|        |
|--------|
|        |  |
| ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|        |
|--------|
|        |  |
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |
| Delaware                                                      |   | 51-0291762 |
| (State or Other Jurisdiction ofIncorporation or Organization) |   | (I.R.S. EmployerIdentification No.) |
|                                                          |   |
| 390 Interlocken CrescentBroomfield, Colorado                  |   | 80021 |
| (Address of Principal Executive Offices)                      |   | (Zip Code) |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |
| Large accelerated filer |   | ý |    | Accelerated filer |   | ¨ |
|                              |   |   |   |
| Non-accelerated filer             |   | ¨  (Do not check if a smaller reporting company) |    | Smaller reporting company |   | ¨ |

----

|               |
|---------------|
|               |  |  |
|          |   |   |
| PART I   | FINANCIAL INFORMATION |   |
|          |   |   |
| Item 1.  | Financial Statements. | F-1 |
| Item 2.  | Management's Discussion and Analysis of Financial Condition and Results of Operations. | 1 |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk. | 22 |
| Item 4.  | Controls and Procedures. | 22 |
|          |   |   |
| PART II  | OTHER INFORMATION |   |
|          |   |   |
| Item 1.  | Legal Proceedings. | 22 |
| Item 1A. | Risk Factors. | 22 |
| Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds. | 22 |
| Item 3.  | Defaults Upon Senior Securities. | 22 |
| Item 4.  | Mine Safety Disclosures. | 22 |
| Item 5.  | Other Information. | 22 |
| Item 6.  | Exhibits. | 23 |

----

|                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       |  |  |  |  |  |  |
| Consolidated Condensed Balance Sheets as of April 30, 2015, July 31, 2014 and April 30, 2014                          | F-2 |
| Consolidated Condensed Statements of Operations for the Three and Nine Months Ended April 30, 2015 and 2014           | F-3 |
| Consolidated Condensed Statements of Comprehensive Income for the Three and Nine Months Ended April 30, 2015 and 2014 | F-4 |
| Consolidated Condensed Statements of Cash Flows for the Nine Months Ended April 30, 2015 and 2014                     | F-5 |
| Notes to Consolidated Condensed Financial Statements                                                                  | F-6 |

----

|                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                            |   | April 30, 2015 |   | July 31, 2014 |   | April 30, 2014 |
| Assets                                                                                                                          |   |   |   |   |   |   |
| Current assets:                                                                                                                 |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                                       |   | $ | 125,214 |  |   | $ | 44,406 |  |   | $ | 307,431 |  |
| Restricted cash                                                                                                                 |   | 13,139 |  |   | 13,181 |  |   | 13,057 |  |
| Trade receivables, net                                                                                                          |   | 105,617 |  |   | 95,977 |  |   | 79,815 |  |
| Inventories, net                                                                                                                |   | 62,167 |  |   | 67,183 |  |   | 60,409 |  |
| Other current assets                                                                                                            |   | 64,054 |  |   | 54,299 |  |   | 58,696 |  |
| Total current assets                                                                                                            |   | 370,191 |  |   | 275,046 |  |   | 519,408 |  |
| Property, plant and equipment, net (Note 6)                                                                                     |   | 1,259,093 |  |   | 1,147,990 |  |   | 1,164,387 |  |
| Real estate held for sale and investment                                                                                        |   | 137,740 |  |   | 157,858 |  |   | 170,818 |  |
| Goodwill, net                                                                                                                   |   | 470,286 |  |   | 378,148 |  |   | 378,220 |  |
| Intangible assets, net                                                                                                          |   | 141,127 |  |   | 117,523 |  |   | 118,507 |  |
| Other assets                                                                                                                    |   | 41,068 |  |   | 97,284 |  |   | 97,104 |  |
| Total assets                                                                                                                    |   | $ | 2,419,505 |  |   | $ | 2,173,849 |  |   | $ | 2,448,444 |  |
| Liabilities and Stockholders’ Equity                                                                                      |   |   |   |   |   |   |
| Current liabilities:                                                                                                            |   |   |   |   |   |   |
| Accounts payable and accrued liabilities (Note 6)                                                                               |   | $ | 293,056 |  |   | $ | 289,218 |  |   | $ | 264,777 |  |
| Income taxes payable                                                                                                            |   | 36,161 |  |   | 33,966 |  |   | 39,043 |  |
| Long-term debt due within one year (Note 4)                                                                                     |   | 256,953 |  |   | 1,022 |  |   | 879 |  |
| Total current liabilities                                                                                                       |   | 586,170 |  |   | 324,206 |  |   | 304,699 |  |
| Long-term debt (Note 4)                                                                                                         |   | 379,796 |  |   | 625,600 |  |   | 799,223 |  |
| Other long-term liabilities (Note 6)                                                                                            |   | 235,932 |  |   | 260,681 |  |   | 239,934 |  |
| Deferred income taxes                                                                                                           |   | 240,133 |  |   | 128,562 |  |   | 183,473 |  |
| Commitments and contingencies (Note 9)                                                                                          |   |  |   |  |   |  |
| Stockholders’ equity:                                                                                                     |   |   |   |   |   |   |
| Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued and outstanding                                |   | — |  |   | — |  |   | — |  |
| Common stock, $0.01 par value, 100,000,000 shares authorized, 41,309,969, 41,152,800 and 41,129,041 shares issued, respectively |   | 413 |  |   | 412 |  |   | 411 |  |
| Additional paid-in capital                                                                                                      |   | 623,274 |  |   | 612,322 |  |   | 608,153 |  |
| Accumulated other comprehensive loss                                                                                            |   | (623 | ) |   | (199 | ) |   | (101 | ) |
| Retained earnings                                                                                                               |   | 533,618 |  |   | 401,500 |  |   | 491,878 |  |
| Treasury stock, at cost, 4,949,111 shares (Note 11)                                                                             |   | (193,192 | ) |   | (193,192 | ) |   | (193,192 | ) |
| Total Vail Resorts, Inc. stockholders’ equity                                                                             |   | 963,490 |  |   | 820,843 |  |   | 907,149 |  |
| Noncontrolling interests                                                                                                        |   | 13,984 |  |   | 13,957 |  |   | 13,966 |  |
| Total stockholders’ equity (Note 2)                                                                                       |   | 977,474 |  |   | 834,800 |  |   | 921,115 |  |
| Total liabilities and stockholders’ equity                                                                                |   | $ | 2,419,505 |  |   | $ | 2,173,849 |  |   | $ | 2,448,444 |  |

----

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                           | Three Months Ended April 30, |   | Nine Months Ended April 30, |
|                                                                                           | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net revenue:                                                                                   |   |   |   |   |   |   |   |
| Mountain                                                                                       | $ | 499,551 |  |   | $ | 460,587 |  |   | $ | 1,022,968 |  |   | $ | 909,574 |  |
| Lodging                                                                                        | 67,323 |  |   | 66,293 |  |   | 185,180 |  |   | 179,694 |  |
| Real estate                                                                                    | 12,469 |  |   | 16,167 |  |   | 29,694 |  |   | 29,890 |  |
| Total net revenue                                                                              | 579,343 |  |   | 543,047 |  |   | 1,237,842 |  |   | 1,119,158 |  |
| Segment operating expense (exclusive of depreciation and amortization shown separately below): |   |   |   |   |   |   |   |
| Mountain                                                                                       | 244,675 |  |   | 233,301 |  |   | 645,593 |  |   | 601,587 |  |
| Lodging                                                                                        | 54,726 |  |   | 53,182 |  |   | 166,407 |  |   | 163,346 |  |
| Real estate                                                                                    | 14,028 |  |   | 18,445 |  |   | 35,513 |  |   | 35,682 |  |
| Total segment operating expense                                                                | 313,429 |  |   | 304,928 |  |   | 847,513 |  |   | 800,615 |  |
| Other operating (expense) income:                                                              |   |   |   |   |   |   |   |
| Depreciation and amortization                                                                  | (38,242 | ) |   | (35,588 | ) |   | (111,587 | ) |   | (105,948 | ) |
| Gain on sale of real property                                                                  | 151 |  |   | — |  |   | 151 |  |   | — |  |
| Gain on litigation settlement (Note 5)                                                         | — |  |   | — |  |   | 16,400 |  |   | — |  |
| Change in fair value of contingent consideration (Note 8)                                      | — |  |   | — |  |   | 4,550 |  |   | — |  |
| (Loss) gain on disposal of fixed assets and other, net                                         | (71 | ) |   | 634 |  |   | (852 | ) |   | (839 | ) |
| Income from operations                                                                         | 227,752 |  |   | 203,165 |  |   | 298,991 |  |   | 211,756 |  |
| Mountain equity investment (loss) income, net                                                  | (129 | ) |   | 665 |  |   | 396 |  |   | 1,282 |  |
| Investment income, net                                                                         | 119 |  |   | 124 |  |   | 155 |  |   | 289 |  |
| Interest expense                                                                               | (13,735 | ) |   | (16,408 | ) |   | (41,110 | ) |   | (48,745 | ) |
| Income before provision for income taxes                                                       | 214,007 |  |   | 187,546 |  |   | 258,432 |  |   | 164,582 |  |
| Provision for income taxes (Note 12)                                                           | (80,605 | ) |   | (69,680 | ) |   | (73,654 | ) |   | (60,953 | ) |
| Net income                                                                                     | 133,402 |  |   | 117,866 |  |   | 184,778 |  |   | 103,629 |  |
| Net loss attributable to noncontrolling interests                                              | 8 |  |   | 80 |  |   | 118 |  |   | 204 |  |
| Net income attributable to Vail Resorts, Inc.                                                  | $ | 133,410 |  |   | $ | 117,946 |  |   | $ | 184,896 |  |   | $ | 103,833 |  |
| Per share amounts (Note 3):                                                                    |   |   |   |   |   |   |   |
| Basic net income per share attributable to Vail Resorts, Inc.                                  | $ | 3.67 |  |   | $ | 3.26 |  |   | $ | 5.09 |  |   | $ | 2.88 |  |
| Diluted net income per share attributable to Vail Resorts, Inc.                                | $ | 3.56 |  |   | $ | 3.18 |  |   | $ | 4.95 |  |   | $ | 2.80 |  |
| Cash dividends declared per share                                                              | $ | 0.6225 |  |   | $ | 0.4150 |  |   | $ | 1.4525 |  |   | $ | 0.8300 |  |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | Three Months Ended April 30, |   | Nine Months Ended April 30, |
|                                                        |   | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net income                                                  |   | $ | 133,402 |  |   | $ | 117,866 |  |   | $ | 184,778 |  |   | $ | 103,629 |  |
| Foreign currency translation adjustments, net of tax        |   | 23 |  |   | 85 |  |   | (424 | ) |   | (34 | ) |
| Comprehensive income                                        |   | 133,425 |  |   | 117,951 |  |   | 184,354 |  |   | 103,595 |  |
| Comprehensive loss attributable to noncontrolling interests |   | 8 |  |   | 80 |  |   | 118 |  |   | 204 |  |
| Comprehensive income attributable to Vail Resorts, Inc.     |   | $ | 133,433 |  |   | $ | 118,031 |  |   | $ | 184,472 |  |   | $ | 103,799 |  |

