|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net income attributable to Vail Resorts, Inc. was $235.7 million for the second fiscal quarter of 2018, an increase of 58.0% compared to net income of $149.2 million for the second fiscal quarter of 2017. Fiscal 2018 second quarter net income included a one-time, net tax benefit of approximately $64.6 million (or approximately $1.55 per diluted share) related to the recently enacted U.S. Tax Cuts and Jobs Act (the “Tax Act”). |

|         |                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA was $308.9 million for the second fiscal quarter of 2018, which includes the operations of Stowe and $1.4 million of acquisition and integration related expenses, compared to Resort Reported EBITDA of $305.2 million in the same period in the prior year, which included $2.1 million of acquisition and integration related expenses. |

|         |                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Company updated its fiscal 2018 guidance range and is now expecting Resort Reported EBITDA to be between $607 million and $627 million. |

|         |                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Company’s Board of Directors approved a 40% increase in the quarterly cash dividend to $1.47 per share from $1.053 per share beginning with the dividend payable on April 11, 2018 to stockholders of record as of March 27, 2018. |

----

----

----

----

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Total lift revenue increased $23.7 million, or 6.6%, compared to the same period in the prior year, to $381.9 million for the three months ended January 31, 2018, primarily due to strong North American pass sales growth for the 2017/2018 North American ski season and incremental operations of Stowe, partially offset by decreases in non-pass revenue at our western U.S. resorts as a result of lower non-pass skier visitation. |

|         |                                                                                                                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Ski school revenue increased $2.0 million, or 2.6%, for the three months ended January 31, 2018 compared to the same period in the prior year, primarily as a result of an increase in revenue at Whistler Blackcomb and incremental revenue from Stowe, partially offset by decreases in revenue at our western U.S. resorts. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Dining revenue decreased $0.5 million, or 0.8%, for the three months ended January 31, 2018, compared to the three months ended January 31, 2017, primarily as a result of delays in the opening of certain on-mountain dining venues and lower skier visitation at our western U.S. resorts, which were impacted by challenging ski season conditions, partially offset by incremental revenue from Stowe and an increase in revenue at Whistler Blackcomb. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Retail/rental revenue decreased $7.8 million, or 6.3%, for the three months ended January 31, 2018 compared to the same period in the prior year, primarily due to lower sales volumes at stores proximate to our western U.S. resorts, our other stores in Colorado and our stores in the San Francisco Bay Area which were also adversely impacted by challenging weather and ski conditions. These decreases were partially offset by incremental revenue from Stowe. |

|         |                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Operating expense increased $10.4 million, or 2.9%, for the three months ended January 31, 2018 compared to the three months ended January 31, 2017, primarily due to the inclusion of incremental operating expenses from Stowe. |

|         |                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------|
| • | Mountain Reported EBITDA increased $6.2 million, or 2.1%, for the fiscal quarter compared to the same period in the prior year. |

|         |                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Mountain Reported EBITDA includes $4.0 million of stock-based compensation expense for the three months ended January 31, 2018 compared to $3.7 million in the same period in the prior year. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging segment net revenue (excluding payroll cost reimbursements) for the three months ended January 31, 2018 decreased $2.1 million, or 3.4%, as compared to the same period in the prior year, primarily due to a decrease in ADR at our Colorado lodging properties and a reduction in operating results for Colorado Mountain Express (“CME”) as a result of lower snowfall at our Colorado resorts. |

|         |                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | For the three months ended January 31, 2018, ADR decreased 1.6% at the Company’s owned hotels and managed condominiums compared to the same period in the prior year, partially offset by an increase in occupancy of 0.3 percentage points. |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging Reported EBITDA for the three months ended January 31, 2018 decreased $2.5 million, or 40.8%, compared to the same period in the prior year. |

