----

----

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                         |   |   |   |   |   | Pro Forma Adjustments |   |   |
| (U.S.$ in thousands, except per share amounts) |   | Vail ResortsHistorical |   | Whistler Blackcomb(US GAAP) Note 2 |   | FinancingNote 4 |   | AcquisitionNote 3 |   | TotalPro FormaCombined |
| Net revenue:                                                                 |   |   |   |   |   |   |   |   |   |   |
| Mountain                                                                     |   | $ | 1,304,604 |  |   | $ | 237,955 |  |   | $ | — |  |   | $ | — |  |   | $ | 1,542,559 |  |
| Lodging                                                                      |   | 274,554 |  |   | 3,323 |  |   | — |  |   | — |  |   | 277,877 |  |
| Real estate                                                                  |   | 22,128 |  |   | — |  |   | — |  |   | — |  |   | 22,128 |  |
| Total net revenue                                                            |   | 1,601,286 |  |   | 241,278 |  |   | — |  |   | — |  |   | 1,842,564 |  |
| Segment operating expense:                                                   |   |   |   |   |   |   |   |   |   |  |  |
| Mountain                                                                     |   | 881,472 |  |   | 148,165 |  |   | — |  |   | (1,430 | ) |   | 1,028,207 |  |
| Lodging                                                                      |   | 246,385 |  |   | 1,783 |  |   | — |  |   | — |  |   | 248,168 |  |
| Real estate                                                                  |   | 24,639 |  |   | — |  |   | — |  |   | — |  |   | 24,639 |  |
| Total segment operating expense                                              |   | 1,152,496 |  |   | 149,948 |  |   | — |  |   | (1,430 | ) |   | 1,301,014 |  |
| Other operating (expense) income:                                            |   |   |   |   |   |   |   |   |   |  |  |
| Depreciation and amortization                                                |   | (161,488 | ) |   | (32,674 | ) |   | — |  |   | 4,206 |  |   | (189,956 | ) |
| Gain on sale of real property                                                |   | 5,295 |  |   | — |  |   | — |  |   | — |  |   | 5,295 |  |
| Change in fair value of Contingent Consideration                             |   | (4,200 | ) |   | — |  |   | — |  |   | — |  |   | (4,200 | ) |
| Loss on disposal of fixed assets and other, net                              |   | (5,418 | ) |   | (1,306 | ) |   | — |  |   | — |  |   | (6,724 | ) |
| Income from operations                                                       |   | 282,979 |  |   | 57,350 |  |   | — |  |   | 5,636 |  |   | 345,965 |  |
| Mountain equity investment income, net                                       |   | 1,283 |  |   | — |  |   | — |  |   | — |  |   | 1,283 |  |
| Investment income, net                                                       |   | 723 |  |   | — |  |   | — |  |   | — |  |   | 723 |  |
| Interest expense                                                             |   | (42,366 | ) |   | (6,016 | ) |   | (8,132 | ) |   | 407 |  |   | (56,107 | ) |
| Income before (provision) benefit for income taxes                           |   | 242,619 |  |   | 51,334 |  |   | (8,132 | ) |   | 6,043 |  |   | 291,864 |  |
| (Provision) benefit for income taxes                                         |   | (93,165 | ) |   | (9,831 | ) |   | 3,110 |  |   | (1,446 | ) |   | (101,332 | ) |
| Net income                                                                   |   | 149,454 |  |   | 41,503 |  |   | (5,022 | ) |   | 4,597 |  |   | 190,532 |  |
| Net loss (income) attributable to noncontrolling interests                   |   | 300 |  |   | (12,808 | ) |   | — |  |   | (1,154 | ) |   | (13,662 | ) |
| Net income attributable to Vail Resorts, Inc.                                |   | $ | 149,754 |  |   | $ | 28,695 |  |   | $ | (5,022 | ) |   | $ | 3,443 |  |   | $ | 176,870 |  |
| Per share amounts:                                                           |   |   |   |   |   |   |   |   |   |   |
| Basic net income per share attributable to Vail Resorts, Inc.                |   | $ | 4.13 |  |   |   |   |   |   |   |   | $ | 4.42 |  |
| Diluted net income per share attributable to Vail Resorts, Inc.              |   | $ | 4.01 |  |   |   |   |   |   |   |   | $ | 4.32 |  |

