1. STATE OF THE SNOW SPORTS MARKET May, 2012

2. The 2011/2012 Market Economy remains in recovery but relatively stable o Employment issues remain o European and Asian economic slowdowns likely Lack of snow explains sales and participation declines Pre-season orders projected declines of 10%-50% in equipment and accessories categories Retail margins down Feb – Nov to clear carryover

3. State of the Marketplace Consumer’s Perspective Recovery from the recession very slow for younger workers Wage growth flat Continued lack of vacation time and discretionary income Fuel, food, and apparel prices are rising Snow conditions terrible this season Retailer’s Perspective Snow not falling, consumers not buying Inventories required deep discounting in February Margins down in all categories Cash flow is a trickle Look to warm weather product to bring in customers and cash Supplier’s Perspective Pre-season equipment orders for equipment for 2012/2013 down 10% to 50% in equipment Marketing strategies meet with mixed success in new social media driven society Manufacturing costs overseas increasing due to labor initiatives, tariffs, materials costs increases, and currency policy Resort’s Perspective Skier visits down 5% to 40% at resorts Short season Participants age 25 to 35 have less time and discretionary income Baby boomers leaving the slopes at 150,000 per year with smaller Gen X behind them

4. The Snow Sports Market Lack of snow explains the difference between 2010/2011 and 2011/2012 Channels:  Specialty, $1.8B – down 14% in units and down 5% in dollars  Internet, $669M - up 11% in units and up 12% in dollars  Chain Stores, $691M – down 18% in units and down 12% in dollars Categories  Apparel, $1.25B - down 2% in units and flat in dollars  Accessories, $B - down 15% in units and down 8% in dollars  Equipment, $M - down 8% in units and down 3% in dollars  Services, up 1% in units and up 3% in dollars  Rentals, down 29% in units and down 5% in dollars Retail Births and Deaths** 236 buying managements went out of business in 2008 and 2009. 96 new buying managements opened in 2008 and 2009. Net difference of 140 buying managements in 2008 and 2009. Currently there are 3603 snow sports buying managements with 5222 storefronts. Margins: Specialty snow sports margins were down 4% overall through February of the 2011/2012 season. Apparel margins down 3%, equipment margins down 3%, and accessories margins down 4% Inventory units are up 37% in equipment, up 21% in apparel, and up 16% in accessories Source: *SIA RetailTRAK™ BY The Leisure Trends Group, August to February 2011/2012, **SIA Retail Database 2012

5. 5 Source: SIA Single Sports Reports, The Physical Activity Council 2011 Snow Sports Participation by Sport Alpine skiing participation declined 11% in the 2010/2011 season and snowboarding participation declined 8% despite heavier participation among core snow sports participants. Total participation in snow sports is 21M with another 11M who consider themselves skiers or riders but did not ski or ride in the past two seasons.

6. Opportunities Available on Both Ends of The Spectrum Source: SIA/Physical Activity Council Executive Summary 2011

7. Dollar Growth/Decline Season to Date Growth by Category Source: SIA RetailTRAK by Leisure Trends Group, Aug TO Feb 2010/2011 v. Aug to Feb 2011/2012 – CARRYOVER INCLUDED Dollars Sold as values ChainInternetSpecialty YTDYTD GrowthYTDYTD GrowthYTDYTD Growth Alpine Ski Equipment $25,408,557-33.92%$70,950,63923.82%$387,641,1750.64% Nordic Ski Equipment $5,480,833-10.37%$5,190,017-19.61%$20,671,598-32.33% Telemark Ski Equipment $217,867-23.59%$1,954,454-5.79%$1,234,025-31.33% Randonee/AT Ski Equipment $599,467-14.74%$6,490,3774.97%$2,515,372-20.09% Snowboard Equipment $32,472,865-22.13%$59,286,4877.32%$170,639,271-7.05% Apparel Tops $279,713,9970.64%$254,969,37512.21%$364,726,4354.61% Apparel Suits $838,186-45.94%$2,208,382-0.42%$3,179,590-8.17% Apparel Bottoms $47,290,144-16.82%$29,915,42712.34%$96,699,793-6.95% Snowboard Apparel $35,481,263-29.17%$40,098,5920.54%$96,430,167-10.33% Equipment Accessories $83,567,729-8.19%$92,911,35514.33%$259,484,505-8.70% Apparel Accessories $180,389,395-16.84%$105,452,29514.69%$322,397,047-13.53% Services/Repair $37,339,4813.23% Rental $56,667,003-4.64% All Products $691,460,302-11.53%$669,427,40012.24%$1,819,625,465-5.25%

8. Units Growth/Decline Season to Date Growth by Category Units Sold as values ChainInternetSpecialty YTDYTD GrowthYTDYTD GrowthYTDYTD Growth Alpine Ski Equipment 135,821-38.38%289,13027.44%1,494,1890.53% Nordic Ski Equipment 62,836-20.60%53,025-25.18%209,486-35.08% Telemark Ski Equipment 1,030-7.12%6,7820.03%4,018-36.18% Randonee/AT Ski Equipment 1,224-17.54%15,4115.19%5,984-18.47% Snowboard Equipment 226,979-23.97%283,4453.63%871,742-10.03% Apparel Tops 2,813,295-4.25%2,105,43313.02%2,496,1395.55% Apparel Suits 17,796-27.89%36,1596.72%41,5584.77% Apparel Bottoms 816,239-19.08%273,4297.30%832,684-11.58% Snowboard Apparel 361,286-30.36%294,761-1.59%767,205-5.78% Equipment Accessories 2,692,952-25.52%1,406,771-0.95%6,002,758-18.31% Apparel Accessories 6,212,569-18.16%3,010,42817.03%9,300,102-17.08% Services/Repair 1,415,6761.24% Rental 1,349,292-28.80% All Products 13,342,026-18.14%7,774,77510.50%24,790,833-13.95% Source: SIA RetailTRAK by Leisure Trends Group, Aug TO Feb 2010/2011 v. Aug to Feb 2011/2012 – CARRYOVER INCLUDED

9. Regional Sales Source: SIA RetailTRAK by Leisure Trends Group, Topline Regional Category West Specialty Sales $660M, up 1% Northeast Specialty Sales $496M, down 10% Midwest Specialty Sales $290M, down 6% South Specialty Sales $282M, down 9%

10. Looking Ahead: Threats and Opportunities Fallout from a terrible season: o Smaller orders o Conservative product mix o Bankruptcy – retail and supply o Consolidation Opportunity to leverage a better snow season in 2012/2013? How will slow downs in the European and Asian economies impact our economy? Will retailers sell through inflated inventories? How can we work together to keep snow sports healthy?