|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging Reported EBITDA includes $0.8 million of stock-based compensation expense for the both the three months ended January 31, 2018 and 2017. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort net revenue increased $14.5 million, or 2.0%, to $734.4 million for the three months ended January 31, 2018 as compared to the same period in the prior year, primarily due to strong North American pass sales growth for the 2017/2018 North American ski season and incremental operations of Stowe, partially offset by decreases in non-pass and ancillary revenue at our western U.S. resorts as a result of lower snowfall. |

|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA was $308.9 million for the three months ended January 31, 2018, an increase of $3.7 million, or 1.2%, compared to the same period in the prior year.  |

|         |                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Total net revenue increased $9.4 million, or 1.3%, to $734.6 million for the three months ended January 31, 2018 as compared to the same period in the prior year. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net income attributable to Vail Resorts, Inc. was $235.7 million, or $5.67 per diluted share, for the second quarter of fiscal 2018 compared to net income attributable to Vail Resorts, Inc. of $149.2 million, or $3.63 per diluted share, in the second fiscal quarter of the prior year. Included in net income attributable to Vail Resorts, Inc. for the three months ended January 31, 2018 was a one-time, provisional net tax benefit related to U.S. tax reform legislation, estimated to be approximately $64.6 million, or $1.55 per diluted share, which was recognized as a discrete item and recorded within (provision) benefit from income taxes on our Consolidated Condensed Statement of Operations during the three months ended January 31, 2018. The above-mentioned accounting impacts related to U.S. tax reform legislation are provisional, based on currently available information and technical guidance on the interpretation of the new law. |

----

|         |                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Season-to-date total lift revenue at the Company’s North American mountain resorts, including an allocated portion of season pass revenue for each applicable period, was up 1.6% compared to the prior year season-to-date period. |

|         |                                                                                                                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Season-to-date ski school revenue was down 0.6% and dining revenue was down 4.2% compared to the prior year season-to-date period at the Company’s North American mountain resorts. Additionally, retail/rental revenue for resort store locations was down 7.4% compared to the prior year season-to-date period. |

|         |                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Season-to-date total skier visits for the Company’s North American mountain resorts were down 4.9% compared to the prior year season to-date period. |

|         |                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------|
| • | Net income attributable to Vail Resorts, Inc. is expected to be between $357 million and $391 million in fiscal 2018. |

|         |                                                                                                                                                                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA is expected to be between $607 million and $627 million for fiscal 2018, which is predicated on current Canadian and Australian foreign exchange rates. The updated outlook for fiscal year 2018 is based on conditions and terrain availability remaining relatively consistent with their current status through the remainder of the ski season. |

|         |                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------|
| • | Resort EBITDA Margin expected to be approximately 30.9% in fiscal 2018, at the midpoint of our guidance range. |

|         |                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------|
| • | Fiscal 2018 Real Estate Reported EBITDA is expected to be between negative $8 million and negative $2 million. |

