|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA increased 6.0% for the second quarter of fiscal 2014 compared to the same period in the prior year. |

|         |                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net income attributable to Vail Resorts, Inc. was $59.3 million for the second quarter of fiscal 2014, representing a 2.1% decrease compared to the same period in the prior year. |

|         |                                                                                                                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Skier visits at the Colorado resorts grew 11.9% for the second quarter of fiscal 2014 compared to the same period in the prior year, with commensurate growth in Mountain revenue. The Tahoe resorts had a 27.7% decline in skier visitation for the second quarter of fiscal 2014 compared to the same period in the prior year, due to adverse weather conditions. |

|         |                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Company revised its fiscal 2014 guidance range downward to reflect the challenging Tahoe results.  Resort Reported EBITDA is now expected to be between $255 million and $265 million. |

|         |                                                                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | During the second quarter of fiscal 2014, the Company closed on three units at One Ski Hill Place.  Net Real Estate Cash Flow for the second quarter was $2.1 million and was $9.6 million year-to-date.  Subsequent to quarter end, three Ritz-Carlton Residences, Vail and five One Ski Hill Place units have closed. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Company announced its calendar year 2014 capital plan of approximately $85 million, excluding capital expenditures for summer related activities, with notable projects including upgraded lifts at Beaver Creek and Breckenridge, as well as renovations at The Lodge at Vail, a RockResort property.  Capital expenditures for summer related activities are expected to be approximately $5 million. In addition, the Company is providing longer term guidance on its expected capital expenditures. |

----

|         |                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Company’s Board of Directors approved a 100% increase in the quarterly cash dividend to $0.4150 per share from $0.2075 per share beginning with the dividend payable on April 16, 2014 to stockholders of record as of April 1, 2014. |

----

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Total lift revenue increased $19.7 million, or 11.2%, compared to the same period in the prior year, to $195.4 million for the three months ended January 31, 2014, driven largely by a $13.7 million, or 18.0%, increase in season pass revenue. Lift revenue excluding season pass revenue increased 6.0%, driven by increases at our Colorado resorts and incremental revenue from Canyons, partially offset by lower lift revenue excluding season pass revenue in Tahoe where visitation excluding season pass holders declined by 27.9% compared to the same period in the prior year. |

|         |                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Ski school revenue increased by $5.2 million, or 12.5%, and dining revenue increased $2.8 million, or 9.3%, for the three months ended January 31, 2014 compared to the same period in the prior year. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Retail/rental revenue increased $2.0 million, or 2.4%, for the three months ended January 31, 2014 compared to the same period in the prior year, due primarily to increases in rental and retail sales in our Colorado and Utah regions, incremental revenue generated by Hoigaard's (our mid-west retailer acquired in April 2013); partially offset by revenue declines at stores proximate to our Tahoe resorts as a result of the challenging weather conditions in the Tahoe region and a decrease in on-line sales due to the shutdown of our on-line retail platform as we are transitioning to a different approach to on-line sales, which will also eliminate operating losses in the on-line retail business. |

|         |                                                                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Operating expense increased $22.5 million, or 10.2%, for the three months ended January 31, 2014 compared to the three months ended January 31, 2013, primarily due to incremental expenses from Canyons of $15.9 million (including integration and PCMR litigation related expense of $3.0 million). |

----

|         |                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------|
| • | Mountain Reported EBITDA increased $7.3 million, or 5.2%, for the quarter compared to the same period in the prior year. |

|         |                                                                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging segment net revenue increased $9.6 million, or 20.7%, for the three months ended January 31, 2014 as compared to the same period in the prior year. The revenue increase includes $5.3 million from the addition of Canyons. |

|         |                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | For the three months ended January 31, 2014, average daily rate (“ADR”) increased 4.0% and RevPAR increased 12.4% at the Company’s owned hotels and managed condominiums compared to the same period in the prior year. |

|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging Reported EBITDA increased 68.3% as compared to the same period in the prior year, to $2.9 million for the second quarter of fiscal 2014. |

|         |                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------|
| • | Resort net revenue was $447.8 million for the second quarter of fiscal 2014, up 9.7% from the second quarter of the prior year. |

