|                       |
|-----------------------|
|                       |  |  |
| FOR IMMEDIATE RELEASE |   | NEWS RELEASE |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA increased 17.3% to $240.9 million for fiscal 2013, compared to the prior fiscal year.  This includes incremental EBITDA of $5.5 million from the acquisitions of Kirkwood and the Urban ski areas, and $7.6 million of EBITDA losses related to the Canyons transaction, including transaction and transition costs on the acquisitions and Canyons transaction (the Canyons transaction, together with the acquisitions, referred to collectively as the "Acquisitions").  Excluding the Acquisitions, Resort Reported EBITDA increased 18.4% to $242.9 million. |

|         |                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------|
| • | Net income attributable to Vail Resorts, Inc. increased 129.4% to $37.7 million for fiscal 2013, compared to the prior fiscal year. |

|         |                             |
|---------|-----------------------------|
| • | Excluding the Acquisitions: |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | Total Mountain net revenue increased 9.3% for fiscal 2013 compared to the prior fiscal year. |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | Mountain Reported EBITDA increased 16.5% for fiscal 2013 compared to the prior fiscal year. |

|         |                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | During fiscal 2013, we closed on ten Ritz-Carlton Residence units, twelve One Ski Hill Place units and a land sale in Breckenridge. Net Real Estate Cash Flow for fiscal 2013 was $27.5 million. |

|         |                                                                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Sales of season passes through September 22, 2013 for the upcoming 2013/2014 ski season were up approximately 19% in units and approximately 23% in sales dollars versus the comparable period in the prior year.  Based on historical patterns, approximately 55% to 60% of our total sales are made by this date. |

----

----

|         |                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------|
| • | Total Skier Visits for fiscal 2013 increased to 7.0 million, from 6.1 million in fiscal 2012, a 13.6% increase. |

|         |                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lift revenue excluding the Acquisitions and excluding season pass holders, increased $26.4 million in fiscal 2013, or 12.8%, compared to the prior fiscal year. |

|         |                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Effective Ticket Price (“ETP”) excluding season pass holders, and excluding the Acquisitions, increased $4.94 in fiscal 2013, or 6.7% over the prior fiscal year. |

|         |                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Mountain Reported EBITDA for fiscal 2013 increased $29.8 million, or 15.0% to $228.7 million compared to the prior fiscal year.  Excluding the Acquisitions, Mountain Reported EBITDA for fiscal 2013 increased $32.7 million or 16.5% over the prior fiscal year. |

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Mountain Reported EBITDA includes $9.0 million and $7.6 million of stock-based compensation expense for fiscal 2013 and fiscal 2012, respectively. |

|         |                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging segment net revenue was $211.0 million for fiscal 2013 compared to $210.6 million for the prior fiscal year, a 0.2% increase.  Excluding payroll cost reimbursements related to managed hotel properties, total Lodging revenues increased 6.5% over the prior fiscal year. |

|         |                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | For fiscal 2013, ADR increased 1.7% and RevPAR increased 6.4% at the Company's owned hotels and managed condominiums, excluding Canyons, compared to the prior fiscal year. |

|         |                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging Reported EBITDA increased 91.4% to $12.2 million for fiscal 2013 compared to the prior fiscal year.  Excluding Canyons contribution, Lodging Reported EBITDA was $11.4 million for fiscal 2013. |

|         |                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging Reported EBITDA includes $1.9 million and $1.7 million of stock-based compensation expense for fiscal 2013 and fiscal 2012, respectively. |

|         |                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort net revenue was $1,078.5 million for fiscal 2013, up 10.4% compared to the prior fiscal year. Excluding the Acquisitions, Resort net revenue increased 7.0% to $1,045.5 million in fiscal 2013. |

|         |                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA increased 17.3% to $240.9 million for fiscal 2013, compared to the prior fiscal year.  Excluding the Acquisitions, Resort Reported EBITDA increased 18.4% to $242.9 million. |

|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | Real Estate segment net revenue was $42.3 million for fiscal 2013. This compares to Real Estate net revenue of $47.2 million for fiscal 2012. |