----

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                             |   |   |   |   |   | Pro Forma Adjustments |   |   |
| (U.S.$ in thousands, except per share amounts)                     |   | Vail ResortsHistorical |   | Whistler Blackcomb(US GAAP) Note 2 |   | FinancingNote 4 |   | AcquisitionNote 3 |   | TotalPro FormaCombined |
| Assets                                                                                           |   |   |   |   |   |   |   |   |   |   |
| Current assets:                                                                                  |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                                        |   | $ | 67,897 |  |   | $ | 8,024 |  |   | $ | 506,422 |  |   | $ | (512,558 | ) |   | $ | 69,785 |  |
| Restricted cash                                                                                  |   | 6,046 |  |   | 5,638 |  |   | — |  |   | — |  |   | 11,684 |  |
| Trade receivables, net                                                                           |   | 147,113 |  |   | 2,608 |  |   | — |  |   | — |  |   | 149,721 |  |
| Inventories, net                                                                                 |   | 74,589 |  |   | 15,497 |  |   | — |  |   | — |  |   | 90,086 |  |
| Other current assets                                                                             |   | 27,220 |  |   | 2,855 |  |   | — |  |   | 518 |  |   | 30,593 |  |
| Total current assets                                                                             |   | 322,865 |  |   | 34,622 |  |   | 506,422 |  |   | (512,040 | ) |   | 351,869 |  |
| Property, plant and equipment, net                                                               |   | 1,363,814 |  |   | 235,082 |  |   | — |  |   | 94,805 |  |   | 1,693,701 |  |
| Real estate held for sale and investment                                                         |   | 111,088 |  |   | 7,042 |  |   | — |  |   | 1,185 |  |   | 119,315 |  |
| Goodwill, net                                                                                    |   | 509,037 |  |   | 108,437 |  |   | — |  |   | 851,615 |  |   | 1,469,089 |  |
| Intangible assets, net                                                                           |   | 140,007 |  |   | 209,384 |  |   | — |  |   | (58,662 | ) |   | 290,729 |  |
| Deferred charges and other assets                                                                |   | 35,207 |  |   | 351 |  |   | — |  |   | (2,061 | ) |   | 33,497 |  |
| Total assets                                                                                     |   | $ | 2,482,018 |  |   | $ | 594,918 |  |   | $ | 506,422 |  |   | $ | 374,842 |  |   | $ | 3,958,200 |  |
| Liabilities and Stockholders’ Equity                                                       |   |   |   |   |   |   |   |   |   |  |
| Current liabilities:                                                                             |   |   |   |   |   |   |   |   |   |  |
| Accounts payable and accrued liabilities                                                         |   | $ | 397,488 |  |   | $ | 55,221 |  |   | $ | — |  |   | $ | 171 |  |   | $ | 452,880 |  |
| Income taxes payable                                                                             |   | 95,639 |  |   | 5,184 |  |   |  |  |   | — |  |   | 100,823 |  |
| Long-term debt due within one year                                                               |   | 13,354 |  |   | — |  |   | 25,470 |  |   | — |  |   | 38,824 |  |
| Total current liabilities                                                                        |   | 506,481 |  |   | 60,405 |  |   | 25,470 |  |   | 171 |  |   | 592,527 |  |
| Long-term debt                                                                                   |   | 686,909 |  |   | 145,105 |  |   | 480,952 |  |   | 1,541 |  |   | 1,314,507 |  |
| Other long-term liabilities                                                                      |   | 270,168 |  |   | 2,474 |  |   | — |  |   | 643 |  |   | 273,285 |  |
| Deferred income taxes                                                                            |   | 129,994 |  |   | 20,877 |  |   | — |  |   | (17,919 | ) |   | 132,952 |  |
| Total liabilities                                                                                |   | 1,593,552 |  |   | 228,861 |  |   | 506,422 |  |   | (15,564 | ) |   | 2,313,271 |  |
| Commitments and contingencies                                                                    |   |   |   |   |   |   |   |   |   |  |
| Stockholders’ equity:                                                                      |   |   |   |   |   |   |   |   |   |  |
| Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued and outstanding |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Common stock                                                                                     |   | 416 |  |   | 338,893 |  |   | — |  |   | (338,856 | ) |   | 453 |  |
| Additional paid-in capital                                                                       |   | 635,986 |  |   | 1,642 |  |   | — |  |   | 572,966 |  |   | 1,210,594 |  |
| Accumulated other comprehensive loss                                                             |   | (1,550 | ) |   | — |  |   | — |  |   | — |  |   | (1,550 | ) |
| Retained earnings                                                                                |   | 486,667 |  |   | (67,102 | ) |   | — |  |   | 67,102 |  |   | 486,667 |  |
| Treasury stock, at cost                                                                          |   | (246,979 | ) |   | — |  |   | — |  |   | — |  |   | (246,979 | ) |
| Total entity stockholders’ equity                                                          |   | 874,540 |  |   | 273,433 |  |   | — |  |   | 301,212 |  |   | 1,449,185 |  |
|  Noncontrolling interests                                                                   |   | 13,926 |  |   | 92,624 |  |   | — |  |   | 89,194 |  |   | 195,744 |  |
| Total stockholders’ equity                                                                 |   | 888,466 |  |   | 366,057 |  |   | — |  |   | 390,406 |  |   | 1,644,929 |  |
| Total liabilities and stockholders’ equity                                                 |   | $ | 2,482,018 |  |   | $ | 594,918 |  |   | $ | 506,422 |  |   | $ | 374,842 |  |   | $ | 3,958,200 |  |