----

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |
|                                                                              |   | Nine Months Ended April 30, |
|                                                                              |   | 2015 |   | 2014 |
| Cash flows from operating activities:                                             |   |   |   |   |
| Net income                                                                        |   | $ | 184,778 |  |   | $ | 103,629 |  |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |   |   |   |
| Depreciation and amortization                                                     |   | 111,587 |  |   | 105,948 |  |
| Cost of real estate sales                                                         |   | 23,058 |  |   | 22,635 |  |
| Stock-based compensation expense                                                  |   | 11,718 |  |   | 10,539 |  |
| Deferred income taxes, net                                                        |   | 114,795 |  |   | 60,953 |  |
| Change in fair value of contingent consideration                                  |   | (4,550 | ) |   | — |  |
| Gain on litigation settlement                                                     |   | (16,400 | ) |   | — |  |
| Park City litigation settlement payment                                           |   | (10,000 | ) |   | — |  |
| Other non-cash income, net                                                        |   | (3,009 | ) |   | (2,423 | ) |
| Changes in assets and liabilities:                                                |   |   |   |   |
| Trade receivables, net                                                            |   | (7,761 | ) |   | (822 | ) |
| Inventories, net                                                                  |   | 5,380 |  |   | 8,089 |  |
| Accounts payable and accrued liabilities                                          |   | (203 | ) |   | 326 |  |
| Other assets and liabilities, net                                                 |   | (14,917 | ) |   | (2,677 | ) |
| Net cash provided by operating activities                                         |   | 394,476 |  |   | 306,197 |  |
| Cash flows from investing activities:                                             |   |   |   |   |
| Capital expenditures                                                              |   | (85,583 | ) |   | (108,100 | ) |
| Acquisition of business                                                           |   | (182,500 | ) |   | — |  |
| Other investing activities, net                                                   |   | 3,274 |  |   | 920 |  |
| Net cash used in investing activities                                             |   | (264,809 | ) |   | (107,180 | ) |
| Cash flows from financing activities:                                             |   |   |   |   |
| Proceeds from borrowings under long-term debt                                     |   | 253,000 |  |   | — |  |
| Payments of long-term debt                                                        |   | (254,013 | ) |   | (977 | ) |
| Dividends paid                                                                    |   | (52,778 | ) |   | (29,998 | ) |
| Other financing activities, net                                                   |   | 5,041 |  |   | 732 |  |
| Net cash used in financing activities                                             |   | (48,750 | ) |   | (30,243 | ) |
| Effect of exchange rate changes on cash and cash equivalents                      |   | (109 | ) |   | 53 |  |
| Net increase in cash and cash equivalents                                         |   | 80,808 |  |   | 168,827 |  |
| Cash and cash equivalents:                                                        |   |   |   |   |
| Beginning of period                                                               |   | 44,406 |  |   | 138,604 |  |
| End of period                                                                     |   | $ | 125,214 |  |   | $ | 307,431 |  |
|                                                                              |   |   |   |   |
| Non-cash investing and financing activities:                                      |   |   |   |   |
| Accrued capital expenditures                                                      |   | $ | 4,257 |  |   | $ | 3,130 |  |
| Capital expenditures under long-term financing                                    |   | $ | 7,037 |  |   | $ | — |  |

----

|    |                           |
|----|---------------------------|
| 1. | Organization and Business |

|    |                                            |
|----|--------------------------------------------|
| 2. | Summary of Significant Accounting Policies |

----

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                         |   | For the Nine Months Ended April 30, |
|                                                                         |   | 2015 |   | 2014 |
|                                                                         |   | Vail ResortsStockholders’Equity |   | NoncontrollingInterests |   | TotalStockholders' Equity |   | Vail ResortsStockholders’Equity |   | NoncontrollingInterests |   | TotalStockholders' Equity |
| Balance, beginning of period                                                 |   | $ | 820,843 |  |   | $ | 13,957 |  |   | $ | 834,800 |  |   | $ | 823,868 |  |   | $ | 14,001 |  |   | $ | 837,869 |  |
| Net income (loss)                                                            |   | 184,896 |  |   | (118 | ) |   | 184,778 |  |   | 103,833 |  |   | (204 | ) |   | 103,629 |  |
| Stock-based compensation expense                                             |   | 11,718 |  |   | — |  |   | 11,718 |  |   | 10,539 |  |   | — |  |   | 10,539 |  |
| Issuance of shares under share award plans, net of shares withheld for taxes |   | (4,629 | ) |   | — |  |   | (4,629 | ) |   | (4,797 | ) |   | — |  |   | (4,797 | ) |
| Tax benefit from share award plans                                           |   | 3,864 |  |   | — |  |   | 3,864 |  |   | 3,738 |  |   | — |  |   | 3,738 |  |
| Cash dividends paid on common stock                                          |   | (52,778 | ) |   | — |  |   | (52,778 | ) |   | (29,998 | ) |   | — |  |   | (29,998 | ) |
| Contributions from noncontrolling interests, net                             |   | — |  |   | 145 |  |   | 145 |  |   | — |  |   | 169 |  |   | 169 |  |
| Foreign currency translation adjustments, net of tax                         |   | (424 | ) |   | — |  |   | (424 | ) |   | (34 | ) |   | — |  |   | (34 | ) |
| Balance, end of period                                                       |   | $ | 963,490 |  |   | $ | 13,984 |  |   | $ | 977,474 |  |   | $ | 907,149 |  |   | $ | 13,966 |  |   | $ | 921,115 |  |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |
|                         |   | April 30, 2015 |
|                         |   | CarryingValue |   | FairValue |
| 6.50% Notes                  |   | $ | 215,000 |  |   | $ | 221,988 |  |
| Industrial Development Bonds |   | $ | 41,200 |  |   | $ | 42,848 |  |
| Other long-term debt         |   | $ | 11,875 |  |   | $ | 12,521 |  |

----

|    |                             |
|----|-----------------------------|
| 3. | Net Income Per Common Share |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              |   | Three Months Ended April 30, |
|                                              |   | 2015 |   | 2014 |
|                                              |   | Basic |   | Diluted |   | Basic |   | Diluted |
| Net income per share:                             |   |   |   |   |   |   |   |   |
| Net income attributable to Vail Resorts           |   | $ | 133,410 |  |   | $ | 133,410 |  |   | $ | 117,946 |  |   | $ | 117,946 |  |
| Weighted-average shares outstanding               |   | 36,354 |  |   | 36,354 |  |   | 36,159 |  |   | 36,159 |  |
| Effect of dilutive securities                     |   | — |  |   | 1,099 |  |   | — |  |   | 895 |  |
| Total shares                                      |   | 36,354 |  |   | 37,453 |  |   | 36,159 |  |   | 37,054 |  |
| Net income per share attributable to Vail Resorts |   | $ | 3.67 |  |   | $ | 3.56 |  |   | $ | 3.26 |  |   | $ | 3.18 |  |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              |   | Nine Months Ended April 30, |
|                                              |   | 2015 |   | 2014 |
|                                              |   | Basic |   | Diluted |   | Basic |   | Diluted |
| Net income per share:                             |   |   |   |   |   |   |   |   |
| Net income attributable to Vail Resorts           |   | $ | 184,896 |  |   | $ | 184,896 |  |   | $ | 103,833 |  |   | $ | 103,833 |  |
| Weighted-average shares outstanding               |   | 36,310 |  |   | 36,310 |  |   | 36,105 |  |   | 36,105 |  |
| Effect of dilutive securities                     |   | — |  |   | 1,052 |  |   | — |  |   | 920 |  |
| Total shares                                      |   | 36,310 |  |   | 37,362 |  |   | 36,105 |  |   | 37,025 |  |
| Net income per share attributable to Vail Resorts |   | $ | 5.09 |  |   | $ | 4.95 |  |   | $ | 2.88 |  |   | $ | 2.80 |  |

|    |                |
|----|----------------|
| 4. | Long-Term Debt |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             |   | Maturity (a) |   | April 30, 2015 |   | July 31, 2014 |   | April 30, 2014 |
| Credit Facility Revolver (b)     |   | 2019 |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Industrial Development Bonds (c) |   | 2020 |   | 41,200 |  |   | 41,200 |  |   | 41,200 |  |
| Employee Housing Bonds           |   | 2027-2039 |   | 52,575 |  |   | 52,575 |  |   | 52,575 |  |
| 6.50% Notes (c)                  |   | 2019 |   | 215,000 |  |   | 215,000 |  |   | 390,000 |  |
| Canyons obligation               |   | 2063 |   | 316,056 |  |   | 311,858 |  |   | 310,472 |  |
| Other                            |   | 2015-2029 |   | 11,918 |  |   | 5,989 |  |   | 5,855 |  |
| Total debt                       |   |   |   | 636,749 |  |   | 626,622 |  |   | 800,102 |  |
| Less: Current maturities (d)     |   |   |   | 256,953 |  |   | 1,022 |  |   | 879 |  |
| Long-term debt                   |   |   |   | $ | 379,796 |  |   | $ | 625,600 |  |   | $ | 799,223 |  |

|     |                                                                           |
|-----|---------------------------------------------------------------------------|
| (a) | Maturities are based on the Company’s July 31 fiscal year end. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | On May 1, 2015, Vail Holdings, Inc. (“VHI”), a wholly-owned subsidiary of the Company, amended and restated its senior credit facility, the Sixth Amended and Restated Credit Agreement (the “Prior Credit Agreement”). The amended credit facility is now referred to as the Seventh Amended and Restated Credit Agreement (the “Credit Agreement”) with VHI, as borrower, the Company and certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent, and the other Lenders party thereto. The Credit Agreement provides for a term loan facility in an aggregate principal amount of $250.0 million. The term loan facility is subject to quarterly amortization of principal, commencing on January 31, 2016, in equal installments, with five percent payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due on May 1, 2020. |

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | On March 13, 2015, the Company submitted redemption notices to the trustees to redeem the outstanding $215.0 million aggregate principal amount of the 6.50% Notes and the $41.2 million aggregate principal amount of Industrial Development Bonds. As a result, the Company classified the aggregate principal amounts outstanding as long-term debt due within one year. On May 1, 2015, the Company redeemed the outstanding aggregate principal amounts of its 6.50% Notes and Industrial Development Bonds which was funded by the $250.0 million term loan facility and cash on hand. The redemption premium for the 6.50% Notes was 103.250%, plus accrued and unpaid interest to the redemption date of May 1, 2015. The redemption premium for the Industrial Development Bonds was 104.000%, plus accrued and unpaid interest to the redemption date of May 1, 2015. As a result, the Company incurred an early redemption premium of $8.6 million, which will be recorded, along with a write-off of $2.4 million of unamortized debt issuance costs, as a loss on extinguishment of debt in the fourth quarter of the fiscal year ending July 31, 2015. Upon completion of the redemptions, no amounts of the 6.50% Notes or Industrial Development Bonds remained outstanding. |

|     |                                                                            |
|-----|----------------------------------------------------------------------------|
| (d) | Current maturities represent principal payments due in the next 12 months. |

|            |
|------------|
|            |  |  |  |
|       | Total |
| 2015       | $ | 256,319 |  |
| 2016       | 779 |  |
| 2017       | 854 |  |
| 2018       | 897 |  |
| 2019       | 955 |  |
| Thereafter | 376,945 |  |
| Total debt | $ | 636,749 |  |

|    |              |
|----|--------------|
| 5. | Acquisitions |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |
|                                     | Estimates of Fair Value at Effective Date of Transaction |
| Accounts receivable                      | $ | 1,024 |  |
| Other assets                             | 3,075 |  |
| Property, plant and equipment            | 76,605 |  |
| Deferred income tax assets, net          | 7,444 |  |
| Real estate held for sale and investment | 7,000 |  |
| Intangible assets                        | 27,650 |  |
| Goodwill                                 | 92,431 |  |
| Total identifiable assets acquired       | $ | 215,229 |  |
| Accounts payable and accrued liabilities | $ | 1,960 |  |
| Deferred revenue                         | 4,319 |  |
| Total liabilities assumed                | $ | 6,279 |  |
| Total purchase price                     | $ | 208,950 |  |