----

|         |                                                                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net Real Estate Cash Flow (a non-GAAP measure defined as Real Estate Reported EBITDA, plus non-cash real estate cost of sales, plus non-cash stock-based compensation expense, plus change in real estate deposits less investment in real estate) was $27.5 million for fiscal 2013, up 60.4% from fiscal 2012. |

|         |                                                                                                                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Real Estate Reported EBITDA improved 43.1% to a negative $9.1 million for fiscal 2013 compared to a negative $16.0 million for the prior year.  Real Estate Reported EBITDA includes $1.4 million and $2.6 million of stock-based compensation expense for fiscal 2013 and fiscal 2012, respectively. |

|         |                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------|
| • | Total net revenue was $1,120.8 million for fiscal 2013 compared to $1,024.4 million in the prior year, a 9.4% increase. |

|         |                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net income attributable to Vail Resorts, Inc. was $37.7 million, or $1.03 per diluted share, for fiscal 2013 compared to net income attributable to Vail Resorts, Inc. of $16.5 million, or $0.45 per diluted share, in the prior year. |

----

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |
|                                              | Fiscal 2014 Guidance |
|                                              | (In thousands) |
|                                              | For the Year Ending |
|                                              | July 31, 2014 |
|                                              | Low EndRange |   | High EndRange |
| Mountain Reported EBITDA (1)                      | $ | 263,000 |  |   | $ | 278,000 |  |
| Lodging Reported EBITDA (2)                       |   | 14,000 |  |   |   | 20,000 |  |
| Resort Reported EBITDA (3)                        |   | 280,000 |  |   |   | 295,000 |  |
| Real Estate Reported EBITDA  (4)                  |   | (14,000 | ) |   |   | (8,000 | ) |
| Total Reported EBITDA                             |   | 266,000 |  |   |   | 287,000 |  |
| Depreciation and amortization                     |   | (141,000 | ) |   |   | (137,000 | ) |
| Loss on disposal of fixed assets, net             |   | (1,200 | ) |   |   | (800 | ) |
| Investment income                                 |   | 200 |  |   |   | 500 |  |
| Interest expense, net                             |   | (65,500 | ) |   |   | (63,500 | ) |
| Income before provision for income taxes          |   | 58,500 |  |   |   | 86,200 |  |
| Provision for income taxes                        |   | (21,650 | ) |   |   | (31,450 | ) |
| Net income                                        |   | 36,850 |  |   |   | 54,750 |  |
| Net loss attributable to noncontrolling interests |   | 150 |  |   |   | 250 |  |
| Net income attributable to Vail Resorts, Inc.     | $ | 37,000 |  |   | $ | 55,000 |  |

|     |                                                                                          |
|-----|------------------------------------------------------------------------------------------|
| (1) | Mountain Reported EBITDA includes approximately $10 million of stock-based compensation. |

|     |                                                                                        |
|-----|----------------------------------------------------------------------------------------|
| (2) | Lodging Reported EBITDA includes approximately $2 million of stock-based compensation. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Resort Reported EBITDA represents the sum of Mountain and Lodging. The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined.  Readers are cautioned to recognize that the low end of the expected ranges provided for the Lodging and Mountain segments, while possible, do not sum to the low end of the Resort Reported EBITDA range provided because we do not necessarily expect or assume that we will actually hit the low end of both ranges, as the actual Resort Reported EBITDA will depend on the actual mix of the Lodging and Mountain components.  Similarly, the high end of the ranges for the Lodging and Mountain segments do not sum to the high end of the Resort Reported EBITDA range. |

|     |                                                                                            |
|-----|--------------------------------------------------------------------------------------------|
| (4) | Real Estate Reported EBITDA includes approximately $2 million of stock-based compensation. |

