accordance  with  their  respective  terms,  except  as  to  enforcement  of
 creditors rights generally.  Neither the execution of this Agreement and the
 Loan Documents, nor the fulfillment of  or compliance with their  provisions
 and terms, conflicts with, or has or will  result in a breach of the  terms,
 conditions or provisions of, or constitute a violation of or default  under:
 (a) any applicable  law,  regulation,  order, writ  or  decree;  or  (b) any
 agreement or instrument  to which  the Borrower is  a party,  or create  any
 lien, charge or encumbrance  upon any of  the property or  assets of any  of
 them pursuant to the terms  of any agreement or  instrument to which any  of
 them is a party or by which any of them  are bound except those in favor  of
 the Lender expressly created hereunder.

     3.3 Capitalization.    As  of  the  date  hereof,  the  total  number of
 authorized shares  of  common stock,  $.001  par  value per  share,  of  the
 Borrower (the "Common Stock")  is 80,000,000 of  which 5,242,120 shares  are
 issued and  outstanding  and  the  total  number  of  authorized  shares  of
 preferred stock of the Borrower (the "Preferred Stock") is 1,000,000 shares,
 of which  30,218  shares  are  issued  and  outstanding.    The  outstanding
 capitalization of  the  Borrower as  of  the date  hereof  is set  forth  in
 Schedule 3.3 annexed hereto.  Except as otherwise disclosed in Schedule 3.3,
 there  are  no  warrants,  options   or  preemptive  rights  authorized   or
 outstanding with  respect to  any  of the  Borrower's  capital stock.    The
 Borrower shall  not  issue any  derivative  securities without  the  express
 written consent of the Lender.

     3.4 Stock Ownership.   The stockholders, which are reflected on Schedule
 3.3, are holders of all of  the issued and outstanding Common and  Preferred
 Stock and, except as  contemplated by the Loan  Documents and Schedule  3.3,
 there are no  commitments, agreements or  undertakings with  respect to  the
 issuance of any equity or debt securities of the Borrower.

     3.5 Material Liabilities.   The sole outstanding material liabilities of
 the Borrower are set forth on Schedule 3.5.

     3.6 Proceeds  of Convertible Note.  The  Borrower shall use the proceeds
 of the Convertible Note solely for those purposes set forth on Schedule  2.3
 hereof.

     3.7 Registration Rights.  Except as set forth in Schedule 3.7, there are
 no registration  rights agreements  with respect  to any  of the  Borrower's
 capital stock.

     3.8 Material  Agreements.   Except  for  those agreements  set  forth on
 Schedule 3.8 hereof,  there are no  other material agreements  to which  the
 Borrower is a party.

     3.9 Title to  Assets.  Except as set forth in Schedule 3.9, the Borrower
 has good and marketable title  to all of its  properties and assets, all  of
 which are  free  and  clear  of  any  and  all  liens,  mortgages,  pledges,
 encumbrances or  charges of  any kind  or nature  whatsoever  (collectively,
 "Liens").

     3.10  Litigation.    There  are  no  pending  or  threatened  actions or
 proceedings before any  court, any state,  provincial or federal  regulatory
 body, or  any self-regulatory  organization  arbitrator or  governmental  or
 administrative body or agency which would have a Material Adverse Effect  or
 in any way materially affect or  call into question the power and  authority
 of the  Borrower  to enter  into  or perform  this  Agreement and  the  Loan
 Documents.

     3.11  Taxes.   The  Borrower has  filed all  income tax returns (if any)
 required to be filed by it and all taxes due thereon have been paid, and  no
 controversy in  respect  of additional  income  taxes, municipal,  state  or
 federal, of the Borrower is pending or threatened.

     3.12  Agreements or Restrictions Affecting the Borrower. The Borrower is
 not a party to or otherwise bound by any contract or agreement or subject to
 any restrictions which would have Material  Adverse Effect or restricts  the
 Borrower's ability to enter into this Agreement  or any of the other of  the
 Loan  Documents  or  the  Borrower's  ability  to  effect  the  transactions
 contemplated therein and herein.

     3.13  Governmental  Approval.     No  approval  of  any  federal, state,
 municipal or other local governmental authorities is necessary to carry  out
 the terms  of this  Agreement and  the Loan  Documents, and  no consents  or
 approvals are required in  the making or performance  of this Agreement  and
 the Loan Documents.

     3.14  Board of Directors.  Intentionally Deleted.

     3.15  No Untrue Statements.  None of this Agreement or the Loan Documents
 nor any other  agreements, reports, schedules,  certificates or  instruments
 heretofore or simultaneously with the execution of this Agreement  delivered
 to Lender, contains  any misrepresentation or  untrue statement  of fact  or
 omits to state any fact necessary  to make any of such agreements,  reports,
 schedules, certificates or instruments not misleading.

     3.16  Employee Benefit Plans.

      (a)  Borrower has disclosed to Lender in writing prior to the execution
 of the Agreement and has listed on Schedule 3.16 all Borrower Benefit Plans.
 For purposes of this Agreement, "Borrower Benefit Plans" means all  pension,
 retirement,  profit-sharing,  deferred compensation, stock option,  employee
 stock ownership, severance  pay, vacation, bonus,  or other incentive  plan,
 all other  written employee  agreements or  programs, all  medical,  vision,
 dental, or  other health  plans, all  life insurance  plans, and  all  other
 employee  benefit  plans  or   fringe  benefit  plans,  including,   without
 limitation, "employee benefit plans" as that term is defined in Section 3(3)
 of ERISA maintained by, sponsored in whole or in part by, or contributed  to
 by, the  Borrower or  any of  its Affiliates  for the  benefit of  managers,
 members, employees,  retirees, dependents,  spouses, directors,  independent
 contractors, or  other  beneficiaries  and under  which  managers,  members,
 employees,   retirees,   dependents,    spouses,   directors,    independent
 contractors, or other beneficiaries are eligible to participate.  Any of the
 Borrower Benefit Plans which is an "employee welfare benefit plan," as  that
 term is defined in  Section 3(l) of ERISA,  or an "employee pension  benefit
 plan," as that  term is defined  in Section 3(2)  of ERISA,  is referred  to
 herein as a "Borrower ERISA Plan." Any  Borrower ERISA Plan which is also  a
 "defined benefit plan" (as defined in Section 414(j) of the Internal Revenue
 Code or Section 3(35) of ERISA) is referred to herein as a "Borrower Pension
 Plan." Neither Borrower nor any Affiliate has an "obligation to  contribute"
 (as defined in ERISA Section 4212) to a "multiemployer plan" (as defined  in
 ERISA Sections  4001(a)(3) and  3(37)(A)).  Each "employee  pension  benefit
 plan," as defined in Section 3(2) of ERISA, ever maintained by the  Borrower
 or any Affiliate that  was intended to qualify  under Section 401(a) of  the
 Internal Revenue  Code and  with  respect to  which  any Affiliate  has  any
 liability, is disclosed as such in Schedule 3.16.

      (b)  Intentionally Deleted.

      (c)  All Borrower Benefit  Plans are  in material  compliance with  the
 applicable terms  of  ERISA,  the  Internal  Revenue  Code,  and  any  other
 applicable laws, the breach  or violation of which  is reasonably likely  to
 have, individually or  in the aggregate,  a Material Adverse  Effect on  the
 Borrower. Each Borrower ERISA Plan currently maintained by Borrower which is
 intended to be qualified under Section  401(a) of the Internal Revenue  Code
 has received  a favorable  determination letter  from the  Internal  Revenue
 Service, and Borrower is not aware of any circumstances which will or  could
 reasonably result in revocation of any such favorable determination  letter.
 Each trust created  under any  Borrower ERISA  Plan, which  is an  "employee
 pension benefit  plan"  as  defined  in Section  3(2)  of  ERISA,  has  been
 determined to  be exempt  from  tax under  Section  501(a) of  the  Internal
 Revenue Code and  Borrower is not  aware of any  circumstance which will  or
 could reasonably result  in revocation of  such exemption.  With respect  to
 each Borrower Benefit Plan to the  best knowledge of Borrower, no event  has
 occurred which will or could reasonably give rise to a loss of any  intended
 tax consequences under the Internal Revenue Code or to any tax under Section
 511 of the Internal Revenue Code that is reasonably likely, individually  or
 in the aggregate, to have a Material Adverse Effect on Borrower. There is no
 material pending  or, to  the best  knowledge  of the  Borrower,  threatened
 litigation relating to any Borrower ERISA Plan.

      (d)  No Affiliate  has engaged  in a  transaction with  respect to  any
 Borrower Benefit Plan that, assuming the taxable period of such  transaction
 expired as of the date of this  Agreement, would subject any Affiliate to  a
 material tax  or penalty  imposed by  either Section  4975 of  the  Internal
 Revenue Code or  Section 502(i)  of ERISA  in amounts  which are  reasonably
 likely to have, individually or in the aggregate, a Material Adverse  Effect
 on Borrower.  Neither Borrower nor, to the best of Borrower's knowledge, any
 administrator or fiduciary of any Borrower Benefit Plan (or any agent of any
 of the foregoing) has engaged in any transaction, or acted or failed to  act
 in any  manner  which could  subject  Borrower  to any  direct  or  indirect
 liability  (by  indemnity  or  otherwise)  for  breach  of  any   fiduciary,
 co-fiduciary, or other duty under ERISA, where such liability,  individually
 or in the aggregate, is reasonably likely to have a Material Adverse  Effect
 on the Borrower. To its best knowledge, no oral or written representation or
 communication with respect to any aspect  of the Borrower Benefit Plans  has
 been made to  employees of the  Borrower or any  Affiliate which  is not  in
 accordance with the written or otherwise preexisting terms and provisions of
 such plans,  where any  liability with  respect  to such  representation  or
 disclosure is  reasonably  likely  to have  a  Material  Adverse  Effect  on
 Borrower.

      (e)  Since the date of the most  recent actuarial valuation, there  has
 been (i) no material  change in the financial  position or funded status  of
 any Borrower Pension Plan, (ii) no change in the actuarial assumptions  with
 respect to any  Borrower Pension  Plan, and  (iii) no  increase in  benefits
 under any Borrower Pension Plan as a result of plan amendments or changes in
 applicable Law, any of which is  reasonably likely to have, individually  or
 in the aggregate, a Material Adverse Effect on Borrower. No Borrower Pension
 Plan has an "accumulated funding deficiency"  within the meaning of  Section
 412 of the Internal Revenue Code or Section 302 of ERISA. All  contributions
 with respect to  a Borrower Pension  Plan have or  will be  timely made  and
 there is  no lien  or expected  to be  a lien  under Internal  Revenue  Code
 Section 412(n) or ERISA  Section 302(f) or tax  under Internal Revenue  Code
 Section 4971. Neither  the Borrower nor  any Affiliate has  provided, or  is
 required to provide, security to a Borrower Pension Plan pursuant to Section
 401(a)(29) of the Internal  Revenue Code. All premiums  required to be  paid
 under ERISA Section 4006  have been timely paid  by Borrower, except to  the
 extent any failure would not have a Material Adverse Effect on Borrower.

      (f)  No liability under Title IV of ERISA has been or is expected to be
 incurred by  the Borrower  or  any Affiliate  with  respect to  any  defined
 benefit plan currently or  formerly maintained by any  of them that has  not
 been satisfied in full  (other than liability  for Pension Benefit  Guaranty
 Corporation premiums, which have been paid  when due), except to the  extent
 any failure would not have a Material Adverse Effect on Borrower.

      (g)  The Borrower and  any Affiliate  have no  obligations for  retiree
 health and retiree  life benefits under  any of the  Borrower Benefit  Plans
 other than with respect to benefit coverage mandated by applicable Law.

      (h)  Except as disclosed in Schedule 3.16(h), neither the execution and
 delivery  of  this  Agreement  nor  the  consummation  of  the  transactions
 contemplated  hereby  will,  by  themselves,  (1)  result  in  any   payment
 (including, without limitation, severance, unemployment compensation, golden
 parachute, or  otherwise)  becoming due  to  any manager,  director  or  any
 employee of the  Borrower or Affiliate  under any Borrower  Benefit Plan  or
 otherwise, (2) increase  any benefits otherwise  payable under any  Borrower
 Benefit Plan, or (3) result  in any acceleration of  the time of payment  or
 vesting of any such benefit.

      (i)  Except as set  forth in the  Schedule 3.16(i),  Borrower does  not
 maintain or otherwise pay for life insurance policies (other than group term
 life policies on employees) with respect  to any manager, director,  officer
 or employee. Schedule 3.16(i) lists each such insurance policy and  includes
 a copy of each agreement with a party other than the insurer with respect to
 the payment, funding or assignment of such policy. To the best of Borrower's
 knowledge, neither  Borrower  nor  any Borrower  Pension  Plan  or  Borrower
 Benefit Plan owns any  individual or group insurance  policies issued by  an
 insurer which  has  been found  to  be  insolvent or  is  in  rehabilitation
 pursuant to a state proceeding.

      SECTION 4. Conditions Precedent to Making Loan.

      Subject to Section 2.1, the Lender  shall not be obligated to make  the
 Loan until all  of the following  conditions have been  satisfied by  proper
 evidence, execution and/or delivery  to the Lender  of the following  items,
 all in form, and substance reasonably satisfactory to the Lender:

      (a)  The Convertible Note;

      (b)  This Agreement;

      (c)  SBA forms 480, 652, and 1031;

      (d)  The Warrant;

      (e)  The Security Agreement and UCC-1 for the Borrower and all  parties
           thereto;

      (f)  The Pledge Agreement;

      (g)  The Royalty Agreement;

      (h)  Subordination Agreements  from each of the holders of  outstanding
           debt of Borrower;

      (i)  Unanimous consent  of the Board of  Directors of the Borrower  and
           all Subsidiaries,  certified by the Secretary  of the Borrower  as
           of  the  Closing  Date,  approving  or  otherwise  ratifying   the
           transactions  contemplated by  this Agreement,  and approving  the
           form  of this Agreement  and the Loan  Documents, and  authorizing
           execution, delivery, and performance thereof;

      (j)  Specimen signatures of the officer of the Borrower and  Subsidiary
           executing this Agreement  and the Loan Documents, and the  officer
           authorized to  borrow under the Loan  Documents, certified by  the
           Secretary of the Borrower or Subsidiary;

      (k)  A copy of the Articles of Incorporation, certified by an  official
           of the  Borrower's jurisdiction of formation or incorporation  and
           further certified  by the Secretary of  Borrower not to have  been
           altered  or  amended  since  certification  by  such  official;  a
           Certificate  of Good Standing  dated within  30 days  of the  date
           first written above from the Secretary of State of the  Borrower's
           jurisdiction; and a copy of the Bylaws of the Borrower,  certified
           as true and correct by the Secretary of the Borrower;

      (l)  Such  other instruments,  documents  or items  as the  Lender  may
           reasonably request;

      (m)  No Event  of Default shall have  occurred and be continuing  under
           this Agreement, the  Convertible Note or any other Loan  Document,
           nor shall the Borrower  be in default under any other document  or
           agreement to  which it is  a party or  by which it  or any of  its
           properties or assets are bound;

      (n)  Payment  of  the origination  and  commitment fees  referenced  in
           Section 2.1 hereof.

      (o)  Certificate  of Designation of  the Series L  Preferred Stock,  in
           such form and containing such terms and provisions as approved  by
           the  Lender  in its  sole  discretion,  has been  filed  with  and
           approved by the Secretary of State of Texas;

      (p)  With respect to the Lender's prior loan to Venture Pacific  Group,
           Inc.,  an affiliate of  Borrower's, the purchase  of that  certain
           $1.3 million convertible  note given to Lender by Venture  Pacific
           Group,  Inc. or  the purchase  of the  shares of  Venture  Pacific
           Group,  Inc.'s common stock  such note was  convertible into,  for
           175 shares of   Series L Preferred Stock of the Borrower having  a
           preference of $10,000 per share;

      (q)  The Borrower has purchased all shares of outstanding capital stock
           of Venture Pacific Group, Inc., and Lender has received  Unanimous
           Consent of the Board  of Directors of  the Borrower and  Unanimous
           Consent of the Board and sufficient consents or approvals from the
           Shareholders  of  Venture  Pacific  Group,  Inc.  approving   such
           purchase and sale; and

      (r)  The Borrower has  reissued all of  Lender's outstanding  warrants,
           exercisable into  an aggregate  of  331,250 shares  of  Borrower's
           Common Stock, to Lender and its affiliates and/or related parties,
           as the case may be, each  with an exercise price revised to  $.001
           per share.

      SECTION 5. Affirmative Covenants.  The Borrower covenants that, so long
 as any  portion of  the Liabilities  remains unpaid  and unless  the  Lender
 otherwise consents in writing, it will:

     5.1 Taxes  and Liens.   Promptly pay,  or cause  to be  paid, all taxes,
 assessments and other governmental charges which  may lawfully be levied  or
 assessed upon the income or profits  of the Borrower, or upon any  property,
 real, personal  or  mixed, belonging  to  the  Borrower, or  upon  any  part
 thereof, and also any lawful claims  for labor, material and supplies  which
 if unpaid,  might  become  a  Lien or  charge  against  any  such  property;
 provided, however, the Borrower shall not  be required to pay any such  tax,
 assessment, charge, levy or claim so  long as the validity thereof shall  be
 actively contested in good faith by proper proceedings; but provided further
 that any such tax, assessment, charge, levy or claim shall be paid or bonded
 in a manner satisfactory to the Lender upon the commencement of  proceedings
 to foreclose any Lien securing the same.

     5.2 Business and Existence.  Do or cause to be done all things necessary
 to preserve and to keep in full  force and effect any licenses necessary  to
 the business of  the Borrower,  its corporate  existence and  rights of  its
 franchises, trade  names,  trademarks,  and  permits  which  are  reasonably
 necessary for  the  continuance of  its  business; and  continue  to  engage
 principally in the business currently operated by the Borrower.

     5.3 Insurance and  Properties.  Keep its business and properties insured
 at all times with responsible insurance  companies and carry such types  and
 amounts of  insurance  as are  required  by  all federal,  state  and  local
 governments in the  areas which Borrower  does business and  as are  usually
 carried by  entities  engaged in  the  same or  similar  business  similarly
 situated.  In  addition, Borrower shall  maintain in full  force and  effect
 policies of liability insurance in amounts at least equal to that  currently
 in effect.

     5.4 Maintain  Property and Assets.  Maintain  its property and assets in
 good order and repair  and, from time  to time, make  all needed and  proper
 repairs, renewals, replacements, additions and improvements thereto, so that
 the business carried on may be properly and advantageously conducted at  all
 times in accordance with prudent business management, and maintain  annually
 adequate reserves for maintenance thereof.

     5.5 True  Books.  Keep true  books of record and  account in which full,
 true  and  correct  entries  will  be  made  of  all  of  its  dealings  and
 transactions, and set aside on its books such reserves as may be required by
 GAAP, consistently applied, with respect to all taxes, assessments, charges,
 levies and claims referred to in Section 5.1 hereof, and with respect to its
 business in  general,  and include  such  reserves  in interim  as  well  as
 year-end financial statements.

     5.6 Pay  Indebtedness to Lender  and Perform Other  Covenants.  (a) Make
 full and timely payment of the principal of and interest on the  Convertible
 Note and all other indebtedness of  the Borrower to the Lender, whether  now
 existing or hereafter arising, including the payment of all fees incurred in
 connection therewith;  and  (b) duly comply  with  all terms  and  covenants
 contained in this Agreement, the Convertible Note, the other Loan  Documents
 and any other instruments and documents given to the Lender pursuant to this
 Agreement.