|         |                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The fiscal 2018 effective tax rate is expected to be a benefit of approximately 12%, inclusive of one-time benefits recorded in the first and second fiscal quarters. |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Fiscal 2018 Guidance |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (In thousands) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | For the Year Ending |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | July 31, 2018 (6) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Low EndRange |   | High EndRange |   |
| Mountain Reported EBITDA (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $ | 581,000 |  |   | $ | 601,000 |  |   |
| Lodging Reported EBITDA (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 24,000 |  |   | 28,000 |  |   |
| Resort Reported EBITDA (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 607,000 |  |   | 627,000 |  |   |
| Real Estate Reported EBITDA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (8,000 | ) |   | (2,000 | ) |   |
| Total Reported EBITDA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 599,000 |  |   | 625,000 |  |   |
| Depreciation and amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (208,000 | ) |   | (202,000 | ) |   |
| Interest expense, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (62,000 | ) |   | (59,000 | ) |   |
| Other (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2,600 |  |   | 5,600 |  |   |
| Income before benefit from income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 331,600 |  |   | 369,600 |  |   |
| Benefit from income taxes (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 47,400 |  |   | 39,400 |  |   |
| Net income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 379,000 |  |   | 409,000 |  |   |
| Net income attributable to noncontrolling interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (22,000 | ) |   | (18,000 | ) |   |
| Net income attributable to Vail Resorts, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $ | 357,000 |  |   | $ | 391,000 |  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
| (1) Mountain Reported EBITDA includes approximately $16 million of stock-based compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (2) Lodging Reported EBITDA includes approximately $3 million of stock-based compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (3) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (4) Our guidance includes the year-to-date foreign currency actuals through January 31, 2018 related to the remeasurement of the intercompany loan to Whistler Blackcomb to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward-looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material. Additionally, our guidance includes certain known changes in the fair value of contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material.                                                                                                                                                                                                                                                            |
| (5) The fiscal 2018 benefit from income taxes is impacted by several discrete items. Through the second quarter of fiscal 2018, as a result of the adoption of revised accounting guidance on employee stock compensation, the Company recorded $53.1 million of excess tax benefits primarily resulting from vesting and exercises of equity awards. During the second quarter of fiscal 2018, as a result of the Tax Act, the Company recorded a one-time provisional net tax benefit of approximately $64.6 million related to the remeasurement of deferred tax liabilities and transition tax. Additionally, estimated benefit from income taxes for the remainder of fiscal 2018 is benefiting from a reduction in the U.S. statutory tax rate from 35% to 21%. Our fiscal 2018 estimated benefit from income taxes does not include the impact, if any, of future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards are in-the-money. |
| (6) Guidance estimates are predicated on an exchange rate of $0.77 between the Canadian Dollar and U.S. Dollar, related to the operations of Whistler Blackcomb in Canada and an exchange rate of $0.78 between the Australian Dollar and U.S. Dollar, related to the operations of Perisher in Australia.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