----

----

----

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                   |   | Three Months EndedJuly 31, |   | Twelve Months EndedJuly 31, |
|                                                                   |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
| Net revenue:                                                           |   |   |   |   |   |   |   |   |
| Mountain                                                               |   | $ | 51,844 |  |   | $ | 46,414 |  |   | $ | 867,514 |  |   | $ | 766,608 |  |
| Lodging                                                                |   | 58,089 |  |   | 54,751 |  |   | 210,974 |  |   | 210,623 |  |
| Real estate                                                            |   | 2,372 |  |   | 12,379 |  |   | 42,309 |  |   | 47,163 |  |
| Total net revenue                                                      |   | 112,305 |  |   | 113,544 |  |   | 1,120,797 |  |   | 1,024,394 |  |
| Segment operating expense:                                             |   |   |   |   |   |   |   |   |
| Mountain                                                               |   | 103,208 |  |   | 90,323 |  |   | 639,706 |  |   | 568,578 |  |
| Lodging                                                                |   | 56,758 |  |   | 54,773 |  |   | 198,813 |  |   | 204,270 |  |
| Real estate                                                            |   | 8,741 |  |   | 16,691 |  |   | 58,090 |  |   | 63,170 |  |
| Total segment operating expense                                        |   | 168,707 |  |   | 161,787 |  |   | 896,609 |  |   | 836,018 |  |
| Other operating (expense) income:                                      |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                          |   | (33,861 | ) |   | (32,335 | ) |   | (132,688 | ) |   | (127,581 | ) |
| Gain on sale of real property                                          |   | 6,675 |  |   | — |  |   | 6,675 |  |   | — |  |
| Loss on disposal of fixed assets, net                                  |   | (465 | ) |   | (341 | ) |   | (1,222 | ) |   | (1,464 | ) |
| (Loss) income from operations                                          |   | (84,053 | ) |   | (80,919 | ) |   | 96,953 |  |   | 59,331 |  |
| Mountain equity investment income (loss), net                          |   | 92 |  |   | (66 | ) |   | 891 |  |   | 878 |  |
| Investment income, net                                                 |   | 45 |  |   | 113 |  |   | 351 |  |   | 469 |  |
| Interest expense, net                                                  |   | (13,698 | ) |   | (8,360 | ) |   | (38,966 | ) |   | (33,586 | ) |
| (Loss) income before benefit (provision) for income taxes              |   | (97,614 | ) |   | (89,232 | ) |   | 59,229 |  |   | 27,092 |  |
| Benefit (provision) for income taxes                                   |   | 37,710 |  |   | 35,408 |  |   | (21,619 | ) |   | (10,701 | ) |
| Net (loss) income                                                      |   | $ | (59,904 | ) |   | $ | (53,824 | ) |   | $ | 37,610 |  |   | $ | 16,391 |  |
| Net loss attributable to noncontrolling interests                      |   | 36 |  |   | 28 |  |   | 133 |  |   | 62 |  |
| Net (loss) income attributable to Vail Resorts, Inc.                   |   | $ | (59,868 | ) |   | $ | (53,796 | ) |   | $ | 37,743 |  |   | $ | 16,453 |  |
| Per share amounts:                                                     |   |   |   |   |   |   |   |   |
| Basic net (loss) income per share attributable to Vail Resorts, Inc.   |   | $ | (1.67 | ) |   | $ | (1.50 | ) |   | $ | 1.05 |  |   | $ | 0.46 |  |
| Diluted net (loss) income per share attributable to Vail Resorts, Inc. |   | $ | (1.67 | ) |   | $ | (1.50 | ) |   | $ | 1.03 |  |   | $ | 0.45 |  |
| Cash dividends declared per share                                      |   | $ | 0.2075 |  |   | $ | 0.1875 |  |   | $ | 0.79 |  |   | $ | 0.675 |  |
| Weighted average shares outstanding:                                   |   |   |   |   |   |   |   |   |
| Basic                                                                  |   | 35,931 |  |   | 35,915 |  |   | 35,859 |  |   | 36,004 |  |