----

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |
| Average daily closing exchange rate for the year ended September 30, 2016: |   | U.S.$0.75539/C$ |
| Closing exchange rate as of September 30, 2016:                            |   | U.S.$0.76180/C$ |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   |   |   | Reclassifications and IFRS to U.S. GAAP Adjustments (in C$) |   |   |   |   |
| (in thousands)                             |   | Whistler Blackcomb IFRS (in C$) |   | SegmentsNote 2 |   | Other Income & ExpenseNote 2 |   | Noncontrolling Interest (“NCI”)Note 5 |   | Whistler BlackcombU.S. GAAP(in C$) |   | Whistler BlackcombU.S. GAAP(in U.S.$) |
| Net revenue:                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Mountain                                        |   | $ | 319,409 |  |   | $ | (4,399 | ) |   | $ | — |  |   | $ | — |  |   | $ | 315,010 |  |   | $ | 237,955 |  |
| Lodging                                         |   | — |  |   | 4,399 |  |   | — |  |   | — |  |   | 4,399 |  |   | 3,323 |  |
| Real estate                                     |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total net revenue                               |   | 319,409 |  |   | — |  |   | — |  |   | — |  |   | 319,409 |  |   | 241,278 |  |
| Segment operating expense:                      |   |   |   |   |   |   |   |   |   |  |   |   |
| Mountain                                        |   | 162,813 |  |   | 33,331 |  |   | — |  |   | — |  |   | 196,144 |  |   | 148,165 |  |
| Lodging                                         |   | — |  |   | 2,360 |  |   | — |  |   | — |  |   | 2,360 |  |   | 1,783 |  |
| Real estate                                     |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total segment operating expense                 |   | 162,813 |  |   | 35,691 |  |   | — |  |   | — |  |   | 198,504 |  |   | 149,948 |  |
| Other operating expense:                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                   |   | (43,254 | ) |   | — |  |   | — |  |   | — |  |   | (43,254 | ) |   | (32,674 | ) |
| Selling, general and administrative             |   | (36,201 | ) |   | 35,691 |  |   | 510 |  |   | — |  |   | — |  |   | — |  |
| Loss on disposal of fixed assets and other, net |   | — |  |   | — |  |   | (1,729 | ) |   | — |  |   | (1,729 | ) |   | (1,306 | ) |
| Income from operations                          |   | 77,141 |  |   | — |  |   | (1,219 | ) |   | — |  |   | 75,922 |  |   | 57,350 |  |
| Other income (expense)                          |   | (4,757 | ) |   | — |  |   | 4,757 |  |   | — |  |   | — |  |   | — |  |
| Interest expense                                |   | (18,709 | ) |   | — |  |   | — |  |   | 10,745 |  |   | (7,964 | ) |   | (6,016 | ) |
| Income before provision for income taxes        |   | 53,675 |  |   | — |  |   | 3,538 |  |   | 10,745 |  |   | 67,958 |  |   | 51,334 |  |
| Provision for income taxes                      |   | (12,324 | ) |   | — |  |   | (690 | ) |   | — |  |   | (13,014 | ) |   | (9,831 | ) |
| Net income                                      |   | 41,351 |  |   | — |  |   | 2,848 |  |   | 10,745 |  |   | 54,944 |  |   | 41,503 |  |
| Net income attributable to NCI                  |   | (6,083 | ) |   | — |  |   | (128 | ) |   | (10,745 | ) |   | (16,956 | ) |   | (12,808 | ) |
| Net income attributable to Whistler Blackcomb   |   | $ | 35,268 |  |   | $ | — |  |   | $ | 2,720 |  |   | $ | — |  |   | $ | 37,988 |  |   | $ | 28,695 |  |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             |   |   |   | Reclassifications and IFRS to U.S. GAAP Adjustments (in C$) |   |   |   |   |
|                                             |   | Whistler Blackcomb IFRS (in C$) |   | Balance Sheet Reclassification Note 2 |   | NCINote 5 |   | Whistler BlackcombU.S. GAAP(in C$) |   | Whistler BlackcombU.S. GAAP(in U.S.$) |