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |
|                                                                      |   | Three Months Ended April 30, |
|                                                                      |   | 2014 |
| Pro forma net revenue                                                     |   | $ | 575,637 |  |
| Pro forma net income attributable to Vail Resorts, Inc.                   |   | $ | 127,625 |  |
| Pro forma basic net income per share attributable to Vail Resorts, Inc.   |   | $ | 3.53 |  |
| Pro forma diluted net income per share attributable to Vail Resorts, Inc. |   | $ | 3.44 |  |

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |
|                                                                      |   | Nine Months Ended April 30, |
|                                                                      |   | 2015 | 2014 |
| Pro forma net revenue                                                     |   | $ | 1,239,878 |  | $ | 1,175,694 |  |
| Pro forma net income attributable to Vail Resorts, Inc.                   |   | $ | 185,565 |  | $ | 113,179 |  |
| Pro forma basic net income per share attributable to Vail Resorts, Inc.   |   | $ | 5.11 |  | $ | 3.13 |  |
| Pro forma diluted net income per share attributable to Vail Resorts, Inc. |   | $ | 4.97 |  | $ | 3.06 |  |

----

|    |                                         |
|----|-----------------------------------------|
| 6. | Supplementary Balance Sheet Information |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |
|                                |   | April 30, 2015 |   | July 31, 2014 |   | April 30, 2014 |
| Land and land improvements          |   | $ | 413,775 |  |   | $ | 348,328 |  |   | $ | 350,674 |  |
| Buildings and building improvements |   | 957,594 |  |   | 907,280 |  |   | 908,829 |  |
| Machinery and equipment             |   | 777,011 |  |   | 700,745 |  |   | 701,825 |  |
| Furniture and fixtures              |   | 284,403 |  |   | 269,209 |  |   | 273,202 |  |
| Software                            |   | 105,482 |  |   | 98,653 |  |   | 99,958 |  |
| Vehicles                            |   | 59,708 |  |   | 55,724 |  |   | 55,324 |  |
| Construction in progress            |   | 20,245 |  |   | 31,487 |  |   | 19,453 |  |
| Gross property, plant and equipment |   | 2,618,218 |  |   | 2,411,426 |  |   | 2,409,265 |  |
| Accumulated depreciation            |   | (1,359,125 | ) |   | (1,263,436 | ) |   | (1,244,878 | ) |
| Property, plant and equipment, net  |   | $ | 1,259,093 |  |   | $ | 1,147,990 |  |   | $ | 1,164,387 |  |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              |   | April 30, 2015 |   | July 31, 2014 |   | April 30, 2014 |
| Trade payables                                    |   | $ | 52,371 |  |   | $ | 71,823 |  |   | $ | 48,406 |  |
| Deferred revenue                                  |   | 115,300 |  |   | 110,566 |  |   | 93,135 |  |
| Accrued salaries, wages and deferred compensation |   | 38,594 |  |   | 29,833 |  |   | 35,221 |  |
| Accrued benefits                                  |   | 26,459 |  |   | 21,351 |  |   | 25,468 |  |
| Deposits                                          |   | 18,199 |  |   | 15,272 |  |   | 17,772 |  |
| Accrued interest                                  |   | 7,865 |  |   | 5,429 |  |   | 13,549 |  |
| Other accruals                                    |   | 34,268 |  |   | 34,944 |  |   | 31,226 |  |
| Total accounts payable and accrued liabilities    |   | $ | 293,056 |  |   | $ | 289,218 |  |   | $ | 264,777 |  |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         |   | April 30, 2015 |   | July 31, 2014 |   | April 30, 2014 |
| Private club deferred initiation fee revenue |   | $ | 128,295 |  |   | $ | 128,824 |  |   | $ | 130,543 |  |
| Unfavorable lease obligation, net            |   | 29,325 |  |   | 31,338 |  |   | 32,034 |  |
| Other long-term liabilities                  |   | 78,312 |  |   | 100,519 |  |   | 77,357 |  |
| Total other long-term liabilities            |   | $ | 235,932 |  |   | $ | 260,681 |  |   | $ | 239,934 |  |

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Mountain | Lodging | Goodwill, net |
| Balance at July 31, 2014                              | $ | 310,249 |  | $ | 67,899 |  | $ | 378,148 |  |
| Acquisition                                           | 92,431 |  | — |  | 92,431 |  |
| Effects of changes in foreign currency exchange rates | (293 | ) | — |  | (293 | ) |
| Balance at April 30, 2015                             | $ | 402,387 |  | $ | 67,899 |  | $ | 470,286 |  |

----

----

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   |   |   |   |   |   |   |   |   |   |
|   |   |   | Fair Value Measurement as of April 30, 2015 |
|   | Description |   | Balance at April 30, 2015 |   | Level 1 |   | Level 2 |   | Level 3 |
|   |
|   | Assets: |   |   |   |   |   |   |   |   |
|   | Money Market |   | $ | 7,578 |  |   | $ | 7,578 |  |   | $ | — |  |   | $ | — |  |
|   | Commercial Paper |   | $ | 2,401 |  |   | $ | — |  |   | $ | 2,401 |  |   | $ | — |  |
|   | Certificates of Deposit |   | $ | 2,651 |  |   | $ | — |  |   | $ | 2,651 |  |   | $ | — |  |
|   |   |   |   |
|   | Liabilities: |   |   |   |   |   |   |   |   |
|   | Contingent Consideration |   | $ | 6,000 |  |   | $ | — |  |   | $ | — |  |   | $ | 6,000 |  |
|   |   |   |   |
|   |   |   | Fair Value Measurement as of July 31, 2014 |
|   | Description |   | Balance at July 31, 2014 |   | Level 1 |   | Level 2 |   | Level 3 |
|   | Assets: |   |   |   |   |   |   |   |   |
|   | Money Market |   | $ | 9,022 |  |   | $ | 9,022 |  |   | $ | — |  |   | $ | — |  |
|   | Commercial Paper |   | $ | 630 |  |   | $ | — |  |   | $ | 630 |  |   | $ | — |  |
|   | Certificates of Deposit |   | $ | 880 |  |   | $ | — |  |   | $ | 880 |  |   | $ | — |  |
|   |   |   |   |   |   |   |   |   |   |
|   | Liabilities: |   |   |   |   |   |   |   |   |
|   | Contingent Consideration |   | $ | 10,500 |  |   | $ | — |  |   | $ | — |  |   | $ | 10,500 |  |
|   |   |   |   |
|   |   |   | Fair Value Measurement as of April 30, 2014 |
|   | Description |   | Balance at April 30, 2014 |   | Level 1 |   | Level 2 |   | Level 3 |
|   | Assets: |   |   |   |   |   |   |   |   |
|   | Money Market |   | $ | 78,851 |  |   | $ | 78,851 |  |   | $ | — |  |   | $ | — |  |
|   | Commercial Paper |   | $ | 630 |  |   | $ | — |  |   | $ | 630 |  |   | $ | — |  |
|   | Certificates of Deposit |   | $ | 630 |  |   | $ | — |  |   | $ | 630 |  |   | $ | — |  |
|   |   |   |   |   |   |   |   |   |   |
|   | Liabilities: |   |   |   |   |   |   |   |   |
|   | Contingent Consideration |   | $ | 9,100 |  |   | $ | — |  |   | $ | — |  |   | $ | 9,100 |  |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |
| Balance as of July 31, 2014 and 2013, respectively  | $ | 10,500 |  | $ | 9,100 |  |
| Change in fair value                                | (4,500 | ) | — |  |
| Balance as of April 30, 2015 and 2014, respectively | $ | 6,000 |  | $ | 9,100 |  |

----

----

----

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                             | Three Months Ended April 30, |   | Nine Months Ended April 30, |
|                                                             | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net revenue:                                                     |   |   |   |   |   |   |   |
| Lift                                                             | $ | 285,249 |  |   | $ | 251,914 |  |   | $ | 524,537 |  |   | $ | 447,271 |  |
| Ski school                                                       | 66,216 |  |   | 62,512 |  |   | 123,511 |  |   | 109,442 |  |
| Dining                                                           | 44,003 |  |   | 42,303 |  |   | 90,661 |  |   | 82,369 |  |
| Retail/rental                                                    | 71,078 |  |   | 73,785 |  |   | 195,563 |  |   | 188,401 |  |
| Other                                                            | 33,005 |  |   | 30,073 |  |   | 88,696 |  |   | 82,091 |  |
| Total Mountain net revenue                                       | 499,551 |  |   | 460,587 |  |   | 1,022,968 |  |   | 909,574 |  |
| Lodging                                                          | 67,323 |  |   | 66,293 |  |   | 185,180 |  |   | 179,694 |  |
| Total Resort net revenue                                         | 566,874 |  |   | 526,880 |  |   | 1,208,148 |  |   | 1,089,268 |  |
| Real estate                                                      | 12,469 |  |   | 16,167 |  |   | 29,694 |  |   | 29,890 |  |
| Total net revenue                                                | $ | 579,343 |  |   | $ | 543,047 |  |   | $ | 1,237,842 |  |   | $ | 1,119,158 |  |
| Operating expense:                                               |   |   |   |   |   |   |   |
| Mountain                                                         | $ | 244,675 |  |   | $ | 233,301 |  |   | $ | 645,593 |  |   | $ | 601,587 |  |
| Lodging                                                          | 54,726 |  |   | 53,182 |  |   | 166,407 |  |   | 163,346 |  |
| Total Resort operating expense                                   | 299,401 |  |   | 286,483 |  |   | 812,000 |  |   | 764,933 |  |
| Real estate                                                      | 14,028 |  |   | 18,445 |  |   | 35,513 |  |   | 35,682 |  |
| Total segment operating expense                                  | $ | 313,429 |  |   | $ | 304,928 |  |   | $ | 847,513 |  |   | $ | 800,615 |  |
| Gain on litigation settlement                                    | $ | — |  |   | $ | — |  |   | $ | 16,400 |  |   | $ | — |  |
| Gain on sale of real property                                    | $ | 151 |  |   | $ | — |  |   | $ | 151 |  |   | $ | — |  |
| Mountain equity investment (loss) income, net                    | $ | (129 | ) |   | $ | 665 |  |   | $ | 396 |  |   | $ | 1,282 |  |
| Reported EBITDA:                                                 |   |   |   |   |   |   |   |
| Mountain                                                         | $ | 254,747 |  |   | $ | 227,951 |  |   | $ | 394,171 |  |   | $ | 309,269 |  |
| Lodging                                                          | 12,597 |  |   | 13,111 |  |   | 18,773 |  |   | 16,348 |  |
| Resort                                                           | 267,344 |  |   | 241,062 |  |   | 412,944 |  |   | 325,617 |  |
| Real estate                                                      | (1,408 | ) |   | (2,278 | ) |   | (5,668 | ) |   | (5,792 | ) |
| Total Reported EBITDA                                            | $ | 265,936 |  |   | $ | 238,784 |  |   | $ | 407,276 |  |   | $ | 319,825 |  |
|                                                             |   |   |   |   |   |   |   |
| Real estate held for sale and investment                         | $ | 137,740 |  |   | $ | 170,818 |  |   | $ | 137,740 |  |   | $ | 170,818 |  |
|                                                             |   |   |   |   |   |   |   |
| Reconciliation to net income attributable to Vail Resorts, Inc.: |   |   |   |   |   |   |   |
| Total Reported EBITDA                                            | $ | 265,936 |  |   | $ | 238,784 |  |   | $ | 407,276 |  |   | $ | 319,825 |  |
| Depreciation and amortization                                    | (38,242 | ) |   | (35,588 | ) |   | (111,587 | ) |   | (105,948 | ) |
| Change in fair value of contingent consideration                 | — |  |   | — |  |   | 4,550 |  |   | — |  |
| (Loss) gain on disposal of fixed assets and other, net           | (71 | ) |   | 634 |  |   | (852 | ) |   | (839 | ) |
| Investment income, net                                           | 119 |  |   | 124 |  |   | 155 |  |   | 289 |  |
| Interest expense                                                 | (13,735 | ) |   | (16,408 | ) |   | (41,110 | ) |   | (48,745 | ) |
| Income before provision for income taxes                         | 214,007 |  |   | 187,546 |  |   | 258,432 |  |   | 164,582 |  |
| Provision for income taxes                                       | (80,605 | ) |   | (69,680 | ) |   | (73,654 | ) |   | (60,953 | ) |
| Net income                                                       | $ | 133,402 |  |   | $ | 117,866 |  |   | $ | 184,778 |  |   | $ | 103,629 |  |
| Net loss attributable to noncontrolling interests                | 8 |  |   | 80 |  |   | 118 |  |   | 204 |  |
| Net income attributable to Vail Resorts, Inc.                    | $ | 133,410 |  |   | $ | 117,946 |  |   | $ | 184,896 |  |   | $ | 103,833 |  |

