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

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

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

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

----

|               |
|---------------|
|               |  |  |
|          |   |   |
| PART I   | FINANCIAL INFORMATION |   |
|          |   |   |
| Item 1.  | Financial Statements. | F-1 |
| Item 2.  | Management's Discussion and Analysis of Financial Condition and Results of Operations. | 1 |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk. | 12 |
| Item 4.  | Controls and Procedures. | 12 |
|          |   |   |
| PART II  | OTHER INFORMATION |   |
|          |   |   |
| Item 1.  | Legal Proceedings. | 12 |
| Item 1A. | Risk Factors. | 12 |
| Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds. | 13 |
| Item 3.  | Defaults Upon Senior Securities. | 13 |
| Item 4.  | Mine Safety Disclosures. | 13 |
| Item 5.  | Other Information. | 13 |
| Item 6.  | Exhibits. | 14 |

----

|                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       |  |  |  |  |  |  |
| Consolidated Condensed Balance Sheets as of October 31, 2014, July 31, 2014 and October 31, 2013                      | F-2 |
| Consolidated Condensed Statements of Operations for the Three Months Ended October 31, 2014 and 2013                  | F-3 |
| Consolidated Condensed Statements of Comprehensive Income (Loss) for the Three Months Ended October 31, 2014 and 2013 | F-4 |
| Consolidated Condensed Statements of Cash Flows for the Three Months Ended October 31, 2014 and 2013                  | F-5 |
| Notes to Consolidated Condensed Financial Statements                                                                  | F-6 |

----

|                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                            |   | October 31, 2014 |   | July 31, 2014 |   | October 31, 2013 |
| Assets                                                                                                                          |   |   |   |   |   |   |
| Current assets:                                                                                                                 |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                                       |   | $ | 29,840 |  |   | $ | 44,406 |  |   | $ | 114,225 |  |
| Restricted cash                                                                                                                 |   | 13,282 |  |   | 13,181 |  |   | 12,403 |  |
| Trade receivables, net                                                                                                          |   | 36,137 |  |   | 95,977 |  |   | 37,551 |  |
| Inventories, net                                                                                                                |   | 88,279 |  |   | 67,183 |  |   | 89,531 |  |
| Other current assets                                                                                                            |   | 64,452 |  |   | 54,299 |  |   | 57,334 |  |
| Total current assets                                                                                                            |   | 231,990 |  |   | 275,046 |  |   | 311,044 |  |
| Property, plant and equipment, net (Note 6)                                                                                     |   | 1,295,530 |  |   | 1,147,990 |  |   | 1,185,513 |  |
| Real estate held for sale and investment                                                                                        |   | 170,182 |  |   | 157,858 |  |   | 188,205 |  |
| Goodwill, net                                                                                                                   |   | 456,892 |  |   | 378,148 |  |   | 379,500 |  |
| Intangible assets, net                                                                                                          |   | 144,098 |  |   | 117,523 |  |   | 120,489 |  |
| Other assets                                                                                                                    |   | 42,176 |  |   | 97,284 |  |   | 97,998 |  |
| Total assets                                                                                                                    |   | $ | 2,340,868 |  |   | $ | 2,173,849 |  |   | $ | 2,282,749 |  |
| Liabilities and Stockholders’ Equity                                                                                      |   |   |   |   |   |   |
| Current liabilities:                                                                                                            |   |   |   |   |   |   |
| Accounts payable and accrued liabilities (Note 6)                                                                               |   | $ | 390,270 |  |   | $ | 289,218 |  |   | $ | 369,551 |  |
| Income taxes payable                                                                                                            |   | 31,604 |  |   | 33,966 |  |   | 39,946 |  |
| Long-term debt due within one year (Note 4)                                                                                     |   | 1,022 |  |   | 1,022 |  |   | 1,003 |  |
| Total current liabilities                                                                                                       |   | 422,896 |  |   | 324,206 |  |   | 410,500 |  |
| Long-term debt (Note 4)                                                                                                         |   | 819,238 |  |   | 625,600 |  |   | 797,062 |  |
| Other long-term liabilities (Note 6)                                                                                            |   | 255,186 |  |   | 260,681 |  |   | 240,725 |  |
| Deferred income taxes                                                                                                           |   | 84,862 |  |   | 128,562 |  |   | 75,910 |  |
| Commitments and contingencies (Note 9)                                                                                          |   |  |   |  |   |  |
| Stockholders’ equity:                                                                                                     |   |   |   |   |   |   |
| Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued and outstanding                                |   | — |  |   | — |  |   | — |  |
| Common stock, $0.01 par value, 100,000,000 shares authorized, 41,264,761, 41,152,800 and 41,072,903 shares issued, respectively |   | 413 |  |   | 412 |  |   | 411 |  |
| Additional paid-in capital                                                                                                      |   | 615,680 |  |   | 612,322 |  |   | 600,215 |  |
| Accumulated other comprehensive loss                                                                                            |   | (339 | ) |   | (199 | ) |   | (56 | ) |
| Retained earnings                                                                                                               |   | 322,163 |  |   | 401,500 |  |   | 337,178 |  |
| Treasury stock, at cost, 4,949,111 shares (Note 11)                                                                             |   | (193,192 | ) |   | (193,192 | ) |   | (193,192 | ) |
| Total Vail Resorts, Inc. stockholders’ equity                                                                             |   | 744,725 |  |   | 820,843 |  |   | 744,556 |  |
| Noncontrolling interests                                                                                                        |   | 13,961 |  |   | 13,957 |  |   | 13,996 |  |
| Total stockholders’ equity (Note 2)                                                                                       |   | 758,686 |  |   | 834,800 |  |   | 758,552 |  |
| Total liabilities and stockholders’ equity                                                                                |   | $ | 2,340,868 |  |   | $ | 2,173,849 |  |   | $ | 2,282,749 |  |