| Assets                                           |   |   |   |   |   |   |   |   |   |   |
| Current assets:                                  |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                        |   | $ | 17,934 |  |   | $ | (7,401 | ) |   | $ | — |  |   | $ | 10,533 |  |   | $ | 8,024 |  |
| Restricted cash                                  |   | — |  |   | 7,401 |  |   | — |  |   | 7,401 |  |   | 5,638 |  |
| Trade receivables, net                           |   | 3,424 |  |   | — |  |   | — |  |   | 3,424 |  |   | 2,608 |  |
| Inventories, net                                 |   | 20,343 |  |   | — |  |   | — |  |   | 20,343 |  |   | 15,497 |  |
| Other current assets                             |   | 3,748 |  |   | — |  |   | — |  |   | 3,748 |  |   | 2,855 |  |
| Total current assets                             |   | 45,449 |  |   | — |  |   | — |  |   | 45,449 |  |   | 34,622 |  |
| Property, plant and equipment, net               |   | 305,514 |  |   | 3,073 |  |   | — |  |   | 308,587 |  |   | 235,082 |  |
| Real estate held for sale and investment         |   | 9,244 |  |   | — |  |   | — |  |   | 9,244 |  |   | 7,042 |  |
| Goodwill, net                                    |   | 142,343 |  |   | — |  |   | — |  |   | 142,343 |  |   | 108,437 |  |
| Intangible assets, net                           |   | 277,927 |  |   | (3,073 | ) |   | — |  |   | 274,854 |  |   | 209,384 |  |
| Other assets                                     |   | 462 |  |   | — |  |   | — |  |   | 462 |  |   | 351 |  |
| Total assets                                     |   | $ | 780,939 |  |   | $ | — |  |   | $ | — |  |   | $ | 780,939 |  |   | $ | 594,918 |  |
| Liabilities and Stockholders’ Equity       |   |   |   |   |   |   |   |  |   |  |
| Current liabilities:                             |   |   |   |   |   |   |   |  |   |  |
| Accounts payable and accrued liabilities         |   | $ | 77,001 |  |   | $ | (1,462 | ) |   | $ | (3,052 | ) |   | $ | 72,487 |  |   | $ | 55,221 |  |
| Income taxes payable                             |   | 6,805 |  |   | — |  |   | — |  |   | 6,805 |  |   | 5,184 |  |
| Total current liabilities                        |   | 83,806 |  |   | (1,462 | ) |   | (3,052 | ) |   | 79,292 |  |   | 60,405 |  |
| Long-term debt                                   |   | 263,273 |  |   | — |  |   | (72,796 | ) |   | 190,477 |  |   | 145,105 |  |
| Other long-term liabilities                      |   | 3,248 |  |   | — |  |   | — |  |   | 3,248 |  |   | 2,474 |  |
| Deferred income taxes                            |   | 27,405 |  |   | — |  |   | — |  |   | 27,405 |  |   | 20,877 |  |
| Total liabilities                                |   | 377,732 |  |   | (1,462 | ) |   | (75,848 | ) |   | 300,422 |  |   | 228,861 |  |
| Stockholders’ equity:                      |   |   |   |   |   |   |   |  |   |  |
| Common stock                                     |   | 444,858 |  |   | — |  |   | — |  |   | 444,858 |  |   | 338,893 |  |
| Additional paid-in capital                       |   | 2,156 |  |   | — |  |   | — |  |   | 2,156 |  |   | 1,642 |  |
| Retained earnings (deficit)                      |   | (92,597 | ) |   | 1,462 |  |   | 3,052 |  |   | (88,083 | ) |   | (67,102 | ) |
| Total WBHC stockholders’ equity            |   | 354,417 |  |   | 1,462 |  |   | 3,052 |  |   | 358,931 |  |   | 273,433 |  |
| Noncontrolling interests                         |   | 48,790 |  |   | — |  |   | 72,796 |  |   | 121,586 |  |   | 92,624 |  |
| Total stockholders’ equity                 |   | 403,207 |  |   | 1,462 |  |   | 75,848 |  |   | 480,517 |  |   | 366,057 |  |
| Total liabilities and stockholders’ equity |   | $ | 780,939 |  |   | $ | — |  |   | $ | — |  |   | $ | 780,939 |  |   | $ | 594,918 |  |