|         |                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA was $151.1 million for the second quarter of fiscal 2014, up 6.0% from the second quarter of the prior year. |

|         |                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Real Estate segment net revenue declined $9.3 million, or 65.6%, as compared to the same period in the prior year, to $4.9 million for the three months ended January 31, 2014. |

|         |                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net Real Estate Cash Flow was $2.1 million for the three months ended January 31, 2014, down $6.8 million from the same period in the prior year. |

|         |                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Real Estate Reported EBITDA declined by $0.6 million, or 21.7%, as compared to the same period in the prior year, to a loss of $3.1 million for the three months ended January 31, 2014. |

|         |                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Total net revenue increased $30.3 million, or 7.2%, as compared to the same period in the prior year, to $452.7 million for the three months ended January 31, 2014. |

|         |                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net income attributable to Vail Resorts, Inc. was $59.3 million, or $1.60 per diluted share, for the second quarter of fiscal 2014 compared to net income attributable to Vail Resorts, Inc. of $60.6 million, or $1.65 per diluted share, in the second quarter of the prior year. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Season-to-date total lift revenue at the Company's eight mountain resorts, including an allocated portion of season pass revenue for each applicable period, was up approximately 4.9% compared to the prior year season-to-date period.  Season-to-date- lift revenue at the Company's five mountain resorts in Colorado and Utah (calculated on the same basis) was up 11.5%. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Season-to-date ancillary spending outpaced skier visitation, with ski school revenue up 6.8% and dining revenue up 1.7% at the Company's eight mountain resorts. Additionally, retail/rental revenue for resort store locations was up 4.8%. For the Company's Colorado and Utah resorts, season-to-date ski school revenue was up 10.6%, dining revenue was up 11.4% and retail/rental revenue for resort store locations was up 9.8%. |

|         |                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Season-to-date total skier visits for the Company's eight mountain resorts were up 0.2% compared to the prior year season-to-date period.  Total skier visits at our Colorado and Utah resorts grew at 7.1% compared to the prior year season-to-date period, while total skier visits at our Tahoe resorts declined approximately 20.4%, compared to the prior year season-to-date period. |

|         |                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We now estimate Resort Reported EBITDA for fiscal 2014 will be $255 million to $265 million, representing an approximate 6% to 10% increase over fiscal 2013. |

|         |                                                                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Included in our estimates for fiscal 2014 Resort Reported EBITDA is approximately $9.5 million of integration and litigation related expenses, including approximately $7.5 million in fees associated with the Park City Mountain Resort litigation. |

|         |                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We expect Resort EBITDA Margin (defined as Resort Reported EBITDA divided by Resort net revenue) to be approximately 21.8% in fiscal 2014 at the midpoint of the revised guidance range. |

|         |                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------|
| • | We have narrowed our estimate of fiscal 2014 Real Estate Reported EBITDA to negative $7 million to negative $11 million. |

|         |                                                                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We are reaffirming our Net Real Estate Cash Flow guidance of $15 million to $25 million (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 and recovery of previously incurred project costs less investment in real estate). |

|         |                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------|
| • | Net income attributable to Vail Resorts, Inc. is now expected to be in a range of $23 million to $36 million in fiscal 2014. |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |
|                                              | Fiscal 2014 Guidance |
|                                              | (In thousands) |
|                                              | For the Year Ending |
|                                              | July 31, 2014 |
|                                              | Low EndRange |   | High EndRange |
| Mountain Reported EBITDA (1)                      | $ | 239,000 |  |   | $ | 249,000 |  |
| Lodging Reported EBITDA (2)                       |   | 14,000 |  |   |   | 19,000 |  |
| Resort Reported EBITDA (3)                        |   | 255,000 |  |   |   | 265,000 |  |
| Real Estate Reported EBITDA  (4)                  |   | (11,000 | ) |   |   | (7,000 | ) |
| Total Reported EBITDA                             |   | 244,000 |  |   |   | 258,000 |  |
| Depreciation and amortization                     |   | (141,000 | ) |   |   | (137,000 | ) |
| Loss on disposal of fixed assets, net             |   | (2,000 | ) |   |   | (1,500 | ) |
| Investment income, net                            |   | 200 |  |   |   | 500 |  |
| Interest expense                                  |   | (65,000 | ) |   |   | (63,500 | ) |
| Income before provision for income taxes          |   | 36,200 |  |   |   | 56,500 |  |
| Provision for income taxes                        |   | (13,400 | ) |   |   | (20,900 | ) |
| Net income                                        |   | 22,800 |  |   |   | 35,600 |  |
| Net loss attributable to noncontrolling interests |   | 200 |  |   |   | 400 |  |
| Net income attributable to Vail Resorts, Inc.     | $ | 23,000 |  |   | $ | 36,000 |  |