----

----

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          |   | ParentCompany |   | 100%OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Current assets:                                               |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                     |   | $ | — |  |   | $ | 117,569 |  |   | $ | 7,645 |  |   | $ | — |  |   | $ | 125,214 |  |
| Restricted cash                                               |   | — |  |   | 10,672 |  |   | 2,467 |  |   | — |  |   | 13,139 |  |
| Trade receivables, net                                        |   | — |  |   | 102,290 |  |   | 3,327 |  |   | — |  |   | 105,617 |  |
| Inventories, net                                              |   | — |  |   | 62,007 |  |   | 160 |  |   | — |  |   | 62,167 |  |
| Other current assets                                          |   | 33,732 |  |   | 30,016 |  |   | 306 |  |   | — |  |   | 64,054 |  |
| Total current assets                                          |   | 33,732 |  |   | 322,554 |  |   | 13,905 |  |   | — |  |   | 370,191 |  |
| Property, plant and equipment, net                            |   | — |  |   | 1,219,273 |  |   | 39,820 |  |   | — |  |   | 1,259,093 |  |
| Real estate held for sale and investment                      |   | — |  |   | 137,740 |  |   | — |  |   | — |  |   | 137,740 |  |
| Goodwill, net                                                 |   | — |  |   | 468,922 |  |   | 1,364 |  |   | — |  |   | 470,286 |  |
| Intangible assets, net                                        |   | — |  |   | 122,064 |  |   | 19,063 |  |   | — |  |   | 141,127 |  |
| Other assets                                                  |   | 2,374 |  |   | 43,639 |  |   | 5,036 |  |   | (9,981 | ) |   | 41,068 |  |
| Investments in subsidiaries                                   |   | 2,112,937 |  |   | (8,625 | ) |   | — |  |   | (2,104,312 | ) |   | — |  |
| Advances to affiliates                                        |   | — |  |   | — |  |   | 4,027 |  |   | (4,027 | ) |   | — |  |
| Total assets                                                  |   | $ | 2,149,043 |  |   | $ | 2,305,567 |  |   | $ | 83,215 |  |   | $ | (2,118,320 | ) |   | $ | 2,419,505 |  |
| Current liabilities:                                          |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                      |   | $ | 7,262 |  |   | $ | 275,979 |  |   | $ | 9,815 |  |   | $ | — |  |   | $ | 293,056 |  |
| Income taxes payable                                          |   | 36,161 |  |   | — |  |   | — |  |   | — |  |   | 36,161 |  |
| Long-term debt due within one year                            |   | 215,000 |  |   | 41,709 |  |   | 244 |  |   | — |  |   | 256,953 |  |
| Total current liabilities                                     |   | 258,423 |  |   | 317,688 |  |   | 10,059 |  |   | — |  |   | 586,170 |  |
| Advances from affiliates                                      |   | 665,400 |  |   | 4,027 |  |   | — |  |   | (669,427 | ) |   | — |  |
| Long-term debt                                                |   | — |  |   | 322,533 |  |   | 57,263 |  |   | — |  |   | 379,796 |  |
| Other long-term liabilities                                   |   | 21,211 |  |   | 213,782 |  |   | 10,920 |  |   | (9,981 | ) |   | 235,932 |  |
| Deferred income taxes                                         |   | 240,519 |  |   | — |  |   | (386 | ) |   | — |  |   | 240,133 |  |
| Total Vail Resorts, Inc. stockholders’ equity (deficit) |   | 963,490 |  |   | 2,112,937 |  |   | (8,625 | ) |   | (2,104,312 | ) |   | 963,490 |  |
| Advances to Parent                                            |   | — |  |   | (665,400 | ) |   | — |  |   | 665,400 |  |   | — |  |
| Noncontrolling interests                                      |   | — |  |   | — |  |   | 13,984 |  |   | — |  |   | 13,984 |  |
| Total stockholders’ equity                              |   | 963,490 |  |   | 1,447,537 |  |   | 5,359 |  |   | (1,438,912 | ) |   | 977,474 |  |
| Total liabilities and stockholders’ equity              |   | $ | 2,149,043 |  |   | $ | 2,305,567 |  |   | $ | 83,215 |  |   | $ | (2,118,320 | ) |   | $ | 2,419,505 |  |

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          |   | ParentCompany |   | 100%OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Current assets:                                               |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                     |   | $ | — |  |   | $ | 35,070 |  |   | $ | 9,336 |  |   | $ | — |  |   | $ | 44,406 |  |
| Restricted cash                                               |   | — |  |   | 11,321 |  |   | 1,860 |  |   | — |  |   | 13,181 |  |
| Trade receivables, net                                        |   | — |  |   | 94,390 |  |   | 1,587 |  |   | — |  |   | 95,977 |  |
| Inventories, net                                              |   | — |  |   | 66,988 |  |   | 195 |  |   | — |  |   | 67,183 |  |
| Other current assets                                          |   | 29,249 |  |   | 24,736 |  |   | 314 |  |   | — |  |   | 54,299 |  |
| Total current assets                                          |   | 29,249 |  |   | 232,505 |  |   | 13,292 |  |   | — |  |   | 275,046 |  |
| Property, plant and equipment, net                            |   | — |  |   | 1,105,830 |  |   | 42,160 |  |   | — |  |   | 1,147,990 |  |
| Real estate held for sale and investment                      |   | — |  |   | 157,858 |  |   | — |  |   | — |  |   | 157,858 |  |
| Goodwill, net                                                 |   | — |  |   | 376,491 |  |   | 1,657 |  |   | — |  |   | 378,148 |  |
| Intangible assets, net                                        |   | — |  |   | 98,227 |  |   | 19,296 |  |   | — |  |   | 117,523 |  |
| Other assets                                                  |   | 2,762 |  |   | 100,365 |  |   | 4,137 |  |   | (9,980 | ) |   | 97,284 |  |
| Investments in subsidiaries                                   |   | 1,945,001 |  |   | (7,188 | ) |   | — |  |   | (1,937,813 | ) |   | — |  |
| Advances to affiliates                                        |   | — |  |   | — |  |   | 2,621 |  |   | (2,621 | ) |   | — |  |
| Total assets                                                  |   | $ | 1,977,012 |  |   | $ | 2,064,088 |  |   | $ | 83,163 |  |   | $ | (1,950,414 | ) |   | $ | 2,173,849 |  |
| Current liabilities:                                          |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                      |   | $ | 3,803 |  |   | $ | 277,738 |  |   | $ | 7,677 |  |   | $ | — |  |   | $ | 289,218 |  |
| Income taxes payable                                          |   | 33,966 |  |   | — |  |   | — |  |   | — |  |   | 33,966 |  |
| Long-term debt due within one year                            |   | — |  |   | 791 |  |   | 231 |  |   | — |  |   | 1,022 |  |
| Total current liabilities                                     |   | 37,769 |  |   | 278,529 |  |   | 7,908 |  |   | — |  |   | 324,206 |  |
| Advances from affiliates                                      |   | 725,839 |  |   | 2,621 |  |   | — |  |   | (728,460 | ) |   | — |  |
| Long-term debt                                                |   | 215,000 |  |   | 353,093 |  |   | 57,507 |  |   | — |  |   | 625,600 |  |
| Other long-term liabilities                                   |   | 48,875 |  |   | 210,683 |  |   | 11,103 |  |   | (9,980 | ) |   | 260,681 |  |
| Deferred income taxes                                         |   | 128,686 |  |   | — |  |   | (124 | ) |   | — |  |   | 128,562 |  |
| Total Vail Resorts, Inc. stockholders’ equity (deficit) |   | 820,843 |  |   | 1,945,001 |  |   | (7,188 | ) |   | (1,937,813 | ) |   | 820,843 |  |
| Advances to Parent                                            |   | — |  |   | (725,839 | ) |   | — |  |   | 725,839 |  |   | — |  |
| Noncontrolling interests                                      |   | — |  |   | — |  |   | 13,957 |  |   | — |  |   | 13,957 |  |
| Total stockholders’ equity                              |   | 820,843 |  |   | 1,219,162 |  |   | 6,769 |  |   | (1,211,974 | ) |   | 834,800 |  |
| Total liabilities and stockholders’ equity              |   | $ | 1,977,012 |  |   | $ | 2,064,088 |  |   | $ | 83,163 |  |   | $ | (1,950,414 | ) |   | $ | 2,173,849 |  |