     5.7 Right of Inspection.  Permit any person designated by the Lender, at
 the Lender's expense, to visit and inspect any of the properties, books  and
 financial reports of the Borrower, all at such reasonable times upon  forty-
 eight (48) hours prior notice  to Borrower, and as  often as the Lender  may
 reasonably request, provided the Lender does not unreasonably interfere with
 the daily operations of the Borrower.

     5.8 Observance  of  Laws.    Conform  to  and  duly  observe  all  laws,
 regulations and other  valid requirements of  any regulatory authority  with
 respect to the conduct of its business.

     5.9 Borrower's Knowledge of Default.  Upon an officer or director of the
 Borrower  obtaining  knowledge  of,  or  threat  of,  an  Event  of  Default
 hereunder, cause such  officer to  promptly, within  no more  than ten  (10)
 business days, deliver to  the Lender notice  thereof specifying the  nature
 thereof, the period of existence thereof,  and what action the Borrower  has
 taken and/or proposes to take with respect thereto.

     5.10  Notice of Proceedings. Upon an officer or director of the Borrower
 obtaining knowledge of any material litigation, dispute or proceedings being
 instituted or  threatened against  the Borrower,  or any  attachment,  levy,
 execution or  other  process being  instituted  against any  assets  of  the
 Borrower, cause  such officer  to promptly,  within no  more than  ten  (10)
 business days, give the Lender written  notice of such litigation,  dispute,
 proceeding, levy, execution or other process.

     5.11  Payment  of Lender's Expenses.  If at any time or times hereafter,
 Lender employs counsel in connection with the execution and consummation  of
 the transactions contemplated by  this Agreement or  to commence, defend  or
 intervene, file a petition, complaint, answer, motion or other pleading,  or
 to take any action in or with respect to any suit or proceeding  (bankruptcy
 or otherwise) relating to this Agreement or any other Loan Document, or  any
 other  agreement,  guaranty,  Convertible   Note,  instrument  or   document
 heretofore, now or at any time  or times hereafter executed by Borrower  and
 delivered to Lender, or  to enforce any rights  of Lender hereunder  whether
 before or after the occurrence of any Event of Default, or to collect any of
 the Liabilities,  then  in  any  of  such  events,  all  of  the  reasonable
 attorneys' fees  arising from  such services,  and any  expenses, costs  and
 charges relating  thereto, shall  be part  of  the Liabilities,  payable  on
 demand.

     5.12  Lender's   Representative.      Borrower   hereby   grants   to  a
 representative of the Lender the right to attend and observe all Meetings of
 the Borrower's Board of Directors held  during the period commencing on  the
 Closing Date and for so long as any Liabilities are due and owing to Lender,
 provided that  said  designee  is reasonably  acceptable  to  the  Board  of
 Directors of  the Borrower.    The Borrower  shall  cause such  designee  to
 receive written notice of all meetings  of Borrower's Board of Directors  as
 if such designee was a member of Borrower's Board of Directors. Borrower and
 Lender agree that the initial selected designee will be Scott Cook. Lender's
 designee shall be reimbursed for all related reasonable and customary out of
 pocket expenses.   Notwithstanding the  foregoing, Borrower  shall have  the
 right to exclude such  designee from such meetings  for discussions of  non-
 public information.

     5.13  Financial Reporting.  The Borrower shall provide to Lender audited
 annual financial  statements, audited  by mutually  agreed upon  independent
 certified public  accounting  firm.   Said  financial  statements  shall  be
 prepared in  accordance  with  GAAP,  consistently  applied,  and  shall  be
 delivered to  Lender  within  ninety  (90)  days  after  the  close  of  the
 Borrower's fiscal year.   The  report of  the auditor  that accompanies  the
 financial statements shall  not contain any  qualifications or  limitations,
 such auditor to  be a mutually  agreeable accounting firm.   The  Borrower's
 fiscal year ends  on June 30,  and shall not  be changed  without the  prior
 written  consent  of  the  Lender.  The  Borrower shall  provide  to  Lender
 unaudited monthly financial statements (including month to date and year  to
 date actual to prior periods) and  a report in the  form of Exhibit 2,  both
 presented in  accordance  with  GAAP, consistently  applied,  and  shall  be
 delivered to Lender  within twenty-five  (25) days  after the  close of  the
 Borrower's month.  If such financials are not delivered by such twenty-fifth
 day, the  Borrower shall  pay a  late fee  of $500  per day  until they  are
 received by Lender. Borrower shall also deliver any other reports reasonably
 requested by Lender.

     5.14  Financial  Covenants.   As  of  the  date  hereof  and  until  the
 Termination Date, the Borrower must maintain the following ratios:

      (a)  Cash Interest Coverage. a Consolidated EBITDA ratio, based on  any
 of the Borrower's quarterly financial statements (as determined on the  last
 day of each fiscal quarter for the immediately preceding quarter), of 2.0 or
 greater.  The Consolidated  EBITDA ratio is  defined as Consolidated  EBITDA
 divided by Interest Expense (Consolidated EBITDA / Interest Expense).

      (b)  Cash Flow Coverage Ratio.   The ratio of  (a) the Borrower's  Cash
 Flow to (b) the sum of (i) the Borrower's consolidated Interest Expense plus
 (ii) the Borrower's scheduled payments of principal (including the principal
 component of Capital Leases) to be  paid during the 12 months following  any
 date of determination shall at all times exceed  (1) 1.5 to 1.0.  Compliance
 with the ratio will be tested  as of the last day  of each month, with  Cash
 Flow and Interest Expense being calculated for the twelve months then ended.

      (c)  Current Ratio.  The Borrower will at all times maintain a  Current
 Ratio of not less than 1.5  to 1.0.  The  Current Ratio shall be  calculated
 and tested  quarterly as  of the  last day  of each  fiscal quarter  of  the
 Borrower.

      (d)  Actual versus Budget.   The Borrower  shall on  a quarterly  basis
 achieve 75 percent of its budgeted revenue and income.  Budget numbers shall
 be those  delivered to  Lender contemporaneously  herewith  and then  on  an
 annual calendar basis.

     5.15  Certificate  of Covenant Compliance Within 30 days of the last day
 of each  March,  June, September  and  December,  the Borrow  will  issue  a
 Certificate of Covenant Compliance, executed  by either the Chief  Executive
 Officer or Chief  Financial Officer in  the form of  Schedule 5.16  attached
 hereto.  If the Borrower is  not in compliance with the covenants  specified
 in Sections 5  and 6  herein, the Borrower  will modify  the Certificate  of
 Covenant Compliance  by  stating  the exception  and  providing  a  detailed
 explanation of the non-compliance

      SECTION 6. Negative Covenants.  The Borrower covenants and agrees that,
 so long as  any portion  of the Liabilities  remains unpaid  and unless  the
 Lender otherwise gives its prior written  consent, it will not, directly  or
 indirectly:

     6.1 Mortgages,  Liens, Etc.   Incur, create, assume or permit to exist,
 any Lien (other than the liens set forth in Schedule 3.9), mortgage, pledge,
 security interest, encumbrance, lien or charge of any kind, including  liens
 arising under conditional sales or other title retention agreements upon any
 of its assets  or properties  of any character  other than  in the  ordinary
 course of business, without the prior written consent of the Lender.

     6.2 Capital Expenditures. Make or become committed to make, directly or
 indirectly,  any   capital  expenditures   (including  written   limitation,
 capitalized leases)  amounting to  in excess  of $50,000  in the  aggregate,
 without the prior written consent of the Lender.

     6.3 Loans and Investments.  Lend or advance money, credit or property to
 any Person, or invest in (by capital contribution or otherwise), or purchase
 or repurchase  the stock  or indebtedness  or assets  or properties  of  any
 Person, or agree  to do any  of the foregoing,  other than  in the  ordinary
 course of business, without the prior written consent of the Lender.

     6.4 Guarantees. Assume, endorse or otherwise become or remain liable in
 connection with the  obligations (including accounts  payable) of any  other
 Person, other than in the ordinary course of business.

     6.5 Sale of Assets, Dissolution, Etc.  Transfer,  sell, assign, lease or
 otherwise dispose  of any  of its  properties or  assets, or  any assets  or
 properties necessary or desirable for the proper conduct of its business, or
 transfer, sell,  assign or  otherwise dispose  of any  of its  accounts,  or
 contract rights  to  any Person,  or  change  the nature  of  its  business,
 wind-up, liquidate or dissolve, or agree to any of the foregoing, other than
 in the ordinary course of business, without the prior written consent of the
 Lender.

     6.6 Acquisition of Assets.  Permit the purchase, acquisition or lease of
 assets of  any Person  or Persons,  other  than in  the ordinary  course  of
 business, without the prior written consent of Lender.

     6.7 Compensation.   The Borrower  must not increase  the compensation of
 any of its officers or consultants making more than $100,000 per year,  hire
 any relative of any officer, director or shareholder of the Borrower, or pay
 a bonus to any such person.

     6.8 Indebtedness.    Incur,  create,  assume  or  permit  to  exist, any
 indebtedness or obligation  or enter into  or extend or  amend any  material
 agreement or lease in excess of $100,000, other than in the ordinary  course
 of business without the prior written consent of Lender.

     6.9 Subsidiaries.  Establish   or  form  a  partially  or  wholly  owned
 subsidiary.

     6.10  No Further Issuance  of Securities.   Other  than as  contemplated
 herein or in the Loan Documents and other than with respect to the  exercise
 or  conversion  of  previously  outstanding  options,  warrants,  and   like
 derivative securities, the Borrower hereby  expressly agrees not to  create,
 issue or permit the issuance of any additional securities of the Borrower or
 of any of its Subsidiaries,  if any, or any  rights, options or warrants  to
 acquire any  such  securities, without  the  prior written  consent  of  the
 Lender.

      SECTION 7. Events of Default.

     7.1 Defaults.    Each of  the  following  shall constitute  an  event of
 default (an "Event of Default") hereunder:  (a) the failure to pay when  due
 any principal or interest hereunder or  under the Convertible Note;  (b) any
 other  violation  by  the  Borrower  of  any  recital,  funding   condition,
 representation, warranty, covenant or agreement contained in this  Agreement
 or in any of  the Loan Documents; or  any violation by  the Borrower of  any
 recital, funding condition, representation, warranty, covenant or  agreement
 contained in any other document or  agreement to which the Borrower and  the
 Lender are parties; (c) any change in the majority of the Board of Directors
 or of  the  management or  in  the control  of  the Borrower  which  is  not
 contemplated in Section 5.12  herein or previously  approved by the  advance
 written consent  of the  Lender; (d)  execution  of any  agreement,  letter,
 memorandum of understanding  or similar document  relating to the  transfer,
 disposition or sale  of   all or substantially  all of  the   assets of  the
 Borrower to anyone without the approval of the Lender; (e) an assignment for
 the benefit  of  creditors  by the  Borrower;  (f) an  application  for  the
 appointment of  a receiver  or liquidator  for the  Borrower or  any of  its
 material assets; (g) an issuance of an attachment or the entry of a judgment
 against the Borrower  in excess of  $50,000; (h) a default  by the  Borrower
 with respect  to any  other indebtedness  in excess  of $50,000  due to  the
 Lender; (i) the making or sending of a  notice of intended bulk sale by  the
 Borrower; (l)  the issuance  of  a determination  by  a court  of  competent
 jurisdiction that  one  or more  Loan  Documents  or one  or  more  material
 provisions of any  Loan Document  is unenforceable,  or the  issuance of  an
 injunction against the  enforcement of any  such Loan  Document or  material
 provision; (m) upon the  reasonable determination by  the Lender that  there
 has been a Material  Adverse Effect; and (n)  the occurrence of an  Activity
 Event of Default (as  defined in Section 8.6  herein).  Notwithstanding  the
 foregoing, other than with  respect to a  "payment" default, Borrower  shall
 have thirty (30) days following an Event of Default to cure such Default  to
 the satisfaction of Lender; provided, however, that nothing contained herein
 shall obligate Lender to provide notice to Borrower of the occurrence of  an
 Event of Default, and accordingly, the  thirty (30) day cure period  granted
 herein shall  not be  predicated  on Borrower's  receipt  of any  notice  of
 default.  Said cure period shall begin on the earliest date that an Event of
 Default is deemed  to have  occurred, the determination  of which  to be  in
 Lender's sole and absolute  discretion.  Upon the  occurrence of any of  the
 foregoing Events  of Default,  the Convertible  Note and  the Loan  will  be
 considered to be  in default  and the  entire unpaid  principal sum  hereof,
 together with accrued  interest, will at  the option of  the holder  thereof
 become immediately due and payable in full.  Upon the occurrence of an Event
 of Default,  the Borrower  agrees to  pay  reasonable collection  costs  and
 expenses, including reasonable attorneys' fees and interest (cash only,  not
 stock) at the lesser of: (i)  21% per annum (cash  only, not stock) or  (ii)
 the maximum rate allowed under applicable law, from the date of the  default
 at the  maximum rate  permitted  by law  computed  on the  unpaid  principal
 balance.

      SECTION 8. SBIC Provisions.   The Borrower acknowledges that the Lender
 is a small business investment company  licensed by the United States  Small
 Business Administration, and makes the following representations, warranties
 and covenants to Lender:

     8.1 Small Business Concern.  The Borrower represents and warrants to the
 Lender that the Borrower, taken together with its "affiliates" (as that term
 is defined in 13 C.F.R. S121.103), is a "Small Business Concern" within  the
 meaning of 15 U.S.C. S662(5), that  is Section 103(5) of the Small  Business
 Investment Act of  1958, as amended  (the "SBIC Act"),  and the  regulations
 thereunder,  including  13  C.F.R.  S107,  and  meets  the  applicable  size
 eligibility criteria set forth in 13  C.F.R. S121.301(c)(1) or the  industry
 standard covering the industry in which the Borrower is primarily engaged as
 set forth in 13 C.F.R. S121.301(c)(2).  Neither the Borrower nor any of  its
 subsidiaries presently engages in any activities for which a small  business
 investment company  is prohibited  from providing  funds  by the  SBIC  Act,
 including 13 C.F.R. S107.

     8.2 Small  Business  Administration  Documentation.   On  or  before the
 Closing  Date,  Lender  shall  have  received  SBA  Form  480  (Size  Status
 Declaration) and  SBA Form  652 (Assurance  of Compliance)  which have  been
 completed and executed by the Borrower, and SBA Form 1031 (Portfolio Finance
 Report), Parts A and  B of which  have been completed  by the Borrower  (the
 "SBA Documents").

     8.3 Inspection.    The   Borrower  will   permit  the   Lender  or   its
 representatives, at Borrower's expense,  and examiners of  the SBA to  visit
 and inspect the properties and assets of the Borrower, to examine its  books
 of account and records, and to discuss the Borrower's affairs, finances  and
 accounts with the  Borrower's officers, senior  management and  accountants,
 all at such reasonable times as may be requested by the Lender or SBA.

     8.4 Informational Covenant.  Within sixty (60) days after the end of the
 fiscal year  of the  Borrower, the  Borrower  will furnish  or cause  to  be
 furnished to Lender information required by the SBA concerning the  economic
 impact of the Lender's investment, for  (or as of the  end of ) each  fiscal
 year, including but  not limited to,  board minutes, information  concerning
 full-time equivalent employees; Federal, state and local income taxes  paid;
 gross revenue;  source of  revenue growth;  after-tax profit  and loss;  and
 Federal, state and local income tax withholding.  Such information shall  be
 forwarded by Borrower on a form provided  by the Lender.  The Borrower  also
 will furnish or cause to be  furnished to the Lender such other  information
 regarding the business, affairs and condition of the Borrower as the  Lender
 may from time to time reasonably request.

     8.5 Use  of  Proceeds.   The  Borrower certifies  that  it will  use the
 proceeds from the  Loan for the  purposes and in  the amounts  set forth  on
 Schedule 2.3.  The  Borrower will deliver  to the Lender  from time to  time
 promptly following  the Lender's  request, a  written report,  certified  as
 correct by an officer, verifying the purposes and amounts for which proceeds
 from the Loan have been disbursed.   The Borrower will supply to the  Lender
 such additional information and documents as the Lender reasonably  requests
 with respect to  its use of  proceeds, and will  permit the  Lender to  have
 access to any and all Borrower records and information and personnel as  the
 Lender deems necessary to  verify how such proceeds  have been or are  being
 used, and  to assure  that the  proceeds  have been  used for  the  purposes
 specified on Schedule 2.3.

     8.6 Activities and Proceeds.

      (a)  Neither the  Borrower nor  any of  its Affiliates  (as defined  in
 above) will  engage in  any activities  or use  directly or  indirectly  the
 proceeds from the Loan for any purpose for which a small business investment
 company is prohibited  from providing funds  by the SBIC  Act, including  13
 C.F.R. S107.

      (b)  Without obtaining the  prior written approval  of the Lender,  the
 Borrower will  not  change within  one  (1) year  of  the Closing  Date  the
 Borrower's business  activity  from that  described  on Schedule  8.6  to  a
 business activity which  a small business  investment company is  prohibited
 from providing funds by  the SBIC Act.   The Borrower  agrees that any  such
 changes in its business activity without  such prior written consent of  the
 Lender will constitute a material breach of the obligations of the  Borrower
 under  this  Agreement  and  the  Loan  Documents  (an  "Activity  Event  of
 Default").

      SECTION 9. Miscellaneous.

     9.1 Registration Rights.

      (a)  Piggyback Registrations.  If  at any time  after the date  hereof,
 the Borrower shall  file a  registration statement  relating to  any of  its
 securities, it will  notify the  Lender in  writing and,  upon the  Lender's
 request, will include the offer and  sale of Registrable Securities in  such
 registration statement. In the event that the Borrower fails to include  the
 Registrable Securities in  a piggy back  statement as  required herein,  the
 Borrower shall give  notice demanding a  registration, and  within 105  days
 after the  notice  the  Borrower  shall  prepare  and  file  a  registration
 statement with the SEC with respect  to such Registrable Securities. If  the
 Borrower fails  to file  within said  time period,  then, at  the option  of
 Lender, for each full calendar month that the Registrable Securities are not
 fully registered, Borrower shall issue to Lender 0.1 % of its common  shares
 then outstanding computed on a fully diluted basis per day until the  shares
 are registered.

      (b)  Demand Registrations.

           (i)  Requests for  Registration. At  any  time after  the  Closing
 Date, Lender (or any lawful transferee thereof) may, in accordance herewith,
 request registration under the Securities Act  of all or any portion of  its
 Registrable Securities on Form S-1 or any similar long-form registration  (a
 "Long-Form Registrations"), or  on Form S-2  or S-3  (including pursuant  to
 Rule 415 under the  Securities Act) or  any similar short-form  registration
 (each,  a  "Short-Form  Registration"),  if  available.  All   registrations
 requested pursuant to this Section 9.1(b) are referred to herein as  "Demand
 Registrations." Each request  for a  Demand Registration  shall specify  the
 approximate number of Registrable Securities requested to be registered  and
 the anticipated per share price range for such offering.