----

----

----

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                   |   | Three Months EndedJanuary 31, |   | Six Months EndedJanuary 31, |
|                                                                   |   | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Net revenue:                                                           |   |   |   |   |   |   |   |   |
| Mountain                                                               |   | $ | 391,656 |  |   | $ | 361,741 |  |   | $ | 448,987 |  |   | $ | 413,653 |  |
| Lodging                                                                |   | 56,187 |  |   | 46,543 |  |   | 113,401 |  |   | 99,051 |  |
| Real estate                                                            |   | 4,877 |  |   | 14,167 |  |   | 13,723 |  |   | 26,097 |  |
| Total net revenue                                                      |   | 452,720 |  |   | 422,451 |  |   | 576,111 |  |   | 538,801 |  |
| Segment operating expense:                                             |   |   |   |   |   |   |   |   |
| Mountain                                                               |   | 243,512 |  |   | 220,997 |  |   | 368,286 |  |   | 328,545 |  |
| Lodging                                                                |   | 53,259 |  |   | 44,803 |  |   | 110,164 |  |   | 96,609 |  |
| Real estate                                                            |   | 8,006 |  |   | 16,739 |  |   | 17,237 |  |   | 32,353 |  |
| Total segment operating expense                                        |   | 304,777 |  |   | 282,539 |  |   | 495,687 |  |   | 457,507 |  |
| Other operating expense:                                               |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                          |   | (36,204 | ) |   | (33,418 | ) |   | (70,360 | ) |   | (65,097 | ) |
| Loss on disposal of fixed assets                                       |   | (1,044 | ) |   | (531 | ) |   | (1,473 | ) |   | (533 | ) |
| Income from operations                                                 |   | 110,695 |  |   | 105,963 |  |   | 8,591 |  |   | 15,664 |  |
| Mountain equity investment income, net                                 |   | 14 |  |   | 99 |  |   | 617 |  |   | 533 |  |
| Investment income, net                                                 |   | 70 |  |   | 99 |  |   | 165 |  |   | 153 |  |
| Interest expense                                                       |   | (16,239 | ) |   | (8,534 | ) |   | (32,337 | ) |   | (16,909 | ) |
| Income (loss) before (provision) benefit from income taxes             |   | 94,540 |  |   | 97,627 |  |   | (22,964 | ) |   | (559 | ) |
| (Provision) benefit from income taxes                                  |   | (35,340 | ) |   | (37,098 | ) |   | 8,727 |  |   | 485 |  |
| Net income (loss)                                                      |   | $ | 59,200 |  |   | $ | 60,529 |  |   | $ | (14,237 | ) |   | $ | (74 | ) |
| Net loss attributable to noncontrolling interests                      |   | 63 |  |   | 22 |  |   | 124 |  |   | 45 |  |
| Net income (loss) attributable to Vail Resorts, Inc.                   |   | $ | 59,263 |  |   | $ | 60,551 |  |   | $ | (14,113 | ) |   | $ | (29 | ) |
| Per share amounts:                                                     |   |   |   |   |   |   |   |   |
| Basic net income (loss) per share attributable to Vail Resorts, Inc.   |   | $ | 1.64 |  |   | $ | 1.69 |  |   | $ | (0.39 | ) |   | $ | — |  |
| Diluted net income (loss) per share attributable to Vail Resorts, Inc. |   | $ | 1.60 |  |   | $ | 1.65 |  |   | $ | (0.39 | ) |   | $ | — |  |
| Cash dividends declared per share                                      |   | $ | 0.2075 |  |   | $ | 0.1875 |  |   | $ | 0.4150 |  |   | $ | 0.3750 |  |
| Weighted average shares outstanding:                                   |   |   |   |   |   |   |   |   |
| Basic                                                                  |   | 36,130 |  |   | 35,895 |  |   | 36,078 |  |   | 35,798 |  |
| Diluted                                                                |   | 37,120 |  |   | 36,663 |  |   | 36,078 |  |   | 35,798 |  |
| Other Data (unaudited):                                                |   |   |   |   |   |   |   |   |
| Mountain Reported EBITDA                                               |   | $ | 148,158 |  |   | $ | 140,843 |  |   | $ | 81,318 |  |   | $ | 85,641 |  |
| Lodging Reported EBITDA                                                |   | $ | 2,928 |  |   | $ | 1,740 |  |   | $ | 3,237 |  |   | $ | 2,442 |  |
| Resort Reported EBITDA                                                 |   | $ | 151,086 |  |   | $ | 142,583 |  |   | $ | 84,555 |  |   | $ | 88,083 |  |
| Real Estate Reported EBITDA                                            |   | $ | (3,129 | ) |   | $ | (2,572 | ) |   | $ | (3,514 | ) |   | $ | (6,256 | ) |
| Total Reported EBITDA                                                  |   | $ | 147,957 |  |   | $ | 140,011 |  |   | $ | 81,041 |  |   | $ | 81,827 |  |
| Mountain stock-based compensation                                      |   | $ | 2,535 |  |   | $ | 2,215 |  |   | $ | 5,182 |  |   | $ | 4,935 |  |
| Lodging stock-based compensation                                       |   | $ | 593 |  |   | $ | 572 |  |   | $ | 1,012 |  |   | $ | 942 |  |
| Resort stock-based compensation                                        |   | $ | 3,128 |  |   | $ | 2,787 |  |   | $ | 6,194 |  |   | $ | 5,877 |  |
| Real Estate stock-based compensation                                   |   | $ | 434 |  |   | $ | 372 |  |   | $ | 860 |  |   | $ | 754 |  |
| Total stock-based compensation                                         |   | $ | 3,562 |  |   | $ | 3,159 |  |   | $ | 7,054 |  |   | $ | 6,631 |  |