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          |   | ParentCompany |   | 100%OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Current assets:                                               |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                     |   | $ | — |  |   | $ | 298,642 |  |   | $ | 8,789 |  |   | $ | — |  |   | $ | 307,431 |  |
| Restricted cash                                               |   | — |  |   | 11,285 |  |   | 1,772 |  |   | — |  |   | 13,057 |  |
| Trade receivables, net                                        |   | — |  |   | 77,108 |  |   | 2,707 |  |   | — |  |   | 79,815 |  |
| Inventories, net                                              |   | — |  |   | 60,229 |  |   | 180 |  |   | — |  |   | 60,409 |  |
| Other current assets                                          |   | 29,217 |  |   | 28,961 |  |   | 518 |  |   | — |  |   | 58,696 |  |
| Total current assets                                          |   | 29,217 |  |   | 476,225 |  |   | 13,966 |  |   | — |  |   | 519,408 |  |
| Property, plant and equipment, net                            |   | — |  |   | 1,121,251 |  |   | 43,136 |  |   | — |  |   | 1,164,387 |  |
| Real estate held for sale and investment                      |   | — |  |   | 170,818 |  |   | — |  |   | — |  |   | 170,818 |  |
| Goodwill, net                                                 |   | — |  |   | 376,491 |  |   | 1,729 |  |   | — |  |   | 378,220 |  |
| Intangible assets, net                                        |   | — |  |   | 99,149 |  |   | 19,358 |  |   | — |  |   | 118,507 |  |
| Other assets                                                  |   | 5,274 |  |   | 97,136 |  |   | 4,154 |  |   | (9,460 | ) |   | 97,104 |  |
| Investments in subsidiaries                                   |   | 2,046,019 |  |   | (4,984 | ) |   | — |  |   | (2,041,035 | ) |   | — |  |
| Advances to affiliates                                        |   | — |  |   | — |  |   | 3,379 |  |   | (3,379 | ) |   | — |  |
| Total assets                                                  |   | $ | 2,080,510 |  |   | $ | 2,336,086 |  |   | $ | 85,722 |  |   | $ | (2,053,874 | ) |   | $ | 2,448,444 |  |
| Current liabilities:                                          |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                      |   | $ | 13,014 |  |   | $ | 243,284 |  |   | $ | 8,479 |  |   | $ | — |  |   | $ | 264,777 |  |
| Income taxes payable                                          |   | 39,043 |  |   | — |  |   | — |  |   | — |  |   | 39,043 |  |
| Long-term debt due within one year                            |   | — |  |   | 648 |  |   | 231 |  |   | — |  |   | 879 |  |
| Total current liabilities                                     |   | 52,057 |  |   | 243,932 |  |   | 8,710 |  |   | — |  |   | 304,699 |  |
| Advances from affiliates                                      |   | 520,096 |  |   | 3,379 |  |   | — |  |   | (523,475 | ) |   | — |  |
| Long-term debt                                                |   | 390,000 |  |   | 351,716 |  |   | 57,507 |  |   | — |  |   | 799,223 |  |
| Other long-term liabilities                                   |   | 27,673 |  |   | 211,136 |  |   | 10,585 |  |   | (9,460 | ) |   | 239,934 |  |
| Deferred income taxes                                         |   | 183,535 |  |   | — |  |   | (62 | ) |   | — |  |   | 183,473 |  |
| Total Vail Resorts, Inc. stockholders’ equity (deficit) |   | 907,149 |  |   | 2,046,019 |  |   | (4,984 | ) |   | (2,041,035 | ) |   | 907,149 |  |
| Advances to Parent                                            |   | — |  |   | (520,096 | ) |   | — |  |   | 520,096 |  |   | — |  |
| Noncontrolling interests                                      |   | — |  |   | — |  |   | 13,966 |  |   | — |  |   | 13,966 |  |
| Total stockholders’ equity                              |   | 907,149 |  |   | 1,525,923 |  |   | 8,982 |  |   | (1,520,939 | ) |   | 921,115 |  |
| Total liabilities and stockholders’ equity              |   | $ | 2,080,510 |  |   | $ | 2,336,086 |  |   | $ | 85,722 |  |   | $ | (2,053,874 | ) |   | $ | 2,448,444 |  |

----

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                   |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Total net revenue                                                      |   | $ | — |  |   | $ | 577,461 |  |   | $ | 6,493 |  |   | $ | (4,611 | ) |   | $ | 579,343 |  |
| Total operating expense                                                |   | 64 |  |   | 350,193 |  |   | 5,907 |  |   | (4,573 | ) |   | 351,591 |  |
| (Loss) income from operations                                          |   | (64 | ) |   | 227,268 |  |   | 586 |  |   | (38 | ) |   | 227,752 |  |
| Other expense, net                                                     |   | (3,593 | ) |   | (9,743 | ) |   | (318 | ) |   | 38 |  |   | (13,616 | ) |
| Equity investment loss, net                                            |   | — |  |   | (129 | ) |   | — |  |   | — |  |   | (129 | ) |
| (Loss) income before benefit (provision) for income taxes              |   | (3,657 | ) |   | 217,396 |  |   | 268 |  |   | — |  |   | 214,007 |  |
| Benefit (provision) for income taxes                                   |   | 1,257 |  |   | (81,823 | ) |   | (39 | ) |   | — |  |   | (80,605 | ) |
| Net (loss) income before equity in income of consolidated subsidiaries |   | (2,400 | ) |   | 135,573 |  |   | 229 |  |   | — |  |   | 133,402 |  |
| Equity in income of consolidated subsidiaries                          |   | 135,810 |  |   | 237 |  |   | — |  |   | (136,047 | ) |   | — |  |
| Net income                                                             |   | 133,410 |  |   | 135,810 |  |   | 229 |  |   | (136,047 | ) |   | 133,402 |  |
| Net loss attributable to noncontrolling interests                      |   | — |  |   | — |  |   | 8 |  |   | — |  |   | 8 |  |
| Net income attributable to Vail Resorts, Inc.                          |   | $ | 133,410 |  |   | $ | 135,810 |  |   | $ | 237 |  |   | $ | (136,047 | ) |   | $ | 133,410 |  |

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                          |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Total net revenue                                                             |   | $ | — |  |   | $ | 539,704 |  |   | $ | 6,494 |  |   | $ | (3,151 | ) |   | $ | 543,047 |  |
| Total operating expense                                                       |   | 106 |  |   | 336,623 |  |   | 6,266 |  |   | (3,113 | ) |   | 339,882 |  |
| (Loss) income from operations                                                 |   | (106 | ) |   | 203,081 |  |   | 228 |  |   | (38 | ) |   | 203,165 |  |
| Other expense, net                                                            |   | (6,600 | ) |   | (9,331 | ) |   | (391 | ) |   | 38 |  |   | (16,284 | ) |
| Equity investment income, net                                                 |   | — |  |   | 665 |  |   | — |  |   | — |  |   | 665 |  |
| (Loss) income before benefit (provision) for income taxes                     |   | (6,706 | ) |   | 194,415 |  |   | (163 | ) |   | — |  |   | 187,546 |  |
| Benefit (provision) for income taxes                                          |   | 2,564 |  |   | (72,295 | ) |   | 51 |  |   | — |  |   | (69,680 | ) |
| Net (loss) income before equity in income (loss) of consolidated subsidiaries |   | (4,142 | ) |   | 122,120 |  |   | (112 | ) |   | — |  |   | 117,866 |  |
| Equity in income (loss) of consolidated subsidiaries                          |   | 122,088 |  |   | (32 | ) |   | — |  |   | (122,056 | ) |   | — |  |
| Net income (loss)                                                             |   | 117,946 |  |   | 122,088 |  |   | (112 | ) |   | (122,056 | ) |   | 117,866 |  |
| Net loss attributable to noncontrolling interests                             |   | — |  |   | — |  |   | 80 |  |   | — |  |   | 80 |  |
| Net income (loss) attributable to Vail Resorts, Inc.                          |   | $ | 117,946 |  |   | $ | 122,088 |  |   | $ | (32 | ) |   | $ | (122,056 | ) |   | $ | 117,946 |  |

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                          |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Total net revenue                                                             |   | $ | — |  |   | $ | 1,235,712 |  |   | $ | 15,710 |  |   | $ | (13,580 | ) |   | $ | 1,237,842 |  |
| Total operating expense                                                       |   | 285 |  |   | 956,630 |  |   | 16,352 |  |   | (13,466 | ) |   | 959,801 |  |
| Gain on litigation settlement                                                 |   | — |  |   | 16,400 |  |   | — |  |   | — |  |   | 16,400 |  |
| Change in fair value of contingent consideration                              |   | — |  |   | 4,550 |  |   | — |  |   | — |  |   | 4,550 |  |
| (Loss) income from operations                                                 |   | (285 | ) |   | 300,032 |  |   | (642 | ) |   | (114 | ) |   | 298,991 |  |
| Other expense, net                                                            |   | (10,871 | ) |   | (29,197 | ) |   | (1,001 | ) |   | 114 |  |   | (40,955 | ) |
| Equity investment income, net                                                 |   | — |  |   | 396 |  |   | — |  |   | — |  |   | 396 |  |
| (Loss) income before benefit (provision) for income taxes                     |   | (11,156 | ) |   | 271,231 |  |   | (1,643 | ) |   | — |  |   | 258,432 |  |
| Benefit (provision) for income taxes                                          |   | 27,691 |  |   | (101,406 | ) |   | 61 |  |   | — |  |   | (73,654 | ) |
| Net income (loss) before equity in income (loss) of consolidated subsidiaries |   | 16,535 |  |   | 169,825 |  |   | (1,582 | ) |   | — |  |   | 184,778 |  |
| Equity in income (loss) of consolidated subsidiaries                          |   | 168,361 |  |   | (1,464 | ) |   | — |  |   | (166,897 | ) |   | — |  |
| Net income (loss)                                                             |   | 184,896 |  |   | 168,361 |  |   | (1,582 | ) |   | (166,897 | ) |   | 184,778 |  |
| Net loss attributable to noncontrolling interests                             |   | — |  |   | — |  |   | 118 |  |   | — |  |   | 118 |  |
| Net income (loss) attributable to Vail Resorts, Inc.                          |   | $ | 184,896 |  |   | $ | 168,361 |  |   | $ | (1,464 | ) |   | $ | (166,897 | ) |   | $ | 184,896 |  |

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                          |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Total net revenue                                                             |   | $ | — |  |   | $ | 1,113,141 |  |   | $ | 15,840 |  |   | $ | (9,823 | ) |   | $ | 1,119,158 |  |
| Total operating expense                                                       |   | 286 |  |   | 899,631 |  |   | 17,194 |  |   | (9,709 | ) |   | 907,402 |  |
| (Loss) income from operations                                                 |   | (286 | ) |   | 213,510 |  |   | (1,354 | ) |   | (114 | ) |   | 211,756 |  |
| Other expense, net                                                            |   | (19,802 | ) |   | (27,630 | ) |   | (1,138 | ) |   | 114 |  |   | (48,456 | ) |
| Equity investment income, net                                                 |   | — |  |   | 1,282 |  |   | — |  |   | — |  |   | 1,282 |  |
| (Loss) income before benefit (provision) for income taxes                     |   | (20,088 | ) |   | 187,162 |  |   | (2,492 | ) |   | — |  |   | 164,582 |  |
| Benefit (provision) for income taxes                                          |   | 7,810 |  |   | (68,971 | ) |   | 208 |  |   | — |  |   | (60,953 | ) |
| Net (loss) income before equity in income (loss) of consolidated subsidiaries |   | (12,278 | ) |   | 118,191 |  |   | (2,284 | ) |   | — |  |   | 103,629 |  |
| Equity in income (loss) of consolidated subsidiaries                          |   | 116,111 |  |   | (2,080 | ) |   | — |  |   | (114,031 | ) |   | — |  |
| Net income (loss)                                                             |   | 103,833 |  |   | 116,111 |  |   | (2,284 | ) |   | (114,031 | ) |   | 103,629 |  |
| Net loss attributable to noncontrolling interests                             |   | — |  |   | — |  |   | 204 |  |   | — |  |   | 204 |  |
| Net income (loss) attributable to Vail Resorts, Inc.                          |   | $ | 103,833 |  |   | $ | 116,111 |  |   | $ | (2,080 | ) |   | $ | (114,031 | ) |   | $ | 103,833 |  |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Net income                                                  |   | $ | 133,410 |  |   | $ | 135,810 |  |   | $ | 229 |  |   | $ | (136,047 | ) |   | $ | 133,402 |  |
| Foreign currency translation adjustments, net of tax        |   | 23 |  |   | (23 | ) |   | (23 | ) |   | 46 |  |   | 23 |  |
| Comprehensive income                                        |   | 133,433 |  |   | 135,787 |  |   | 206 |  |   | (136,001 | ) |   | 133,425 |  |
| Comprehensive loss attributable to noncontrolling interests |   | — |  |   | — |  |   | 8 |  |   | — |  |   | 8 |  |
| Comprehensive income attributable to Vail Resorts, Inc.     |   | $ | 133,433 |  |   | $ | 135,787 |  |   | $ | 214 |  |   | $ | (136,001 | ) |   | $ | 133,433 |  |