----

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |  |  |
|                                                                                           | Three Months Ended October 31, |
|                                                                                           | 2014 |   | 2013 |
| Net revenue:                                                                                   |   |   |   |
| Mountain                                                                                       | $ | 60,386 |  |   | $ | 57,331 |  |
| Lodging                                                                                        | 58,493 |  |   | 57,214 |  |
| Real estate                                                                                    | 9,383 |  |   | 8,846 |  |
| Total net revenue                                                                              | 128,262 |  |   | 123,391 |  |
| Segment operating expense (exclusive of depreciation and amortization shown separately below): |   |   |   |
| Mountain                                                                                       | 131,952 |  |   | 124,774 |  |
| Lodging                                                                                        | 57,754 |  |   | 56,905 |  |
| Real estate                                                                                    | 11,614 |  |   | 9,231 |  |
| Total segment operating expense                                                                | 201,320 |  |   | 190,910 |  |
| Other operating (expense) income:                                                              |   |   |   |
| Depreciation and amortization                                                                  | (35,969 | ) |   | (34,156 | ) |
| Gain on litigation settlement (Note 5)                                                         | 16,400 |  |   | — |  |
| Change in fair value of contingent consideration (Note 8)                                      | 4,550 |  |   | — |  |
| Loss on disposal of fixed assets, net                                                          | (755 | ) |   | (429 | ) |
| Loss from operations                                                                           | (88,832 | ) |   | (102,104 | ) |
| Mountain equity investment income, net                                                         | 325 |  |   | 603 |  |
| Investment (loss) income, net                                                                  | (26 | ) |   | 95 |  |
| Interest expense                                                                               | (13,568 | ) |   | (16,098 | ) |
| Loss before benefit from income taxes                                                          | (102,101 | ) |   | (117,504 | ) |
| Benefit from income taxes                                                                      | 37,777 |  |   | 44,067 |  |
| Net loss                                                                                       | (64,324 | ) |   | (73,437 | ) |
| Net loss attributable to noncontrolling interests                                              | 48 |  |   | 61 |  |
| Net loss attributable to Vail Resorts, Inc.                                                    | $ | (64,276 | ) |   | $ | (73,376 | ) |
| Per share amounts (Note 3):                                                                    |   |   |   |
| Basic net loss per share attributable to Vail Resorts, Inc.                                    | $ | (1.77 | ) |   | $ | (2.04 | ) |
| Diluted net loss per share attributable to Vail Resorts, Inc.                                  | $ | (1.77 | ) |   | $ | (2.04 | ) |
| Cash dividends declared per share                                                              | $ | 0.4150 |  |   | $ | 0.2075 |  |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |
|                                                        |   | Three Months Ended October 31, |
|                                                        |   | 2014 |   | 2013 |
| Net loss                                                    |   | $ | (64,324 | ) |   | $ | (73,437 | ) |
| Foreign currency translation adjustments, net of tax        |   | (140 | ) |   | 11 |  |
| Comprehensive loss                                          |   | (64,464 | ) |   | (73,426 | ) |
| Comprehensive loss attributable to noncontrolling interests |   | 48 |  |   | 61 |  |
| Comprehensive loss attributable to Vail Resorts, Inc.       |   | $ | (64,416 | ) |   | $ | (73,365 | ) |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |
|                                                                            |   | Three Months Ended October 31, |
|                                                                            |   | 2014 |   | 2013 |
| Cash flows from operating activities:                                           |   |   |   |   |
| Net loss                                                                        |   | $ | (64,324 | ) |   | $ | (73,437 | ) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |   |   |   |   |
| Depreciation and amortization                                                   |   | 35,969 |  |   | 34,156 |  |
| Cost of real estate sales                                                       |   | 7,015 |  |   | 6,713 |  |
| Stock-based compensation expense                                                |   | 4,201 |  |   | 3,492 |  |
| Deferred income taxes, net                                                      |   | (37,777 | ) |   | (44,067 | ) |
| Change in fair value of contingent consideration                                |   | (4,550 | ) |   | — |  |
| Gain on litigation settlement                                                   |   | (16,400 | ) |   | — |  |
| Park City litigation settlement payment                                         |   | (10,000 | ) |   | — |  |
| Other non-cash income, net                                                      |   | (1,614 | ) |   | (1,611 | ) |
| Changes in assets and liabilities:                                              |   |   |   |   |
| Trade receivables, net                                                          |   | 61,016 |  |   | 43,818 |  |
| Inventories, net                                                                |   | (20,733 | ) |   | (21,032 | ) |
| Accounts payable and accrued liabilities                                        |   | 81,156 |  |   | 82,105 |  |
| Other assets and liabilities, net                                               |   | (9,480 | ) |   | (13,791 | ) |
| Net cash provided by operating activities                                       |   | 24,479 |  |   | 16,346 |  |
| Cash flows from investing activities:                                           |   |   |   |   |
| Capital expenditures                                                            |   | (27,756 | ) |   | (33,804 | ) |
| Acquisition of business                                                         |   | (182,500 | ) |   | — |  |
| Other investing activities, net                                                 |   | 629 |  |   | 100 |  |
| Net cash used in investing activities                                           |   | (209,627 | ) |   | (33,704 | ) |
| Cash flows from financing activities:                                           |   |   |   |   |
| Proceeds from borrowings under long-term debt                                   |   | 213,000 |  |   | — |  |
| Payments of long-term debt                                                      |   | (30,253 | ) |   | — |  |
| Dividends paid                                                                  |   | (15,061 | ) |   | (7,489 | ) |
| Other financing activities, net                                                 |   | 2,912 |  |   | 445 |  |
| Net cash provided by (used in) financing activities                             |   | 170,598 |  |   | (7,044 | ) |
| Effect of exchange rate changes on cash and cash equivalents                    |   | (16 | ) |   | 23 |  |
| Net decrease in cash and cash equivalents                                       |   | (14,566 | ) |   | (24,379 | ) |
| Cash and cash equivalents:                                                      |   |   |   |   |
| Beginning of period                                                             |   | 44,406 |  |   | 138,604 |  |
| End of period                                                                   |   | $ | 29,840 |  |   | $ | 114,225 |  |
|                                                                            |   |   |   |   |
| Non-cash investing and financing activities:                                    |   |   |   |   |
| Accrued capital expenditures                                                    |   | $ | 10,419 |  |   | $ | 12,947 |  |
| Capital expenditures under long-term financing                                  |   | $ | 9,492 |  |   | $ | — |  |