----

----

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Three Months Ended January 31, |   | Six Months Ended January 31, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net revenue:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Mountain and Lodging services and other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $ | 594,372 |  |   | $ | 570,640 |  |   | $ | 737,720 |  |   | $ | 685,326 |  |
| Mountain and Lodging retail and dining                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 140,069 |  |   | 149,343 |  |   | 216,935 |  |   | 212,826 |  |
| Resort net revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 734,441 |  |   | 719,983 |  |   | 954,655 |  |   | 898,152 |  |
| Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 134 |  |   | 5,215 |  |   | 770 |  |   | 5,311 |  |
| Total net revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 734,575 |  |   | 725,198 |  |   | 955,425 |  |   | 903,463 |  |
| Segment operating expense:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Mountain and Lodging operating expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 297,503 |  |   | 282,895 |  |   | 478,779 |  |   | 435,540 |  |
| Mountain and Lodging retail and dining cost of products sold                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 57,237 |  |   | 60,809 |  |   | 92,916 |  |   | 89,749 |  |
| General and administrative                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 70,736 |  |   | 71,218 |  |   | 128,599 |  |   | 121,966 |  |
| Resort operating expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 425,476 |  |   | 414,922 |  |   | 700,294 |  |   | 647,255 |  |
| Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 1,207 |  |   | 5,841 |  |   | 2,898 |  |   | 7,326 |  |
| Total segment operating expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 426,683 |  |   | 420,763 |  |   | 703,192 |  |   | 654,581 |  |
| Other operating (expense) income:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (51,404 | ) |   | (49,626 | ) |   | (100,028 | ) |   | (90,207 | ) |
| Gain on sale of real property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 515 |  |   | — |  |   | 515 |  |   | 6,466 |  |
| Change in estimated fair value of contingent consideration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | — |  |   | (300 | ) |   | — |  |   | (600 | ) |
| Gain (loss) on disposal of fixed assets and other, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 538 |  |   | (2,231 | ) |   | 1,105 |  |   | (2,781 | ) |
| Income from operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 257,541 |  |   | 252,278 |  |   | 153,825 |  |   | 161,760 |  |
| Mountain equity investment (loss) income, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (35 | ) |   | 157 |  |   | 487 |  |   | 989 |  |
| Investment income and other, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 397 |  |   | 1,148 |  |   | 780 |  |   | 5,671 |  |
| Foreign currency gain on intercompany loans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 10,337 |  |   | 5,166 |  |   | 2,991 |  |   | 5,166 |  |
| Interest expense, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | (15,973 | ) |   | (14,214 | ) |   | (31,147 | ) |   | (26,178 | ) |
| Income before (provision) benefit from income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 252,267 |  |   | 244,535 |  |   | 126,936 |  |   | 147,408 |  |
| (Provision) benefit from income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | (3,594 | ) |   | (84,807 | ) |   | 89,810 |  |   | (51,298 | ) |
| Net income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 248,673 |  |   | 159,728 |  |   | 216,746 |  |   | 96,110 |  |
| Net income attributable to noncontrolling interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | (12,982 | ) |   | (10,549 | ) |   | (9,440 | ) |   | (9,518 | ) |
| Net income attributable to Vail Resorts, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $ | 235,691 |  |   | $ | 149,179 |  |   | $ | 207,306 |  |   | $ | 86,592 |  |
| Per share amounts:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |
| Basic net income per share attributable to Vail Resorts, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $ | 5.82 |  |   | $ | 3.72 |  |   | $ | 5.14 |  |   | $ | 2.25 |  |
| Diluted net income per share attributable to Vail Resorts, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $ | 5.67 |  |   | $ | 3.63 |  |   | $ | 4.97 |  |   | $ | 2.19 |  |
| Cash dividends declared per share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $ | 1.053 |  |   | $ | 0.81 |  |   | $ | 2.106 |  |   | $ | 1.62 |  |
| Weighted average shares outstanding:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 40,475 |  |   | 40,050 |  |   | 40,343 |  |   | 38,442 |  |
| Diluted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 41,594 |  |   | 41,107 |  |   | 41,689 |  |   | 39,529 |  |
| (1) The Consolidated Condensed Statements of Operations for the three and six months ended January 31, 2017 have been revised to separately disclose revenues and costs from retail and dining operations, as well as general and administrative costs. Retail and dining revenues were previously included within Mountain and Lodging revenues, and the related costs were previously included in Mountain and Lodging operating costs. Management considers the change in presentation of our Consolidated Condensed Statement of Operations to be immaterial. There is no change to previously reported total net revenue, operating expense, income from operations, net income attributable to Vail Resorts, Inc., per share amounts or segment results. |