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Net income (loss)                                           |   | $ | 117,946 |  |   | $ | 122,088 |  |   | $ | (112 | ) |   | $ | (122,056 | ) |   | $ | 117,866 |  |
| Foreign currency translation adjustments, net of tax        |   | 85 |  |   | 85 |  |   | 85 |  |   | (170 | ) |   | 85 |  |
| Comprehensive income (loss)                                 |   | 118,031 |  |   | 122,173 |  |   | (27 | ) |   | (122,226 | ) |   | 117,951 |  |
| Comprehensive loss attributable to noncontrolling interests |   | — |  |   | — |  |   | 80 |  |   | — |  |   | 80 |  |
| Comprehensive income attributable to Vail Resorts, Inc.     |   | $ | 118,031 |  |   | $ | 122,173 |  |   | $ | 53 |  |   | $ | (122,226 | ) |   | $ | 118,031 |  |

----

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                           |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Net income (loss)                                              |   | $ | 184,896 |  |   | $ | 168,361 |  |   | $ | (1,582 | ) |   | $ | (166,897 | ) |   | $ | 184,778 |  |
| Foreign currency translation adjustments, net of tax           |   | (424 | ) |   | 424 |  |   | 424 |  |   | (848 | ) |   | (424 | ) |
| Comprehensive income (loss)                                    |   | 184,472 |  |   | 168,785 |  |   | (1,158 | ) |   | (167,745 | ) |   | 184,354 |  |
| Comprehensive loss attributable to noncontrolling interests    |   | — |  |   | — |  |   | 118 |  |   | — |  |   | 118 |  |
| Comprehensive income (loss) attributable to Vail Resorts, Inc. |   | $ | 184,472 |  |   | $ | 168,785 |  |   | $ | (1,040 | ) |   | $ | (167,745 | ) |   | $ | 184,472 |  |

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                           |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Net income (loss)                                              |   | $ | 103,833 |  |   | $ | 116,111 |  |   | $ | (2,284 | ) |   | $ | (114,031 | ) |   | $ | 103,629 |  |
| Foreign currency translation adjustments, net of tax           |   | (34 | ) |   | (34 | ) |   | (34 | ) |   | 68 |  |   | (34 | ) |
| Comprehensive income (loss)                                    |   | 103,799 |  |   | 116,077 |  |   | (2,318 | ) |   | (113,963 | ) |   | 103,595 |  |
| Comprehensive loss attributable to noncontrolling interests    |   | — |  |   | — |  |   | 204 |  |   | — |  |   | 204 |  |
| Comprehensive income (loss) attributable to Vail Resorts, Inc. |   | $ | 103,799 |  |   | $ | 116,077 |  |   | $ | (2,114 | ) |   | $ | (113,963 | ) |   | $ | 103,799 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         |   | ParentCompany |   | 100%  OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | Consolidated |
| Net cash provided by (used in) operating activities          |   | $ | 109,692 |  |   | $ | 285,406 |  |   | $ | (622 | ) |   | $ | 394,476 |  |
| Cash flows from investing activities:                        |   |   |   |   |   |   |   |   |
| Capital expenditures                                         |   | — |  |   | (84,941 | ) |   | (642 | ) |   | (85,583 | ) |
| Acquisition of business                                      |   | — |  |   | (182,500 | ) |   | — |  |   | (182,500 | ) |
| Other investing activities, net                              |   | — |  |   | 3,288 |  |   | (14 | ) |   | 3,274 |  |
| Net cash used in investing activities                        |   | — |  |   | (264,153 | ) |   | (656 | ) |   | (264,809 | ) |
| Cash flows from financing activities:                        |   |   |   |   |   |   |   |   |
| Proceeds from borrowings under long-term debt                |   | — |  |   | 253,000 |  |   | — |  |   | 253,000 |  |
| Payments of other long-term debt                             |   | — |  |   | (253,782 | ) |   | (231 | ) |   | (254,013 | ) |
| Dividends paid                                               |   | (52,778 | ) |   | — |  |   | — |  |   | (52,778 | ) |
| Other financing activities, net                              |   | 3,878 |  |   | 1,018 |  |   | 145 |  |   | 5,041 |  |
| Advances                                                     |   | (60,792 | ) |   | 60,792 |  |   | — |  |   | — |  |
| Net cash (used in) provided by financing activities          |   | (109,692 | ) |   | 61,028 |  |   | (86 | ) |   | (48,750 | ) |
| Effect of exchange rate changes on cash and cash equivalents |   | — |  |   | 218 |  |   | (327 | ) |   | (109 | ) |
| Net increase (decrease) in cash and cash equivalents         |   | — |  |   | 82,499 |  |   | (1,691 | ) |   | 80,808 |  |
| Cash and cash equivalents:                                   |   |   |   |   |   |   |   |   |
| Beginning of period                                          |   | — |  |   | 35,070 |  |   | 9,336 |  |   | 44,406 |  |
| End of period                                                |   | $ | — |  |   | $ | 117,569 |  |   | $ | 7,645 |  |   | $ | 125,214 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | Consolidated |
| Net cash provided by operating activities                    |   | $ | 52,146 |  |   | $ | 252,610 |  |   | $ | 1,441 |  |   | $ | 306,197 |  |
| Cash flows from investing activities:                        |   |   |   |   |   |   |   |  |
| Capital expenditures                                         |   | — |  |   | (107,208 | ) |   | (892 | ) |   | (108,100 | ) |
| Other investing activities, net                              |   | — |  |   | 912 |  |   | 8 |  |   | 920 |  |
| Net cash used in investing activities                        |   | — |  |   | (106,296 | ) |   | (884 | ) |   | (107,180 | ) |
| Cash flows from financing activities:                        |   |   |   |   |   |   |   |   |
| Payments of other long-term debt                             |   | — |  |   | (758 | ) |   | (219 | ) |   | (977 | ) |
| Dividends paid                                               |   | (29,998 | ) |   | — |  |   | — |  |   | (29,998 | ) |
| Other financing activities, net                              |   | 3,880 |  |   | (3,891 | ) |   | 743 |  |   | 732 |  |
| Advances                                                     |   | (26,028 | ) |   | 26,028 |  |   | — |  |   | — |  |
| Net cash (used in) provided by financing activities          |   | (52,146 | ) |   | 21,379 |  |   | 524 |  |   | (30,243 | ) |
| Effect of exchange rate changes on cash and cash equivalents |   | — |  |   | (21 | ) |   | 74 |  |   | 53 |  |
| Net increase in cash and cash equivalents                    |   | — |  |   | 167,672 |  |   | 1,155 |  |   | 168,827 |  |
| Cash and cash equivalents:                                   |   |   |   |   |   |   |   |   |
| Beginning of period                                          |   | — |  |   | 130,970 |  |   | 7,634 |  |   | 138,604 |  |
| End of period                                                |   | $ | — |  |   | $ | 298,642 |  |   | $ | 8,789 |  |   | $ | 307,431 |  |