| Diluted                                                                |   | 35,931 |  |   | 35,915 |  |   | 36,733 |  |   | 36,673 |  |
| Other Data (unaudited):                                                |   |   |   |   |   |   |   |   |
| Mountain Reported EBITDA                                               |   | $ | (51,272 | ) |   | $ | (43,975 | ) |   | $ | 228,699 |  |   | $ | 198,908 |  |
| Lodging Reported EBITDA                                                |   | $ | 1,331 |  |   | $ | (22 | ) |   | $ | 12,161 |  |   | $ | 6,353 |  |
| Resort Reported EBITDA                                                 |   | $ | (49,941 | ) |   | $ | (43,997 | ) |   | $ | 240,860 |  |   | $ | 205,261 |  |
| Real Estate Reported EBITDA                                            |   | $ | 306 |  |   | $ | (4,312 | ) |   | $ | (9,106 | ) |   | $ | (16,007 | ) |
| Total Reported EBITDA                                                  |   | $ | (49,635 | ) |   | $ | (48,309 | ) |   | $ | 231,754 |  |   | $ | 189,254 |  |
| Mountain stock-based compensation                                      |   | $ | 1,999 |  |   | $ | 1,668 |  |   | $ | 9,007 |  |   | $ | 7,614 |  |
| Lodging stock-based compensation                                       |   | $ | 481 |  |   | $ | 386 |  |   | $ | 1,917 |  |   | $ | 1,744 |  |
| Resort stock-based compensation                                        |   | $ | 2,480 |  |   | $ | 2,054 |  |   | $ | 10,924 |  |   | $ | 9,358 |  |
| Real Estate stock-based compensation                                   |   | $ | 325 |  |   | $ | 596 |  |   | $ | 1,425 |  |   | $ | 2,641 |  |
| Total stock-based compensation                                         |   | $ | 2,805 |  |   | $ | 2,650 |  |   | $ | 12,349 |  |   | $ | 11,999 |  |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          |   | Three Months Ended July 31, |   | PercentageIncrease |   | Twelve Months Ended July 31, |   | PercentageIncrease |
|                                          |   | 2013 |   | 2012 |   | (Decrease) |   | 2013 |   | 2012 |   | (Decrease) |
| Net Mountain revenue:                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Lift                                          |   | $ | — |  |   | $ | 89 |  |   | (100.0 | )% |   | $ | 390,820 |  |   | $ | 342,500 |  |   | 14.1 | % |
| Ski school                                    |   | — |  |   | 1 |  |   | (100.0 | )% |   | 95,254 |  |   | 84,292 |  |   | 13.0 | % |
| Dining                                        |   | 7,100 |  |   | 6,619 |  |   | 7.3 |  % |   | 81,175 |  |   | 68,376 |  |   | 18.7 | % |
| Retail/rental                                 |   | 22,615 |  |   | 20,814 |  |   | 8.7 |  % |   | 199,418 |  |   | 181,772 |  |   | 9.7 | % |
| Other                                         |   | 22,129 |  |   | 18,891 |  |   | 17.1 |  % |   | 100,847 |  |   | 89,668 |  |   | 12.5 | % |
| Total Mountain net revenue                    |   | $ | 51,844 |  |   | $ | 46,414 |  |   | 11.7 |  % |   | $ | 867,514 |  |   | $ | 766,608 |  |   | 13.2 | % |
| Mountain operating expense:                   |   |   |   |   |   |   |   |   |   |   |   |  |
| Labor and labor-related benefits              |   | $ | 37,129 |  |   | $ | 30,490 |  |   | 21.8 |  % |   | $ | 238,479 |  |   | $ | 207,269 |  |   | 15.1 | % |
| Retail cost of sales                          |   | 13,270 |  |   | 12,069 |  |   | 10.0 |  % |   | 88,500 |  |   | 79,657 |  |   | 11.1 | % |
| Resort related fees                           |   | 1,140 |  |   | 909 |  |   | 25.4 |  % |   | 41,970 |  |   | 39,557 |  |   | 6.1 | % |
| General and administrative                    |   | 26,240 |  |   | 22,087 |  |   | 18.8 |  % |   | 119,938 |  |   | 107,483 |  |   | 11.6 | % |
| Other                                         |   | 25,429 |  |   | 24,769 |  |   | 2.7 |  % |   | 150,819 |  |   | 134,612 |  |   | 12.0 | % |
| Total Mountain operating expense              |   | $ | 103,208 |  |   | $ | 90,324 |  |   | 14.3 |  % |   | $ | 639,706 |  |   | $ | 568,578 |  |   | 12.5 | % |