----

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

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

----

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                         |   | For the Three Months Ended October 31, |
|                                                                         |   | 2014 |   | 2013 |
|                                                                         |   | Vail ResortsStockholders’Equity |   | NoncontrollingInterests |   | TotalStockholders' Equity |   | Vail ResortsStockholders’Equity |   | NoncontrollingInterests |   | TotalStockholders' Equity |
| Balance, beginning of period                                                 |   | $ | 820,843 |  |   | $ | 13,957 |  |   | $ | 834,800 |  |   | $ | 823,868 |  |   | $ | 14,001 |  |   | $ | 837,869 |  |
| Net loss                                                                     |   | (64,276 | ) |   | (48 | ) |   | (64,324 | ) |   | (73,376 | ) |   | (61 | ) |   | (73,437 | ) |
| Stock-based compensation expense                                             |   | 4,201 |  |   | — |  |   | 4,201 |  |   | 3,492 |  |   | — |  |   | 3,492 |  |
| Issuance of shares under share award plans, net of shares withheld for taxes |   | (3,186 | ) |   | — |  |   | (3,186 | ) |   | (4,793 | ) |   | — |  |   | (4,793 | ) |
| Tax benefit from share award plans                                           |   | 2,344 |  |   | — |  |   | 2,344 |  |   | 2,843 |  |   | — |  |   | 2,843 |  |
| Cash dividends paid on common stock                                          |   | (15,061 | ) |   | — |  |   | (15,061 | ) |   | (7,489 | ) |   | — |  |   | (7,489 | ) |
| Contributions from noncontrolling interests, net                             |   | — |  |   | 52 |  |   | 52 |  |   | — |  |   | 56 |  |   | 56 |  |
| Foreign currency translation adjustments, net of tax                         |   | (140 | ) |   | — |  |   | (140 | ) |   | 11 |  |   | — |  |   | 11 |  |
| Balance, end of period                                                       |   | $ | 744,725 |  |   | $ | 13,961 |  |   | $ | 758,686 |  |   | $ | 744,556 |  |   | $ | 13,996 |  |   | $ | 758,552 |  |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |
|                         |   | October 31, 2014 |
|                         |   | CarryingValue |   | FairValue |
| 6.50% Notes                  |   | $ | 215,000 |  |   | $ | 223,600 |  |
| Industrial Development Bonds |   | $ | 41,200 |  |   | $ | 45,690 |  |
| Other long-term debt         |   | $ | 14,424 |  |   | $ | 14,804 |  |

----

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

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | Three Months Ended October 31, |
|                                            |   | 2014 |   | 2013 |
|                                            |   | Basic |   | Diluted |   | Basic |   | Diluted |
| Net loss per share:                             |   |   |   |   |   |   |   |   |
| Net loss attributable to Vail Resorts           |   | $ | (64,276 | ) |   | $ | (64,276 | ) |   | $ | (73,376 | ) |   | $ | (73,376 | ) |
| Weighted-average shares outstanding             |   | 36,249 |  |   | 36,249 |  |   | 36,026 |  |   | 36,026 |  |
| Effect of dilutive securities                   |   | — |  |   | — |  |   | — |  |   | — |  |
| Total shares                                    |   | 36,249 |  |   | 36,249 |  |   | 36,026 |  |   | 36,026 |  |
| Net loss per share attributable to Vail Resorts |   | $ | (1.77 | ) |   | $ | (1.77 | ) |   | $ | (2.04 | ) |   | $ | (2.04 | ) |

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

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         |   | Maturity (a) |   | October 31, 2014 |   | July 31, 2014 |   | October 31, 2013 |
| Credit Facility Revolver     |   | 2019 |   | $ | 183,000 |  |   | $ | — |  |   | $ | — |  |
| Industrial Development Bonds |   | 2020 |   | 41,200 |  |   | 41,200 |  |   | 41,200 |  |
| Employee Housing Bonds       |   | 2027-2039 |   | 52,575 |  |   | 52,575 |  |   | 52,575 |  |
| 6.50% Notes                  |   | 2019 |   | 215,000 |  |   | 215,000 |  |   | 390,000 |  |
| Canyons obligation           |   | 2063 |   | 313,258 |  |   | 311,858 |  |   | 307,706 |  |
| Other                        |   | 2015-2029 |   | 15,227 |  |   | 5,989 |  |   | 6,584 |  |
| Total debt                   |   |   |   | 820,260 |  |   | 626,622 |  |   | 798,065 |  |
| Less: Current maturities (b) |   |   |   | 1,022 |  |   | 1,022 |  |   | 1,003 |  |
| Long-term debt               |   |   |   | $ | 819,238 |  |   | $ | 625,600 |  |   | $ | 797,062 |  |