----

|         |                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | presentation of revenue and related expenses on a segment basis, rather than a single line item for Mountain net revenue and Mountain segment operating expenses. This adjustment includes the reclassification of Lodging related revenue and expenses to the Lodging segment; and |

|         |                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | presentation of costs on a segment basis, rather than a single line item for Selling, general and administrative operating expenses resulting is a reclassification from Selling, general and administrative to the Mountain and Lodging segment operating expenses. |

----

|                                                                                                    |
|----------------------------------------------------------------------------------------------------|
|                                                                                                    |  |  |  |  |
| (in thousands, except exchange ratio and share price amounts)                                      |   |  |
| Total Whistler Blackcomb shares acquired (a)                                                       |   | 38,500 |  |
| Exchange ratio as of October 14, 2016                                                              |   | 0.097294 |  |
| Total Vail Resorts shares issued to Whistler Blackcomb shareholders                                |   | 3,746 |  |
| Vail Resorts closing share price on October 14, 2016                                               |   | $ | 153.41 |  |
| Total value of Vail Resorts shares issued (b)                                                      |   | $ | 574,645 |  |
| Total cash consideration paid at C$17.50 ($13.31 on October 17, 2016) per Whistler Blackcomb share |   | 512,558 |  |
| Total purchase consideration to Whistler Blackcomb shareholders                                    |   | $ | 1,087,203 |  |
| Estimated fair value of previously held investment in Whistler Blackcomb                           |   | 4,308 |  |
| Estimated fair value of Nippon Cable’s 25% interest in Whistler Blackcomb                    |   | 181,818 |  |
| Total estimated purchase consideration                                                             |   | $ | 1,273,329 |  |
|                                                                                               |   |   |
| Allocation of total estimated purchase consideration:                                              |   |   |
| Estimated fair values of assets acquired:                                                          |   |   |
| Current assets                                                                                     |   | $ | 35,141 |  |
| Property, plant and equipment                                                                      |   | 329,887 |  |
| Real estate held for sale and investment                                                           |   | 8,227 |  |
| Goodwill                                                                                           |   | 960,052 |  |
| Intangible assets                                                                                  |   | 150,722 |  |
| Other assets                                                                                       |   | 2,598 |  |
| Current Liabilities                                                                                |   | (60,576 | ) |
| Assumed long-term debt                                                                             |   | (146,646 | ) |
| Deferred income taxes                                                                              |   | (2,958 | ) |
