Life Time Fitness, Inc. Announces Pricing of Initial Public Offering

EDEN PRAIRIE, Minn.--()--June 30, 2004--Life Time Fitness, Inc. (NYSE:LTM) today announced that its initial public offering of 9,900,000 shares of common stock has been priced at $18.50 per share. Life Time Fitness is selling 4,383,577 primary shares of common stock, and the selling shareholders are selling the remaining 5,516,423 shares of common stock. In addition, Life Time Fitness and the selling shareholders have granted the underwriters an option to purchase up to an additional 1,485,000 shares to cover over-allotments, if any. The Company will not receive any of the proceeds from the sales of shares of common stock by the selling shareholders.

Life Time Fitness common stock will be listed on the New York Stock Exchange under the symbol "LTM."

Credit Suisse First Boston and Merrill Lynch & Co. are serving as joint bookrunning managers for the offering, with Banc of America Securities LLC, UBS Investment Bank, Piper Jaffray, and William Blair & Company serving as co-managers.

When available, a final prospectus relating to the offering may be obtained by contacting Credit Suisse First Boston LLC, Prospectus Department, One Madison Avenue, New York, New York 10010-3629 or via telephone at 212-325-2580; or from Merrill Lynch & Co., 4 World Financial Center, New York, New York 10080 or via telephone at 212-449-1000.

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 the registration or qualification under the securities laws of any such state or jurisdiction.

About Life Time Fitness, Inc.

Life Time Fitness operates distinctive and large sports, athletic, fitness and family recreation centers. As of June 5, 2004, the Company operated 34 centers in eight states, including Arizona, Illinois, Indiana, Michigan, Minnesota, Ohio, Texas and Virginia. The Company also provides consumers with nutritional products and supplements, the award-winning healthy lifestyle magazine, Experience Life, world-class athletic events, full-service spas, cafes, personal training consultation, health and nutrition education, and corporate wellness programs. Life Time Fitness is headquartered in Eden Prairie, Minnesota (www.lifetimefitness.com).

Contacts

Life Time Fitness
Jason Thunstrom, 952-229-7435
jthunstrom@lifetimefitness.com

Contacts

Life Time Fitness
Jason Thunstrom, 952-229-7435
jthunstrom@lifetimefitness.com