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

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

----

|            |
|------------|
|            |  |  |  |
|       | Total |
| 2015       | $ | 778 |  |
| 2016       | 257 |  |
| 2017       | 270 |  |
| 2018       | 271 |  |
| 2019       | 398,286 |  |
| Thereafter | 420,398 |  |
| Total debt | $ | 820,260 |  |
|       |   |

|    |                  |
|----|------------------|
| 5. |  Acquisition |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |
|                                     | Estimates of Fair Value at Effective Date of Transaction |
| Accounts receivable                      | $ | 1,343 |  |
| Other assets                             | 3,259 |  |
| Property, plant and equipment            | 76,563 |  |
| Deferred income tax assets, net          | 7,444 |  |
| Real estate held for sale and investment | 20,000 |  |
| Intangible assets                        | 27,800 |  |
| Goodwill                                 | 78,857 |  |
| Total identifiable assets acquired       | $ | 215,266 |  |
| Accounts payable and accrued liabilities | $ | 1,955 |  |
| Deferred revenue                         | 4,361 |  |
| Total liabilities assumed                | $ | 6,316 |  |
| Total purchase price                     | $ | 208,950 |  |

----

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |
|                                                                  |   | Three Months Ended October 31, |
|                                                                  |   | 2014 | 2013 |
| Pro forma net revenue                                                 |   | $ | 130,298 |  | $ | 126,192 |  |
| Pro forma net loss attributable to Vail Resorts, Inc.                 |   | $ | (64,267 | ) | $ | (76,898 | ) |
| Pro forma basic net loss per share attributable to Vail Resorts, Inc. |   | $ | (1.77 | ) | $ | (2.13 | ) |

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

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |
|                                |   | October 31, 2014 |   | July 31, 2014 |   | October 31, 2013 |
| Land and land improvements          |   | $ | 409,060 |  |   | $ | 348,328 |  |   | $ | 343,971 |  |
| Buildings and building improvements |   | 948,932 |  |   | 907,280 |  |   | 885,054 |  |
| Machinery and equipment             |   | 731,782 |  |   | 700,745 |  |   | 647,856 |  |
| Furniture and fixtures              |   | 268,536 |  |   | 269,209 |  |   | 262,334 |  |
| Software                            |   | 98,899 |  |   | 98,653 |  |   | 93,188 |  |
| Vehicles                            |   | 55,788 |  |   | 55,724 |  |   | 49,789 |  |
| Construction in progress            |   | 74,996 |  |   | 31,487 |  |   | 88,490 |  |
| Gross property, plant and equipment |   | 2,587,993 |  |   | 2,411,426 |  |   | 2,370,682 |  |
| Accumulated depreciation            |   | (1,292,463 | ) |   | (1,263,436 | ) |   | (1,185,169 | ) |
| Property, plant and equipment, net  |   | $ | 1,295,530 |  |   | $ | 1,147,990 |  |   | $ | 1,185,513 |  |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              |   | October 31, 2014 |   | July 31, 2014 |   | October 31, 2013 |
| Trade payables                                    |   | $ | 94,035 |  |   | $ | 71,823 |  |   | $ | 100,125 |  |
| Deferred revenue                                  |   | 198,133 |  |   | 110,566 |  |   | 166,705 |  |
| Accrued salaries, wages and deferred compensation |   | 18,379 |  |   | 29,833 |  |   | 16,857 |  |
| Accrued benefits                                  |   | 20,046 |  |   | 21,351 |  |   | 18,135 |  |
| Deposits                                          |   | 14,614 |  |   | 15,272 |  |   | 12,972 |  |
| Accrued interest                                  |   | 8,595 |  |   | 5,429 |  |   | 13,447 |  |
| Other accruals                                    |   | 36,468 |  |   | 34,944 |  |   | 41,310 |  |
| Total accounts payable and accrued liabilities    |   | $ | 390,270 |  |   | $ | 289,218 |  |   | $ | 369,551 |  |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         |   | October 31, 2014 |   | July 31, 2014 |   | October 31, 2013 |
| Private club deferred initiation fee revenue |   | $ | 127,879 |  |   | $ | 128,824 |  |   | $ | 130,108 |  |
| Unfavorable lease obligation, net            |   | 30,817 |  |   | 31,338 |  |   | 33,369 |  |
| Other long-term liabilities                  |   | 96,490 |  |   | 100,519 |  |   | 77,248 |  |
| Total other long-term liabilities            |   | $ | 255,186 |  |   | $ | 260,681 |  |   | $ | 240,725 |  |

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Mountain | Lodging | Goodwill, net |
| Balance at July 31, 2014                              | $ | 310,249 |  | $ | 67,899 |  | $ | 378,148 |  |
| Acquisition                                           | 78,857 |  | — |  | 78,857 |  |
| Effects of changes in foreign currency exchange rates | (113 | ) | — |  | (113 | ) |
| Balance at October 31, 2014                           | $ | 388,993 |  | $ | 67,899 |  | $ | 456,892 |  |

