Document:

TERMINATION AGREEMENT

         This Termination Agreement (the "Agreement") dated as of August 22,
2001, by and among American Skiing Company, a Delaware corporation (the
"Company"), American Skiing Company Resort Properties, Inc., a Maine corporation
and a wholly owned subsidiary of the Company ("ASCRP") and Oak Hill Capital
Partners, L.P., a Delaware limited partnership (the "Purchaser").

                                           W I T N E S S E T H:
                                           - - - - - - - - - -

         WHEREAS, the Company, ASCRP and the Purchaser entered into a Securities
Purchase Agreement (as amended as of the date hereof, the "Purchase Agreement")
dated July 31, 2000;

         WHEREAS, the Company, ASCRP and the Purchasers wish to terminate the
Purchase Agreement;

         NOW, THEREFORE, in consideration of the premises and the mutual
agreements and covenants hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
Company, ASCRP and the Purchaser hereby agree as follows:

          1. Termination. As of the date hereof, the Purchase Agreement shall be
terminated.

          2. Company and ASCRP Release. In consideration for the releases
granted by the Purchaser in favor of the Company and ASCRP pursuant to this
Agreement, each of the Company and ASCRP hereby releases, forgives, waives and
discharges any and all claims of whatever nature which it now has or may have
against the Purchaser with respect to the Purchase Agreement.

          3. Purchaser Release. In consideration for the releases granted by the
Company and ASCRP in favor of the Purchaser pursuant to this Agreement, the
Purchaser hereby releases, forgives and discharges any and all claims of
whatever nature which it now has or may have against the Company, ASCRP, or any
officer, director, shareholder, successor or agent of either of them with
respect to the Purchase Agreement.

          4. Headings. The descriptive headings contained in this Agreement are
for convenience of reference only and shall not effect in any way the meaning or
interpretation of this Agreement.

          5. Severability. If any term or other provision of this Agreement is
held invalid, illegal or incapable of being enforced by any law or public
policy, all other terms and provisions of this Agreement shall nevertheless
remain in full force and effect unless the provisions held invalid, illegal or
unenforceable shall substantially impair the benefits of the remaining
provisions hereof.

<PAGE>

          6. Assignment. This Agreement shall inure to the benefit of and be
binding on the successors and assigns of each of the parties; provided, that no
party hereto shall assign its rights under this Agreement without the prior
written consent of the other parties.

          7.Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, all of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same Agreement.

          8. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY
CONFLICTS OF LAW PRINCIPLES THEREOF THAT MIGHT INDICATE THE APPLICABILITY OF THE
LAWS OF ANY OTHER JURISDICTION.

<PAGE>

              IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be duly executed as of the date first above written.

                                                 AMERICAN SKIING COMPANY

                                           By: /s/ Foster A. Stewart, Jr.
                                                Name: Foster A. Stewart, Jr.
                                                Title:  Senior Vice President

                                                 AMERICAN SKIING COMPANY RESORT
                                                 PROPERTIES, INC.

                                           By: /s/ Foster A. Stewart, Jr.
                                                Name: Foster A. Stewart, Jr.
                                                Title:  Senior Vice President

                                                 OAK HILL CAPITAL PARTNERS, L.P.

                                                 By: OHCP GenPar, L.P.,
                                                     its general partner

                                                 By: OHCP MGP, LLC,
                                                     its general partner

                                             By: /s/ John Monsky
                                                     Name:  John Monsky
                                                     Title:Amendment No. 1 to Securities Purchase Agreement

                  This Amendment No. 1 dated as of August 22, 2001 with respect
to the Securities Purchase Agreement dated as of July 15, 2001 (as amended, the
"Securities Purchase Agreement") among American Skiing Company, a Delaware
corporation (the "Company", Oak Hill Capital Partners, L.P., a Delaware limited
partnership ("OHCP"), Oak Hill Capital Management Partners, L.P., a Delaware
limited partnership ("OHCMP"), Oak Hill Securities Fund, L.P., a Delaware
limited partnership ("OHSF"), Oak Hill Securities Fund II, L.P., a Delaware
limited partnership ("OHSFII"), and OHCP Ski, L.P., a Delaware limited
partnership ("OHSKI"). OHCP, OHCMP, OHSF, OHSFII and OHSKI are collectively
referred to herein as the "Purchasers". Capitalized terms used but not otherwise
defined herein have the meanings ascribed to them in the Securities Purchase
Agreement.

                  WHEREAS, in accordance with the provisions of Section 8.07 of
the Securities Purchase Agreement, OHCP and OHCMP have each assigned to OHSF,
OHSFII and OHSKI the right to purchase certain of the securities initially
contemplated to be purchased by OHCP and OHCMP, and the parties desire to enter
into this Amendment for the purpose of recording the securities to be purchased
by the respective Purchasers at the Closing.

                  NOW THEREFORE, the signatories hereto hereby agree as follows:

                  1. Annex B, Annex C and Annex D to the Securities Purchase
Agreement are hereby amended to the forms thereof attached to this Amendment.