| Mountain equity investment income (loss), net |   | 92 |  |   | (66 | ) |   | 239.4 |  % |   | 891 |  |   | 878 |  |   | 1.5 | % |
| Mountain Reported EBITDA                      |   | $ | (51,272 | ) |   | $ | (43,976 | ) |   | (16.6 | )% |   | $ | 228,699 |  |   | $ | 198,908 |  |   | 15.0 | % |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |
|                   |   | Twelve Months Ended July 31, |   | Percentage |
|                   |   | 2013 |   | 2012 |   | Increase |
| Skier Visits           |   |   |   |   |   |   |
| Colorado Resorts       |   | 5,047 |  |   | 4,853 |  |   | 4.0 | % |
| Tahoe Resorts          |   | 1,705 |  |   | 1,291 |  |   | 32.1 | % |
| Urban Ski Areas        |   | 225 |  |   | — |  |   | nm |  |
| Total Skier Visits     |   | 6,977 |  |   | 6,144 |  |   | 13.6 | % |
|                   |   |   |   |   |   |   |
| Effective Ticket Price |   | $56.02 |   | $55.75 |   | 0.5 | % |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | Three Months Ended July 31, |   | PercentageIncrease |   | Twelve Months Ended July 31, |   | PercentageIncrease |
|                                                       |   | 2013 |   | 2012 |   | (Decrease) |   | 2013 |   | 2012 |   | (Decrease) |
| Lodging net revenue:                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel rooms                                          |   | $ | 14,883 |  |   | $ | 14,239 |  |   | 4.5 |  % |   | $ | 48,449 |  |   | $ | 45,131 |  |   | 7.4 |  % |
| Managed condominium rooms                                  |   | 7,957 |  |   | 6,412 |  |   | 24.1 |  % |   | 44,486 |  |   | 40,473 |  |   | 9.9 |  % |
| Dining                                                     |   | 11,663 |  |   | 9,625 |  |   | 21.2 |  % |   | 33,809 |  |   | 29,980 |  |   | 12.8 |  % |
| Transportation                                             |   | 2,032 |  |   | 1,972 |  |   | 3.0 |  % |   | 19,602 |  |   | 18,860 |  |   | 3.9 |  % |
| Golf                                                       |   | 7,526 |  |   | 7,523 |  |   | — |  % |   | 15,237 |  |   | 15,159 |  |   | 0.5 |  % |
| Other                                                      |   | 11,694 |  |   | 11,234 |  |   | 4.1 |  % |   | 38,562 |  |   | 38,383 |  |   | 0.5 |  % |
|                                                       |   | 55,755 |  |   | 51,005 |  |   | 9.3 |  % |   | 200,145 |  |   | 187,986 |  |   | 6.5 |  % |
| Payroll cost reimbursements                                |   | 2,334 |  |   | 3,746 |  |   | (37.7 | )% |   | 10,829 |  |   | 22,637 |  |   | (52.2 | )% |
| Total Lodging net revenue                                  |   | $ | 58,089 |  |   | $ | 54,751 |  |   | 6.1 |  % |   | $ | 210,974 |  |   | $ | 210,623 |  |   | 0.2 |  % |
| Lodging operating expense:                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Labor and labor-related benefits                           |   | $ | 26,431 |  |   | $ | 24,311 |  |   | 8.7 |  % |   | $ | 92,737 |  |   | $ | 88,777 |  |   | 4.5 |  % |
| General and administrative                                 |   | 6,630 |  |   | 6,666 |  |   | (0.5 | )% |   | 28,446 |  |   | 29,280 |  |   | (2.8 | )% |
| Other                                                      |   | 21,363 |  |   | 20,050 |  |   | 6.5 |  % |   | 66,801 |  |   | 63,576 |  |   | 5.1 |  % |
|                                                       |   | 54,424 |  |   | 51,027 |  |   | 6.7 |  % |   | 187,984 |  |   | 181,633 |  |   | 3.5 |  % |
| Reimbursed payroll costs                                   |   | 2,334 |  |   | 3,746 |  |   | (37.7 | )% |   | 10,829 |  |   | 22,637 |  |   | (52.2 | )% |
| Total Lodging operating expense                            |   | $ | 56,758 |  |   | $ | 54,773 |  |   | 3.6 |  % |   | $ | 198,813 |  |   | $ | 204,270 |  |   | (2.7 | )% |
| Lodging Reported EBITDA                                    |   | $ | 1,331 |  |   | $ | (22 | ) |   | 6,150.0 |  % |   | $ | 12,161 |  |   | $ | 6,353 |  |   | 91.4 |  % |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel statistics:                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 185.41 |  |   | $ | 191.63 |  |   | (3.2 | )% |   | $ | 203.61 |  |   | $ | 205.02 |  |   | (0.7 | )% |