----

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   |   |   |   |   |   |   |   |   |   |
|   |   |   | Fair Value Measurement as of October 31, 2014 |
|   | Description |   | Balance at October 31, 2014 |   | Level 1 |   | Level 2 |   | Level 3 |
|   |
|   | Assets: |   |   |   |   |   |   |   |   |
|   | Money Market |   | $ | 8,391 |  |   | $ | 8,391 |  |   | $ | — |  |   | $ | — |  |
|   | Commercial Paper |   | $ | 1,770 |  |   | $ | — |  |   | $ | 1,770 |  |   | $ | — |  |
|   | Certificates of Deposit |   | $ | 3,530 |  |   | $ | — |  |   | $ | 3,530 |  |   | $ | — |  |
|   |   |   |   |
|   | Liabilities: |   |   |   |   |   |   |   |   |
|   | Contingent Consideration |   | $ | 6,000 |  |   | $ | — |  |   | $ | — |  |   | $ | 6,000 |  |
|   |   |   |   |
|   |   |   | Fair Value Measurement as of July 31, 2014 |
|   | Description |   | Balance at July 31, 2014 |   | Level 1 |   | Level 2 |   | Level 3 |
|   | Assets: |   |   |   |   |   |   |   |   |
|   | Money Market |   | $ | 9,022 |  |   | $ | 9,022 |  |   | $ | — |  |   | $ | — |  |
|   | Commercial Paper |   | $ | 630 |  |   | $ | — |  |   | $ | 630 |  |   | $ | — |  |
|   | Certificates of Deposit |   | $ | 880 |  |   | $ | — |  |   | $ | 880 |  |   | $ | — |  |
|   |   |   |   |   |   |   |   |   |   |
|   | Liabilities: |   |   |   |   |   |   |   |   |
|   | Contingent Consideration |   | $ | 10,500 |  |   | $ | — |  |   | $ | — |  |   | $ | 10,500 |  |
|   |   |   |   |
|   |   |   | Fair Value Measurement as of October 31, 2013 |
|   | Description |   | Balance at October 31, 2013 |   | Level 1 |   | Level 2 |   | Level 3 |
|   | Assets: |   |   |   |   |   |   |   |   |
|   | Money Market |   | $ | 9,023 |  |   | $ | 9,023 |  |   | $ | — |  |   | $ | — |  |
|   | Commercial Paper |   | $ | 630 |  |   | $ | — |  |   | $ | 630 |  |   | $ | — |  |
|   | Certificates of Deposit |   | $ | 630 |  |   | $ | — |  |   | $ | 630 |  |   | $ | — |  |
|   |   |   |   |   |   |   |   |   |   |
|   | Liabilities: |   |   |   |   |   |   |   |   |
|   | Contingent Consideration |   | $ | 9,100 |  |   | $ | — |  |   | $ | — |  |   | $ | 9,100 |  |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |
|                   | 2014 | 2013 |
| Balance at July 31,    | $ | 10,500 |  | $ | 9,100 |  |
| Change in fair value   | (4,500 | ) | — |  |
| Balance at October 31, | $ | 6,000 |  | $ | 9,100 |  |

----

----

----

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |
|                                                           | Three Months Ended October 31, |
|                                                           | 2014 |   | 2013 |
| Net revenue:                                                   |   |   |   |
| Lift                                                           | $ | — |  |   | $ | — |  |
| Ski school                                                     | — |  |   | — |  |
| Dining                                                         | 8,039 |  |   | 7,464 |  |
| Retail/rental                                                  | 29,473 |  |   | 28,900 |  |
| Other                                                          | 22,874 |  |   | 20,967 |  |
| Total Mountain net revenue                                     | 60,386 |  |   | 57,331 |  |
| Lodging                                                        | 58,493 |  |   | 57,214 |  |
| Total Resort net revenue                                       | 118,879 |  |   | 114,545 |  |
| Real estate                                                    | 9,383 |  |   | 8,846 |  |
| Total net revenue                                              | $ | 128,262 |  |   | $ | 123,391 |  |
| Operating expense:                                             |   |   |   |
| Mountain                                                       | $ | 131,952 |  |   | $ | 124,774 |  |
| Lodging                                                        | 57,754 |  |   | 56,905 |  |
| Total Resort operating expense                                 | 189,706 |  |   | 181,679 |  |
| Real estate                                                    | 11,614 |  |   | 9,231 |  |
| Total segment operating expense                                | $ | 201,320 |  |   | $ | 190,910 |  |
| Gain on litigation settlement                                  | $ | 16,400 |  |   | $ | — |  |
| Mountain equity investment income, net                         | $ | 325 |  |   | $ | 603 |  |
| Reported EBITDA:                                               |   |   |   |
| Mountain                                                       | $ | (54,841 | ) |   | $ | (66,840 | ) |
| Lodging                                                        | 739 |  |   | 309 |  |
| Resort                                                         | (54,102 | ) |   | (66,531 | ) |
| Real estate                                                    | (2,231 | ) |   | (385 | ) |
| Total Reported EBITDA                                          | $ | (56,333 | ) |   | $ | (66,916 | ) |
|                                                           |   |   |   |
| Real estate held for sale and investment                       | $ | 170,182 |  |   | $ | 188,205 |  |
|                                                           |   |   |   |
| Reconciliation to net loss attributable to Vail Resorts, Inc.: |   |   |   |
| Total Reported EBITDA                                          | $ | (56,333 | ) |   | $ | (66,916 | ) |
| Depreciation and amortization                                  | (35,969 | ) |   | (34,156 | ) |
| Change in fair value of contingent consideration               | 4,550 |  |   | — |  |
| Loss on disposal of fixed assets, net                          | (755 | ) |   | (429 | ) |
| Investment (loss) income, net                                  | (26 | ) |   | 95 |  |
| Interest expense                                               | (13,568 | ) |   | (16,098 | ) |
| Loss before benefit from income taxes                          | (102,101 | ) |   | (117,504 | ) |
| Benefit from income taxes                                      | 37,777 |  |   | 44,067 |  |
| Net loss                                                       | $ | (64,324 | ) |   | $ | (73,437 | ) |
| Net loss attributable to noncontrolling interests              | 48 |  |   | 61 |  |
| Net loss attributable to Vail Resorts, Inc.                    | $ | (64,276 | ) |   | $ | (73,376 | ) |