| Other long-term liabilities                                                                        |   | (3,118 | ) |
|   Net assets acquired                                                                    |   | $ | 1,273,329 |  |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | Estimated  Fair Value |   | EstimatedUseful Life |   | Annual Depreciation |
|                                                       |   | ($ in thousands) |   | (in years) |   | ($ in thousands) |
| Land                                                       |   | $ | 10,360 |  |   | — |   | $ | — |  |
| Land improvements                                          |   | 80,789 |  |   | 20 |   | (4,039 | ) |
| Buildings and building improvements                        |   | 129,395 |  |   | 16 |   | (8,087 | ) |
| Machinery and equipment                                    |   | 100,569 |  |   | 8 |   | (12,571 | ) |
| Software                                                   |   | 2,473 |  |   | 3 |   | (824 | ) |
| Construction-in-progress                                   |   | 6,301 |  |   | — |   | — |  |
| Total acquired property, plant and equipment               |   | 329,887 |  |   |   |   | $ | (25,521 | ) |
| Less: Whistler Blackcomb’s historical net book value |   | 235,082 |  |   |   |   |   |
| Adjustment to property, plant and equipment, net           |   | $ | 94,805 |  |   |   |   |   |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |
|  ($ in thousands)                   |   | Estimated Fair Value |   | Whistler Blackcomb Historical Net  Book Value |   | Adjustment |
| Real estate held for sale and investment |   | $ | 8,227 |  |   | $ | 7,042 |  |   | $ | 1,185 |  |
| Goodwill, net                            |   | 960,052 |  |   | 108,437 |  |   | 851,615 |  |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | Estimated  Fair Value |   | EstimatedUseful Life |   | Annual Amortization |
|                                                       |   | ($ in thousands) |   | (in years) |   | ($ in thousands) |
| Trademarks and trade names (a)                             |   | $ | 140,171 |  |   | n/a |   | $ | — |  |
| Season pass holder relationships (b)                       |   | 7,428 |  |   | 5 |   | (2,600 | ) |
| Property management contracts(a)                           |   | 3,123 |  |   | n/a |   | — |  |
| Total acquired identifiable intangible assets              |   | 150,722 |  |   |   |   | $ | (2,600 | ) |
| Less: Whistler Blackcomb’s historical net book value |   | 209,384 |  |   |   |   |   |
| Adjustment to intangible assets, net                       |   | $ | (58,662 | ) |   |   |   |   |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |
| Balance Sheet Line Item                  | Description |   | Estimated  Fair Value |   | Annual Amortization (Expense) Recovery |
|                                     |   |   | ($ in thousands) |
| Other current assets                     | Estimated fair value of favorable leases |   | $ | 518 |  |   | $ | (518 | ) |
| Other assets                             | Estimated fair value of favorable leases |   | $ | 2,247 |  |   | — |  |
| Other assets                             | Estimated fair value of previously held investment in Whistler Blackcomb stock |   | (4,308 | ) |   | — |  |
|   Other assets                 | Total adjustments - other assets |   | $ | (2,061 | ) |   | — |  |
| Accounts payable and accrued liabilities | Estimated fair value of unfavorable leases |   | $ | 171 |  |   | 171 |  |
| Other long-term liabilities              | Estimated fair value of unfavorable leases |   | $ | 643 |  |   | — |  |
| Amortization                             | Total adjustments - amortization |   |   |   | $ | (347 | ) |