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   | Three Months Ended January 31, |   | PercentageIncrease |   | Six Months EndedJanuary 31, |   | Percentage Increase |
|                                   |   | 2014 |   | 2013 |   | (Decrease) |   | 2014 |   | 2013 |   | (Decrease) |
| Net Mountain revenue:                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Lift                                   |   | $ | 195,357 |  |   | $ | 175,658 |  |   | 11.2 |  % |   | $ | 195,357 |  |   | $ | 175,658 |  |   | 11.2 |  % |
| Ski school                             |   | 46,930 |  |   | 41,723 |  |   | 12.5 |  % |   | 46,930 |  |   | 41,723 |  |   | 12.5 |  % |
| Dining                                 |   | 32,602 |  |   | 29,826 |  |   | 9.3 |  % |   | 40,066 |  |   | 36,199 |  |   | 10.7 |  % |
| Retail/rental                          |   | 85,717 |  |   | 83,748 |  |   | 2.4 |  % |   | 114,616 |  |   | 110,473 |  |   | 3.8 |  % |
| Other                                  |   | 31,050 |  |   | 30,786 |  |   | 0.9 |  % |   | 52,018 |  |   | 49,600 |  |   | 4.9 |  % |
| Total Mountain net revenue             |   | $ | 391,656 |  |   | $ | 361,741 |  |   | 8.3 |  % |   | $ | 448,987 |  |   | $ | 413,653 |  |   | 8.5 |  % |
| Mountain operating expense:            |   |   |   |   |   |   |   |   |   |   |   |   |
| Labor and labor-related benefits       |   | $ | 94,500 |  |   | $ | 83,684 |  |   | 12.9 |  % |   | $ | 133,801 |  |   | $ | 117,978 |  |   | 13.4 |  % |
| Retail cost of sales                   |   | 33,989 |  |   | 35,244 |  |   | (3.6 | )% |   | 50,856 |  |   | 51,435 |  |   | (1.1 | )% |
| Resort related fees                    |   | 19,528 |  |   | 17,396 |  |   | 12.3 |  % |   | 20,631 |  |   | 18,385 |  |   | 12.2 |  % |
| General and administrative             |   | 37,788 |  |   | 34,813 |  |   | 8.5 |  % |   | 68,937 |  |   | 62,117 |  |   | 11.0 |  % |
| Other                                  |   | 57,707 |  |   | 49,860 |  |   | 15.7 |  % |   | 94,061 |  |   | 78,630 |  |   | 19.6 |  % |
| Total Mountain operating expense       |   | $ | 243,512 |  |   | $ | 220,997 |  |   | 10.2 |  % |   | $ | 368,286 |  |   | $ | 328,545 |  |   | 12.1 |  % |
| Mountain equity investment income, net |   | 14 |  |   | 99 |  |   | (85.9 | )% |   | 617 |  |   | 533 |  |   | 15.8 |  % |
| Mountain Reported EBITDA               |   | $ | 148,158 |  |   | $ | 140,843 |  |   | 5.2 |  % |   | $ | 81,318 |  |   | $ | 85,641 |  |   | (5.0 | )% |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total skier visits                     |   | 3,512 |  |   | 3,220 |  |   | 9.1 |  % |   | 3,512 |  |   | 3,220 |  |   | 9.1 |  % |
| ETP                                    |   | $ | 55.63 |  |   | $ | 54.55 |  |   | 2.0 |  % |   | $ | 55.63 |  |   | $ | 54.55 |  |   | 2.0 |  % |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | Three Months Ended January 31, |   | PercentageIncrease |   | Six Months Ended January 31, |   | PercentageIncrease |
|                                                       |   | 2014 |   | 2013 |   | (Decrease) |   | 2014 |   | 2013 |   | (Decrease) |
| Lodging net revenue:                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel rooms                                          |   | $ | 10,198 |  |   | $ | 8,906 |  |   | 14.5 | % |   | $ | 24,311 |  |   | $ | 22,600 |  |   | 7.6 |  % |