----

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          |   | ParentCompany |   | 100%OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Current assets:                                               |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                     |   | $ | — |  |   | $ | 20,598 |  |   | $ | 9,242 |  |   | $ | — |  |   | $ | 29,840 |  |
| Restricted cash                                               |   | — |  |   | 11,304 |  |   | 1,978 |  |   | — |  |   | 13,282 |  |
| Trade receivables, net                                        |   | — |  |   | 33,241 |  |   | 2,896 |  |   | — |  |   | 36,137 |  |
| Inventories, net                                              |   | — |  |   | 88,079 |  |   | 200 |  |   | — |  |   | 88,279 |  |
| Other current assets                                          |   | 30,857 |  |   | 33,256 |  |   | 339 |  |   | — |  |   | 64,452 |  |
| Total current assets                                          |   | 30,857 |  |   | 186,478 |  |   | 14,655 |  |   | — |  |   | 231,990 |  |
| Property, plant and equipment, net                            |   | — |  |   | 1,254,155 |  |   | 41,375 |  |   | — |  |   | 1,295,530 |  |
| Real estate held for sale and investment                      |   | — |  |   | 170,182 |  |   | — |  |   | — |  |   | 170,182 |  |
| Goodwill, net                                                 |   | — |  |   | 455,348 |  |   | 1,544 |  |   | — |  |   | 456,892 |  |
| Intangible assets, net                                        |   | — |  |   | 124,901 |  |   | 19,197 |  |   | — |  |   | 144,098 |  |
| Other assets                                                  |   | 2,617 |  |   | 45,551 |  |   | 3,988 |  |   | (9,980 | ) |   | 42,176 |  |
| Investments in subsidiaries                                   |   | 1,882,979 |  |   | (8,865 | ) |   | — |  |   | (1,874,114 | ) |   | — |  |
| Advances to affiliates                                        |   | — |  |   | — |  |   | 2,448 |  |   | (2,448 | ) |   | — |  |
| Total assets                                                  |   | $ | 1,916,453 |  |   | $ | 2,227,750 |  |   | $ | 83,207 |  |   | $ | (1,886,542 | ) |   | $ | 2,340,868 |  |
| Current liabilities:                                          |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                      |   | $ | 7,267 |  |   | $ | 373,235 |  |   | $ | 9,768 |  |   | $ | — |  |   | $ | 390,270 |  |
| Income taxes payable                                          |   | 31,604 |  |   | — |  |   | — |  |   | — |  |   | 31,604 |  |
| Long-term debt due within one year                            |   | — |  |   | 778 |  |   | 244 |  |   | — |  |   | 1,022 |  |
| Total current liabilities                                     |   | 38,871 |  |   | 374,013 |  |   | 10,012 |  |   | — |  |   | 422,896 |  |
| Advances from affiliates                                      |   | 783,910 |  |   | 2,448 |  |   | — |  |   | (786,358 | ) |   | — |  |
| Long-term debt                                                |   | 215,000 |  |   | 546,975 |  |   | 57,263 |  |   | — |  |   | 819,238 |  |
| Other long-term liabilities                                   |   | 48,875 |  |   | 205,245 |  |   | 11,046 |  |   | (9,980 | ) |   | 255,186 |  |
| Deferred income taxes                                         |   | 85,072 |  |   | — |  |   | (210 | ) |   | — |  |   | 84,862 |  |
| Total Vail Resorts, Inc. stockholders’ equity (deficit) |   | 744,725 |  |   | 1,882,979 |  |   | (8,865 | ) |   | (1,874,114 | ) |   | 744,725 |  |
| Advances to Parent                                            |   | — |  |   | (783,910 | ) |   | — |  |   | 783,910 |  |   | — |  |
| Noncontrolling interests                                      |   | — |  |   | — |  |   | 13,961 |  |   | — |  |   | 13,961 |  |
| Total stockholders’ equity                              |   | 744,725 |  |   | 1,099,069 |  |   | 5,096 |  |   | (1,090,204 | ) |   | 758,686 |  |
| Total liabilities and stockholders’ equity              |   | $ | 1,916,453 |  |   | $ | 2,227,750 |  |   | $ | 83,207 |  |   | $ | (1,886,542 | ) |   | $ | 2,340,868 |  |