| RevPar                                                     |   | $ | 110.94 |  |   | $ | 107.84 |  |   | 2.9 |  % |   | $ | 122.77 |  |   | $ | 114.73 |  |   | 7.0 |  % |
| Managed condominium statistics:                            |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 215.13 |  |   | $ | 196.18 |  |   | 9.7 |  % |   | $ | 333.98 |  |   | $ | 320.30 |  |   | 4.3 |  % |
| RevPar                                                     |   | $ | 36.61 |  |   | $ | 31.84 |  |   | 15.0 |  % |   | $ | 83.48 |  |   | $ | 78.65 |  |   | 6.1 |  % |
| Owned hotel and managed condominium statistics (combined): |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 194.78 |  |   | $ | 193.13 |  |   | 0.9 |  % |   | $ | 264.36 |  |   | $ | 260.04 |  |   | 1.7 |  % |
| RevPar                                                     |   | $ | 64.99 |  |   | $ | 60.04 |  |   | 8.2 |  % |   | $ | 96.14 |  |   | $ | 90.36 |  |   | 6.4 |  % |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |
|                                                |   | As of July 31, |
|                                                |   | 2013 |   | 2012 |
| Real estate held for sale and investment            |   | $ | 195,230 |  |   | $ | 237,668 |  |
|                                                |   |   |   |   |
| Total Vail Resorts, Inc. stockholders’ equity |   | 823,868 |  |   | 802,311 |  |
|                                                |   |   |   |   |
| Long-term debt                                      |   | 795,928 |  |   | 489,775 |  |
| Long-term debt due within one year                  |   | 994 |  |   | 990 |  |
| Total debt                                          |   | 796,922 |  |   | 490,765 |  |
| Less: cash and cash equivalents                     |   | 138,604 |  |   | 46,053 |  |
| Net debt                                            |   | $ | 658,318 |  |   | $ | 444,712 |  |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                      |   | (In thousands)(Unaudited) |
|                                                      |   | Three Months EndedJuly 31, |   | Twelve Months EndedJuly 31, |
|                                                      |   | 2013 |   | 2012 |   | 2013 |   | 2012 |
| Mountain Reported EBITDA                                  |   | $ | (51,272 | ) |   | $ | (43,975 | ) |   | $ | 228,699 |  |   | $ | 198,908 |  |
| Lodging Reported EBITDA                                   |   | 1,331 |  |   | (22 | ) |   | 12,161 |  |   | 6,353 |  |
| Resort Reported EBITDA*                                   |   | (49,941 | ) |   | (43,997 | ) |   | 240,860 |  |   | 205,261 |  |
| Real Estate Reported EBITDA                               |   | 306 |  |   | (4,312 | ) |   | (9,106 | ) |   | (16,007 | ) |
| Total Reported EBITDA                                     |   | (49,635 | ) |   | (48,309 | ) |   | 231,754 |  |   | 189,254 |  |
| Depreciation and amortization                             |   | (33,861 | ) |   | (32,335 | ) |   | (132,688 | ) |   | (127,581 | ) |
| Loss on disposal of fixed assets, net                     |   | (465 | ) |   | (341 | ) |   | (1,222 | ) |   | (1,464 | ) |
| Investment income, net                                    |   | 45 |  |   | 113 |  |   | 351 |  |   | 469 |  |
| Interest expense, net                                     |   | (13,698 | ) |   | (8,360 | ) |   | (38,966 | ) |   | (33,586 | ) |
| (Loss) income before benefit (provision) for income taxes |   | (97,614 | ) |   | (89,232 | ) |   | 59,229 |  |   | 27,092 |  |
| Benefit (provision) for income taxes                      |   | 37,710 |  |   | 35,408 |  |   | (21,619 | ) |   | (10,701 | ) |
| Net (loss) income                                         |   | $ | (59,904 | ) |   | $ | (53,824 | ) |   | $ | 37,610 |  |   | $ | 16,391 |  |
| Net loss attributable to noncontrolling interests         |   | 36 |  |   | 28 |  |   | 133 |  |   | 62 |  |
| Net (loss) income attributable to Vail Resorts, Inc.      |   | $ | (59,868 | ) |   | $ | (53,796 | ) |   | $ | 37,743 |  |   | $ | 16,453 |  |