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |
|                                                                                  |   | Year Ended July 31, 2016 |
|                                                                                  |   | ($ in thousands) |
| Amortization of favorable/unfavorable leases                                          |   | $ | (347 | ) |
| Amortization of identifiable definite lived intangible assets                         |   | (2,600 | ) |
| Depreciation of property, plant and equipment                                         |   | (25,521 | ) |
|   Total calculated depreciation and amortization                            |   | (28,468 | ) |
|   Less: Whistler Blackcomb’s historical depreciation and amortization |   | (32,674 | ) |
|     Pro forma adjustment to depreciation and amortization         |   | $ | 4,206 |  |

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|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |
|                                                                   | September 30, 2016 |
|                                                                   | (in thousands) |
| Original Debt issuance costs                                           | C$ | (2,023 | ) |
| Exchange Rate at September 30, 2016                                    |   | 0.7618 |  |
|   Original Debt issuance costs adjustment                    | $ | 1,541 |   |
|   Whistler Blackcomb long-term debt                          | 145,105 |   |
|     Whistler Blackcomb long-term debt, as adjusted | $ | 146,646 |   |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ($ in thousands)                   |   | Pre-taxAdjustment |   | Tax Rate |   | Tax Provision Adjustment |   | Amortization attributable to noncontrolling interest (25%) |
| Depreciation and amortization                |   | $ | 4,206 |  |   | 19.5 | % |   | $ | (820 | ) |   | $ | 1,052 |  |
| Amortization of original debt issuance costs |   | 407 |  |   | 19.5 | % |   | (79 | ) |   | 102 |  |
| Transactions costs                           |   | 1,430 |  |   | 38.25 | % |   | (547 | ) |   | — |  |
|                                         |   | $ | 6,043 |  |   |   |   | $ | (1,446 | ) |   | $ | 1,154 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    |   | Acquisition |
| ($ in thousands)              |   | EliminateWhistler Blackcomb’sEquity |   | Issuance of      Common Stock |   | Noncontrolling Interest at Fair Value |   | Total Acquisition Adjustments to Equity |
| Common stock                            |   | $ | (338,893 | ) |   | $ | 37 |  |   | $ | — |  |   | $ | (338,856 | ) |
| Additional paid-in capital              |   | (1,642 | ) |   | 574,608 |  |   | — |  |   | 572,966 |  |
| Retained earnings                       |   | 67,102 |  |   | — |  |   | — |  |   | 67,102 |  |
| Total entity stockholders’ equity |   | (273,433 | ) |   | 574,645 |  |   | — |  |   | 301,212 |  |
|  Noncontrolling interests          |   | (92,624 | ) |   | — |  |   | 181,818 |  |   | 89,194 |  |
| Total stockholders’ equity        |   | $ | (366,057 | ) |   | $ | 574,645 |  |   | $ | 181,818 |  |   | $ | 390,406 |  |

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|                                    |
|------------------------------------|
|                                    |  |  |  |  |
| ($ in thousands)              |   | Amount |
| Term Loan proceeds (a)             |   | $ | 509,400 |  |
| Less: Financing costs on Term Loan |   | 2,978 |  |
| Total sources of funding, net      |   | $ | 506,422 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |
| ($ in thousands)              |   | Principal |   | InterestRate |   | Interest Expense |
| Term Loan                               |   | $ | 509,400 |  |   | 1.4793 | % |   | $ | (7,536 | ) |
| Financing cost amortization - Term Loan |   |   |   |   |  |   | (596 | ) |
| Total interest expense                  |   |   |   |   |  |   | $ | (8,132 | ) |

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |
| ($ in thousands) |   | Pre-taxAdjustment |   | Tax Rate |   | Tax Provision Adjustment |
| Interest expense           |   | $ | (8,132 | ) |   | 38.25 | % |   | $ | 3,110 |  |

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