----

----

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The timing and amount of snowfall can have an impact on Mountain and Lodging revenue particularly in regards to skier visits and the duration and frequency of guest visitation. To help partially mitigate the impact to our operating results from the timing and amount of snowfall, we sell a variety of season pass products prior to the beginning of the ski season resulting in a more stabilized stream of lift revenue within the second and third fiscal quarters, when the season pass sales are recorded as revenue. Additionally, our season pass products provide a compelling value proposition to our guests, which in turn creates a guest commitment predominately prior to the start of the ski season. In March 2015, we began our early season pass sales program for the 2015/2016 ski season. Through May 26, 2015, our early season pass sales for the upcoming 2015/2016 ski season have increased approximately 12% in units and increased approximately 20% in sales dollars, compared to the prior year period ended May 27, 2014 (including Park City for the prior year, which prior year includes pass sales that were specific to Park City and occurred before our acquisition, and excluding Perisher Freedom Pass sales). However, we cannot predict if this favorable trend will continue through the Fall 2015 pass sales campaign or the overall impact that season pass sales will have on lift revenue for the 2015/2016 ski season. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In May 2013, we entered into a long-term lease with Talisker Corporation (“Talisker”) under which we assumed resort operations of Canyons, which includes the ski area and related amenities. In addition to the lease, we entered into ancillary transaction documents setting forth our rights related to, among other things, the litigation between the then current operator of Park City and Talisker concerning the validity of a lease of the Talisker-owned land under the ski terrain of Park City (excluding the base area). On September 11, 2014, we entered into a Purchase and Sale Agreement (the “Park City Purchase Agreement”) providing for the acquisition of substantially all of the assets related to Park City. Pursuant to the Park City Purchase Agreement and ancillary transaction documents dated the same date, we assumed resort operations of Park City. In addition, the parties entered into ancillary transaction documents, including an agreement that settled all litigation related to the validity of the lease of the Talisker-owned land.  In connection with settling the litigation, we recorded a non-cash gain of $16.4 million for the nine months ended April 30, 2015, based upon the estimated fair value of the settlement.  Additionally, we recorded a credit of $4.5 million for the nine months ended April 30, 2015 for the change in fair value of the contingent consideration, which includes the resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, and increases the EBITDA threshold before which participating contingent payments are made equal to 10% of the purchase price paid by us, plus future capital expenditures. We expect that Park City will significantly contribute to our results of operations; however, we cannot predict whether we will realize all of the synergies expected from the operations of our Utah resorts nor can we predict all the resources required to integrate Park City operations and the ultimate impact our Utah resorts will have on our future results of operations. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | On March 30, 2015, we entered into the Perisher Purchase Agreement with Perisher Sellers providing for the acquisition of the entities that operate Perisher in New South Wales, Australia.  The cash purchase price will be approximately AU$176 million and we plan to fund the cash purchase price through available cash on hand and borrowings from the revolving portion of our Seventh Amended and Restated Credit Agreement (the "Credit Agreement"). We expect that Perisher will positively contribute to our results of operations with its peak operating season occurring during our first and fourth fiscal quarters. In addition, we cannot predict whether we will realize all of the synergies expected from the operations of Perisher and the ultimate impact Perisher will have on our future results of operations. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | As of April 30, 2015, we had $125.2 million in cash and cash equivalents, as well as $327.7 million available under our senior credit facility, the Sixth Amended and Restated Credit Agreement (the “Prior Credit Agreement”) (which represents the total commitment of $400.0 million less certain letters of credit outstanding of $72.3 million).  The cash purchase price of $182.5 million for our acquisition of Park City in September 2014 was funded through borrowings under the revolver portion of our Prior Credit Agreement.  During the nine months ended April 30, 2015, we repaid the outstanding borrowings under our Prior Credit Agreement through cash flow generated from operating activities.  On March 13, 2015, we submitted redemption notices to the trustees to redeem the outstanding $215.0 million aggregate |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Real Estate Reported EBITDA is highly dependent on, among other things, the timing of closings on condominium units available for sale and occasional land sales, which determines when revenue and associated cost of sales is recognized. Changes to the anticipated timing or mix of closing on one or more real estate projects, or unit closings within a real estate project, could materially impact Real Estate Reported EBITDA for a particular quarter or fiscal year. As of April 30, 2015, we had 11 units (of which one unit sold subsequent to April 30, 2015) at The Ritz-Carlton Residences, Vail and 9 units (of which two units sold subsequent to April 30, 2015) at One Ski Hill Place in Breckenridge available for sale with a remaining book value of $37.4 million for both projects as of April 30, 2015. We cannot predict the ultimate number of units we will sell, the ultimate price we will receive, or when the units will sell, although we anticipate the selling process may take up to two years to complete.  If a prolonged weakness in the real estate market or general economic conditions were to occur we may have to adjust our selling prices more than anticipated in an effort to sell and close on units available for sale. However, our risk associated with adjusting selling prices to levels that may not be acceptable to us is partially mitigated by the fact that we do generate cash flow from placing unsold units into our rental program until such time selling prices are at acceptable levels to us. Furthermore, if weakness in the real estate market were to persist for multiple years, thus requiring us to sell remaining units below anticipated pricing levels (including any sales concessions and discounts) for the remaining inventory of units, it may result in an impairment charge, particularly for the One Ski Hill Place in Breckenridge project. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In accordance with GAAP, we test goodwill and indefinite-lived intangible assets for impairment annually as well as on an interim basis to the extent factors or indicators become apparent that could reduce the fair value of our reporting units or indefinite-lived intangible assets below book value. We also evaluate long-lived assets for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate the recoverability of our goodwill by estimating the future discounted cash flows of our reporting units and terminal values of the businesses using projected future levels of income as well as business trends, prospects and market and economic conditions. We evaluate the recoverability of indefinite-lived intangible assets using the income approach based upon estimated future revenue streams, and we evaluate long-lived assets based upon estimated undiscounted future cash flows. Our fiscal 2014 annual impairment test did not result in a goodwill or indefinite-lived intangible asset impairment. However, if lower than projected levels of cash flows were to occur due to prolonged abnormal weather conditions or a prolonged weakness in general economic conditions, among other risks, it could cause less than expected growth and/or a reduction in terminal values and cash flows and could result in an impairment charge attributable to certain goodwill, indefinite-lived intangible assets and/or long-lived assets (particularly related to our Colorado Lodging operations), negatively affecting our results of operations and stockholders’ equity. |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          |   | Three Months Ended April 30, |   | Nine Months Ended April 30, |
|                                          |   | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Mountain Reported EBITDA                      |   | $ | 254,747 |  |   | $ | 227,951 |  |   | $ | 394,171 |  |   | $ | 309,269 |  |
| Lodging Reported EBITDA                       |   | 12,597 |  |   | 13,111 |  |   | 18,773 |  |   | 16,348 |  |
| Resort Reported EBITDA                        |   | 267,344 |  |   | 241,062 |  |   | 412,944 |  |   | 325,617 |  |
| Real Estate Reported EBITDA                   |   | (1,408 | ) |   | (2,278 | ) |   | (5,668 | ) |   | (5,792 | ) |
| Income before provision for income taxes      |   | 214,007 |  |   | 187,546 |  |   | 258,432 |  |   | 164,582 |  |
| Net income attributable to Vail Resorts, Inc. |   | $ | 133,410 |  |   | $ | 117,946 |  |   | $ | 184,896 |  |   | $ | 103,833 |  |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |
|                                          |   | Three Months Ended April 30, |   | PercentageIncrease(Decrease) |
|                                          |   | 2015 |   | 2014 |   |
| Net Mountain revenue:                         |   |   |   |   |   |   |
| Lift                                          |   | $ | 285,249 |  |   | $ | 251,914 |  |   | 13.2 |  % |
| Ski school                                    |   | 66,216 |  |   | 62,512 |  |   | 5.9 |  % |
| Dining                                        |   | 44,003 |  |   | 42,303 |  |   | 4.0 |  % |
| Retail/rental                                 |   | 71,078 |  |   | 73,785 |  |   | (3.7 | )% |
| Other                                         |   | 33,005 |  |   | 30,073 |  |   | 9.7 |  % |
| Total Mountain net revenue                    |   | $ | 499,551 |  |   | $ | 460,587 |  |   | 8.5 |  % |
| Mountain operating expense:                   |   |   |   |   |   |   |
| Labor and labor-related benefits              |   | $ | 99,926 |  |   | $ | 93,275 |  |   | 7.1 |  % |
| Retail cost of sales                          |   | 23,520 |  |   | 25,636 |  |   | (8.3 | )% |
| Resort related fees                           |   | 31,624 |  |   | 26,630 |  |   | 18.8 |  % |
| General and administrative                    |   | 37,047 |  |   | 33,686 |  |   | 10.0 |  % |
| Other                                         |   | 52,558 |  |   | 54,074 |  |   | (2.8 | )% |
| Total Mountain operating expense              |   | $ | 244,675 |  |   | $ | 233,301 |  |   | 4.9 |  % |
| Mountain equity investment (loss) income, net |   | (129 | ) |   | 665 |  |   | (119.4 | )% |
| Mountain Reported EBITDA                      |   | $ | 254,747 |  |   | $ | 227,951 |  |   | 11.8 |  % |
|                                          |   |   |   |   |   |   |
| Total skier visits                            |   | 4,118 |  |   | 4,176 |  |   | (1.4 | )% |
| ETP                                           |   | $ | 69.27 |  |   | $ | 60.32 |  |   | 14.8 |  % |

----

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   | Nine Months Ended April 30, |   | PercentageIncrease(Decrease) |
|                                   |   | 2015 |   | 2014 |   |
| Net Mountain revenue:                  |   |   |   |   |   |   |
| Lift                                   |   | $ | 524,537 |  |   | $ | 447,271 |  |   | 17.3 |  % |
| Ski school                             |   | 123,511 |  |   | 109,442 |  |   | 12.9 |  % |
| Dining                                 |   | 90,661 |  |   | 82,369 |  |   | 10.1 |  % |
| Retail/rental                          |   | 195,563 |  |   | 188,401 |  |   | 3.8 |  % |
| Other                                  |   | 88,696 |  |   | 82,091 |  |   | 8.0 |  % |
| Total Mountain net revenue             |   | $ | 1,022,968 |  |   | $ | 909,574 |  |   | 12.5 |  % |
| Mountain operating expense:            |   |   |   |   |   |   |
| Labor and labor-related benefits       |   | $ | 245,401 |  |   | $ | 226,288 |  |   | 8.4 |  % |
| Retail cost of sales                   |   | 75,856 |  |   | 76,490 |  |   | (0.8 | )% |
| Resort related fees                    |   | 57,773 |  |   | 47,976 |  |   | 20.4 |  % |
| General and administrative             |   | 112,613 |  |   | 100,490 |  |   | 12.1 |  % |
| Other                                  |   | 153,950 |  |   | 150,343 |  |   | 2.4 |  % |
| Total Mountain operating expense       |   | $ | 645,593 |  |   | $ | 601,587 |  |   | 7.3 |  % |
| Gain on litigation settlement          |   | 16,400 |  |   | — |  |   | nm |  |
| Mountain equity investment income, net |   | 396 |  |   | 1,282 |  |   | (69.1 | )% |
| Mountain Reported EBITDA               |   | $ | 394,171 |  |   | $ | 309,269 |  |   | 27.5 |  % |
|                                   |   |   |   |   |   |   |
| Total skier visits                     |   | 8,189 |  |   | 7,688 |  |   | 6.5 |  % |
| ETP                                    |   | $ | 64.05 |  |   | $ | 58.18 |  |   | 10.1 |  % |

----

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | Three Months Ended April 30, |   | PercentageIncrease(Decrease) |
|                                                       |   | 2015 |   | 2014 |   |
| Lodging net revenue:                                       |   |   |   |   |   |   |
| Owned hotel rooms                                          |   | $ | 13,097 |  |   | $ | 12,632 |  |   | 3.7 |  % |
| Managed condominium rooms                                  |   | 21,904 |  |   | 20,578 |  |   | 6.4 |  % |
| Dining                                                     |   | 9,778 |  |   | 9,768 |  |   | 0.1 |  % |
| Transportation                                             |   | 9,690 |  |   | 9,865 |  |   | (1.8 | )% |
| Other                                                      |   | 10,190 |  |   | 10,757 |  |   | (5.3 | )% |
|                                                       |   | 64,659 |  |   | 63,600 |  |   | 1.7 |  % |
| Payroll cost reimbursements                                |   | 2,664 |  |   | 2,693 |  |   | (1.1 | )% |
| Total Lodging net revenue                                  |   | $ | 67,323 |  |   | $ | 66,293 |  |   | 1.6 |  % |
| Lodging operating expense:                                 |   |   |   |   |   |   |
| Labor and labor-related benefits                           |   | $ | 26,465 |  |   | $ | 25,075 |  |   | 5.5 |  % |
| General and administrative                                 |   | 8,736 |  |   | 7,932 |  |   | 10.1 |  % |
| Other                                                      |   | 16,861 |  |   | 17,482 |  |   | (3.6 | )% |
|                                                       |   | 52,062 |  |   | 50,489 |  |   | 3.1 |  % |
| Reimbursed payroll costs                                   |   | 2,664 |  |   | 2,693 |  |   | (1.1 | )% |
| Total Lodging operating expense                            |   | $ | 54,726 |  |   | $ | 53,182 |  |   | 2.9 |  % |
| Lodging Reported EBITDA                                    |   | $ | 12,597 |  |   | $ | 13,111 |  |   | (3.9 | )% |
|                                                       |   |   |   |   |   |   |
| Owned hotel statistics:                                    |   |   |   |   |   |   |
| ADR                                                        |   | $ | 267.26 |  |   | $ | 243.33 |  |   | 9.8 |  % |
| RevPar                                                     |   | $ | 187.20 |  |   | $ | 183.02 |  |   | 2.3 |  % |
| Managed condominium statistics:                            |   |   |   |   |   |   |
| ADR                                                        |   | $ | 407.76 |  |   | $ | 372.69 |  |   | 9.4 |  % |
| RevPar                                                     |   | $ | 177.06 |  |   | $ | 157.56 |  |   | 12.4 |  % |
| Owned hotel and managed condominium statistics (combined): |   |   |   |   |   |   |
| ADR                                                        |   | $ | 360.54 |  |   | $ | 327.80 |  |   | 10.0 |  % |
| RevPar                                                     |   | $ | 179.48 |  |   | $ | 163.41 |  |   | 9.8 |  % |