| Managed condominium rooms                                  |   | 18,124 |  |   | 14,605 |  |   | 24.1 | % |   | 25,896 |  |   | 20,419 |  |   | 26.8 |  % |
| Dining                                                     |   | 7,902 |  |   | 5,492 |  |   | 43.9 | % |   | 21,248 |  |   | 16,102 |  |   | 32.0 |  % |
| Transportation                                             |   | 7,752 |  |   | 7,123 |  |   | 8.8 | % |   | 9,624 |  |   | 8,814 |  |   | 9.2 |  % |
| Golf                                                       |   | — |  |   | — |  |   | — | % |   | 7,597 |  |   | 7,647 |  |   | (0.7 | )% |
| Other                                                      |   | 9,421 |  |   | 7,880 |  |   | 19.6 | % |   | 19,513 |  |   | 17,752 |  |   | 9.9 |  % |
|                                                       |   | 53,397 |  |   | 44,006 |  |   | 21.3 | % |   | 108,189 |  |   | 93,334 |  |   | 15.9 |  % |
| Payroll cost reimbursements                                |   | 2,790 |  |   | 2,537 |  |   | 10.0 | % |   | 5,212 |  |   | 5,717 |  |   | (8.8 | )% |
| Total Lodging net revenue                                  |   | $ | 56,187 |  |   | $ | 46,543 |  |   | 20.7 | % |   | $ | 113,401 |  |   | $ | 99,051 |  |   | 14.5 |  % |
| Lodging operating expense:                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Labor and labor-related benefits                           |   | $ | 25,551 |  |   | $ | 21,472 |  |   | 19.0 | % |   | $ | 51,923 |  |   | $ | 44,922 |  |   | 15.6 |  % |
| General and administrative                                 |   | 8,847 |  |   | 7,236 |  |   | 22.3 | % |   | 16,329 |  |   | 14,261 |  |   | 14.5 |  % |
| Other                                                      |   | 16,071 |  |   | 13,558 |  |   | 18.5 | % |   | 36,700 |  |   | 31,709 |  |   | 15.7 |  % |
|                                                       |   | 50,469 |  |   | 42,266 |  |   | 19.4 | % |   | 104,952 |  |   | 90,892 |  |   | 15.5 |  % |
| Reimbursed payroll costs                                   |   | 2,790 |  |   | 2,537 |  |   | 10.0 | % |   | 5,212 |  |   | 5,717 |  |   | (8.8 | )% |
| Total Lodging operating expense                            |   | $ | 53,259 |  |   | $ | 44,803 |  |   | 18.9 | % |   | $ | 110,164 |  |   | $ | 96,609 |  |   | 14.0 |  % |
| Lodging Reported EBITDA                                    |   | $ | 2,928 |  |   | $ | 1,740 |  |   | 68.3 | % |   | $ | 3,237 |  |   | $ | 2,442 |  |   | 32.6 |  % |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel statistics:                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 249.22 |  |   | $ | 232.85 |  |   | 7.0 | % |   | $ | 206.76 |  |   | $ | 198.83 |  |   | 4.0 |  % |
| RevPar                                                     |   | $ | 142.40 |  |   | $ | 124.06 |  |   | 14.8 | % |   | $ | 125.78 |  |   | $ | 117.46 |  |   | 7.1 |  % |
| Managed condominium statistics:                            |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 430.84 |  |   | $ | 416.08 |  |   | 3.5 | % |   | $ | 344.22 |  |   | $ | 338.20 |  |   | 1.8 |  % |
| RevPar                                                     |   | $ | 136.94 |  |   | $ | 122.84 |  |   | 11.5 | % |   | $ | 86.45 |  |   | $ | 76.58 |  |   | 12.9 |  % |
| Owned hotel and managed condominium statistics (combined): |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 358.07 |  |   | $ | 344.26 |  |   | 4.0 | % |   | $ | 270.23 |  |   | $ | 262.07 |  |   | 3.1 |  % |