----

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

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          |   | ParentCompany |   | 100%OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Current assets:                                               |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                     |   | $ | — |  |   | $ | 107,053 |  |   | $ | 7,172 |  |   | $ | — |  |   | $ | 114,225 |  |
| Restricted cash                                               |   | — |  |   | 10,846 |  |   | 1,557 |  |   | — |  |   | 12,403 |  |
| Trade receivables, net                                        |   | 198 |  |   | 34,522 |  |   | 2,831 |  |   | — |  |   | 37,551 |  |
| Inventories, net                                              |   | — |  |   | 89,317 |  |   | 214 |  |   | — |  |   | 89,531 |  |
| Other current assets                                          |   | 26,524 |  |   | 29,674 |  |   | 1,136 |  |   | — |  |   | 57,334 |  |
| Total current assets                                          |   | 26,722 |  |   | 271,412 |  |   | 12,910 |  |   | — |  |   | 311,044 |  |
| Property, plant and equipment, net                            |   | — |  |   | 1,140,942 |  |   | 44,571 |  |   | — |  |   | 1,185,513 |  |
| Real estate held for sale and investment                      |   | — |  |   | 188,205 |  |   | — |  |   | — |  |   | 188,205 |  |
| Goodwill, net                                                 |   | — |  |   | 377,740 |  |   | 1,760 |  |   | — |  |   | 379,500 |  |
| Intangible assets, net                                        |   | — |  |   | 101,071 |  |   | 19,418 |  |   | — |  |   | 120,489 |  |
| Other assets                                                  |   | 5,796 |  |   | 97,473 |  |   | 4,188 |  |   | (9,459 | ) |   | 97,998 |  |
| Investments in subsidiaries                                   |   | 1,751,058 |  |   | (5,045 | ) |   | — |  |   | (1,746,013 | ) |   | — |  |
| Advances to affiliates                                        |   | — |  |   | — |  |   | 2,945 |  |   | (2,945 | ) |   | — |  |
| Total assets                                                  |   | $ | 1,783,576 |  |   | $ | 2,171,798 |  |   | $ | 85,792 |  |   | $ | (1,758,417 | ) |   | $ | 2,282,749 |  |
| Current liabilities:                                          |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                      |   | $ | 12,877 |  |   | $ | 348,128 |  |   | $ | 8,546 |  |   | $ | — |  |   | $ | 369,551 |  |
| Income taxes payable                                          |   | 39,946 |  |   | — |  |   | — |  |   | — |  |   | 39,946 |  |
| Long-term debt due within one year                            |   | — |  |   | 772 |  |   | 231 |  |   | — |  |   | 1,003 |  |
| Total current liabilities                                     |   | 52,823 |  |   | 348,900 |  |   | 8,777 |  |   | — |  |   | 410,500 |  |
| Advances from affiliates                                      |   | 492,580 |  |   | 2,945 |  |   | — |  |   | (495,525 | ) |   | — |  |
| Long-term debt                                                |   | 390,000 |  |   | 349,555 |  |   | 57,507 |  |   | — |  |   | 797,062 |  |
| Other long-term liabilities                                   |   | 27,673 |  |   | 211,920 |  |   | 10,591 |  |   | (9,459 | ) |   | 240,725 |  |
| Deferred income taxes                                         |   | 75,944 |  |   | — |  |   | (34 | ) |   | — |  |   | 75,910 |  |
| Total Vail Resorts, Inc. stockholders’ equity (deficit) |   | 744,556 |  |   | 1,751,058 |  |   | (5,045 | ) |   | (1,746,013 | ) |   | 744,556 |  |
| Advances to Parent                                            |   | — |  |   | (492,580 | ) |   | — |  |   | 492,580 |  |   | — |  |
| Noncontrolling interests                                      |   | — |  |   | — |  |   | 13,996 |  |   | — |  |   | 13,996 |  |
| Total stockholders’ equity                              |   | 744,556 |  |   | 1,258,478 |  |   | 8,951 |  |   | (1,253,433 | ) |   | 758,552 |  |
| Total liabilities and stockholders’ equity              |   | $ | 1,783,576 |  |   | $ | 2,171,798 |  |   | $ | 85,792 |  |   | $ | (1,758,417 | ) |   | $ | 2,282,749 |  |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Total net revenue                                           |   | $ | — |  |   | $ | 129,726 |  |   | $ | 2,642 |  |   | $ | (4,106 | ) |   | $ | 128,262 |  |
| Total operating expense                                     |   | 88 |  |   | 237,506 |  |   | 4,518 |  |   | (4,068 | ) |   | 238,044 |  |
| Gain on litigation settlement                               |   | — |  |   | 16,400 |  |   | — |  |   | — |  |   | 16,400 |  |
| Change in fair value of contingent consideration            |   | — |  |   | 4,550 |  |   | — |  |   | — |  |   | 4,550 |  |
| Loss from operations                                        |   | (88 | ) |   | (86,830 | ) |   | (1,876 | ) |   | (38 | ) |   | (88,832 | ) |
| Other expense, net                                          |   | (3,639 | ) |   | (9,671 | ) |   | (322 | ) |   | 38 |  |   | (13,594 | ) |
| Equity investment income, net                               |   | — |  |   | 325 |  |   | — |  |   | — |  |   | 325 |  |
| Loss before benefit from income taxes                       |   | (3,727 | ) |   | (96,176 | ) |   | (2,198 | ) |   | — |  |   | (102,101 | ) |
| Benefit from income taxes                                   |   | 1,333 |  |   | 36,207 |  |   | 237 |  |   | — |  |   | 37,777 |  |
| Net loss before equity in loss of consolidated subsidiaries |   | (2,394 | ) |   | (59,969 | ) |   | (1,961 | ) |   | — |  |   | (64,324 | ) |
| Equity in loss of consolidated subsidiaries                 |   | (61,882 | ) |   | (1,913 | ) |   | — |  |   | 63,795 |  |   | — |  |
| Net loss                                                    |   | (64,276 | ) |   | (61,882 | ) |   | (1,961 | ) |   | 63,795 |  |   | (64,324 | ) |
| Net loss attributable to noncontrolling interests           |   | — |  |   | — |  |   | 48 |  |   | — |  |   | 48 |  |
| Net loss attributable to Vail Resorts, Inc.                 |   | $ | (64,276 | ) |   | $ | (61,882 | ) |   | $ | (1,913 | ) |   | $ | 63,795 |  |   | $ | (64,276 | ) |