           (ii) Long-Form Registrations. Lender shall be entitled to  request
 one Long-Form Registration.  A registration shall  not count as  one of  the
 permitted Long-Form Registrations until it  has become effective. If  Lender
 is unable to register and sell at least 90% of the Registrable Securities it
 has requested to be included in  the first Long-Form Registration  requested
 by it, it  shall be entitled  to a second  Long-Form Registration,  provided
 that such  second Long-Form  Registration may  not be  requested within  six
 months of  the  effectiveness  of the  most  recent  Long-Form  Registration
 requested  by  it.    All  Long-Form  Registrations  shall  be  underwritten
 registrations.

           (iii) Short-Form  Registrations.  In  addition  to  the  Long-Form
 Registrations, Lender shall be  entitled to request  an unlimited number  of
 Short-Form Registrations; provided that the  aggregate gross proceeds to  be
 received by  the Lender  or other  securities exercising  their  "piggyback"
 rights granted  by the  Borrower  either herein  or  elsewhere in  any  such
 requested   Short-Form   Registration   must   exceed   $1,000,000.   Demand
 Registrations shall  be Short-Form  Registrations whenever  the Borrower  is
 permitted to use any applicable short form. The Borrower shall use its  best
 efforts to make Short-Form Registrations on Form S-3 available for the  sale
 of the Registrable Securities.  If the Company, pursuant  to the request  of
 Lender, is qualified to and has filed with the SEC a registration  statement
 under the  Securities  Act  on Form  S-3  pursuant  to Rule  415  under  the
 Securities Act (the  "Required Registration"), then  the Borrower shall  use
 its best efforts to cause the Required Registration to be declared effective
 under the Securities  Act as  soon as  practicable after  filing, and,  once
 effective, the Borrower  shall cause  such Required  Registration to  remain
 effective for a period ending on  the earlier of (i)  the date on which  all
 Registrable Securities have been sold pursuant to the Required Registration,
 or (ii)  the  date as  of  which the  Lender  is able  to  sell all  of  the
 Registrable Securities  then  held  by it  within  a  ninety-day  period  in
 compliance with Rule 144 under the Securities Act.

           (iii)     Priority on Demand Registrations. The Borrower shall not
 include in any Demand Registration any securities which are not  Registrable
 Securities without the prior written consent of the Lender, such consent not
 to be unreasonably  withheld. If a  Demand Registration  is an  underwritten
 offering and the managing underwriters advise the Borrower in writing  that,
 in their opinion,  the number of  Registrable Securities  and, if  permitted
 hereunder, other  securities  requested  to be  included  in  such  offering
 exceeds the number of securities, which can be sold in an orderly manner  in
 such offering within a price range  acceptable to Lender, then the  Borrower
 shall include in such registration, prior to the inclusion of any securities
 which are not Registrable Securities, (i) first, the Registrable  Securities
 requested to  be included  in  such registration  by  the Lender,  and  (ii)
 second, the other securities requested to be included in such registration.

           (iv) Restrictions on Demand Registrations.  The Company shall  not
 be obligated to  effect any Demand  Registration within 120  days after  the
 effective date of a previous Demand Registration or a previous  registration
 in which the Lender  was given piggyback rights  pursuant to Section  9.1(a)
 and in which the reduction, if any, in the number of Registrable  Securities
 requested to be included therein was not greater than 25%. The Borrower  may
 postpone  for  up  to  180  days  the  filing  or  the  effectiveness  of  a
 registration statement for a  Demand Registration if  the Borrower, in  good
 faith, concludes that such Demand Registration would reasonably be  expected
 to have a Material Adverse Effect  generally, and specifically with  respect
 to any  proposal or  plan by  the Borrower  or any  of its  Subsidiaries  to
 acquire financing, engage in  any acquisition of assets  (other than in  the
 ordinary course of business), or engage in any merger, consolidation, tender
 offer, reorganization, or similar transaction; provided that, in such event,
 the Lender shall be entitled to withdraw such request and the Borrower shall
 pay all  Registration Expenses  in connection  with such  registration.  The
 Borrower may delay a Demand Registration hereunder only once in any calendar
 year.

           (v)  Selection of Underwriters. The Borrower shall have the  right
 to select the investment banker(s) and manager(s) to administer any offering
 required herein, subject to the consent  of Lender, which consent shall  not
 be unreasonably withheld.

      (c)  Whenever  required  to  include  Registrable  Securities  in   any
 registration or to  effect the  registration of  any Registrable  Securities
 pursuant  to  this  Agreement,  the  Borrower  shall,  as  expeditiously  as
 reasonably possible prepare and file with  the SEC a registration  statement
 with respect to such Registrable Securities and use its absolute best lawful
 efforts to cause such  registration statement to  become effective, and  use
 its absolute  best efforts  to keep  such registration  statement  effective
 until all such  Registrable Securities have  been distributed or  sold.   In
 addition, the Borrower  shall use its  best lawful efforts  to register  and
 qualify the securities  covered by  such registration  statement under  such
 other securities  or  Blue  Sky  laws of  such  jurisdictions  as  shall  be
 reasonably requested by the Lender, provided that the Borrower shall not  be
 required in connection therewith or as  a condition thereto to qualify as  a
 broker-dealer in any states or jurisdictions or to do business or to file  a
 general  consent  to  service   of  process  in  any   of  such  states   or
 jurisdictions.

      (d)  All expenses, other  than underwriting  discounts and  commissions
 incurred in  connection the  registrations contemplated  herein,  including,
 without  limitation,  all  registration,  filing  and  qualification   fees,
 printers' and accounting  fees, fees and  disbursements of  counsel for  the
 Borrower, and the reasonable fees and  disbursements of one counsel for  the
 selling Lender, shall be borne by the Borrower.

      (e)  Subject to the   terms and  conditions of this  Agreement and  the
 Convertible Notes, the right to cause  the Borrower to register  Registrable
 Securities pursuant  to this  Agreement may  be assigned  by Lender  to  any
 transferee or assignee of such securities; provided that said transferee  or
 assignee is a transferee or  assignee of at least  five percent (5%) of  the
 Registrable Securities.

     9.2 Computation  of Interest  and Payment  and Prepayment  of Principal.
 Interest on the Convertible Note shall be computed on the basis of a year of
 365 days and paid  monthly.  If any  principal amount under the  Convertible
 Note becomes due  and payable  on other than  a Business  Day, the  maturity
 thereof shall be extended to the  next succeeding Business Day and  interest
 on such principal shall be payable  at the then applicable rate during  such
 extension period.

     9.3 Waiver  of  Default.   The  Lender  may,  by written  notice  to the
 Borrower, at  any time  and from  time to  time, waive  any default  in  the
 performance or observance of any condition, covenant or other term hereof or
 any  Event  of  Default  which  shall   have  occurred  hereunder  and   its
 consequences.  Any such waiver shall be for such period and subject to  such
 conditions as shall be  specified in any such  notice.  In  the case of  any
 such waiver, the Borrower and the  Lender shall be restored to their  former
 position and rights hereunder  and under the other  Loan Documents, and  any
 Event of Default so waived shall be  deemed to be cured and not  continuing;
 but no such waiver shall extend to any subsequent or other Event of Default,
 or impair any right consequent thereon.

     9.4 Amendments and Waivers.  The Lender and the Borrower may, subject to
 the provisions  of  this section, from  time  to time,  enter  into  written
 agreements supplemental hereto for the purpose  of adding any provisions  to
 this Agreement or  the other Loan  Documents or changing  or waiving in  any
 manner the  rights  or  requirements  of  the  Lender  or  of  the  Borrower
 hereunder.   Any such  written supplemental  agreement  or waiver  shall  be
 binding upon the Borrower and Lender.

     9.5 Notices.  Except in cases where it is expressly herein provided that
 such notice, request or demand is not effective until received by the  party
 to whom it is addressed,  all notices, requests and  demands to or upon  the
 respective parties hereto under this Agreement and all other Loan  Documents
 shall be deemed  to have  been given  or made  when deposited  in the  mail,
 postage prepaid by registered or  certified mail, return receipt  requested,
 addressed as follows or to such other address as may be hereafter designated
 in writing by the respective parties.

       The Borrower:    VPGI Corp.
                        P.O. Box 802808
                        Dallas, TX 75380
                        Attn: Patrick A. Custer
                        Phone:  (214) 263-3122
                        Fax:  (214) 853-5250

       The Lender:      Trident Growth Fund, LP
                        700 Gemini
                        Houston, Texas 77058
                        Attention:  Larry St. Martin
                        Phone:  (281) 488-8484
                        Fax:  (281) 488-8404

     9.6 No  Waiver; Cumulative Remedies.  No  waiver of any provision hereof
 shall be deemed to operate as  a waiver of any  other provision hereof.   In
 the event that  the Borrower shall  be deemed to  have waived any  provision
 hereof at any time, such waiver shall not be deemed to have extended to  any
 other provision hereof at the time  such waiver was deemed to have  occurred
 or at any other time.  No failure to exercise and no delay in exercising, on
 the part of Lender, any right,  power or privilege hereunder, shall  operate
 as a waiver thereof; nor shall any single or partial exercise of any  right,
 power or privilege hereunder preclude any other or further exercise  thereof
 or the exercise  of any other  right, power or  privilege.   The rights  and
 remedies herein and in the other Loan Documents provided are cumulative  and
 not exclusive of any rights or remedies provided by law.

     9.7 Survival   of  Agreements.    All  agreements,  representations  and
 warranties made  herein shall  survive the  execution and  delivery of  this
 Agreement and the other Loan Documents  and the making and renewal of  loans
 hereunder  and  the  termination  of  this  Agreement  and  the  other  Loan
 Documents.

     9.8 Governing  Law.   This Agreement and  the legal  relations among the
 parties hereto shall  be governed by  and construed in  accordance with  the
 laws of the State of Texas without regard to its conflicts of law  doctrine.
 Each of the parties hereto irrevocably  consents to the jurisdiction of  the
 federal and state courts located in Dallas County, the State of Texas.

     9.9 Enforceability  of  Agreement.    Should  any  one  or  more  of the
 provisions of this Agreement be determined to be illegal or unenforceable as
 to one  or more  of the  parties, all  other provisions  nevertheless  shall
 remain effective and binding  on the parties hereto,  up to the full  amount
 permitted by law.

     9.10  Usury Savings Clause.  Notwithstanding any other provision herein,
 in the  event  that the  aggregate  interest  rate charged  under  the  Loan
 Documents, including all charges or fees  in connection therewith deemed  in
 the nature of  interest, exceeds  the maximum  legal rate,  then the  Lender
 shall have the right to make such adjustments as are necessary to reduce the
 aggregate interest rate to the maximum legal rate.  The Borrower waives  any
 right to  prior notice  of  such adjustment  and  further agrees  that  such
 adjustment may be  made by the  Lender subsequent to  notification from  the
 Borrower that the aggregate interest charged exceeds the maximum legal rate.
 There are no unwritten oral agreement between Borrower and Lender.

     9.11  Execution  of Counterparts.  This Agreement may be executed in any
 number of counterparts, each of which shall  be deemed to be an original  as
 against any party whose  signature appears thereon, and  all of which  shall
 together constitute one and the same instrument.

     9.12  Stamp  or Other  Taxes.   The Borrower  agrees to  pay any and all
 documentary, intangible stamp or  excise taxes now  or hereafter payable  in
 respect to this Agreement and the  other Loan Documents or any  modification
 thereof, and  shall hold  the Lender  harmless with  respect thereto.    The
 Borrower further  agrees that  Lender may  deduct from  any account  of  the
 Borrower the  amount of  any such  documentary or  intangible stamp  or  tax
 payable, the  decision  of  the  Lender  as to  the  amount  thereof  to  be
 conclusive, absent manifest error.

     9.13  Intentionally deleted

     9.14  Fees and Expenses. The Borrower shall reimburse the Lender for all
 past and  future  fees  and  expenses (including  but  not  limited  to  the
 origination  and  commitment  fee,  reasonable  out-of-pocket  costs,  legal
 expenses (up  to $15,000  as detailed  above), offering  fees, advisory  and
 consulting fees, travel and communication expenses, and reproduction  costs)
 incurred in  connection  with the  Loan.  ("Fees and  Expenses").  Fees  and
 Expenses incurred through the  Closing Date by the  Borrower will be  netted
 against the  initial  proceeds  received  under  this  Agreement.  Fees  and
 Expenses incurred  after the  Closing Date  shall be  paid by  the  Borrower
 within 30 days of receipt from Lender of an invoice itemizing such Fees  and
 Expenses. Fees and Expenses  incurred hereof to an  affiliate of the  Lender
 shall be included with the Borrower's Liabilities.

     9.15  Assignability.  This Agreement  shall inure to  the benefit and be
 binding  upon  the  parties  hereto  and  their  respective  successors  and
 permitted assigns.   This Agreement  and the  Convertible Note  will not  be
 assignable, in whole or in part, by the Borrower, without the prior  written
 consent of the  Lender. This Agreement  may be assigned  or transferred,  in
 whole or in  part, by the  Lender upon written  notice to the  Borrower.   A
 change in control of either party shall be deemed to be an assignment.   Any
 purported assignment effected without such consent shall be null and void.

     9.16  Complete  Agreement.    This   Agreement  constitutes  the  entire
 agreement   between   the   parties    and   supersedes   all    agreements,
 representations, warranties, statements, promises and understanding, whether
 oral or written, with respect to the subject matter hereof.

      IN WITNESS WHEREOF, the Borrower and  the Lender have caused this  Loan
 Agreement to be duly executed by  their duly authorized officers, all as  of
 the day and year first above written.

                               TRIDENT GROWTH FUND, LP

                               By: TRIDENT MANAGEMENT, LLC, its
                                   GENERAL PARTNER

                               By: /s/ Scott Cook
                                   -----------------------------
                                   Scott Cook, Authorized Member

                               VPGI CORP.

                               By: /s/ Patrick A. Custer
                                   -----------------------------
                                   Patrick A. Custer
                                   Chief Executive Officer<PAGE>

                                                                     Exhibit 4.2

                                (INTRAWEST LOGO)

                             INTRAWEST CORPORATION
                         Suite 800, 200 Burrard Street
                      Vancouver, British Columbia V6C 3L6

                            NOTICE OF ANNUAL MEETING
                                October 14, 2004

Dear Shareholder:

You are cordially invited to attend the Annual Meeting of Shareholders (the
"Meeting") of Intrawest Corporation (the "Corporation") which will be held in
the Mackenzie Room of The Fairmont Waterfront Hotel, 900 Canada Place Way,
Vancouver, British Columbia on Monday, November 8, 2004 at 11:00 a.m. (Vancouver
time).

The purposes of the Meeting are:

     (1)  to receive the Consolidated Financial Statements and the Auditor's
          Report for the year ended June 30, 2004;

     (2)  to elect directors;

     (3)  to appoint auditors for the ensuing year and authorize the Audit
          Committee of the Board of Directors to fix their remuneration; and

     (4)  to transact such other business as may properly be brought before the
          Meeting or any adjournment thereof.

Information concerning the matters to be put before the Meeting is set out in
the accompanying Information Circular.

Shareholders who are unable to attend the Meeting in person are asked to
complete, sign and date the enclosed proxy and return it.

                                          Sincerely,

                                          -s- Joe S. Houssian

                                          Joe S. Houssian
                                          Chairman of the Board
<PAGE>

                                (INTRAWEST LOGO)

                             INTRAWEST CORPORATION

                              INFORMATION CIRCULAR
                      Information as of September 27, 2004

MANAGEMENT SOLICITATION

     This information circular is furnished in connection with the solicitation
of proxies by the management of Intrawest Corporation (the "Corporation" or
"Intrawest") for use at the Annual Meeting of Shareholders of the Corporation to
be held in the Mackenzie Room of The Fairmont Waterfront Hotel, 900 Canada Place
Way, Vancouver, British Columbia on Monday, November 8, 2004 at 11:00 a.m.
(Vancouver time) and at any adjournment thereof (the "Meeting"). The
solicitation will be by mail and its cost will be borne by the Corporation.

MATTERS TO BE ACTED UPON

ELECTION OF DIRECTORS

     The Articles of the Corporation provide that the minimum number of
directors shall be seven and the maximum number shall be 20. The directors have
set the number of directors to be elected at the Meeting at nine. The Corporate
Governance and Nominating Committee of the Board recommends to the Board
individuals for nomination for election as directors. The persons listed below
are being proposed for nomination for election as directors of the Corporation
at the Meeting and the persons named in the enclosed proxy intend to vote for
the election of these nominees. Each nominee is currently a director of the
Corporation. Each director elected will hold office until the close of the next
annual meeting of shareholders, or until their respective successors are duly
elected or appointed.

     The following table provides the name, province or state and country of
residence of all persons proposed to be nominated, the position and office with
the Corporation presently held by him, his present principal occupation or
employment, the year in which he was first elected or appointed as a director
and the number of common shares without par value of the Corporation ("Common
Shares") that he has advised are beneficially owned, or over which control or
direction is exercised, by him at the date of this Information Circular.

<Table>
<Caption>
                                                                                                  COMMON SHARES
                                                                                               BENEFICIALLY OWNED,
NAME AND RESIDENCE                                                                  DIRECTOR      CONTROLLED OR
OF NOMINEE                 POSITION IN THE CORPORATION     PRINCIPAL OCCUPATION      SINCE          DIRECTED
------------------         ---------------------------     --------------------     --------   -------------------
<S>                        <C>                           <C>                        <C>        <C>
Joe S. Houssian            Chairman of the Board,        President and Chief          1976          1,677,639(1)(2)
British Columbia,          President, Chief Executive    Executive Officer of the
Canada                     Officer and Director          Corporation

Daniel O. Jarvis           President and Chief           President and Chief          1989            101,645(1)
British Columbia,          Executive Officer, Leisure    Executive Officer,
Canada                     and Travel Group and          Leisure and Travel Group
                           Director                      of the Corporation

David A. King(3)(4)        Director                      President of David King      1990              6,000
Ontario, Canada                                          Corporation (investment
                                                         corporation)
</Table>
<PAGE>

<Table>
<Caption>
                                                                                                  COMMON SHARES
                                                                                               BENEFICIALLY OWNED,
NAME AND RESIDENCE                                                                  DIRECTOR      CONTROLLED OR
OF NOMINEE                 POSITION IN THE CORPORATION     PRINCIPAL OCCUPATION      SINCE          DIRECTED
------------------         ---------------------------     --------------------     --------   -------------------
<S>                        <C>                           <C>                        <C>        <C>
Gordon H.                  Director                      Partner, CC&L Financial      1990              3,000(6)
MacDougall(4)(5)                                         Services Group
British Columbia, Canada                                 (investment management)

Paul M. Manheim(3)(5)      Director                      President of HAL Real        1992              4,000
Washington, U.S.A.                                       Estate Investments, Inc.
                                                         (investment company)

Paul A. Novelly(3)(4)(7)   Director                      Chairman and Chief           1997             55,201(8)
St. Thomas, U.S. Virgin                                  Executive Officer of Apex
Islands                                                  Oil Company, Inc.
                                                         (petroleum products)

Bernard A. Roy(5)          Director                      Senior partner, Ogilvy       1992              2,923
Quebec, Canada                                           Renault (barristers and
                                                         solicitors)

Khaled C. Sifri(4)         Director                      Managing Partner, Hadef      1990              3,700
Dubai, United Arab                                       Al-Dhahiri & Associates
Emirates                                                 (barristers and
                                                         solicitors)

Nicholas C.H. Villiers(5)  Director                      Consultant                   1990              3,165
England
</Table>

---------------

(1)  Mr. Houssian also holds deferred share units ("DSUs") pursuant to the Key
     Executive Deferred Share Unit Plan. See "Report on Executive Compensation
     -- Key Executive Deferred Share Unit Plan." At the date of this Information
     Circular, Mr. Houssian holds 125,257 DSUs. Messrs. Houssian and Jarvis also
     participate in the Corporation's Key Executive Employee Benefit Plan
     pursuant to which unvested Common Shares are held for their account by a
     trustee. See "Statement of Executive Compensation -- Summary Compensation
     Table" (footnote (6)) and "Statement of Executive Compensation -- Report on
     Executive Compensation -- Key Executive Employee Benefit Plan." At the date
     of this Information Circular the following unvested Common Shares are held:
     J. Houssian -- 206,716; D. Jarvis -- 41,343.