| RevPar                                                     |   | $ | 138.42 |  |   | $ | 123.16 |  |   | 12.4 | % |   | $ | 99.23 |  |   | $ | 89.49 |  |   | 10.9 |  % |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |
|                                                |   | As of January 31, |
|                                                |   | 2014 |   | 2013 |
| Real estate held for sale and investment            |   | $ | 184,101 |  |   | $ | 216,815 |  |
|                                                |   |   |   |   |
| Total Vail Resorts, Inc. stockholders’ equity |   | 800,067 |  |   | 796,014 |  |
|                                                |   |   |   |   |
| Long-term debt                                      |   | 798,319 |  |   | 489,497 |  |
| Long-term debt due within one year                  |   | 965 |  |   | 806 |  |
| Total debt                                          |   | 799,284 |  |   | 490,303 |  |
| Less: cash and cash equivalents                     |   | 205,276 |  |   | 136,579 |  |
| Net debt                                            |   | $ | 594,008 |  |   | $ | 353,724 |  |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | (In thousands)(Unaudited) |   | (In thousands)(Unaudited) |
|                                                       |   | Three Months EndedJanuary 31, |   | Six Months EndedJanuary 31, |
|                                                       |   | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Mountain Reported EBITDA                                   |   | $ | 148,158 |  |   | $ | 140,843 |  |   | $ | 81,318 |  |   | $ | 85,641 |  |
| Lodging Reported EBITDA                                    |   | 2,928 |  |   | 1,740 |  |   | 3,237 |  |   | 2,442 |  |
| Resort Reported EBITDA*                                    |   | 151,086 |  |   | 142,583 |  |   | 84,555 |  |   | 88,083 |  |
| Real Estate Reported EBITDA                                |   | (3,129 | ) |   | (2,572 | ) |   | (3,514 | ) |   | (6,256 | ) |
| Total Reported EBITDA                                      |   | 147,957 |  |   | 140,011 |  |   | 81,041 |  |   | 81,827 |  |
| Depreciation and amortization                              |   | (36,204 | ) |   | (33,418 | ) |   | (70,360 | ) |   | (65,097 | ) |
| Loss on disposal of fixed assets                           |   | (1,044 | ) |   | (531 | ) |   | (1,473 | ) |   | (533 | ) |
| Investment income, net                                     |   | 70 |  |   | 99 |  |   | 165 |  |   | 153 |  |
| Interest expense                                           |   | (16,239 | ) |   | (8,534 | ) |   | (32,337 | ) |   | (16,909 | ) |
| Income (loss) before (provision) benefit from income taxes |   | 94,540 |  |   | 97,627 |  |   | (22,964 | ) |   | (559 | ) |
| (Provision) benefit from income taxes                      |   | (35,340 | ) |   | (37,098 | ) |   | 8,727 |  |   | 485 |  |
| Net income (loss)                                          |   | $ | 59,200 |  |   | $ | 60,529 |  |   | $ | (14,237 | ) |   | $ | (74 | ) |
| Net loss attributable to noncontrolling interests          |   | 63 |  |   | 22 |  |   | 124 |  |   | 45 |  |
| Net income (loss) attributable to Vail Resorts, Inc.       |   | $ | 59,263 |  |   | $ | 60,551 |  |   | $ | (14,113 | ) |   | $ | (29 | ) |