----

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | Nine Months Ended April 30, |   | PercentageIncrease(Decrease) |
|                                                       |   | 2015 |   | 2014 |   |
| Lodging net revenue:                                       |   |   |   |   |   |   |
| Owned hotel rooms                                          |   | $ | 39,348 |  |   | $ | 36,943 |  |   | 6.5 |  % |
| Managed condominium rooms                                  |   | 49,663 |  |   | 46,474 |  |   | 6.9 |  % |
| Dining                                                     |   | 31,538 |  |   | 31,016 |  |   | 1.7 |  % |
| Transportation                                             |   | 20,504 |  |   | 19,489 |  |   | 5.2 |  % |
| Golf                                                       |   | 7,805 |  |   | 7,642 |  |   | 2.1 |  % |
| Other                                                      |   | 28,811 |  |   | 30,225 |  |   | (4.7 | )% |
|                                                       |   | 177,669 |  |   | 171,789 |  |   | 3.4 |  % |
| Payroll cost reimbursements                                |   | 7,511 |  |   | 7,905 |  |   | (5.0 | )% |
| Total Lodging net revenue                                  |   | $ | 185,180 |  |   | $ | 179,694 |  |   | 3.1 |  % |
| Lodging operating expense:                                 |   |   |   |   |   |   |
| Labor and labor-related benefits                           |   | $ | 79,783 |  |   | $ | 76,794 |  |   | 3.9 |  % |
| General and administrative                                 |   | 25,102 |  |   | 23,551 |  |   | 6.6 |  % |
| Other                                                      |   | 54,011 |  |   | 55,096 |  |   | (2.0 | )% |
|                                                       |   | 158,896 |  |   | 155,441 |  |   | 2.2 |  % |
| Reimbursed payroll costs                                   |   | 7,511 |  |   | 7,905 |  |   | (5.0 | )% |
| Total Lodging operating expense                            |   | $ | 166,407 |  |   | $ | 163,346 |  |   | 1.9 |  % |
| Lodging Reported EBITDA                                    |   | $ | 18,773 |  |   | $ | 16,348 |  |   | 14.8 |  % |
|                                                       |   |   |   |   |   |   |
| Owned hotel statistics:                                    |   |   |   |   |   |   |
| ADR                                                        |   | $ | 232.30 |  |   | $ | 218.30 |  |   | 6.4 |  % |
| RevPar                                                     |   | $ | 148.35 |  |   | $ | 141.33 |  |   | 5.0 |  % |
| Managed condominium statistics:                            |   |   |   |   |   |   |
| ADR                                                        |   | $ | 360.46 |  |   | $ | 339.98 |  |   | 6.0 |  % |
| RevPar                                                     |   | $ | 122.46 |  |   | $ | 106.75 |  |   | 14.7 |  % |
| Owned hotel and managed condominium statistics (combined): |   |   |   |   |   |   |
| ADR                                                        |   | $ | 307.40 |  |   | $ | 288.66 |  |   | 6.5 |  % |
| RevPar                                                     |   | $ | 129.53 |  |   | $ | 115.79 |  |   | 11.9 |  % |

----

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                       |   | Three Months Ended April 30, |   | PercentageIncrease(Decrease) |
|                                       |   | 2015 |   | 2014 |   |
| Total Real Estate net revenue              |   | $ | 12,469 |  |   | $ | 16,167 |  |   | (22.9 | )% |
| Real Estate operating expense:             |   |   |   |   |   |   |
| Cost of sales (including sales commission) |   | 10,924 |  |   | 13,815 |  |   | (20.9 | )% |
| Other                                      |   | 3,104 |  |   | 4,630 |  |   | (33.0 | )% |
| Total Real Estate operating expense        |   | 14,028 |  |   | 18,445 |  |   | (23.9 | )% |
| Gain on sale of real property              |   | 151 |  |   | — |  |   | nm |  |
| Real Estate Reported EBITDA                |   | $ | (1,408 | ) |   | $ | (2,278 | ) |   | 38.2 |  % |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                       |   | Nine Months Ended April 30, |   | PercentageIncrease(Decrease) |
|                                       |   | 2015 |   | 2014 |   |
| Total Real Estate net revenue              |   | $ | 29,694 |  |   | $ | 29,890 |  |   | (0.7 | )% |
| Real Estate operating expense:             |   |   |   |   |   |   |
| Cost of sales (including sales commission) |   | 24,804 |  |   | 24,922 |  |   | (0.5 | )% |
| Other                                      |   | 10,709 |  |   | 10,760 |  |   | (0.5 | )% |
| Total Real Estate operating expense        |   | 35,513 |  |   | 35,682 |  |   | (0.5 | )% |
| Gain on sale of real property              |   | 151 |  |   | — |  |   | nm |  |
| Real Estate Reported EBITDA                |   | $ | (5,668 | ) |   | $ | (5,792 | ) |   | 2.1 |  % |

----

----

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                   | Three Months Ended April 30, |   | Nine Months Ended April 30, |
|                                                   | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Mountain Reported EBITDA                               | $ | 254,747 |  |   | $ | 227,951 |  |   | $ | 394,171 |  |   | $ | 309,269 |  |
| Lodging Reported EBITDA                                | 12,597 |  |   | 13,111 |  |   | 18,773 |  |   | 16,348 |  |
| Resort Reported EBITDA                                 | 267,344 |  |   | 241,062 |  |   | 412,944 |  |   | 325,617 |  |
| Real Estate Reported EBITDA                            | (1,408 | ) |   | (2,278 | ) |   | (5,668 | ) |   | (5,792 | ) |
| Total Reported EBITDA                                  | 265,936 |  |   | 238,784 |  |   | 407,276 |  |   | 319,825 |  |
| Depreciation and amortization                          | (38,242 | ) |   | (35,588 | ) |   | (111,587 | ) |   | (105,948 | ) |
| (Loss) gain on disposal of fixed assets and other, net | (71 | ) |   | 634 |  |   | (852 | ) |   | (839 | ) |
| Change in fair value of contingent consideration       | — |  |   | — |  |   | 4,550 |  |   | — |  |
| Investment income, net                                 | 119 |  |   | 124 |  |   | 155 |  |   | 289 |  |
| Interest expense                                       | (13,735 | ) |   | (16,408 | ) |   | (41,110 | ) |   | (48,745 | ) |
| Income before provision for income taxes               | 214,007 |  |   | 187,546 |  |   | 258,432 |  |   | 164,582 |  |
| Provision for income taxes                             | (80,605 | ) |   | (69,680 | ) |   | (73,654 | ) |   | (60,953 | ) |
| Net income                                             | 133,402 |  |   | 117,866 |  |   | 184,778 |  |   | 103,629 |  |
| Net loss attributable to noncontrolling interests      | 8 |  |   | 80 |  |   | 118 |  |   | 204 |  |
| Net income attributable to Vail Resorts, Inc.          | $ | 133,410 |  |   | $ | 117,946 |  |   | $ | 184,896 |  |   | $ | 103,833 |  |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |
|                               |   | April 30, |
|                               |   | 2015 |   | 2014 |
| Long-term debt                     |   | $ | 379,796 |  |   | $ | 799,223 |  |
| Long-term debt due within one year |   | 256,953 |  |   | 879 |  |
| Total debt                         |   | 636,749 |  |   | 800,102 |  |
| Less: cash and cash equivalents    |   | 125,214 |  |   | 307,431 |  |
| Net Debt                           |   | $ | 511,535 |  |   | $ | 492,671 |  |

----

----

----

|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries; |

|         |                                                      |
|---------|------------------------------------------------------|
| • | unfavorable weather conditions or natural disasters; |

|         |                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | willingness of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases, and the cost and availability of travel options; |

|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | adverse events that occur during our peak operating periods combined with the seasonality of our business; |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | competition in our mountain and lodging businesses; |

|         |                                            |
|---------|--------------------------------------------|
| • | high fixed cost structure of our business; |

|         |                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our ability to successfully initiate, complete and sell our real estate development projects and achieve the anticipated financial benefits from such projects; |

|         |                                                  |
|---------|--------------------------------------------------|
| • | our ability to fund resort capital expenditures; |

|         |                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------|
| • | our reliance on government permits or approvals for our use of federal land or to make operational and capital improvements; |

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | risks related to federal, state and local government laws, rules and regulations; |

|         |                                                          |
|---------|----------------------------------------------------------|
| • | risks related to our reliance on information technology; |

|         |                                                                         |
|---------|-------------------------------------------------------------------------|
| • | our failure to maintain the integrity of our customer or employee data; |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | adverse consequences of current or future legal claims; |

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | a deterioration in the quality or reputation of our brands, including from the risk of accidents at our mountain resorts; |

|         |                                                                 |
|---------|-----------------------------------------------------------------|
| • | our ability to hire and retain a sufficient seasonal workforce; |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | risks related to our workforce, including increased labor costs; |

|         |                        |
|---------|------------------------|
| • | loss of key personnel; |

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | our ability to successfully integrate acquired businesses or future acquisitions; |

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | our ability to realize anticipated financial benefits from Canyons or Park City; |

|         |                                           |
|---------|-------------------------------------------|
| • | impairments or write downs of our assets; |

|         |                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------|
| • | changes in accounting estimates and judgments, accounting principles, policies or guidelines; and |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | a materially adverse change in our financial condition. |

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|               |
|---------------|
|               |  |  |
| ExhibitNumber | Description | SequentiallyNumbered Page |
|          |   |   |
| 10.1          | Seventh Amended and Restated Credit Agreement, Annex A to that certain Amendment Agreement, dated as of May 1, 2015, among Vail Holdings, Inc., as borrower, Bank of America, N.A., as administrative agent, U.S. Bank National Association and Wells Fargo Bank, National Association, as co-syndication agents, BBVA Compass, as documentation agent, and the Lenders party thereto. | 25 |
|          |   |   |
| 31.1          | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | 233 |
|          |   |   |
| 31.2          | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | 234 |
|          |   |   |
| 32            | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | 235 |
|          |   |   |
| 101           | The following information from the Company’s Quarterly Report on Form 10-Q for the three and nine months ended April 30, 2015 formatted in eXtensible Business Reporting Language: (i) Unaudited Consolidated Condensed Balance Sheets as of April 30, 2015, July 31, 2014, and April 30, 2014; (ii) Unaudited Consolidated Condensed Statements of Operations for the three and nine months ended April 30, 2015 and April 30, 2014; (iii) Unaudited Consolidated Condensed Statements of Comprehensive Income for the three and nine months ended April 30, 2015 and April 30, 2014; (iv) Unaudited Consolidated Condensed Statements of Cash Flows for the nine months ended April 30, 2015 and April 30, 2014; and (v) Notes to the Consolidated Condensed Financial Statements. |   |

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|                    |
|--------------------|
|                    |  |  |
|               |   | Vail Resorts, Inc. |
|               |   |   |
| Date: June 8, 2015 | By: | /s/ Michael Z. Barkin |
|               |   | Michael Z. Barkin |
|               |   | Executive Vice President and Chief Financial Officer |
|               |   | (Principal Financial Officer) |
|               |   |   |
| Date: June 8, 2015 | By: | /s/ Mark L. Schoppet |
|               |   | Mark L. Schoppet |
|               |   | Senior Vice President, Controller and Chief Accounting Officer |
|               |   | (Principal Accounting Officer) |