(2)  729,302 of the shares shown are held and beneficially owned by a company
     the shares of which are owned by companies of which Mr. Houssian and his
     spouse are the common shareholders.

(3)  Member of the Audit Committee.

(4)  Member of the Corporate Governance and Nominating Committee.

(5)  Member of the Human Resources Committee.

(6)  As indicated above, Mr. MacDougall is a partner of CC&L Financial Services
     Group ("CC&L"). CC&L acts as investment counsel for Connor, Clark & Lunn
     Investment Management Ltd. which, as at the date hereof, exercises control
     and direction over 37,250 Common Shares as investment manager for certain
     investment funds.

(7)  Mr. Novelly is being nominated in accordance with the provisions of an
     Agreement and Plan of Merger among the Corporation and, among others, the
     former stockholders of Copper Mountain, Inc. and CMAT, Inc., whereby the
     Corporation covenanted to cause a nominee of such stockholders to be
     nominated for appointment to the Board.

(8)  Mr. Novelly shares voting power and investment power over 52,201 of these
     shares, which are held by a corporation of which he is a director and
     officer. Mr. Novelly disclaims beneficial ownership of 52,201 of these
     shares. Not included are 104,500 shares owned by St. Albans Global
     Management L.L.L.P., of which Mr. Novelly is an executive officer, but as
     to which he disclaims beneficial ownership.

APPOINTMENT AND REMUNERATION OF AUDITORS

     The Board of Directors recommends that KPMG LLP, Chartered Accountants,
Vancouver, British Columbia be appointed as auditors of the Corporation to hold
office until the close of the next annual meeting of shareholders. KPMG LLP has
served as the auditors of the Corporation for more than five years. It is
proposed that the remuneration to be paid to the auditors be determined by the
Audit Committee.

     THE PERSONS NAMED IN THE ENCLOSED PROXY INTEND TO VOTE FOR THE APPOINTMENT
OF KPMG LLP, CHARTERED ACCOUNTANTS, AS THE AUDITORS OF THE CORPORATION TO HOLD
OFFICE UNTIL THE CLOSE OF THE NEXT ANNUAL MEETING AND TO AUTHORIZE THE AUDIT
COMMITTEE TO FIX THE REMUNERATION OF THE AUDITORS.

                                        2
<PAGE>

     In keeping with its mandate, the Audit Committee has reviewed the nature
and amount of non-audit services provided by KPMG LLP to the Corporation to
ensure auditor independence. The fees paid to KPMG LLP for audit and non-audit
services for the two years ended June 30, 2004 are set out in the table below.

<Table>
<Caption>
                                                                  US$000
                                                              --------------
TYPE OF FEES                                                  2004     2003
------------                                                  -----    -----
<S>                                                           <C>      <C>
Audit fees..................................................  1,789    1,396
Audit-related services......................................    477      480
Tax services fees...........................................    455      359
All other fees..............................................     43       33
                                                              -----    -----
Totals......................................................  2,764    2,268
                                                              =====    =====
</Table>

     Audit fees include professional services rendered by the external auditors
to perform the annual audit and quarterly reviews of the Corporation's
consolidated financial statements, French translating services, and accounting
consultations and services required by legislation such as comfort letters,
consents, reviews of security filings and statutory audits. Audit-related
services include accounting consultations on proposed transactions, internal
control reviews and audits of subsidiaries not required by legislation or
regulation. Tax services fees include all services for tax compliance, tax
planning and tax advice. All other fees include accounting assistance related to
the sale of commercial properties in fiscal 2004 and the analysis of real estate
development in fiscal 2003.

OTHER MATTERS TO BE ACTED UPON

     Management of the Corporation knows of no matters which may be brought
before the Meeting other than those referred to in the Notice of Annual Meeting.
However, if other matters are properly brought before the Meeting, the persons
named in the enclosed proxy intend to vote on such matters in accordance with
their judgment.

INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON

     None of the directors or officers of the Corporation, no proposed nominee
for election as a director of the Corporation, none of the persons who have been
directors or officers of the Corporation since the beginning of the
Corporation's last completed financial year and no associate or affiliate of any
of the foregoing have any material interest, direct or indirect, in any matter
to be acted upon at the Meeting other than the election of directors.

INTEREST OF INSIDERS IN MATERIAL TRANSACTIONS

     None of the directors or officers of the Corporation, no directors or
officers of a body corporate that is itself an insider or a subsidiary of the
Corporation, no person or company who beneficially owns, directly or indirectly,
voting securities of the Corporation or who exercised control or direction over
voting securities of the Corporation or a combination of both carrying more than
10% of the voting rights attached to any class of outstanding voting securities
of the Corporation entitled to vote in connection with any matters being
proposed for consideration at the Meeting, no proposed director or nominee for
election as a director of the Corporation and no associate or affiliate of any
of the foregoing have or had any material interest, direct or indirect, in any
transaction or proposed transaction since the beginning of the Corporation's
last financial year which has materially affected or would or could materially
affect the Corporation or any of its subsidiaries.

                                        3
<PAGE>

STATEMENT OF EXECUTIVE COMPENSATION

SUMMARY COMPENSATION TABLE

     The following table provides a summary of the compensation earned during
each of the last three financial years by the Chief Executive Officer, the Chief
Financial Officer and the Corporation's three most highly compensated executive
officers other than the Chief Executive Officer and the Chief Financial Officer
(all such officers are hereafter collectively called "Named Executive
Officers").

                         SUMMARY COMPENSATION TABLE(1)
<Table>
<Caption>
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
                                              ANNUAL COMPENSATION               LONG-TERM COMPENSATION AWARDS
                                   -------------------------------------   ----------------------------------------
                                                                           SECURITIES                  RESTRICTED
                                                               OTHER         UNDER                       SHARES
                                                               ANNUAL       OPTIONS        DSUS            OR           ALL OTHER
                                    SALARY(2)   BONUS(3)  COMPENSATION(4)   GRANTED     GRANTED(5)   SHARE UNITS(6)  COMPENSATION(7)
NAME AND PRINCIPAL POSITION  YEAR      ($)         ($)          ($)           (#)           (#)            ($)             ($)
------------------------------------------------------------------------------------------------------------------------------------
<S>                          <C>     <C>         <C>          <C>           <C>           <C>          <C>               <C>
  J.S. HOUSSIAN              2004    830,349          --       70,223        65,000       43,161              --         283,487
  Chairman, President and    2003    641,447      32,146       64,888        91,000       15,444              --          23,679
  Chief Executive Officer    2002    538,000          --       28,186       300,000       25,030       3,500,000          19,319
------------------------------------------------------------------------------------------------------------------------------------
  D.O. JARVIS(9)             2004    422,172     259,636       11,973        33,000           --              --          17,964
  President and Chief        2003    340,930     102,983       12,291        71,000           --              --          14,433
  Executive Officer,         2002    299,000     134,483        6,978        87,300           --         700,000          13,361
  Leisure
  and Travel Group
------------------------------------------------------------------------------------------------------------------------------------
  H.R. SMYTHE                2004    337,038     113,751       14,187        33,000           --              --          16,015
  President and Chief        2003    261,138     148,753       13,220        46,000           --              --          12,413
  Operating Officer,         2002    229,000          --      125,861(8)     50,000           --              --          11,548
  Leisure
  and Travel Group
------------------------------------------------------------------------------------------------------------------------------------
  G.L. RAYMOND               2004    386,019     269,248       14,333        33,000           --              --          17,391
  President and Chief        2003    298,444     103,936       11,828        46,000           --              --          13,667
  Executive Officer,         2002    251,000     119,540        4,073        50,000           --         850,000          12,445
  Intrawest Placemaking
------------------------------------------------------------------------------------------------------------------------------------
  J.E. CURRIE(9)             2004    168,268      86,387           --        10,000           --              --           3,861
  Chief Financial Officer
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------

</Table>

(1)  All dollar amounts in the Summary Compensation Table and footnotes are in
     United States dollars, unless otherwise indicated. The following rates of
     exchange were used to convert Canadian dollar amounts to United States
     dollar amounts for the fiscal years indicated: 2004 -- 1.3428; 2003 --
     1.5112; 2002 -- 1.5660.

(2)  Salary amounts for Named Executive Officers other than Mr. Currie reflect
     U.S. dollar salaries approved by the Human Resources Committee in October
     2001 (J.S. Houssian -- 2004 -- $712,000; 2003 -- $619,000; 2002 --
     $538,000; D.O. Jarvis -- 2004 -- $362,000; 2003 -- $329,000; 2002 --
     $299,000; H.R. Smythe -- 2004 -- $289,000; 2003 -- $252,000; 2002 --
     $229,000; G.L. Raymond -- 2004 -- $331,000; 2003 -- $288,000; 2002 --
     $251,000) on the basis that they would be converted to Canadian dollars at
     the then existing exchange rate (1.566). Amounts shown in the table reflect
     the amounts so converted, and paid in Canadian dollars, converted to United
     States dollar amounts at the average rate of exchange indicated in footnote
     1.

(3)  The amounts in this column exclude any portion of a bonus earned in a year
     which the Named Executive Officer elected to forego under the Key Executive
     Deferred Share Unit Plan. See "Report on Executive Compensation -- Key
     Executive Deferred Share Unit Plan." During the 2004 financial year the
     Human Resources Committee determined that U.S. dollar amount bonuses earned
     in the 2004 and prior two financial years by the Named Executive Officers
     other than Mr. Currie would be converted to Canadian dollars at the same
     exchange rate (1.566) as is applicable for conversion of salaries for the
     Named Executive Officers in those years. Amounts shown in the table reflect
     the bonus amount so paid converted to United States dollar amounts at the
     average rates of exchange indicated in footnote 1 for the applicable year
     in which the bonus was earned. Amounts shown in this column for 2003 and
     2002 have been revised to reflect the foregoing.

(4)  The value of perquisites and benefits earned by each Named Executive
     Officer is less than the lesser of Cdn.$50,000 and 10% of his total annual
     salary and bonus. The amounts in this column include the imputed interest
     benefit (computed in accordance with the Income Tax Act (Canada)) to the
     Named Executive Officers of the interest-free loans made to the Named
     Executive Officers pursuant to the Corporation's Funded Senior Employee
     Share Purchase Plans (see "Indebtedness of Directors and Executive Officers
     -- Funded Senior Employee Share Purchase Plans") and the value of DSUs
     credited corresponding to dividends declared on Common Shares during the
     financial year (based on the average closing price of the Common Shares on
     the Toronto Stock Exchange for the five trading days preceding the dates of
     dividend payment). See "Report on Executive Compensation -- Key Executive
     Deferred Share Unit Plan."

(5)  Under the Key Executive Deferred Share Unit Plan, the Named Executive
     Officers participating therein can elect, prior to the award of a bonus in
     any year, to forego all or any portion of the cash bonus which would
     otherwise have become payable to them in respect of the year and to receive
     a number of DSUs based on the market price of the Common Shares divided
     into the bonus foregone. The value of the

                                        4
<PAGE>

     DSUs credited in respect of 2004, at the time of crediting, was Cdn.$23.25
     per DSU (2003 -- Cdn.$19.45; 2002 -- Cdn.$22.61). The value of the DSUs at
     the time they were credited is equal to the average closing price of the
     Common Shares on the Toronto Stock Exchange for the five trading days
     preceding the particular date. See "Report on Executive Compensation -- Key
     Executive Deferred Share Unit Plan."

(6)  The amounts in this column represent contributions awarded by the
     Corporation which were paid to a trustee and used to purchase Common Shares
     in the open market which are held pursuant to the Key Executive Employee
     Benefit Plan. See "Report on Executive Compensation -- Key Executive
     Employee Benefit Plan." The number and value (calculated by multiplying the
     closing market price of the Common Shares on June 30, 2004 on the Toronto
     Stock Exchange by the number of unvested shares) of the aggregate holdings
     of unvested shares of each of the Named Executive Officers at the end of
     the most recently completed financial year were: J.S. Houssian: 205,946;
     $3,296,556; D.O. Jarvis: 41,189; $659,308; G.L. Raymond: 50,015; $800,585.
     The unvested shares for Mr. Houssian vest as to up to 37 1/2% thereof in
     December 2004 based on attainment of certain financial performance goals
     for the financial year ending June 30, 2004 and up to 37 1/2% following the
     end of the financial year ending June 30, 2005 based on attainment of
     certain cumulative financial performance goals for the two financial years
     ending June 30, 2004 and June 30, 2005. The remaining 25% of the shares
     will vest in June 2005 based on retention. The unvested shares for Messrs.
     Jarvis and Raymond vest in December 2005 as to up to 37 1/2% thereof based
     on attainment of certain financial performance goals for the financial year
     ending June 30, 2004 and as to up to a further 37 1/2% thereof based on
     attainment of certain cumulative financial performance goals for the two
     financial years ending June 30, 2004 and June 30, 2005 and the remaining
     25% of the shares will vest based on retention. In the event of death or
     certain other events of termination vesting may be accelerated. All
     dividends received on unvested shares are paid by the trustee to the
     Corporation. The Human Resources Committee may, in its discretion, cause
     the Corporation to pay to the trustee under the Plan, as additional
     contributions to be used to purchase additional unvested shares, an amount
     up to, but not exceeding, the amount of any dividends so received.

(7)  The amounts in this column include the Corporation's contributions to
     defined contribution pension plans, premiums for group life insurance and
     contributions made by the Corporation to the Named Executive Officers'
     accounts pursuant to the Corporation's Employee Share Purchase Plan. The
     amount for Mr. Houssian in 2004 includes Cdn.$340,000 in respect of
     premiums paid on a life insurance policy for the benefit of Mr. Houssian
     and his spouse.

(8)  Includes $120,000 additional premiums which the Corporation agreed to pay
     under the Corporation's extended health care plan in relation to coverage
     and benefits under the plan in respect to Mr. Smythe's family.

(9)  Mr. Jarvis was the Chief Financial Officer until May 10, 2004, when Mr.
     Currie became the Chief Financial Officer.

EXECUTIVE LONG-TERM INCENTIVE PLAN

     The Intrawest Corporation Executive Long-Term Incentive Plan (the "LTIP")
was established in June 1995 and amended in July 2000 and in June 2004. The LTIP
provides for the payment of amounts to key executive officers of the Corporation
participating in the LTIP (a "Participant") following the termination of
employment (including by reason of retirement, death or permanent disability)
based upon a notional number of Common Shares. The notional number of Common
Shares in respect of which the payment is calculated is determined under a
formula based upon the cumulative consolidated net income or loss, subject to
certain adjustments, of the Corporation for each of four consecutive periods
during the Participant's participation in the plan. The LTIP is administered by
the Human Resources Committee which is authorized to designate executive
officers of the Corporation as Participants in the plan and to make the other
determinations required in respect of the plan.

     A notional number of Common Shares is to be determined for each of four
calculation periods for each Participant. The notional number of Common Shares
for a Participant for each calculation period will be determined by dividing a
percentage of the cumulative consolidated net income or loss of the Corporation
for such calculation period, adjusted (i) in respect of the second calculation
period for the participation rights granted to each of the Participants other
than Mr. Currie, based on attainment of certain financial performance goals for
the financial year ending June 30, 2004 and certain cumulative financial
performance goals for the two financial years ending June 30, 2004 and June 30,
2005 (subject to possible accelerated vesting in the event of death or certain
other events of termination), and (ii) in respect of the third and fourth
calculation periods for the participation rights granted to each of the
Participants other than Mr. Currie and each calculation period for each other
Participant (including Mr. Currie), by reference to the annual compound growth
rate in basic earnings per share of the Corporation applicable to such
calculation period (in either case, the "Adjustment"), by the current market
price of the Common Shares on the first day of such calculation period. The
impact of the Adjustment ranges from (x) no increase in the notional number of
Common Shares to a 50% increase in the notional number of Common Shares
depending on the attainment of the specified financial performance goals or
cumulative financial performance goals, in respect of the calculation period
referred to in clause (i) and (y) no increase in the notional number of Common
Shares in respect of an annual compound growth rate of 13% or less to a 50%
increase in the notional number of Common Shares in the event of an annual
compound growth rate of 18% or more (with percentages in respect of annual
compound growth rates between 13% and 18% determined by interpolation), in
respect of the calculation periods referred to in clause (ii). If in any
calculation period there is a cumulative loss,

                                        5
<PAGE>

then this loss will be applied to reduce the notional number of Common Shares,
by up to 10%, for the prior calculation period. The amount to be paid to a
Participant will be determined by multiplying the total of the notional number
of Common Shares for the Participant for each of the calculation periods,
determined in the manner described herein, by the prevailing market price of the
Common Shares at the termination of the Participant's employment.

     The LTIP provides for a reduction in the amount of cumulative net income if
the employment of a Participant is terminated for cause. If the Participant's
employment is terminated "without cause" (including the resignation of a
Participant as a result of circumstances that would amount to a change in the
responsibilities of a Participant following a change in control of the
Corporation) then the amount to be paid to the Participant is to include an
amount that reflects consolidated net income of the Corporation for the period
of reasonable notice of termination of employment to which such Participant
would be entitled.

     All of the Named Executive Officers other than Mr. Currie were designated
as Participants under the plan during the financial period ended June 30, 1995
and are currently in their third calculation period, namely the five-year period
that commenced July 1, 2003. The percentages of the consolidated net income or
loss of the Corporation used to determine the notional number of Common Shares
for each of them for each of the fiscal years ending after June 30, 1998 are the
following percentages of the consolidated net income (i) up to Cdn.$20 million,
and (ii) in excess of Cdn.$20 million, respectively: for J.S. Houssian, 2.0% and
1.0%, for D.O. Jarvis, 0.30% and 0.15% and for H.R. Smythe and G.L. Raymond,
0.15% and 0.075%. The current market price on the first day of the calculation
period commencing July 1, 2003 was Cdn.$17.52.

     Mr. Currie was designated as a Participant under the plan in July 2004. He
is currently in his first calculation period, namely the four-year period that
commenced July 1, 2004. The second calculation period is the five-year period
commencing July 1, 2008, the third calculation period is the one-year period
commencing July 1, 2013 and the fourth calculation period is the one-year period
commencing July 1, 2014. Mr. Currie's applicable percentages of the consolidated
net income are as follows: for the first and second calculation periods, 0.15%
of the consolidated net income up to Cdn.$20 million and 0.075% of the
consolidated net income in excess of Cdn.$20 million; for both the third and
fourth calculation periods the percentages of the consolidated net income (i) up
to Cdn.$20 million, and (ii) in excess of $20 million are 0.02% and 0.01%,
respectively. The current market price on the first day of Mr. Currie's first
calculation period commencing July 1, 2004 was Cdn.$20.46.