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

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |
|                                              |   | (In thousands)(Unaudited) |
|                                              |   | Twelve Months EndedJanuary 31, |
|                                              |   | 2014 |
| Mountain Reported EBITDA                          |   | $ | 224,376 |  |
| Lodging Reported EBITDA                           |   | 12,956 |  |
| Resort Reported EBITDA*                           |   | 237,332 |  |
| Real Estate Reported EBITDA                       |   | (6,364 | ) |
| Total Reported EBITDA                             |   | 230,968 |  |
| Depreciation and amortization                     |   | (137,951 | ) |
| Loss on disposal of fixed assets                  |   | (2,162 | ) |
| Investment income, net                            |   | 363 |  |
| Interest expense                                  |   | (54,394 | ) |
| Income before provision for income taxes          |   | 36,824 |  |
| Provision for income taxes                        |   | (13,377 | ) |
| Net income                                        |   | $ | 23,447 |  |
| Net loss attributable to noncontrolling interests |   | 212 |  |
| Net income attributable to Vail Resorts, Inc.     |   | $ | 23,659 |  |

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

----

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |
|                               |   | (In thousands)(Unaudited)As of January 31, 2014 |   |
| Long-term debt                     |   | $ | 798,319 |  |   |
| Long-term debt due within one year |   | 965 |  |   |
| Total debt                         |   | 799,284 |  |   |
| Less: cash and cash equivalents    |   | 205,276 |  |   |
| Net debt                           |   | $ | 594,008 |  |   |
| Net debt to Total Reported EBITDA  |   | 2.6 |  | x |

|                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------|
|                                                                                                                  |  |  |  |  |  |  |  |  |
|                                                                                                             |   | (In thousands)(Unaudited)Three Months EndedJanuary 31, 2014 |   | (In thousands)(Unaudited)Six Months EndedJanuary 31, 2014 |
| Real Estate Reported EBITDA                                                                                      |   | $ | (3,129 | ) |   | $ | (3,514 | ) |
| Non-cash Real Estate cost of sales                                                                               |   | 3,391 |  |   | 10,104 |  |
| Non-cash Real Estate stock-based compensation                                                                    |   | 434 |  |   | 860 |  |
| Change in Real Estate deposits and recovery of previously incurred project costs less investments in Real Estate |   | 1,409 |  |   | 2,110 |  |
| Net Real Estate Cash Flow                                                                                        |   | $ | 2,105 |  |   | $ | 9,560 |  |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |
|                                                |   | (In thousands)(Unaudited)Fiscal 2014Guidance** |
| Resort net revenue*                                 |   | $ | 1,194,800 |  |
| Resort EBITDA*                                      |   | 260,000 |  |
| Resort EBITDA margin*                               |   | 21.8 | % |
|                                                |   |   |
| * Resort represents the sum of Mountain and Lodging |   |   |
| **Represents the mid-point range of Guidance        |   |   |