                  2. Exhibit E to the Securities Purchase Agreement is hereby
amended to the forms thereof attached to this Amendment.

                  3. The Securities Purchase Agreement is and shall remain in
full force and effect, without modification except as expressly set forth
herein.

<PAGE>

                  IN WITNESS WHEREOF, the Company and the Purchasers have caused
this Amendment to be executed as of the date first written above by their
respective officers thereunto duly authorized.

                                            AMERICAN SKIING COMPANY

                                            By:   /s/ Foster Stewart
                                                  ------------------------------
                                                  Name:  Foster Stewart
                                                  Title:  Secretary

<PAGE>

                                            OAK HILL CAPITAL PARTNERS, L.P.

                                            By:  OHCP GenPar, L.P.,
                                                 its general partner

                                            By:  OHCP MGP, LLC,
                                                 its general partner

                                            By:   /s/ John R. Monsky
                                                  ------------------------------
                                                  Name:  John R. Monsky
                                                  Title:    Vice President

                                            OAK HILL CAPITAL MANAGEMENT
                                            PARTNERS, L.P.

                                            By:  OHCP GenPar, L.P.,
                                                 its general partner

                                            By:  OHCP MGP, LLC,
                                                 its general partner

                                            By:   /s/ John R. Monsky
                                                  ------------------------------
                                                  Name:  John R. Monsky
                                                  Title:    Vice President

                                            OAK HILL SECURITIES FUND, L.P.

                                            By:   Oak Hill Securities
                                                  GenPar, L.P.,
                                                  its general partner

                                            By:   Oak Hill Securities MGP, Inc.,
                                                  its general partner

                                            By:   /s/ Glenn R. August
                                                  ------------------------------
                                                  Name:  Glenn R. August
                                                  Title:     President

<PAGE>

                                            OHCP SKI, L.P.

                                            By: Oak Hill Capital Partners, L.P.,
                                                its general partner

                                            By:  OHCP GenPar, L.P.,
                                                 its general partner

                                            By:   OHCP MGP, LLC,
                                                  its general partner

                                            By:   /s/ John R. Monsky
                                                  ------------------------------
                                                  Name:  John R. Monsky
                                                  Title:    Vice President

                                            OAK HILL SECURITIES FUND II, L.P.

                                            By:   Oak Hill Securities GenPar II,
                                                  L.P., its general partner

                                            By:   Oak Hill Securities MGP II,
                                                  Inc., its general partner

                                            By:   /s/ Glenn R. August
                                                  ------------------------------
                                                  Name:  Glenn R. August
                                                  Title:     President

<PAGE>

                                     ANNEX B

                                 JSN PURCHASERS

<TABLE>
                                                                   Principal Amount of
                                            Jurisdiction           Junior Subordinated
                Name                  and Type of Organization       Notes Purchased           Purchase Price
                ----                              ------------       ---------------           --------------

<S>                                         <C>                     <C>                       <C>
Oak Hill Capital Partners, L.P.             Delaware L.P.           $10,822,500               $10,822,500

Oak Hill Capital Management                 Delaware L.P.           $277,500                  $277,500
Partners, L.P.

Oak Hill Securities Fund, L.P.              Delaware L.P.           $616,667                  $616,667

Oak Hill Securities Fund II, L.P.           Delaware L.P.           $616,666                  $616,666

OHCP Ski, L.P.                              Delaware L.P.           $166,667                  $166,667

</TABLE>

<PAGE>

                                     ANNEX C

                             COMMON SHARE PURCHASERS

<TABLE>
                                              Jurisdiction              Number of
                 Name                   and Type of Organization     Shares Purchased          Purchase Price
                 ----                               ------------     ----------------          --------------

<S>                                          <C>                        <C>               <C>
Oak Hill Capital Partners, L.P.              Delaware L.P.              865,800           $865,800

Oak Hill Capital Management Partners,        Delaware L.P.              22,200            $22,200
L.P.

Oak Hill Securities Fund, L.P.               Delaware L.P.              49,334                   $49,334

Oak Hill Securities Fund II, L.P.            Delaware L.P.              49,333                   $49,333

OHCP Ski, L.P.                               Delaware L.P.              13,333                   $13,333

</TABLE>

<PAGE>

                                     ANNEX D

                      SERIES C-1 AND SERIES C-2 ALLOCATIONS
<TABLE>

                                                                        Number of               Percentage of
                                              Jurisdiction              Series C-1             Designated C-2
                 Name                   and Type of Organization     Preferred Shares           Share Number
                 ----                               ------------     ----------------           ------------

<S>                                          <C>                          <C>                      <C>
Oak Hill Capital Partners, L.P.              Delaware L.P.                34,632                   86.58%

Oak Hill Capital Management Partners,        Delaware L.P.                 888                      2.22%
L.P.

Oak Hill Securities Fund, L.P.               Delaware L.P.                1,974                    4.934%

Oak Hill Securities Fund II, L.P.            Delaware L.P.                1,973                    4.933%

OHCP Ski, L.P.                               Delaware L.P.                 533                     1.333%

</TABLE>

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