     The amount of the payments required to be made under the LTIP can only be
determined at the time such payments are made.

STOCK OPTIONS

     The Corporation has a Stock Option Plan under which the Human Resources
Committee is authorized, in its discretion, to grant options to purchase Common
Shares to senior officers and employees of the Corporation, its subsidiaries and
limited partnerships of which the general partner is the Corporation or a
subsidiary of the Corporation.

     The Stock Option Plan provides that options to acquire Common Shares may,
at the discretion of the Human Resources Committee, provide that the option may
not be exercised except in accordance with such limitations based on the passage
of time after the option is granted, the satisfaction of specified performance
criteria relating generally to the Corporation or particularly to the optionee,
or the satisfaction or fulfillment of any other conditions (or any combination
of the foregoing), and subject to such provisos, as the Human Resources
Committee may in its discretion determine to be appropriate. Options granted
under the Stock Option Plan are non-transferable and subject to early
termination in the event of death of the optionee or the optionee ceasing to be
an officer or employee. The Human Resources Committee may, in its discretion,
permit early exercise of options. The number of Common Shares which may be
reserved for issuance to any person pursuant to options granted by the
Corporation is limited to 5% of the number of outstanding Common Shares.

                                        6
<PAGE>

     The following table provides information relating to the grants of options
to purchase Common Shares to the Named Executive Officers during the financial
year ended June 30, 2004.

          OPTION GRANTS DURING THE FINANCIAL YEAR ENDED JUNE 30, 2004

<Table>
<Caption>
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
                                                                                 MARKET VALUE
                                         % OF TOTAL                             OF SECURITIES
                          SECURITIES       OPTIONS                                UNDERLYING
                             UNDER       GRANTED TO                               OPTIONS ON
                            OPTIONS     EMPLOYEES IN        EXERCISE OR          THE DATE OF
                            GRANTED       FINANCIAL         BASE PRICE              GRANT
          NAME                (#)           YEAR         (CDN.$/SECURITY)      (CDN.$/SECURITY)      EXPIRATION DATE
------------------------------------------------------------------------------------------------------------------------
<S>                      <C>           <C>             <C>                   <C>                  <C>
  J.S. Houssian             65,000          17.9               18.85                18.85           September 25, 2013
------------------------------------------------------------------------------------------------------------------------
  D.O. Jarvis               33,000           9.1               18.85                18.85           September 25, 2013
------------------------------------------------------------------------------------------------------------------------
  H.R. Smythe               33,000           9.1               18.85                18.85           September 25, 2013
------------------------------------------------------------------------------------------------------------------------
  G.L. Raymond              33,000           9.1               18.85                18.85           September 25, 2013
------------------------------------------------------------------------------------------------------------------------
  J.E. Currie               10,000           2.7               18.85                18.85           September 25, 2013
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
</Table>

(1)  The above options become exercisable as to 20% of the grant after one year
     and then 20% on the anniversary of the grant in each of the next four
     years.

     The following table provides information relating to the options to
purchase Common Shares exercised by the Named Executive Officers during the
financial year ended June 30, 2004 and the value of any unexercised options on
June 30, 2004.

          AGGREGATED OPTION EXERCISES DURING THE FINANCIAL YEAR ENDED
               JUNE 30, 2004 AND FINANCIAL YEAR-END OPTION VALUES

<Table>
<Caption>
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                   VALUE OF UNEXERCISED
                                                                  UNEXERCISED OPTIONS              IN-THE-MONEY OPTIONS
                             SECURITIES                             AT JUNE 30, 2004                 AT JUNE 30, 2004
                            ACQUIRED ON       AGGREGATE                   (#)                            (CDN.$)
                              EXERCISE     VALUE REALIZED   --------------------------------   ------------------------------
           NAME                 (#)            (CDN.$)        EXERCISABLE    UNEXERCISABLE     EXERCISABLE    UNEXERCISABLE
-----------------------------------------------------------------------------------------------------------------------------
<S>                        <C>            <C>               <C>             <C>              <C>             <C>
  J.S. Houssian               --              --                780,700         457,800          120,000         162,500
-----------------------------------------------------------------------------------------------------------------------------
  D.O. Jarvis                 --              --                330,370         162,180          391,450         181,900
-----------------------------------------------------------------------------------------------------------------------------
  H.R. Smythe                 --              --                260,450         119,800          103,300          82,500
-----------------------------------------------------------------------------------------------------------------------------
  G.L. Raymond                --              --                270,450         119,800          176,600          82,500
-----------------------------------------------------------------------------------------------------------------------------
  J.E. Currie                 --              --                 33,800          26,200          --               25,000
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
</Table>

DEFINED BENEFIT PLAN DISCLOSURE

     The Corporation has established the Intrawest Corporation Designated
Executives' Pension Plan (the "Pension Plan"). The Pension Plan provides
retirement pensions for all of its Named Executive Officers. These officers also
belong to the Intrawest Corporation Employee Pension Plan (the "Employee Pension
Plan").

     The Pension Plan is comprised of a registered portion and a non-registered
portion. Together with benefits from the Employee Pension Plan, the registered
portion provides the maximum benefits allowable under the Income Tax Act
(Canada), with any excess provided through the non-registered portion.

                                        7
<PAGE>

     The following table sets out the total annual lifetime pension which would
be payable under the Pension Plan based upon retirement at age 60, at various
levels of remuneration and years of credited service.

                             PENSION PLAN TABLE(1)

<Table>
<Caption>
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
                                                                  YEARS OF SERVICE
      REMUNERATION            ----------------------------------------------------------------------------------------------
          ($)                    15                  20                  25                  30                  35
----------------------------------------------------------------------------------------------------------------------------
<S>                      <C>                 <C>                 <C>                 <C>                 <C>
           300,000                  90,000             120,000             150,000             180,000             210,000
           400,000                 120,000             160,000             200,000             240,000             280,000
           500,000                 150,000             200,000             250,000             300,000             350,000
           600,000                 180,000             240,000             300,000             360,000             420,000
           700,000                 210,000             280,000             350,000             420,000             490,000
           800,000                 240,000             320,000             400,000             480,000             560,000
           900,000                 270,000             360,000             450,000             540,000             630,000
         1,000,000                 300,000             400,000             500,000             600,000             700,000
         1,100,000                 330,000             440,000             550,000             660,000             770,000
         1,200,000                 360,000             480,000             600,000             720,000             840,000
         1,300,000                 390,000             520,000             650,000             780,000             910,000
         1,400,000                 420,000             560,000             700,000             840,000             980,000
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
</Table>

(1)  All dollar amounts in this table are in United States dollars.

     Pensions under the Pension Plan are based on the executive's years of
credited service and highest average remuneration in any 36 consecutive months
of service. Remuneration for purposes of the Pension Plan includes salary and
vacation pay but excludes other forms of compensation such as bonuses,
commissions and taxable benefits, with the exception of Mr. Houssian whose
bonuses (including the amount of bonuses which Mr. Houssian has elected to
forego under the Key Executive Deferred Share Unit Plan) are included subject to
the limitation that the best three years average earnings will be limited to a
maximum of 150% of the amount which would result if bonuses were not included.

     At September 27, 2004, J.S. Houssian, D.O. Jarvis, H.R. Smythe, G.L.
Raymond and J.E. Currie had 35.64, 15.24, 19.59, 18.24 and 3.24 years of
credited service, respectively. Credited service includes actual service and may
include additional years credited at the discretion of the Human Resources
Committee to reflect historical contributions and other factors.

     Benefits are paid in a joint and survivor form with 60% of the pension
continuing to the executive's spouse after death. If there is no spouse at
retirement, pensions are paid with a guarantee of 60 monthly payments. There are
no deductions for social security or other offset amounts.

LIFE INSURANCE POLICY

     The Corporation has acquired a life insurance policy for Mr. Houssian. The
policy provides for life insurance in the face amount of Cdn.$10 million and is
payable on death to Mr. Houssian's spouse. The Corporation agreed with Mr.
Houssian that this policy would be transferred to and be beneficially owned by
Mr. Houssian as and from June 30, 2004. The Corporation has agreed with Mr.
Houssian that the Corporation would pay eight annual premiums of $340,000 under
the policy, including the initial premium which was paid in November 2003.

TERMINATION OF EMPLOYMENT, CHANGE IN RESPONSIBILITIES AND EMPLOYMENT CONTRACTS

     The Corporation has entered into an employment contract with each of
Messrs. Houssian, Jarvis, Smythe and Raymond (the "Senior Executive Officers").
Pursuant to these employment contracts, the Senior Executive Officers
participate in all benefit plans, arrangements and other perquisites which the
Corporation implements from time to time for executive officers, and are
entitled to certain other perquisites.

     The Corporation may terminate the employment of the Senior Executive
Officers with the Corporation upon two (or in the case of Mr. Houssian, three)
years' prior notice or, in lieu of notice, by paying to the Senior Executive
Officer an amount equal to two (or in the case of Mr. Houssian, three) times his
annual salary plus two times the average amount of the bonus paid or payable to
the Senior Executive Officer in the last two completed fiscal years of the
Corporation most recently preceding the date of termination. In addition, in
such event, the Senior Executive Officer is

                                        8
<PAGE>

entitled to be paid amounts that would otherwise be paid or credited to benefit
plans and arrangements in effect for his benefit for the two (or in the case of
Mr. Houssian, three) years following the termination of his employment.

     Each employment contract provides for the payment to the Senior Executive
Officer of the amounts referred to above in the event the Senior Executive
Officer resigns in certain circumstances including a significant change in his
responsibilities or in certain circumstances following a change in control of
the Corporation. Each contract also provides that the period of reasonable
notice of termination for the Senior Executive Officer under the LTIP in such
event will be three years in the case of Mr. Houssian and two years in the case
of the other Senior Executive Officers.

     In addition, as described under "Executive Long-Term Incentive Plan," the
Named Executive Officers participate in the LTIP and will be entitled to receive
payments thereunder at the termination of their employment, as described under
that heading.

     The amount of the payments required to be made under the employment
contracts can only be determined at the time such payments are made.

COMPOSITION OF THE HUMAN RESOURCES COMMITTEE

     The Human Resources Committee (the "Committee") is composed of four members
of the Board of Directors. The current members of the Committee are Messrs.
MacDougall, Manheim, Roy and Villiers. No member of the Committee is or was
during the most recently completed financial year, an officer or employee of the
Corporation or any of its subsidiaries, nor was formerly an officer of the
Corporation or any of its subsidiaries, nor had or has any relationship that
requires disclosure under "Indebtedness of Directors and Executive Officers" or
"Interest of Insiders in Material Transactions." Mr. Villiers became a member of
the Committee in November 2003.

REPORT ON EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION STRATEGY

     The Corporation's executive compensation strategy combines salary, annual
incentives and long-term incentives with a program of benefits and perquisites
to form an integrated compensation strategy designed to achieve the following
objectives:

     -  to encourage and award entrepreneurial management by having a
        significant proportion of compensation relate to performance.

     -  to attract and retain executives on a competitive basis across North
        America recognizing that the Corporation's business is, to an increasing
        extent, taking place in the United States.

     -  to ensure commonality of interest between shareholders and management,
        both short-term and long-term.

     From time to time the Committee undertakes a comprehensive review of the
compensation plans for the Corporation's senior executives with the objective of
ensuring that the plans meet the objectives cited above. Professional
consultants are engaged to assist the Committee. These consultants conduct
salary surveys to develop comparable salary groups and advise the Committee
about the structuring of compensation arrangements that would be responsive to
the Committee's objectives. The Committee incorporates the consultants'
recommendations in the compensation determinations. The Committee will continue
to employ this process and review the compensation plans on an annual basis to
ensure that they reflect properly the business strategy and compensation
objectives of the Corporation.

BASE SALARIES

     Base salaries are established by reference to a comparable group of leisure
and resort companies in North America (the "Comparator Group").

ANNUAL INCENTIVES

     The Corporation provides opportunities to earn annual incentive awards that
are based upon the achievement of personal performance goals and upon the
financial performance of the Corporation. For the senior executives, other than
the Chief Executive Officer, the annual incentives range from 0% to 75% of base
salary depending on performance. For the Chief Executive Officer the annual
incentives range from 0% to 100% of base salary depending on performance.

                                        9
<PAGE>

EXECUTIVE LONG-TERM INCENTIVE PLAN

     The LTIP is a long-term performance-based compensation plan. This plan
rewards senior executive officers on the basis of (i) the consolidated net
income or loss of the Corporation on a cumulative basis over a number of years,
and (ii) the price of the Common Shares at the time of termination of the
participating senior executive officer's employment. The combination of
cumulative long-term earnings with stock price performance ensures long-term
commonality of interest between shareholders and senior executive officers by
linking compensation to senior executive officers with long-term results
achieved for shareholders of the Corporation. See "Executive Long-Term Incentive
Plan."

     During the 2004 financial year, in order to better align the LTIP with new
financial targets set by the Corporation, the Committee approved amendments to
the LTIP, which are reflected in the description of the LTIP under "Executive
Long-Term Incentive Plan."

FUNDED SENIOR EMPLOYEE SHARE PURCHASE PLANS

     The Corporation has two Funded Senior Employee Share Purchase Plans
(together, the "Funded Share Purchase Plans"). These plans provide for
interest-free loans to senior executive officers to enable them to acquire
Common Shares of the Corporation. These loans are recourse to the individuals.
The guideline currently established by the Board of Directors is that no loan
under either of these two plans should exceed one and one-half times the
executive's annual salary, except in the case of the Chief Executive Officer,
where a guideline of three times annual salary has been established. See
"Indebtedness of Directors and Executive Officers -- Funded Senior Employee
Share Purchase Plans."

     The Funded Senior Employee Share Purchase Plan (the "1992 Funded Share
Purchase Plan"), adopted in December 1992, provides for the purchase of Common
Shares issued from treasury. The 2002 Funded Senior Employee Share Purchase Plan
(the "2002 Funded Share Purchase Plan"), adopted in January 2002, provides for
the purchase of Common Shares in the open market.

STOCK OPTION PLAN

     As described under "Stock Options," the Corporation has a stock option
program which is offered to the senior executive officers and a broader group of
managers in the Corporation. The Corporation believes that stock options are an
important method of ensuring that senior executive officers and managers are
focused on enhancing shareholder value. At September 27, 2004, 9 senior
executive officers and 55 management personnel participated in the stock option
program. The amount and terms of outstanding options, DSUs and unvested share
units are taken into account by the Committee when determining whether and how
many new option grants should be made.

KEY EXECUTIVE DEFERRED SHARE UNIT PLAN

     The Corporation's Key Executive Deferred Share Unit Plan (the "DSU Plan")
allows each of the executive officers to elect annually to receive all or any
portion of his annual incentive plan cash award ("Annual Incentive Award") which
would otherwise have become payable to him as deferred share units, or DSUs.
Although the executive officer must elect to receive DSUs before the date on
which his Annual Incentive Award becomes payable, the actual number of DSUs
credited to an executive officer is determined on the day that the Annual
Incentive Award becomes payable (such date being set out in the notice of the
Annual Incentive Award) by dividing the dollar amount elected by the average
closing price of the Common Shares on the Toronto Stock Exchange for the five
trading days preceding the particular date. Additional DSUs are credited to
participants corresponding to dividends declared on Common Shares. Following the
participant ceasing to be an employee, officer or director of the Corporation or
of any subsidiary or related party, a lump sum cash payment, net of any
applicable tax withholdings, equal to the number of DSUs credited to the
participant's account multiplied by the average closing price of the Common
Shares, will be paid to the participant 30 days after such termination.

KEY EXECUTIVE EMPLOYEE BENEFIT PLAN

     During the 2002 financial year, the Committee adopted a Key Executive
Employee Benefit Plan (the "KEEP") under which the Committee granted awards of
unvested shares purchased in the open market to Messrs. Houssian, Jarvis and
Raymond. The Common Shares vest over time with 75% vesting only if certain
financial performance measures are attained. During the 2004 financial year, the
Committee approved amendments to the KEEP to change the vesting of the shares
that are held pursuant to the plan. When the KEEP was originally

                                        10
<PAGE>

adopted, the unvested shares for Mr. Houssian were to vest as to 50% on June 30,
2004 based on retention and as to the remaining 50% on or before November 30,
2004 if a specified earnings level was attained for the financial year ending
June 30, 2004. The unvested shares for Messrs. Jarvis and Raymond were to vest
in December 2005, as to 50% thereof based on retention, as to 25% if a specified
earnings level was attained for the financial year ending June 30, 2004 and as
to the remaining 25% if a specified earnings level was attained for the
financial year ending June 30, 2005. The revised vesting provisions are
described in footnote (6) to the Summary Compensation Table. The rationale for
the amendments was to extend the timelines for vesting and modify the corporate
financial performance goals to better align executive incentives with current
corporate objectives.

CHIEF EXECUTIVE OFFICER'S COMPENSATION

     The Chief Executive Officer participates in all of the short-term and
long-term incentive programs as summarized elsewhere in this Information
Circular. The base salary of the Chief Executive Officer was determined by the
Committee after considering various factors, including information available to
the Committee regarding base salaries of executives in the Comparator Group
received from the Corporation's compensation consultants. The bonus under the
short-term incentive arrangement awarded to the Chief Executive Officer in 2004
recognized the financial performance of the Corporation and the achievement of
corporate initiatives during that fiscal period. In determining this award the
Committee referred to goals and objectives established annually for the Chief
Executive Officer. Approximately 50% of the award is based on quantitative
financial performance of the Corporation, 40% on the achievement of strategic
corporate initiatives approved by the Committee and 10% on a subjective analysis
of the Chief Executive Officer's personal contribution as determined by the
Committee.

     As described elsewhere in this Information Circular, during the 2004
financial year the Committee approved certain amendments to the LTIP and the
KEEP. These amendments included amending the basis on which the notional number
of Common Shares is to be determined for purposes of the LTIP in certain
circumstances for certain Participants, including the Chief Executive Officer,
and extending the timeline for vesting and modifying the corporate financial
performance goals for vesting of shares that are held pursuant to the KEEP. In
addition, during the 2004 financial year the Committee approved the
Corporation's acquisition of the life insurance policy described under "Life
Insurance Policy" and the transfer of such policy to Mr. Houssian.

PERFORMANCE GRAPH

     The following graph compares the cumulative total return to shareholders
for Common Shares compared to the S&P/TSX Composite Index and the S&P/TSX Real
Estate Index, assuming reinvestment of dividends at the market price on each of
the dividend payment dates. The graph covers the period from June 30, 1999 to
June 30, 2004.

                              (PERFORMANCE GRAPH)

                                        11
<PAGE>

COMPENSATION OF DIRECTORS

     Directors who are not officers of the Corporation are entitled to receive
US$15,000 per year for serving as directors and a fee of US$1,000 per meeting of
the Board of Directors and any committee thereof in which the director
participated. Mr. MacDougall, as lead director, is entitled to receive an
additional US$7,500 per year. The Chairman of the Audit Committee receives an
additional annual retainer of US$5,000 and the Chairmen of the other two
committees receive an additional annual retainer of US$2,500. For the year ended
June 30, 2004, the total of such fees paid or payable amounted to US$204,500. In
addition, the directors are reimbursed for their reasonable expenses in
connection with such meetings.