----

|                                                                                                         |
|---------------------------------------------------------------------------------------------------------|
|                                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Vail Resorts, Inc.Consolidated Condensed Statements of Operations - Other Data(In thousands)(Unaudited) |
| Other Data:                                                                                             |   |   |   |   |   |   |   |   |
| Mountain Reported EBITDA                                                                                |   | $ | 305,262 |  |   | $ | 299,017 |  |   | $ | 246,825 |  |   | $ | 242,363 |  |
| Lodging Reported EBITDA                                                                                 |   | 3,668 |  |   | 6,201 |  |   | 8,023 |  |   | 9,523 |  |
| Resort Reported EBITDA                                                                                  |   | 308,930 |  |   | 305,218 |  |   | 254,848 |  |   | 251,886 |  |
| Real Estate Reported EBITDA                                                                             |   | (558 | ) |   | (626 | ) |   | (1,613 | ) |   | 4,451 |  |
| Total Reported EBITDA                                                                                   |   | $ | 308,372 |  |   | $ | 304,592 |  |   | $ | 253,235 |  |   | $ | 256,337 |  |
| Mountain stock-based compensation                                                                       |   | $ | 4,024 |  |   | $ | 3,691 |  |   | $ | 7,786 |  |   | $ | 7,547 |  |
| Lodging stock-based compensation                                                                        |   | 819 |  |   | 817 |  |   | 1,610 |  |   | 1,606 |  |
| Resort stock-based compensation                                                                         |   | 4,843 |  |   | 4,508 |  |   | 9,396 |  |   | 9,153 |  |
| Real Estate stock-based compensation                                                                    |   | 48 |  |   | 66 |  |   | 16 |  |   | (2 | ) |
| Total stock-based compensation                                                                          |   | $ | 4,891 |  |   | $ | 4,574 |  |   | $ | 9,412 |  |   | $ | 9,151 |  |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          |   | Three Months Ended January 31, |   | PercentageIncrease |   | Six Months Ended January 31, |   | PercentageIncrease |
|                                          |   | 2018 |   | 2017 |   | (Decrease) |   | 2018 |   | 2017 |   | (Decrease) |
| Net Mountain revenue:                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Lift                                          |   | $ | 381,912 |  |   | $ | 358,251 |  |   | 6.6 |  % |   | $ | 407,380 |  |   | $ | 379,677 |  |   | 7.3 |  % |
| Ski school                                    |   | 80,116 |  |   | 78,119 |  |   | 2.6 |  % |   | 84,554 |  |   | 81,970 |  |   | 3.2 |  % |
| Dining                                        |   | 53,910 |  |   | 54,366 |  |   | (0.8 | )% |   | 72,212 |  |   | 67,734 |  |   | 6.6 |  % |
| Retail/rental                                 |   | 115,446 |  |   | 123,233 |  |   | (6.3 | )% |   | 160,853 |  |   | 159,712 |  |   | 0.7 |  % |
| Other                                         |   | 39,518 |  |   | 40,130 |  |   | (1.5 | )% |   | 94,028 |  |   | 75,773 |  |   | 24.1 |  % |
| Total Mountain net revenue                    |   | 670,902 |  |   | 654,099 |  |   | 2.6 |  % |   | 819,027 |  |   | 764,866 |  |   | 7.1 |  % |
| Mountain operating expense:                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Labor and labor-related benefits              |   | 144,240 |  |   | 136,531 |  |   | 5.6 |  % |   | 217,896 |  |   | 194,213 |  |   | 12.2 |  % |
| Retail cost of sales                          |   | 40,540 |  |   | 44,984 |  |   | (9.9 | )% |   | 63,481 |  |   | 63,388 |  |   | 0.1 |  % |
| Resort related fees                           |   | 34,257 |  |   | 34,722 |  |   | (1.3 | )% |   | 37,383 |  |   | 37,066 |  |   | 0.9 |  % |
| General and administrative                    |   | 59,609 |  |   | 60,470 |  |   | (1.4 | )% |   | 108,933 |  |   | 102,454 |  |   | 6.3 |  % |
| Other                                         |   | 86,959 |  |   | 78,532 |  |   | 10.7 |  % |   | 144,996 |  |   | 126,371 |  |   | 14.7 |  % |
| Total Mountain operating expense              |   | 365,605 |  |   | 355,239 |  |   | 2.9 |  % |   | 572,689 |  |   | 523,492 |  |   | 9.4 |  % |
| Mountain equity investment (loss) income, net |   | (35 | ) |   | 157 |  |   | (122.3 | )% |   | 487 |  |   | 989 |  |   | (50.8 | )% |
| Mountain Reported EBITDA                      |   | $ | 305,262 |  |   | $ | 299,017 |  |   | 2.1 |  % |   | $ | 246,825 |  |   | $ | 242,363 |  |   | 1.8 |  % |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Total skier visits                            |   | 5,133 |  |   | 5,299 |  |   | (3.1 | )% |   | 5,631 |  |   | 5,728 |  |   | (1.7 | )% |
