By Press Release

November 28, 2000

NEWRY, Me. and BEAVERTON, Ore. - American Skiing Company (NYSE: SKI) and Nike (NYSE: NKE) All Conditions Gear (ACG) today announced a five-year retail and marketing partnership that will result in significant brand exposure and increased awareness among both companies' target consumers.

Through this partnership, Nike ACG will become the official outdoor apparel supplier to American Skiing Company's resort personnel. Additionally, American Skiing Company's retail division will become an official retail licensee and operator of Nike ACG-branded stores and concept shops. The largest operator of alpine ski and snowboard resorts in the United States, American Skiing Company posts more than 5 million skier visits across its 9 resorts annually, representing approximately 10 percent of the nation's total skier visits.

The partnership will bring one of the world's most recognized brands to American Skiing Company's operations and greatly expands the availability of Nike ACG products to mountain enthusiasts nationwide. During the upcoming season, American Skiing Company will open the first stand-alone Nike ACG retail store in the Forum area of the resort village at The Canyons in Utah. Additionally, American Skiing Company plans to open several Nike ACG "shop in shops" (stores within a store) at resorts including Mount Snow and Killington in Vermont and Steamboat, Colorado.

"This is a remarkable program, in that it offers opportunities to all of our resorts and touches core segments of our operations," said Dana Bullen, vice president/partnership marketing for American Skiing Company. "This agreement enables us to sell Nike ACG products that are perfectly targeted to the active, performance-oriented clientele that visit our resorts. In return, we'll benefit from the marketing reach of the world's leading sports equipment company and gain exposure for our resorts and programs."

In addition to serving American Skiing Company's retail operations, Nike ACG apparel will be seen in action meeting the extreme technical requirements of American Skiing Company's resort personnel. Beginning in Winter 2002 and rolled out over three years, Nike ACG uniforms will be worn exclusively by more than 5,000 employees at all nine American Skiing Company resorts, including Perfect Turn� ski and snowboard professionals, ski patrollers, lift attendants and resort ambassadors.

"From the resort ski patrols to the "Perfect Turn" ski and snowboard instructors, Nike ACG apparel will be worn under the toughest of conditions, on the best of riders, all year round, really proving its place in the outdoor sports market," said Bobbie Parisi, marketing director for Nike ACG. "We're thrilled to be establishing such a strong retail presence at some of America's finest resorts and are proud that our sports apparel has been selected by an industry leader such as American Skiing Company."

Headquartered in Newry, Maine, American Skiing Company, founded by Leslie B. Otten, is the largest operator of alpine ski, snowboard and golf resorts in the United States. Its resorts include Steamboat in Colorado; Killington, Mount Snow and Sugarbush in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; The Canyons in Utah; and Heavenly in California/Nevada. More information is available on the company's website at www.peaks.com.

Nike ACG is a Division of NIKE Inc., based in Beaverton, Oregon. Nike ACG takes Nike to the outdoors with the creation of outdoor athletic footwear and apparel infused with the flavor and attitude of the outdoor athlete. Nike ACG Performance products focus on mountain biking, snowboarding, water sports, trail running and outdoor cross training. For additional information about Nike ACG, its products and business practices, visit nike.com.