|   |
|---|
|   |  |
| * | Resort represents the sum of Mountain and Lodging |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |
|                               |   | (In thousands)(Unaudited)As of July 31, 2013 |   |
| Long-term debt                     |   | $ | 795,928 |  |   |
| Long-term debt due within one year |   | 994 |  |   |
| Total debt                         |   | 796,922 |  |   |
| Less: cash and cash equivalents    |   | 138,604 |  |   |
| Net debt                           |   | $ | 658,318 |  |   |
| Net debt to Total Reported EBITDA  |   | 2.8 |  | x |

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |
|                                                           |   | (In thousands)(Unaudited)Three Months EndedJuly 31, 2013 |   | (In thousands)(Unaudited)Twelve Months EndedJuly 31, 2013 |
| Real Estate Reported EBITDA                                    |   | $ | 306 |  |   | $ | (9,106 | ) |
| Non-cash Real Estate cost of sales                             |   | 6,210 |  |   | 36,492 |  |
| Non-cash Real Estate stock-based compensation                  |   | 325 |  |   | 1,425 |  |
| Change in Real Estate deposits less investments in Real Estate |   | 309 |  |   | (1,331 | ) |
| Net Real Estate Cash Flow                                      |   | $ | 7,150 |  |   | $ | 27,480 |  |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |
|                                               |   | (In thousands)(Unaudited)Twelve Months EndedJuly 31, 2013 |   | (In thousands)(Unaudited)Fiscal 2014Guidance** |
| Resort net revenue*                                |   | $ | 1,078,488 |  |   | $ | 1,250,773 |  |
| Resort EBITDA*                                     |   | 240,860 |  |   | 287,500 |  |
| Resort EBITDA margin*                              |   | 22.3 | % |   | 23.0 | % |
|                                               |   |   |   |   |
| *Resort represents the sum of Mountain and Lodging |
| **Represents the mid-point range of Guidance       |