| ETP                                           |   | $ | 74.40 |  |   | $ | 67.61 |  |   | 10.0 |  % |   | $ | 72.35 |  |   | $ | 66.28 |  |   | 9.2 |  % |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | Three Months Ended January 31, |   | PercentageIncrease |   | Six Months Ended January 31, |   | PercentageIncrease |
|                                                       |   | 2018 |   | 2017 |   | (Decrease) |   | 2018 |   | 2017 |   | (Decrease) |
| Lodging net revenue:                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel rooms                                          |   | $ | 11,353 |  |   | $ | 12,002 |  |   | (5.4 | )% |   | $ | 30,988 |  |   | $ | 30,065 |  |   | 3.1 |  % |
| Managed condominium rooms                                  |   | 23,358 |  |   | 22,989 |  |   | 1.6 |  % |   | 33,529 |  |   | 31,510 |  |   | 6.4 |  % |
| Dining                                                     |   | 7,869 |  |   | 8,723 |  |   | (9.8 | )% |   | 23,749 |  |   | 24,060 |  |   | (1.3 | )% |
| Transportation                                             |   | 7,460 |  |   | 8,344 |  |   | (10.6 | )% |   | 10,013 |  |   | 10,817 |  |   | (7.4 | )% |
| Golf                                                       |   | — |  |   | — |  |   | — |  % |   | 8,767 |  |   | 8,729 |  |   | 0.4 |  % |
| Other                                                      |   | 9,914 |  |   | 9,976 |  |   | (0.6 | )% |   | 21,688 |  |   | 21,178 |  |   | 2.4 |  % |
|                                                       |   | 59,954 |  |   | 62,034 |  |   | (3.4 | )% |   | 128,734 |  |   | 126,359 |  |   | 1.9 |  % |
| Payroll cost reimbursements                                |   | 3,585 |  |   | 3,850 |  |   | (6.9 | )% |   | 6,894 |  |   | 6,927 |  |   | (0.5 | )% |
| Total Lodging net revenue                                  |   | 63,539 |  |   | 65,884 |  |   | (3.6 | )% |   | 135,628 |  |   | 133,286 |  |   | 1.8 |  % |
| Lodging operating expense:                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Labor and labor-related benefits                           |   | 27,556 |  |   | 27,434 |  |   | 0.4 |  % |   | 59,648 |  |   | 57,311 |  |   | 4.1 |  % |
| General and administrative                                 |   | 11,127 |  |   | 10,748 |  |   | 3.5 |  % |   | 19,666 |  |   | 19,512 |  |   | 0.8 |  % |
| Other                                                      |   | 17,603 |  |   | 17,651 |  |   | (0.3 | )% |   | 41,397 |  |   | 40,013 |  |   | 3.5 |  % |
|                                                       |   | 56,286 |  |   | 55,833 |  |   | 0.8 |  % |   | 120,711 |  |   | 116,836 |  |   | 3.3 |  % |
| Reimbursed payroll costs                                   |   | 3,585 |  |   | 3,850 |  |   | (6.9 | )% |   | 6,894 |  |   | 6,927 |  |   | (0.5 | )% |
| Total Lodging operating expense                            |   | 59,871 |  |   | 59,683 |  |   | 0.3 |  % |   | 127,605 |  |   | 123,763 |  |   | 3.1 |  % |
| Lodging Reported EBITDA                                    |   | $ | 3,668 |  |   | $ | 6,201 |  |   | (40.8 | )% |   | $ | 8,023 |  |   | $ | 9,523 |  |   | (15.8 | )% |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel statistics:                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 278.82 |  |   | $ | 289.03 |  |   | (3.5 | )% |   | $ | 245.08 |  |   | $ | 240.20 |  |   | 2.0 |  % |
| RevPAR                                                     |   | $ | 175.04 |  |   | $ | 181.82 |  |   | (3.7 | )% |   | $ | 167.54 |  |   | $ | 157.56 |  |   | 6.3 |  % |
| Managed condominium statistics:                            |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 435.15 |  |   | $ | 442.05 |  |   | (1.6 | )% |   | $ | 331.95 |  |   | $ | 350.56 |  |   | (5.3 | )% |
| RevPAR                                                     |   | $ | 166.77 |  |   | $ | 167.14 |  |   | (0.2 | )% |   | $ | 110.45 |  |   | $ | 109.92 |  |   | 0.5 |  % |
| Owned hotel and managed condominium statistics (combined): |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 389.35 |  |   | $ | 395.58 |  |   | (1.6 | )% |   | $ | 295.74 |  |   | $ | 301.52 |  |   | (1.9 | )% |
| RevPAR                                                     |   | $ | 168.43 |  |   | $ | 170.19 |  |   | (1.0 | )% |   | $ | 125.18 |  |   | $ | 123.10 |  |   | 1.7 |  % |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |
|                                                |   | As of January 31, |
|                                                |   | 2018 |   | 2017 |
| Real estate held for sale and investment            |   | $ | 103,212 |  |   | $ | 112,633 |  |
| Total Vail Resorts, Inc. stockholders’ equity |   | $ | 1,645,328 |  |   | $ | 1,477,903 |  |
| Long-term debt, net                                 |   | $ | 1,182,349 |  |   | $ | 1,216,721 |  |
| Long-term debt due within one year                  |   | 38,433 |  |   | 38,379 |  |
| Total debt                                          |   | 1,220,782 |  |   | 1,255,100 |  |