     In 2003 the Board of Directors adopted share ownership guidelines for
directors of the Corporation to promote meaningful Common Share ownership. Under
the guidelines each member of the Board is to hold a minimum of Cdn.$50,000 in
Common Shares of the Corporation. The Corporation agreed to reimburse
non-management directors for 50% of the cost of the shares, to a maximum of
Cdn.$25,000. A total of Cdn.$8,405 was paid to directors as a partial
reimbursement of the acquisition cost of Common Shares during the year ended
June 30, 2004.

     Mr. Villiers has entered into a contract with Intrawest for the provision
of consulting services in connection with the Corporation's acquisition of a
66 2/3% equity interest in Abercrombie & Kent, a luxury adventure-travel
company. For the year ended June 30, 2004, the Corporation incurred consulting
service fees of US $60,000 from Mr. Villiers.

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

EQUITY COMPENSATION PLAN INFORMATION

     The following table provides information as of June 30, 2004 with respect
to compensation plans under which equity securities of the Corporation are
authorized for issuance.

<Table>
<Caption>
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                    NUMBER OF SECURITIES
                                                                                                  REMAINING AVAILABLE FOR
                                       NUMBER OF SECURITIES TO         WEIGHTED AVERAGE         FUTURE ISSUANCE UNDER EQUITY
                                       BE ISSUED UPON EXERCISE         EXERCISE PRICE OF             COMPENSATION PLANS
                                       OF OUTSTANDING OPTIONS,       OUTSTANDING OPTIONS,          (EXCLUDING SECURITIES
                                         WARRANTS AND RIGHTS          WARRANTS AND RIGHTS         REFLECTED IN COLUMN (A))
-----------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                          <C>                         <C>
  PLAN CATEGORY                              (a)                          (b)                         (c)
-----------------------------------------------------------------------------------------------------------------------------
  Equity compensation plans approved      3,861,650                   Cdn.$23.13                    488,850      (1)
  by securityholders
-----------------------------------------------------------------------------------------------------------------------------
  Equity compensation plans not              --                           --                           --
  approved by securityholders
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
</Table>

(1)  In addition, the Corporation has authorized a total of 96,400 Common Shares
     which remain available for issuance under the 1992 Funded Share Purchase
     Plan described under "Statement of Executive Compensation -- Report on
     Executive Compensation -- Funded Senior Employee Share Purchase Plans" and
     a total of 100,000 Common Shares which remain available for issuance under
     the Corporation's Employee Share Purchase Plan. The Corporation has not
     issued shares pursuant to either of these plans since December 1997.

     There is no compensation plan under which equity securities of the
Corporation are authorized for issuance that was adopted without approval of
securityholders.

                                        12
<PAGE>

INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS

AGGREGATE INDEBTEDNESS

     The following table sets out the aggregate indebtedness of all executive
officers, directors, employees and former executive officers, directors and
employees of the Corporation or any of its subsidiaries to the Corporation or
any of its subsidiaries and to another entity if the indebtedness is the subject
of a guarantee, support agreement, letter of credit or other similar arrangement
or understanding provided by the Corporation or any of its subsidiaries
outstanding as at September 27, 2004 entered into in connection with a purchase
of securities and all other indebtedness.

                           AGGREGATE INDEBTEDNESS ($)

<Table>
<Caption>
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
                                                                       TO THE CORPORATION
                             PURPOSE                                  OR ITS SUBSIDIARIES         TO ANOTHER ENTITY
---------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>                        <C>
  Share purchases                                                     Cdn.$5,344,963                  --
---------------------------------------------------------------------------------------------------------------------
  Other                                                                     --                        --
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
</Table>

INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS UNDER SECURITIES PURCHASE AND
OTHER PROGRAMS

     Other than as set out below, no director, executive officer or senior
officer of the Corporation, no proposed nominee for election as a director of
the Corporation and no associate of any such director, officer or proposed
nominee, is, or at any time since the beginning of the most recently completed
financial year of the Corporation has been, indebted to the Corporation or any
of its subsidiaries, other than in respect of routine indebtedness. No
indebtedness of any such person to another entity is, or at any time since the
beginning of the most recently completed financial year has been, the subject of
a guarantee, support agreement, letter of credit or other similar arrangement or
understanding provided by the Corporation or any of its subsidiaries.

FUNDED SENIOR EMPLOYEE SHARE PURCHASE PLANS

     Pursuant to the 1992 Funded Share Purchase Plan, the Corporation may make
loans to designated eligible employees to be used for the subscription for
Common Shares issued from treasury. Pursuant to the 2002 Funded Share Purchase
Plan, the Corporation may make loans to designated eligible employees to be used
for the purchase of Common Shares in the open market. Under both plans, shares
are purchased by Computershare Trust Company of Canada as trustee to be held in
trust for the benefit of the employees and as security for the loans. Common
Shares subscribed for under the 1992 Funded Share Purchase Plan are issued at
their market value as determined pursuant to a formula based on trading prices
of the Common Shares on the Toronto Stock Exchange. The Funded Share Purchase
Plans are administered by the Human Resources Committee which is authorized to
designate as eligible employees any bona fide full-time employees of the
Corporation and of designated subsidiaries of the Corporation. The loans are
interest-free and are for terms of up to ten years as determined by the Human
Resources Committee. The Corporation pays all administrative expenses of the
Funded Share Purchase Plans, including trustee fees.

     In addition to the Funded Share Purchase Plans, the Corporation makes
contributions on behalf of participants in the Corporation's employee share
purchase plans which amounts are used by a trustee to purchase Common Shares in
the open market.

                                        13
<PAGE>

     The following table sets forth indebtedness of directors, executive
officers and senior officers in connection with the purchase of Common Shares in
2002 under the 2002 Funded Share Purchase Plan and under all other programs. The
aggregate amount of such indebtedness of all officers, directors and employees
of the Corporation on September 27, 2004 was Cdn.$5,344,963. All loans
outstanding under the 1992 Funded Share Purchase Plan have been repaid.

           TABLE OF INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS
                  UNDER SECURITIES PURCHASE AND OTHER PROGRAMS

<Table>
<Caption>
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
                                                   INVOLVEMENT      LARGEST AMOUNT
                                                        OF        OUTSTANDING DURING          AMOUNT
                                                   CORPORATION        YEAR ENDED         OUTSTANDING AS AT
                                                        OR           JUNE 30, 2004      SEPTEMBER 27, 2004    SECURITY FOR
           NAME AND PRINCIPAL POSITION              SUBSIDIARY          (CDN.$)               (CDN.$)         INDEBTEDNESS
---------------------------------------------------------------------------------------------------------------------------
<S>                                                <C>            <C>                   <C>                   <C>
  SECURITIES PURCHASE PROGRAMS
  J.S. HOUSSIAN(1)                                    Lender           2,548,935(2)         2,523,697          Common
  Chairman, President and Chief Executive Officer                                                              Shares
---------------------------------------------------------------------------------------------------------------------------
  D.O. JARVIS(1)                                      Lender             496,708(2)           491,790          Common
  President and Chief Executive Officer,                                                                       Shares
  Leisure and Travel Group
---------------------------------------------------------------------------------------------------------------------------
  H.R. SMYTHE                                         Lender             542,471(2)           465,128          Common
  President and Chief Operating Officer,                                                                       Shares
  Leisure and Travel Group
---------------------------------------------------------------------------------------------------------------------------
  G.R. RAYMOND                                        Lender             594,585(2)           588,698          Common
  President and Chief Executive Officer,                                                                       Shares
  Intrawest Placemaking
---------------------------------------------------------------------------------------------------------------------------
  OTHER PROGRAMS
  J.E. CURRIE                                         Lender               6,126                  nil          Real
  Chief Financial Officer                                                                                      estate
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
</Table>

(1)  Messrs. Houssian and Jarvis are also directors of the Corporation.

(2)  This indebtedness is in relation to loans made pursuant to the 2002 Funded
     Share Purchase Plan and which were for a term of ten years each maturing on
     January 15, 2012.

     No securities were purchased during the most recently completed financial
year with financial assistance. None of the indebtedness was forgiven at any
time during the most recently completed financial year. There was no material
adjustment or amendment made during the most recently completed financial year
to the terms of the indebtedness.

DIRECTORS' AND OFFICERS' LIABILITY INSURANCE

     The Corporation maintains directors' and officers' liability insurance in
the aggregate amount of US$35 million, subject to a deductible in respect of
corporate reimbursement of $1,000,000 for each loss. In any case in which the
Corporation is not permitted by law to reimburse the insured, the deductible is
nil.

     In the year ended June 30, 2004, the aggregate amount charged against
earnings by the Corporation for the premium paid in respect of such insurance
was Cdn.$415,185. The policy does not specify that any part of the premium is
paid in respect of either directors as a group or officers as a group.

STATEMENT OF CORPORATE GOVERNANCE PRACTICES

GENERAL

     The Corporation is committed to the highest standards of corporate
governance. The Board and each of its committees have continued to refine the
Corporation's governance policies and practices in light of regulatory
initiatives in North America that have been adopted to improve corporate
governance.

     In 1995 the Toronto Stock Exchange ("TSX") set out guidelines for corporate
governance (the "TSX Guidelines"). The Corporation's approach to corporate
governance is in full compliance with the TSX Guidelines.

                                        14
<PAGE>

In November 2002 the TSX circulated proposed amendments to the TSX Guidelines
which have not been adopted. In January 2004 Canadian securities regulators
published new proposals relating to effective corporate governance ("CSA
Proposals") and Multilateral Instruments 52-109 and 52-110 (collectively, the
"Audit Requirements") that became effective on March 30, 2004. The Audit
Requirements include requirements for CEO and CFO certification of disclosure
and audit committee composition and responsibilities. The CSA Proposals are
expected to replace the TSX Guidelines.

     The Board has reviewed the Corporation's corporate governance practices in
response to the U.S. Sarbanes-Oxley Act of 2002, applicable rules of the U.S.
Securities and Exchange Commission and the New York Stock Exchange ("NYSE")
Corporate Governance Standards (the "NYSE Standards"). The Board will continue
to review its corporate governance practices on an ongoing basis in response to
the evolving standards. The Corporation's corporate governance does not differ
significantly from that followed by U.S. domestic corporations under the NYSE
Standards.

     The Corporation has adopted Standards of Business Conduct which governs the
behaviour of its directors, officers and employees. The standards are available
on the Corporation's website at www.intrawest.com.

     The TSX Guidelines require that each listed company disclose on an annual
basis its approach to corporate governance with reference to the TSX Guidelines.
Intrawest's approach to corporate governance is set forth below and in Schedule
B to this Information Circular.

MANDATE OF THE BOARD

     Intrawest's Board of Directors will continue to assume responsibility for
stewardship of the Corporation. The mandate of the Board is to supervise the
management of the business and affairs of the Corporation, with the objective of
increasing shareholder value. In fulfilling its mandate, the Board, among other
things, has the following duties and objectives:

     -  adoption of a strategic planning process for the Corporation.

     -  succession planning for the Corporation including appointing, training
        and monitoring senior management.

     -  identification of the principal risks of the Corporation's business and
        ensuring the implementation of appropriate systems to manage these
        risks.

     -  adoption of a communications policy for the Corporation.

     -  the integrity of the Corporation's internal control and management
        information systems.

     There were seven meetings of the Board during the year ended June 30, 2004.
The frequency of meetings, as well as the nature of items discussed, depend upon
the state of Intrawest's affairs and the opportunities or risks which the
Corporation faces. Schedule A to this Information Circular sets out information
regarding attendance at Board and committee meetings during the year ended June
30, 2004.

     The Board of Directors has adopted the formal mandate set out in Schedule C
to this Information Circular.

COMPOSITION OF THE BOARD

     The TSX Guidelines recommend that a board of directors be constituted with
a majority of individuals who qualify as "unrelated directors." The TSX
Guidelines define an unrelated director as a director who is independent of
management and is free from any interest and any business or other relationship
which could, or could reasonably be perceived to, materially interfere with the
director's ability to act with a view to the best interests of the corporation,
other than interests and relationships arising from shareholding. The TSX
Guidelines also recommend that in circumstances where a corporation has a
"significant shareholder" (that is, a shareholder with the ability to exercise
the majority of the votes for the election of the directors attached to the
outstanding shares of the corporation) the board of directors should include a
number of directors who do not have interests in or relationships with either
the corporation or the significant shareholder and should fairly reflect the
investment in the corporation by shareholders other than the significant
shareholder.

     Intrawest's directors have examined the relevant definitions in the TSX
Guidelines and have individually considered their respective interests and
relationships in and with the Corporation. As a consequence the Board has
determined that of the nine proposed nominees for directors, seven are unrelated
directors and two are related directors. Messrs. Houssian and Jarvis are
"inside" directors (i.e., directors who are officers and/or employees of the

                                        15
<PAGE>

Corporation or any of its affiliates) and are, by definition, "related"
directors. The Corporation does not have a significant shareholder (as defined).
The Board and the Corporate Governance and Nominating Committee have determined
that nine to 12 directors is an appropriate size for the Board so as to
facilitate effective and efficient communication and decision making.

     The Corporation has an Audit Committee, a Corporate Governance and
Nominating Committee and a Human Resources Committee. Set out below is a
description of the committees of the Board, their mandates and their activities.

AUDIT COMMITTEE

     The Audit Committee reviews the annual and interim financial statements of
Intrawest and certain other public disclosure documents required by regulatory
authorities and makes recommendations to the Board with respect to such
statements and documents. The committee also makes recommendations to the Board
regarding the appointment of independent auditors, reviews the nature and scope
of the annual audit as proposed by the auditors and management, and reviews with
management the risks inherent in the Corporation's business and the risk
management programs relating thereto. The roles and responsibilities of the
Audit Committee are specifically defined so as to provide appropriate guidance
to committee members as to their duties. The committee provides and facilitates
a direct line of communication between Intrawest's external and internal
auditors and the Board to discuss and review specific issues as appropriate. The
committee's duties include overseeing and reviewing with the auditors and
management the adequacy of the Corporation's internal accounting control
procedures and systems.

     The Audit Committee is composed entirely of outside directors, all of whom
are also unrelated and independent directors. The committee met four times
during the year ended June 30, 2004.

     Under the U.S. Sarbanes-Oxley Act and related SEC rules, the Corporation
must disclose whether the Audit Committee is composed of at least one financial
expert, as defined in those rules. In addition, the NYSE requires that all Audit
Committee members be financially literate. Mr. Paul Manheim, Chairman of the
Audit Committee, is a financial expert and all members of the Audit Committee
are financially literate.

     The full mandate of the Audit Committee is set out in Schedule D to this
Information Circular. See also "Audit Committee Information" in the
Corporation's Annual Information Form for the year ended June 30, 2004 for more
information concerning the Audit Committee and its members.

CORPORATE GOVERNANCE AND NOMINATING COMMITTEE

     The Corporate Governance and Nominating Committee is responsible for the
nomination process for directors of the Corporation, the Corporation's response
to the TSX Guidelines, and for developing, monitoring and assessing the
Corporation's corporate governance system, the effectiveness of the Board of
Directors, its size and composition, its committees and the individual
performance of its directors. The Board has implemented procedures to be carried
out by the committee for annually assessing the effectiveness of the Board as a
whole, the Board committees and the contribution of individual directors,
considering performance-enhancing measures, recruiting new directors from time
to time and reviewing Board processes. The committee ensures that an annual
strategic planning process and review is carried out and periodically reviews
the directors' and officers' third-party liability insurance to ensure adequacy
of coverage. The Corporate Governance and Nominating Committee periodically
makes industry comparisons of directors' compensation in light of their risks
and responsibilities and reviews and makes recommendations to the Board
regarding the adequacy and form of the compensation of the directors. The Board
believes that the form and amount of compensation of directors is sufficient to
reflect realistically the responsibilities and risks involved in being an
effective director.

     The Corporate Governance and Nominating Committee is composed entirely of
outside directors, all of whom are also unrelated and independent directors. The
committee met three times during the year ended June 30, 2004.

     The full mandate of the Corporate Governance and Nominating Committee is
set out in Schedule E to this Information Circular.

HUMAN RESOURCES COMMITTEE

     The Human Resources Committee is responsible for reviewing the levels and
form of total compensation paid to the Corporation's employees and for
administering the Corporation's share compensation and long-term incentive
plans. The committee annually assesses the performance of the Chief Executive
Officer and the Chief Financial

                                        16
<PAGE>

Officer and determines their compensation and benefits. On an annual basis it
reviews and makes recommendations to the Board of Directors with respect to the
written objectives of the Chief Executive Officer and the Chief Financial
Officer. It also reviews and recommends a plan of succession for the
Corporation's senior management. The committee is responsible for reviewing the
Corporation's organizational structure and design to determine if they are
appropriate to carry out the business of the Corporation.

     The Human Resources Committee is composed entirely of outside directors,
all of whom are also unrelated and independent directors. The committee met ten
times during the year ended June 30, 2004.

     The full mandate of the Human Resources Committee is set out in Schedule F
to this Information Circular.

DECISIONS REQUIRING PRIOR BOARD APPROVAL

     In addition to those matters which must by law or by the articles or
by-laws of the Corporation be approved by the Board of Directors, management is
required to seek Board approval for major transactions. The Board of Directors
has delegated to senior management the authority to enter into various types of
transactions, including financing transactions, subject to specified
limitations.

SHARE OWNERSHIP GUIDELINES AND EQUITY COMPENSATION PLANS

     As described under "Statement of Executive Compensation -- Compensation of
Directors," the Board of Directors has adopted share ownership guidelines for
directors of the Corporation. All new equity compensation plans and material
revisions to the terms of such plans are subject to approval by shareholders of
the Corporation under the rules, requirements and policies of the TSX and the
NYSE. Where, under such rules, requirements and policies, equity compensation
plans are not subject to shareholder approval, the plans must be approved by the
Human Resources Committee.

2005 SHAREHOLDER PROPOSALS

     Shareholder proposals must be submitted no later than July 16, 2005 to be
considered for inclusion in the management information circular and the form of
proxy for the 2005 Annual Meeting, which is expected to be held on or about
November 7, 2005.

GENERAL

APPOINTMENT AND REVOCATION OF PROXIES

     The persons named in the enclosed form of proxy are directors of the
Corporation.

     A SHAREHOLDER OF THE CORPORATION HAS THE RIGHT TO APPOINT A PERSON TO
ATTEND AND ACT AS PROXYHOLDER ON THE SHAREHOLDER'S BEHALF AT THE MEETING OTHER
THAN THE PERSONS NAMED IN THE ENCLOSED FORM OF PROXY. IF A SHAREHOLDER DOES NOT
WANT TO APPOINT EITHER PERSON SO NAMED, THE SHAREHOLDER SHOULD INSERT IN THE
BLANK SPACE PROVIDED THE NAME AND ADDRESS OF THE PERSON WHOM THE SHAREHOLDER
WISHES TO APPOINT AS PROXYHOLDER. THAT PERSON NEED NOT BE A SHAREHOLDER OF THE
CORPORATION.

     A shareholder who has given a proxy may revoke it by (a) signing a proxy
bearing a later date and depositing it as provided under "Deposit of Proxy,"
below; (b) signing and dating a written notice of revocation (in the same manner
as the enclosed form of proxy is required to be executed, as set out under
"Validity of Proxy," below) and depositing such notice either at the registered
office of the Corporation, P.O. Box 10424, Pacific Centre, Suite 1300 - 777
Dunsmuir Street, Vancouver, British Columbia, Canada V7Y 1K2, Attention: Trevor
Bell at any time up to and including the last business day preceding the day of
the Meeting or with the chairman of the Meeting on the day of the Meeting, (c)
attending the Meeting in person and registering with the scrutineer thereat as a
shareholder present in person and signing and dating a written notice of
revocation or (d) in any other manner permitted by law. Such revocation will
have effect only in respect of those matters upon which a vote has not already
been cast pursuant to the authority conferred by the proxy.

