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The Sale of Mont Sutton

The majority of Ski Sutton Inc. minority Shareholders vote in favor of Ryan’s group offer

Sutton, March 8, 2016 – A new step has been taken in the acquisition of Ski Sutton Inc. by the group of local investors, led by Mont SUTTON’s general manager Jean-Michel Ryan. 91% of the shareholders voted in favor of Ryan’s group offer during the shareholders meeting, in the morning of March 8, 2016, at Mont SUTTON. In total, 91% of the majority and minority shareholders voted, and from this number, 97% voted in favor of the Ryan’s offer.

As planned, the transaction will be completed on March 10, 2016, after obtaining the final order from the court.

The Boulanger family is pleased that the minority shareholders have voted for Ryan’s group offer. “Since we concluded the agreement with Ryan’s group on January 26, 2016, we never stopped believing that this offer is the best for the future and the development of the mountain. The offer meets all of our wishes for the mountain. It respects the community, the employees, the shareholders and the customers of Mont SUTTON. We are happy to leave the mountain to this group”, said Hercule Boulanger at the end of the meeting.

This is what Jean-Michel Ryan, current general manager at Mont SUTTON and spokesperson for the group of investors, said at the end of the shareholders meeting: “My partners, Pierre Chesnay and Sylvain Gervais, and I, appreciate the confidence and trust marked from the Boulanger family and from all the shareholders, who have recognized the quality of our offer and accepted it. We would like to thank all of those who supported us throughout the process.”