| Less: cash and cash equivalents                     |   | 235,460 |  |   | 140,909 |  |
| Net debt                                            |   | $ | 985,322 |  |   | $ | 1,114,191 |  |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | (In thousands)(Unaudited) |   | (In thousands)(Unaudited) |
|                                                       |   | Three Months Ended January 31, |   | Six Months Ended January 31, |
|                                                       |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Mountain Reported EBITDA                                   |   | $ | 305,262 |  |   | $ | 299,017 |  |   | $ | 246,825 |  |   | $ | 242,363 |  |
| Lodging Reported EBITDA                                    |   | 3,668 |  |   | 6,201 |  |   | 8,023 |  |   | 9,523 |  |
| Resort Reported EBITDA*                                    |   | 308,930 |  |   | 305,218 |  |   | 254,848 |  |   | 251,886 |  |
| Real Estate Reported EBITDA                                |   | (558 | ) |   | (626 | ) |   | (1,613 | ) |   | 4,451 |  |
| Total Reported EBITDA                                      |   | 308,372 |  |   | 304,592 |  |   | 253,235 |  |   | 256,337 |  |
| Depreciation and amortization                              |   | (51,404 | ) |   | (49,626 | ) |   | (100,028 | ) |   | (90,207 | ) |
| Gain (loss) on disposal of fixed assets and other, net     |   | 538 |  |   | (2,231 | ) |   | 1,105 |  |   | (2,781 | ) |
| Change in estimated fair value of contingent consideration |   | — |  |   | (300 | ) |   | — |  |   | (600 | ) |
| Investment income and other, net                           |   | 397 |  |   | 1,148 |  |   | 780 |  |   | 5,671 |  |
| Foreign currency gain on intercompany loans                |   | 10,337 |  |   | 5,166 |  |   | 2,991 |  |   | 5,166 |  |
| Interest expense, net                                      |   | (15,973 | ) |   | (14,214 | ) |   | (31,147 | ) |   | (26,178 | ) |
| Income before (provision) benefit from income taxes        |   | 252,267 |  |   | 244,535 |  |   | 126,936 |  |   | 147,408 |  |
| (Provision) benefit from income taxes                      |   | (3,594 | ) |   | (84,807 | ) |   | 89,810 |  |   | (51,298 | ) |
| Net income                                                 |   | 248,673 |  |   | 159,728 |  |   | 216,746 |  |  | 96,110 |  |
| Net income attributable to noncontrolling interests        |   | (12,982 | ) |   | (10,549 | ) |   | (9,440 | ) |   | (9,518 | ) |
| Net income attributable to Vail Resorts, Inc.              |   | $ | 235,691 |  |   | $ | 149,179 |  |   | $ | 207,306 |  |  | $ | 86,592 |  |
|                                                       |   |   |   |   |   |   |   |   |
| * Resort represents the sum of Mountain and Lodging        |   |   |   |   |   |   |   |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |
|                                                       |   | (In thousands)(Unaudited) |
|                                                       |   | Twelve Months Ended January 31, |
|                                                       |   | 2018 |   |
| Mountain Reported EBITDA                                   |   | $ | 570,800 |  |   |
| Lodging Reported EBITDA                                    |   | 25,587 |  |   |
| Resort Reported EBITDA*                                    |   | 596,387 |  |   |
| Real Estate Reported EBITDA                                |   | (6,463 | ) |   |
| Total Reported EBITDA                                      |   | 589,924 |  |   |
| Depreciation and amortization                              |   | (198,978 | ) |   |
| Loss on disposal of fixed assets and other, net            |   | (2,544 | ) |   |
| Change in estimated fair value of contingent consideration |   | (15,700 | ) |   |
| Investment income, net                                     |   | 1,223 |  |   |
| Foreign currency gain on intercompany loans                |   | 13,109 |  |   |
| Interest expense, net                                      |   | (59,057 | ) |   |
| Income before benefit from income taxes                    |   | 327,977 |  |   |
| Benefit from income taxes                                  |   | 24,377 |  |   |
| Net income                                                 |   | 352,354 |  |   |
| Net income attributable to noncontrolling interests        |   | (21,087 | ) |   |
| Net income attributable to Vail Resorts, Inc.              |   | $ | 331,267 |  |   |
|                                                       |   |   |   |
| * Resort represents the sum of Mountain and Lodging        |   |   |   |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |
|                               | In thousands)(Unaudited)(As of January 31, 2018) |   |
| Long-term debt, net                | $ | 1,182,349 |  |   |
| Long-term debt due within one year | 38,433 |  |   |
| Total debt                         | 1,220,782 |  |   |
| Less: cash and cash equivalents    | 235,460 |  |   |
| Net debt                           | $ | 985,322 |  |   |
| Net debt to Total Reported EBITDA  | 1.7 |  | x |