VOTING OF SHARES REPRESENTED BY PROXY

     A proxy in the form of the enclosed form of proxy will confer discretionary
authority upon a proxyholder named therein with respect to the matters
identified in the enclosed Notice of Annual Meeting and in the form of proxy for
which no choice is specified (and with respect to amendments and variations
thereto and any other matter that may properly be brought before the Meeting).

                                        17
<PAGE>

     The shares of a shareholder represented by proxy will be voted or withheld
from voting in accordance with the instructions of the shareholder on any ballot
that may be called for and, if the shareholder specifies with certainty a choice
with respect to any matter to be acted upon, the shares of the shareholder will
be voted accordingly.

     In accordance with the rules of the New York Stock Exchange, brokers and
nominees may be precluded from exercising their voting discretion with respect
to certain matters to be acted upon (e.g., any proposal which would
substantially affect the rights or privileges of the Common Shares or adoption
or revision of equity compensation plans) and thus, in the absence of specific
instructions from the beneficial owner of shares, will not be empowered to vote
the shares on such matters. A broker non-vote will not be counted in determining
the number of shares necessary for approval of the proposals. Shares represented
by such broker non-votes will, however, be counted for purposes of determining
whether there is a quorum.

     IF NO CHOICE IS SPECIFIED BY A SHAREHOLDER IN A PROXY WITH RESPECT TO A
MATTER IDENTIFIED THEREIN AND ONE OF THE PERSONS NAMED IN THE ENCLOSED FORM OF
PROXY IS APPOINTED AS PROXYHOLDER, THE SHARES OF THE SHAREHOLDER REPRESENTED BY
THE PROXY WILL BE VOTED IN FAVOUR OF SUCH MATTER.

VALIDITY OF PROXY

     A PROXY WILL NOT BE VALID UNLESS IT IS DATED AND SIGNED BY THE SHAREHOLDER
OR BY THE SHAREHOLDER'S ATTORNEY DULY AUTHORIZED IN WRITING. IN THE CASE OF A
SHAREHOLDER THAT IS A CORPORATION, A PROXY WILL NOT BE VALID UNLESS IT IS
EXECUTED UNDER ITS SEAL OR BY A DULY AUTHORIZED OFFICER OR AGENT OF, OR ATTORNEY
FOR, SUCH CORPORATE SHAREHOLDER. IF A PROXY IS EXECUTED BY AN ATTORNEY OR AGENT
FOR AN INDIVIDUAL SHAREHOLDER OR JOINT SHAREHOLDERS, OR BY AN OFFICER, ATTORNEY,
AGENT OR OTHER AUTHORITY FOR A CORPORATE SHAREHOLDER, THE INSTRUMENT EMPOWERING
THE OFFICER, ATTORNEY OR AGENT, AS THE CASE MAY BE, OR A NOTARIAL COPY THEREOF,
SHOULD ACCOMPANY THE PROXY.

     A vote cast in accordance with the terms of a proxy will be valid
notwithstanding the previous death, incapacity or bankruptcy of the shareholder
or intermediary on whose behalf the proxy was given or the revocation of the
appointment, unless written notice of such death, incapacity, bankruptcy or
revocation is received by the chairman of the Meeting at any time before the
vote is cast.

DEPOSIT OF PROXY

     IN ORDER TO BE VALID AND EFFECTIVE, PROXIES MUST BE DEPOSITED WITH CIBC
MELLON TRUST COMPANY, 1066 WEST HASTINGS STREET, SUITE 1600, THE OCEANIC PLAZA,
VANCOUVER, BRITISH COLUMBIA, CANADA V6E 3X1 BY NO LATER THAN 11:00 A.M.
(VANCOUVER TIME) ON NOVEMBER 5, 2004 OR DELIVERED TO THE CHAIRMAN OF THE MEETING
PRIOR TO THE COMMENCEMENT OF THE MEETING.

NON-REGISTERED SHAREHOLDERS

     Non-registered shareholders whose shares may be registered in the name of a
third party, such as a broker or trust company, may exercise voting rights
attached to shares beneficially owned by them. Applicable securities laws
require intermediaries to seek voting instructions from non-registered
shareholders. Accordingly, unless a non-registered shareholder has previously
instructed their intermediaries that they do not wish to receive materials
relating to shareholders' meetings, non-registered shareholders should receive
or have already received from their intermediary either a request for voting
instructions or a proxy form. Intermediaries have their own mailing procedures
and provide their own instructions. These procedures may allow voting by
telephone, on the Internet, by mail or by fax. Non-registered shareholders have
the right to attend and vote the shares owned by them directly at the meeting.
In these circumstances the non-registered holder should follow the procedure in
the directions and instructions provided by or on behalf of the intermediary and
insert their name in the space provided on the request for voting instructions
or proxy form or request a form of proxy which will grant the non-registered
holder the right to attend the meeting and vote in person. NON-REGISTERED
SHAREHOLDERS SHOULD CAREFULLY FOLLOW THE DIRECTIONS AND INSTRUCTIONS OF THEIR
INTERMEDIARY, INCLUDING THOSE REGARDING WHEN AND WHERE THE COMPLETED REQUEST FOR
VOTING INSTRUCTIONS OR FORM OF PROXY IS TO BE DELIVERED.

     Only registered shareholders have the right to revoke a proxy.
Non-registered shareholders who wish to change their vote must, in sufficient
time in advance of the Meeting, arrange for their intermediaries to change the
vote and if necessary revoke their proxy.

                                        18
<PAGE>

AMENDMENTS OR VARIATIONS AND OTHER MATTERS

     The management of Intrawest is not now aware of any amendments to or
variations of any of the matters identified in the enclosed Notice of Annual
Meeting nor of any other matter which may be brought before the Meeting.
However, a proxy in the form of the enclosed form will confer discretionary
authority upon a proxyholder named therein to vote on any amendments to or
variations of any of the matters identified in the enclosed Notice of Annual
Meeting and on any other matter which may properly be brought before the
Meeting.

VOTING SHARES AND PRINCIPAL HOLDERS OF VOTING SHARES

     The Corporation has issued and there are outstanding 47,921,744 Common
Shares. Holders of Common Shares are entitled to one vote for each Common Share
held. Holders of Common Shares of record at the close of business on September
27, 2004 are entitled to receive notice of and to attend and vote at the
Meeting.

     To the knowledge of the directors and executive officers of the
Corporation, there is no person who beneficially owns, directly or indirectly,
or exercises control or direction over, Common Shares carrying 10% or more of
the voting rights attached to all voting securities of the Corporation.

ADDITIONAL INFORMATION

     Additional information relating to the Corporation is on SEDAR at
www.sedar.com. Financial information is provided in the Corporation's
comparative financial statements and Management's Discussion and Analysis for
the most recently completed financial year. Intrawest will provide upon request
to the Corporate Secretary the Corporation's comparative consolidated financial
statements and Management's Discussion and Analysis for its most recently
completed financial year together with the accompanying report of the auditor,
one copy of the most recent interim financial statements of the Corporation for
any period subsequent to the financial statements for the Corporation's most
recently completed financial year and the Corporation's information circular in
respect of its most recent annual meeting of shareholders that involved the
election of directors. The Corporation may require the payment of a reasonable
charge if a person who is not a securityholder of the Corporation makes the
request for information.

                              APPROVAL OF CIRCULAR

     The Board of Directors of Intrawest has approved the contents of this
Information Circular and authorized its mailing.

                                         -s- Joe S. Houssian

                                         Joe S. Houssian
                                         Chairman of the Board

Vancouver, British Columbia
September 27, 2004

                                        19
<PAGE>

                                   SCHEDULE A

                         ATTENDANCE RECORD OF DIRECTORS
                        FOR THE YEAR ENDED JUNE 30, 2004

<Table>
<Caption>
                                                                   CORPORATE
                                                                 GOVERNANCE AND      HUMAN
                                                      AUDIT        NOMINATING      RESOURCES    COMMITTEE
DIRECTOR                                  BOARD     COMMITTEE      COMMITTEE       COMMITTEE     TOTALS
--------                                  ------    ---------    --------------    ---------    ---------
<S>                                       <C>       <C>          <C>               <C>          <C>
R. Thomas M. Allan(1)...................  3 of 6     2 of 3                          2 of 2       4 of 5
Joe S. Houssian.........................  7 of 7                                                     n/a
Daniel O. Jarvis........................  7 of 7                                                     n/a
David A. King...........................  7 of 7     4 of 4          3 of 3                       7 of 7
Gordon H. MacDougall....................  6 of 7                     2 of 3         9 of 10     11 of 13
Paul M. Manheim.........................  7 of 7     4 of 4                        10 of 10     14 of 14
Paul A. Novelly.........................  6 of 7     1 of 2          2 of 3                       3 of 5
Bernard A. Roy..........................  6 of 7                                   10 of 10     10 of 10
Khaled C. Sifri.........................  6 of 7     2 of 2          2 of 2                       4 of 4
Nicholas C.H. Villiers..................  5 of 7                     1 of 1          3 of 3       4 of 4
</Table>

---------------

(1)  Mr. Allan passed away on May 5, 2004.

                                        20
<PAGE>

                                   SCHEDULE B

<Table>
<Caption>
              TSX GUIDELINES                 ALIGNMENT                    COMMENTS
<S>   <C>                                    <C>         <C>
(1)   The board should explicitly assume        Yes      The Board has assumed responsibility for
      responsibility for stewardship of                  the stewardship of the Corporation and
      the corporation and specifically                   supervises the management of the business
      for:                                               and affairs of the Corporation, with the
                                                         objective of increasing shareholder value.
                                                         The Board has adopted the formal mandate
                                                         set out in Schedule C to this Information
                                                         Circular.

      (a) adoption of a strategic planning      Yes      The Board has assumed responsibility for
          process;                                       adoption of a strategic planning process
                                                         for the Corporation. The Board meets
                                                         annually with management for a
                                                         comprehensive strategic planning session.
                                                         The Corporation's business plan is
                                                         reviewed and approved on an annual basis
                                                         and the Board must approve any transaction
                                                         that would have a significant impact on
                                                         the plan.

      (b) identification of the principal       Yes      The Board ensures that an appropriate risk
          risks of the corporation's                     assessment process is in place to
          business and ensuring                          identify, assess and manage the
          implementation of appropriate                  Corporation's principal risks. The Board
          systems to manage those risks;                 reviews and approves, at least annually, a
                                                         business plan which takes into account the
                                                         opportunities and risks of the business,
                                                         and monitors the implementation of the
                                                         business plan by management.

      (c) succession planning, including        Yes      The Human Resources Committee reviews the
          appointing, training and                       organizational structure, remuneration of
          monitoring senior management;                  senior management and succession planning.
                                                         The Human Resources Committee also
                                                         conducts an annual review and assessment
                                                         of the performance of the President and
                                                         Chief Executive Officer and the Chief
                                                         Financial Officer.
</Table>

                                        21
<PAGE>

<Table>
<Caption>
              TSX GUIDELINES                 ALIGNMENT                    COMMENTS
<S>   <C>                                    <C>         <C>
      (d) communications policy;                Yes      The Board has put processes in place to
                                                         monitor effective, timely and
                                                         non-selective communications between
                                                         Intrawest, its stakeholders and the
                                                         public. The Board, or the appropriate
                                                         committee, reviews the content of major
                                                         communications to the investing public,
                                                         including the quarterly and annual
                                                         reports, and approves the information
                                                         circular, the annual information form and
                                                         any prospectuses that may be issued. The
                                                         information is then released through
                                                         shareholder mailings and news wire
                                                         services and published on Intrawest's
                                                         website at www.intrawest.com. Intrawest
                                                         has an investor relations group that
                                                         responds to analyst, institutional and
                                                         individual shareholder inquiries. In
                                                         addition, Intrawest responds to inquiries
                                                         from media, government and the public.

      (e) integrity of internal control         Yes      The Audit Committee acts on behalf of the
          and management information                     Board in monitoring internal accounting
          systems.                                       controls and management information
                                                         systems.

(2)   A majority of directors should be         Yes      The Board has determined that seven of the
      "unrelated."                                       nine proposed nominees for directors are
                                                         unrelated to and independent of Intrawest.
                                                         If the proposed directors are elected to
                                                         the Board, only Joe S. Houssian and Daniel
                                                         O. Jarvis are related, non-independent
                                                         directors.

(3)   The board has responsibility for          Yes      Messrs. Houssian and Jarvis are officers
      applying the definition of                         and employees of Intrawest and are related
      "unrelated director" to each                       directors. The Board has determined that
      individual director and for                        the remainder of the proposed directors
      disclosing annually the analysis of                are non-management, unrelated and
      the application of the principles                  independent directors.
      supporting this conclusion.

(4)   The board should appoint a committee      Yes      The Corporate Governance and Nominating
      of directors composed exclusively of               Committee, all of the members of which are
      outside (i.e., non-management)                     unrelated and outside directors, reviews
      directors, a majority of whom are                  annually the general and specific criteria
      "unrelated" directors, with                        applicable to candidates to be considered
      responsibility for proposing new                   for nomination to the Board and recommends
      nominees to the board and for                      individuals for nomination as directors.
      assessing directors on an ongoing                  The objective of this review is to ensure
      basis.                                             that the composition of the Board provides
                                                         the best mix of skills and experience to
                                                         supervise the management of the business
                                                         and affairs of Intrawest. The Corporate
                                                         Governance and Nominating Committee also
                                                         assesses the individual performance of
                                                         directors on an annual basis.
</Table>

                                        22
<PAGE>

<Table>
<Caption>
              TSX GUIDELINES                 ALIGNMENT                    COMMENTS
<S>   <C>                                    <C>         <C>
(5)   The board should implement a              Yes      The Corporate Governance and Nominating
      process, to be carried out by an                   Committee undertakes an annual assessment
      appropriate committee, for assessing               of the overall performance of the Board as
      the effectiveness of the board, its                a whole, its committees and the
      committees and the contribution of                 contribution of individual members. An
      individual directors.                              annual questionnaire is used in the
                                                         evaluation of the contribution of
                                                         individual directors. Formal interviews
                                                         with each director and each member of
                                                         Intrawest's executive leadership team are
                                                         also carried out by the lead director
                                                         annually with respect to this matter.

(6)   Provide an orientation and education      Yes      New directors are provided with an
      program for new directors.                         orientation and education program approved
                                                         by the Corporate Governance and Nominating
                                                         Committee. In addition to having extensive
                                                         discussions with the Chairman of the Board
                                                         with respect to the business and
                                                         operations of the Corporation, new
                                                         directors receive a record of historical
                                                         public information concerning the
                                                         Corporation together with the mandates and
                                                         prior minutes of meetings of applicable
                                                         committees of the Board. In addition,
                                                         meetings of the Board are regularly held
                                                         at the Corporation's resort locations in
                                                         order to assist the directors in better
                                                         understanding the Corporation's
                                                         operations.

(7)   The board should examine its size         Yes      The Corporate Governance and Nominating
      with a view to determining whether                 Committee reviews annually the size of the
      the number of directors facilitates                Board and recommends changes in the size
      effective decision-making.                         of the Board where applicable. The Board
                                                         and the Corporate Governance and
                                                         Nominating Committee have determined that
                                                         nine to 12 directors is an appropriate
                                                         size to facilitate effective and efficient
                                                         communication and decision-making.

(8)   The board of directors should review      Yes      The Corporate Governance and Nominating
      the adequacy and form of                           Committee reviews annually and recommends
      compensation of directors and ensure               to the Board the compensation of the
      the compensation realistically                     directors. The Corporate Governance and
      reflects the responsibilities and                  Nominating Committee periodically make
      risks involved in being an effective               industry comparisons of director
      director.                                          compensation and reviews director
                                                         compensation based on an outside report on
                                                         compensation paid in comparable companies.
                                                         The Board believes that the form and
                                                         amount of compensation of directors is
                                                         sufficient to reflect realistically the
                                                         responsibilities and risks involved in
                                                         being an effective director.
</Table>

                                        23
<PAGE>

<Table>
<Caption>
              TSX GUIDELINES                 ALIGNMENT                    COMMENTS
<S>   <C>                                    <C>         <C>
(9)   Committees of the board should            Yes      The Board believes that all committee
      generally be composed of outside                   members should be outside, unrelated and
      directors, a majority of whom are                  independent directors. The Audit
      unrelated although some board                      Committee, the Corporate Governance and
      committees may include one or more                 Nominating Committee and the Human
      inside directors.                                  Resources Committee are all composed
                                                         entirely of outside, unrelated and
                                                         independent directors.

(10)  The board should assume                   Yes      The Corporate Governance and Nominating
      responsibility for, or assign to a                 Committee has the responsibility for
      committee of directors, general                    developing, monitoring and assessing the
      responsibility for, developing the                 corporate governance principles applicable
      approach to corporate governance                   to the Corporation and the Corporation's
      issues. This committee would, among                response to the TSX Guidelines.
      other things, be responsible for the
      corporation's response to the TSX
      Guidelines.

(11)  The board of directors, together          Yes      The Board retains all powers not delegated
      with the Chief Executive Officer,                  by the Board to management or the Board
      should develop position descriptions               committees to manage and supervise the
      for the board and for the Chief                    business and affairs of Intrawest.
      Executive Officer, including the                   Management is expected to implement the
      definition of the limits to                        strategic policies of the Board and to
      management's responsibilities. The                 report to the Board the results thereof,
      board should approve or develop                    as well as to keep directors informed on a
      corporate objectives which the Chief               continuing basis. The Human Resources
      Executive Officer is responsible for               Committee and the Board annually review
      meeting.                                           and approve the corporate goals and
                                                         objectives of the CEO and evaluate the
                                                         CEO's performance in light of those goals
                                                         and objectives. The evaluation is used by
                                                         the Human Resources Committee in its
                                                         deliberations concerning the annual
                                                         compensation of the CEO. The evaluation of
                                                         Intrawest's performance against corporate
                                                         objectives also forms part of the
                                                         determination of the entire compensation
                                                         of all employees.
</Table>

                                        24
<PAGE>

<Table>
<Caption>
              TSX GUIDELINES                 ALIGNMENT                    COMMENTS
<S>   <C>                                    <C>         <C>
(12)  The board should have in place            Yes      Mr. Gordon H. MacDougall, who is an
      appropriate structures and                         outside, unrelated and independent
      procedures which ensure that it can                director, has been designated as lead
      function independently of                          director. As standard procedure, the
      management. An appropriate structure               outside directors meet independently at
      would be to (i) appoint a chair of                 least four times a year. Mr. MacDougall
      the board who is not a member of                   chairs all such meetings as well as all
      management with responsibility to                  meetings of the Board.
      ensure that the board discharges its
      responsibilities or (ii) adopt
      alternate means such as assigning
      this responsibility to a committee
      of the board or to a director,
      sometimes referred to as the "lead
      director." Appropriate procedures
      may involve the board meeting on a
      regular basis without management
      present or may involve assigning the
      responsibility for administering the
      board's relationship to management
      to a committee of the board.

