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The exposure grade does not take into account objective hazards (stone fall, seracs, etc) but only the consequences of the skier falling.
Low Exposure (E1): Exposure is limited to that of the slope itself. Getting hurt is still likely if the slope is steep and/or the snow is hard.
Medium Exposure (E2): As well as the slope itself, there are some obstacles (such as rock outcrops) which could aggravate injury.
High Exposure (E3): In case of a fall, death is highly likely.
Extreme Exposure (E4): In case of a fall, the skier faces certain death.
There are 5 main memorial chutes.
#1 is the uppermost that runs off the S summit of Olympus and the others follow to the N.
Number 1 is one of the most enjoyable, and the easiest of the 5 memorials.
Park at the Neffs Canyon trailhead in Mount Olympus Cove.
From here follow the road up into Neffs Canyon.
At the first junction head to the right up into N Fork of Neff's.
This trail is narrow and winds through the tight trees as it heads to the S.
The area is very brushy and can be a rough go in low snow years, or when conditions are thin, but persevere and you'll find yourself at the base of the Memorial Couloirs for some excellent steep and tight chute skiing. The pitch of Memorial #1 is fun, not too steep, and there is room to turn.
Be advised as it's still rock lined, and has a tight feel to it.
You can boot up this one, or start from the summit of Mount Olympus (S summit).
If you're starting from the summit you'll want to head E down the ridge.
This is very rocky, and may require some technical down climbing.
A rope isn't required, but may be a good idea to have anyways, depending on your comfort level with climbing rock in ski boots.
Stay on the ridge, and after a few hundred feet you'll come to a nice flat saddle.
This is the beginning of the chute that drops off to the NE.
There are a few trees, but mostly it's a nice clean chute that mellows out and ends in some tight trees.
From here you can continue to the left and that will put you at the base of Memorial #2 where you can head up and ski it, or drop out down Tolcat.
Lots of fun options once you're in the area.