----

|                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                        |   | (In thousands)(Unaudited)Three Months EndedJanuary 31, |   | (In thousands)(Unaudited)Six Months EndedJanuary 31, |
|                                                                                                                        |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Real Estate Reported EBITDA                                                                                                 |   | $ | (558 | ) |   | $ | (626 | ) |   | $ | (1,613 | ) |   | $ | 4,451 |  |
| Non-cash Real Estate cost of sales                                                                                          |   | — |  |   | 4,203 |  |   | 479 |  |   | 4,203 |  |
| Non-cash Real Estate stock-based compensation                                                                               |   | 48 |  |   | 65 |  |   | 16 |  |   | (3 | ) |
| Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate |   | (131 | ) |   | 239 |  |   | (241 | ) |   | 1,820 |  |
| Net Real Estate Cash Flow                                                                                                   |   | $ | (641 | ) |   | $ | 3,881 |  |   | $ | (1,359 | ) |   | $ | 10,471 |  |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |
|                                                       |   | (In thousands)(Unaudited)Fiscal 2018 Guidance (2) |
| Resort net revenue (1)                                     |   | $ | 2,000,000 |  |
| Resort Reported EBITDA (1)                                 |   | $ | 617,000 |  |
| Resort EBITDA margin                                       |   | 30.9 | % |
|                                                       |   |   |
| (1) Resort represents the sum of Mountain and Lodging |   |   |
| (2) Represents the mid-point range of Guidance        |   |   |