(13)  The audit committee should be             Yes      The Audit Committee is composed entirely
      composed only of outside directors.                of outside, unrelated and independent
      The roles and responsibilities of                  directors. The Audit Committee has a
      the audit committee should be                      defined written charter that is described
      specifically defined so as to                      on page 16 and set out in Schedule D to
      provide appropriate guidance to                    this Information Circular. Mr. Paul M.
      audit committee members as to their                Manheim, the Chairman of the Audit
      duties. The audit committee should                 Committee, is a "financial expert" and all
      have direct communication channels                 members of the Audit Committee are
      with the internal and the external                 "financially literate," as these terms are
      auditors to discuss and review                     defined in the Sarbanes-Oxley Act,
      specific issues as appropriate. The                applicable SEC rules and applicable NYSE
      audit committee duties should                      rules.
      include oversight responsibility for
      management reporting on internal
      control. While it is management's
      responsibility to design and
      implement an effective system of
      internal control, it is the
      responsibility of the audit
      committee to ensure that management
      has done so.

(14)  The board should implement a system       Yes      Intrawest recognizes that individual
      to enable an individual director to                directors may wish to engage the services
      engage an outside advisor at the                   of an independent advisor to assist in
      corporation's expense in appropriate               matters concerning their responsibilities
      circumstances. The engagement of the               as Board or committee members. The Board
      outside advisor should be subject to               has determined that individual directors
      the approval of an appropriate                     may engage outside advisors with the
      committee of the board.                            authorization of the Corporate Governance
                                                         and Nominating Committee. Each committee
                                                         charter specifically authorizes such
                                                         committee to retain outside advisors as it
                                                         deems necessary to carry out its duties.
</Table>

                                        25
<PAGE>

                                   SCHEDULE C

                             INTRAWEST CORPORATION
                       MANDATE OF THE BOARD OF DIRECTORS

     -  Adopt a strategic planning process, reviewing and approving, at least
        annually, a business plan which takes into account the opportunities and
        risks of the business, and monitoring the implementation of the business
        plan by management.

     -  Select the President and Chief Executive Officer, appoint executive
        management and monitor their performance.

     -  Identify the principal risks of the Corporation's business and ensure
        the implementation of the appropriate systems to manage these risks.

     -  Oversee succession planning for the Corporation including appointing,
        training and monitoring senior management.

     -  Adopt a communications policy which deals with how the Corporation
        interacts with analysts, investors and the public.

                                        26
<PAGE>

                                   SCHEDULE D

                             INTRAWEST CORPORATION
                            AUDIT COMMITTEE CHARTER

I.   AUDIT COMMITTEE PURPOSE

The Audit Committee is appointed by the Board of Directors to assist the Board
in fulfilling its oversight responsibilities for:

     -  The integrity of the Corporation's financial statements.

     -  The Corporation's compliance with legal and regulatory requirements.

     -  The independent auditor's qualifications and independence.

     -  The performance of the Corporation's internal audit function and
        external auditors.

The Audit Committee has authority to conduct or authorize investigations into
any matters within its scope of responsibility. It is empowered to:

     -  Propose the appointment, approve the compensation and oversee the work
        of the public accounting firm employed by the Corporation to conduct the
        annual audit. This firm will report directly to the Audit Committee.

     -  Resolve any disagreements between management and the external auditor
        regarding financial reporting.

     -  Pre-approve all auditing and permitted non-audit services performed by
        the Corporation's external auditor.

     -  Retain independent counsel, accountants or others to advise the
        Committee or assist in the conduct of an investigation.

     -  Seek any information it requires from employees, all of whom are
        directed to cooperate with the Committee's requests, or external
        parties.

     -  Meet with the Corporation's officers, external auditors or outside
        counsel, as necessary.

II.  AUDIT COMMITTEE COMPOSITION AND MEETINGS

The Audit Committee shall be comprised of three or more directors, each of whom
shall be independent of management and free from any relationship that, in the
opinion of the Board of Directors, would interfere with the exercise of their
independent judgment as a committee member. All members of the Committee shall
be financially literate and at least one member of the Committee shall be
designated as a financial expert as defined by applicable legislation and
regulation.

The Committee shall meet at least four times annually, or more frequently as
circumstances dictate. The Audit Committee Chairman shall prepare and/or approve
an agenda in advance of each meeting. The Committee will invite members of
management, auditors or others to attend meetings and provide pertinent
information, as necessary. It will meet separately, periodically, with
management, with internal auditors and with external auditors. It will also meet
periodically in executive session.

III. AUDIT COMMITTEE RESPONSIBILITIES AND DUTIES

The Committee will carry out the following responsibilities:

     A. FINANCIAL REPORTING

     -  Review significant accounting and reporting issues and understand their
        impact on the financial statements.

     -  Discuss the annual audited financial statements and quarterly financial
        statements with management and the external auditors, including the
        Corporation's disclosures under "Management's Discussion and Analysis of
        Financial Condition and Results of Operations" and approve the financial
        statements and recommend their approval to the Board.

                                        27
<PAGE>

     -  Review disclosures made by the Chief Executive Officer and Chief
        Financial Officer during the certification process.

     -  Discuss earnings news releases as well as financial information and
        earnings guidance provided to analysts and rating agencies.

     B. INTERNAL CONTROL

     -  Review reports on the effectiveness of the Corporation's internal
        control system, including information technology security and control.

     -  Understand the scope of the internal and external auditors' review of
        internal control over financial reporting, and obtain reports on
        significant findings and recommendations, together with management's
        responses.

     C. EXTERNAL AUDIT

     -  Review the external auditor's proposed audit scope and approach,
        including coordination of audit effort with internal audit.

     -  Review the performance of the external auditors and recommend their
        appointment or discharge to the Board.

     -  Ensure the rotation of the lead audit partner every five years and other
        audit partners every seven years and consider whether there should be
        regular rotation of the audit firm itself.

     -  Present its conclusions with respect to the external auditor to the full
        Board.

     D. INTERNAL AUDIT

     -  Review with management and the Vice President, Internal Audit Services
        the charter, plans, activities, staffing and organizational structure of
        the internal audit function.

     -  Confirm and assure the independence of the internal audit function and
        concur in the appointment, replacement or dismissal of the Vice
        President, Internal Audit Services.

     -  Review the effectiveness of the internal audit function.

     -  Meet separately with the Vice President, Internal Audit Services, on a
        regular basis, to discuss any matters that the Committee or internal
        audit believes should be discussed privately.

     E. COMPLIANCE

     -  Review with the Corporation's counsel and management, at least annually,
        any legal matters that could have significant impact on the
        organization's financial statements.

     -  Review with management the effectiveness of the Corporation's system for
        monitoring compliance with applicable laws, regulations and inquiries
        received from regulators or governmental agencies.

     -  Establish procedures for the receipt, retention and treatment of
        complaints received by the Corporation regarding accounting, internal
        control or auditing matters and for the confidential, anonymous
        submission by employees of the Corporation regarding questionable
        accounting or auditing matters.

IV. OTHER RESPONSIBILITIES

     -  Maintain minutes of meetings and periodically report to the Board of
        Directors about Committee activities.

     -  Review and assess the adequacy of this Charter at least annually and
        submit the Charter to the Board of Directors for approval.

     -  Annually assess the effectiveness of the Committee against its Charter
        and report the results of the assessment to the Board.

     -  Perform any other activities consistent with this Charter, as requested
        by the Board.

                                        28
<PAGE>

                                   SCHEDULE E

                             INTRAWEST CORPORATION
             CORPORATE GOVERNANCE AND NOMINATING COMMITTEE CHARTER

I.    CORPORATE GOVERNANCE AND NOMINATING COMMITTEE PURPOSE

The Corporate Governance and Nominating Committee is appointed by the Board of
Directors to assist the Board in fulfilling its responsibility to shareholders,
potential shareholders and the investment community regarding corporate
governance and the nomination process for directors of the Corporation.

The Corporate Governance and Nominating Committee has the authority to conduct
any investigation appropriate to fulfilling its responsibilities. The Corporate
Governance and Nominating Committee can retain, at the Corporation's expense,
special consultants or experts it deems necessary in the performance of its
duties.

II.   CORPORATE GOVERNANCE AND NOMINATING COMMITTEE COMPOSITION AND MEETINGS

The Corporate Governance and Nominating Committee shall be comprised of a
minimum of three directors, each of whom shall be independent of management and
free from any relationship that, in the opinion of the Board of Directors, would
interfere with the exercise of their independent judgment as a committee member.

The Committee shall meet at least twice annually. The Corporate Governance and
Nominating Committee Chairman shall prepare and/or approve an agenda in advance
of each meeting.

III.  CORPORATE GOVERNANCE AND NOMINATING COMMITTEE RESPONSIBILITIES AND DUTIES

(i)   Review Procedures

1.    Consider and review criteria for selecting candidates for possible
      election to the Board in light of the Corporation's circumstances and
      needs.

2.    Recommend to the Board individuals for nomination for election as
      directors of the Corporation at annual meetings of shareholders.

3.    Recommend to the Board individuals for appointment as directors of the
      Corporation to fill vacancies or for newly created director positions.

4.    Review, at least annually, the size and composition of the Board, taking
      into account age, geographical representation, competencies and skills and
      other issues it considers appropriate.

5.    Review and assess the adequacy of the Corporation's policies and practices
      on corporate governance, the effectiveness of the Board as a whole, its
      size and composition, its committees and the individual performance of its
      directors.

6.    Review annually the Corporation's directors' and officers' third-party
      liability insurance to ensure adequacy of coverage.

7.    Review annually and recommend to the Board the compensation structure for
      non-employee directors for Board and committee service.

8.    Review and approve an appropriate orientation and education program for
      new members of the Board.

9.    Consider and, if thought fit, approve requests from directors or
      committees of directors for the engagement of outside advisors, such
      engagement to be at the Corporation's expense.

(ii)  Other Responsibilities

10.   Annually assess the effectiveness of the Committee against its Charter and
      report the results of the assessment to the Board.

11.   Perform any other activities consistent with this Charter, the
      Corporation's by-laws, and governing law, as the Committee or the Board
      deems necessary or appropriate.

12.   Maintain minutes of meetings and periodically report to the Board of
      Directors about Committee activities.

                                        29
<PAGE>

                                   SCHEDULE F

                             INTRAWEST CORPORATION
                       HUMAN RESOURCES COMMITTEE CHARTER

I.    HUMAN RESOURCES COMMITTEE PURPOSE

The Human Resources Committee is appointed by the Board of Directors to assist
the Board in fulfilling its responsibility to shareholders, potential
shareholders and the investment community regarding the levels and form of total
compensation paid to the Corporation's employees.

The Human Resources Committee has the authority to conduct any investigation
appropriate to fulfilling its responsibilities. The Human Resources Committee
can retain, at the Corporation's expense, compensation or other consultants or
experts it deems necessary in the performance of its duties.

II.   HUMAN RESOURCES COMMITTEE COMPOSITION AND MEETINGS

The Human Resources Committee shall be comprised of at least three directors,
each of whom shall be independent of management and free from any relationship
that, in the opinion of the Board of Directors, would interfere with the
exercise of their independent judgment as a committee member.

The Committee shall meet at least four times annually. The Human Resources
Committee Chairman shall prepare and/or approve an agenda in advance of each
meeting.

III.  HUMAN RESOURCES COMMITTEE RESPONSIBILITIES AND DUTIES

(i)   Review Procedures

1.    Review and assess the adequacy of this Charter at least annually and
      submit it to the Board of Directors for approval.

2.    Annually review and approve corporate goals and objectives relevant to
      Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO")
      compensation and evaluate the CEO's and CFO's performance in light of
      those goals and objectives.

3.    Annually review and determine base salary, incentive compensation and
      long-term compensation for the CEO and the CFO. In its review the
      Committee will consider the Corporation's performance, relative
      shareholder return, the value of similar incentive awards to CEOs and CFOs
      at comparable companies and the awards given to the CEO and the CFO in
      past years.

4.    Establish the succession plan for the CEO position for review with the
      Board.

5.    Review the levels and form of the total compensation of the Corporation's
      senior management.

6.    Approve management succession and development plans for the Corporation's
      senior management.

7.    Oversee and monitor employee compensation strategies and benefits.

8.    Produce for review and approval by the Board a report on executive
      compensation for inclusion in the Corporation's information circular.

9.    Authorize, approve, adopt and oversee the Corporation's
      incentive-compensation plans and equity-based plans, including, without
      limitation, the Corporation's Stock Option Plan, Executive Long-Term
      Incentive Plan, Employee Share Purchase Plan, Funded Share Purchase Plans,
      Key Executive Employee Benefit Plan, Key Executive Deferred Share Unit
      Plan, Intrawest Corporation Whistler Blackcomb Employee Savings and Share
      Purchase Plan, Employee's Pension Plan and Designated Executives' Pension
      Plan (Registered Portion and Non-Registered Portion).

(ii)  Other Responsibilities

10.   Annually assess the effectiveness of the Committee against its Charter and
      report the results of the assessment to the Board.

11.   Perform any other activities consistent with this Charter, the
      Corporation's by-laws, and governing law, as the Committee or the Board
      deems necessary or appropriate.

12.   Maintain minutes of meetings and periodically report to the Board of
      Directors about Committee activities.

                                        30
<PAGE>

                             INTRAWEST CORPORATION

                             ANNUAL GENERAL MEETING
                                November 8, 2004

                                     PROXY

     The undersigned holder of common shares ("Common Shares") without par value
of Intrawest Corporation (the "Corporation") hereby appoints Joe S. Houssian or,
failing him, Daniel O. Jarvis or, instead of either of them,

--------------------------------------------------------------------------------

as proxyholder and nominee of the undersigned to attend and act at the Annual
Meeting of the Corporation to be held on November 8, 2004 and any adjournment
thereof (the "Meeting") with authority to vote thereat for and on behalf of the
undersigned and directs the proxyholder to vote the Common Shares of the
Corporation held by the undersigned in respect of the matters indicated below as
follows:

1.   The election as a director of the Corporation of:

<Table>
<Caption>
                                              FOR                  WITHHOLD VOTE
                                              ---                  -------------
<S>                                     <C>               <C>
    Joe S. Houssian                           [ ]                       [ ]
    Daniel O. Jarvis                          [ ]                       [ ]
    David A. King                             [ ]                       [ ]
    Gordon H. MacDougall                      [ ]                       [ ]
    Paul M. Manheim                           [ ]                       [ ]
    Paul A. Novelly                           [ ]                       [ ]
    Bernard A. Roy                            [ ]                       [ ]
    Khaled C. Sifri                           [ ]                       [ ]
    Nicholas C.H. Villiers                    [ ]                       [ ]
</Table>

2.   The appointment of KPMG LLP, Chartered Accountants as auditors of the
     Corporation:

     [ ] FOR            [ ] WITHHOLD VOTE

3.   The authority of the Audit Committee of the Board of Directors to fix the
     remuneration of the auditors:

     [ ] FOR            [ ] AGAINST

Date:                                              , 2004.
     ---------------------------------------------

---------------------------------------------------------------------------
Signature of Shareholder

Name of Shareholder:
                     ------------------------------------------------------
                                   (Please print clearly)

                       (PLEASE SEE OVER FOR INSTRUCTIONS)
<PAGE>

                                  INSTRUCTIONS

     If you are a registered holder of Common Shares and are unable to attend
the Meeting in person, please complete, sign and date the enclosed form of proxy
and return it to CIBC Mellon Trust Company, 1066 West Hastings Street, Suite
1600, The Oceanic Plaza, Vancouver, British Columbia, Canada V6E 3X1 by no later
than 11:00 a.m. (Vancouver time) on November 5, 2004.

     If you are a non-registered holder of Common Shares and receive these
materials through your broker or through another intermediary, please complete
and return the materials in accordance with the instructions provided to you by
your broker or by such other intermediary.

NOTE:

1.   THIS PROXY IS SOLICITED BY THE MANAGEMENT OF THE CORPORATION. Please refer
     to the Information Circular accompanying the enclosed Notice of Annual
     Meeting.

2.   The shares represented by this proxy will be voted or withheld from voting
     in accordance with the instructions of the shareholder on any ballot that
     may be called for and, if the shareholder specifies with certainty a choice
     with respect to any matter to be acted upon, such shares will be voted
     accordingly.

3.   THE AUTHORITY CONFERRED HEREUNDER MAY BE EXERCISED AT THE SOLE DISCRETION
     OF THE PROXYHOLDER IN RESPECT OF: (I) EACH MATTER SET OUT IN THE PROXY FOR
     WHICH NO CHOICE IS SPECIFIED; (II) ANY AMENDMENTS TO OR VARIATIONS OF ANY
     OF THE MATTERS IDENTIFIED IN THE ENCLOSED NOTICE OF ANNUAL MEETING; AND
     (III) OTHER BUSINESS WHICH MAY PROPERLY BE BROUGHT BEFORE THE MEETING.

4.   IF NO CHOICE IS SPECIFIED IN THIS PROXY AND ONE OF THE PERSONS NAMED IN
     THIS FORM OF PROXY IS APPOINTED AS PROXYHOLDER, THE SHARES REPRESENTED BY
     THIS PROXY WILL BE VOTED IN FAVOUR OF SUCH MATTER.

5.   A SHAREHOLDER HAS THE RIGHT TO APPOINT A PERSON, WHO NEED NOT BE A
     SHAREHOLDER, AS PROXYHOLDER AT THE MEETING OTHER THAN THE PERSONS NAMED IN
     THIS FORM OF PROXY AND MAY DO SO BY INSERTING IN THE BLANK SPACE PROVIDED
     THE NAME AND ADDRESS OF THE PERSON WHOM THE SHAREHOLDER WISHES TO APPOINT.

6.   IN ORDER TO BE VALID THIS FORM OF PROXY MUST BE DATED AND SIGNED BY THE
     SHAREHOLDER OR HIS ATTORNEY DULY AUTHORIZED IN WRITING OR, IF THE
     SHAREHOLDER IS A CORPORATION, UNDER ITS SEAL OR BY A DULY AUTHORIZED
     OFFICER OR AGENT THEREOF OR ATTORNEY THEREFOR.

(SEE "VALIDITY OF PROXY" ON PAGE 18 OF THE INFORMATION CIRCULAR)
<PAGE>

                                                            Affix Proper Postage

                         CIBC MELLON TRUST COMPANY
                         P.O. Box 1900
                         Vancouver, BC
                         V6C 3K9
<PAGE>

                             INTRAWEST CORPORATION
                     SUPPLEMENTAL MAILING LIST RETURN CARD

TO ALL REGISTERED AND NON-REGISTERED SHAREHOLDERS:
As a shareholder of INTRAWEST CORPORATION you are entitled to receive our
Interim Financial Statements. If you wish to receive them please complete, sign
and return this card. Your name will then be placed on the Supplemental Mailing
List maintained by our Transfer Agent and Registrar, CIBC Mellon Trust Company.
As long as your status remains the same with the custodian of your shares, you
will receive a card to complete, sign and return each year in order to continue
receiving Interim Financial Statements.

TO: INTRAWEST CORPORATION
Please add my name to the Supplemental Mailing List in order that I might
receive Interim Financial Statements.

<Table>
<S>                                                     <C>                     <C>

---------------------------------------------           -------------------------------------------------------------
Signature                                               Name (Please Print)

---------------------------------------------           -------------------------------------------------------------
Dated                                                   Number                  Street

                                                        -------------------------------------------------------------
                                                        City                    Province/State        Postal/Zip Code
</Table>

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