Press Release

Fortress Private Equity Announces Pricing of Whistler Blackcomb IPO

Company Release - 11/2/2010 9:32 PM EDT

NEW YORK--(BUSINESS WIRE)-- Fortress Investment Group LLC (NYSE: FIG) today announced that Whistler Blackcomb Holdings Inc. (the “Corporation”) has filed a final Canadian prospectus for the initial public offering (the “Offering”) of 25,000,000 common shares of the Corporation at a price of C$12.00 per share. The Offering will generate total gross proceeds to the Corporation of C$300 million. Proceeds of the Offering will be used to facilitate the acquisition of a 75% interest in the partnerships that own the Whistler Blackcomb resort in British Columbia from Intrawest ULC.

The closing of the Offering is scheduled for November 9, 2010, subject to customary closing conditions. The Toronto Stock Exchange (the “TSX”) has conditionally approved the listing of the common shares of the Corporation on closing of the Offering under the symbol “WB”, subject to fulfilling the requirements of the TSX.

Following completion of the Offering, Intrawest ULC, an entity primarily owned by certain private equity funds managed by an affiliate of Fortress Investment Group LLC, will hold approximately 34% of the common shares of the Corporation. The underwriters have also been granted an over-allotment option to purchase up to an additional 3,750,000 common shares from Intrawest ULC, which option is exercisable for a period of 30 days. The Corporation will not receive any proceeds from the sale of these additional shares.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The shares have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About Fortress

Fortress is a leading global investment manager with approximately $41.7 billion in assets under management as of June 30, 2010. Fortress offers alternative and traditional investment products and was founded in 1998. For more information regarding Fortress Investment Group LLC or to be added to our e-mail distribution list, please visit

Cautionary Note Regarding Forward-Looking Statements

Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not necessarily limited to, statements regarding the closing of the Offering, the anticipated issuance of shares by Whistler Blackcomb Holdings Inc., the completion of the acquisition of the partnerships and other statements that are not historical facts. These statements are based on management's current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements; Fortress can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Fortress’s expectations include, but are not limited to, (a) customary closing conditions and (b) such other risk factors as may be discussed in the final prospectus relating to the Offering and reports filed by Fortress with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. Fortress expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Fortress's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

Source: Fortress Investment Group LLC


Fortress Investment Group LLC
Lilly H. Donohue, +1 212-798-6118
Gordon E. Runté, +1 212-798-6082