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Total net revenue                                           |   | $ | — |  |   | $ | 123,488 |  |   | $ | 2,815 |  |   | $ | (2,912 | ) |   | $ | 123,391 |  |
| Total operating expense                                     |   | 92 |  |   | 223,528 |  |   | 4,749 |  |   | (2,874 | ) |   | 225,495 |  |
| Loss from operations                                        |   | (92 | ) |   | (100,040 | ) |   | (1,934 | ) |   | (38 | ) |   | (102,104 | ) |
| Other expense, net                                          |   | (6,601 | ) |   | (9,097 | ) |   | (343 | ) |   | 38 |  |   | (16,003 | ) |
| Equity investment income, net                               |   | — |  |   | 603 |  |   | — |  |   | — |  |   | 603 |  |
| Loss before benefit from income taxes                       |   | (6,693 | ) |   | (108,534 | ) |   | (2,277 | ) |   | — |  |   | (117,504 | ) |
| Benefit from income taxes                                   |   | 2,848 |  |   | 40,990 |  |   | 229 |  |   | — |  |   | 44,067 |  |
| Net loss before equity in loss of consolidated subsidiaries |   | (3,845 | ) |   | (67,544 | ) |   | (2,048 | ) |   | — |  |   | (73,437 | ) |
| Equity in loss of consolidated subsidiaries                 |   | (69,531 | ) |   | (1,987 | ) |   | — |  |   | 71,518 |  |   | — |  |
| Net loss                                                    |   | (73,376 | ) |   | (69,531 | ) |   | (2,048 | ) |   | 71,518 |  |   | (73,437 | ) |
| Net loss attributable to noncontrolling interests           |   | — |  |   | — |  |   | 61 |  |   | — |  |   | 61 |  |
| Net loss attributable to Vail Resorts, Inc.                 |   | $ | (73,376 | ) |   | $ | (69,531 | ) |   | $ | (1,987 | ) |   | $ | 71,518 |  |   | $ | (73,376 | ) |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Net loss                                                    |   | $ | (64,276 | ) |   | $ | (61,882 | ) |   | $ | (1,961 | ) |   | $ | 63,795 |  |   | $ | (64,324 | ) |
| Foreign currency translation adjustments, net of tax        |   | (140 | ) |   | (140 | ) |   | (140 | ) |   | 280 |  |   | (140 | ) |
| Comprehensive loss                                          |   | (64,416 | ) |   | (62,022 | ) |   | (2,101 | ) |   | 64,075 |  |   | (64,464 | ) |
| Comprehensive loss attributable to noncontrolling interests |   | — |  |   | — |  |   | 48 |  |   | — |  |   | 48 |  |
| Comprehensive loss attributable to Vail Resorts, Inc.       |   | $ | (64,416 | ) |   | $ | (62,022 | ) |   | $ | (2,053 | ) |   | $ | 64,075 |  |   | $ | (64,416 | ) |

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Net loss                                                    |   | $ | (73,376 | ) |   | $ | (69,531 | ) |   | $ | (2,048 | ) |   | $ | 71,518 |  |   | $ | (73,437 | ) |
| Foreign currency translation adjustments, net of tax        |   | 11 |  |   | 11 |  |   | 11 |  |   | (22 | ) |   | 11 |  |
| Comprehensive loss                                          |   | (73,365 | ) |   | (69,520 | ) |   | (2,037 | ) |   | 71,496 |  |   | (73,426 | ) |
| Comprehensive loss attributable to noncontrolling interests |   | — |  |   | — |  |   | 61 |  |   | — |  |   | 61 |  |
| Comprehensive loss attributable to Vail Resorts, Inc.       |   | $ | (73,365 | ) |   | $ | (69,520 | ) |   | $ | (1,976 | ) |   | $ | 71,496 |  |   | $ | (73,365 | ) |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         |   | ParentCompany |   | 100%  OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | Consolidated |
| Net cash (used in) provided by operating activities          |   | $ | (38,937 | ) |   | $ | 63,073 |  |   | $ | 343 |  |   | $ | 24,479 |  |
| Cash flows from investing activities:                        |   |   |   |   |   |   |   |   |
| Capital expenditures                                         |   | — |  |   | (27,471 | ) |   | (285 | ) |   | (27,756 | ) |
| Acquisition of business                                      |   | — |  |   | (182,500 | ) |   | — |  |   | (182,500 | ) |
| Other investing activities, net                              |   | — |  |   | 617 |  |   | 12 |  |   | 629 |  |
| Net cash used in investing activities                        |   | — |  |   | (209,354 | ) |   | (273 | ) |   | (209,627 | ) |
| Cash flows from financing activities:                        |   |   |   |   |   |   |   |   |
| Proceeds from borrowings under long-term debt                |   | — |  |   | 213,000 |  |   | — |  |   | 213,000 |  |
| Payments of other long-term debt                             |   | — |  |   | (30,022 | ) |   | (231 | ) |   | (30,253 | ) |
| Dividends paid                                               |   | (15,061 | ) |   | — |  |   | — |  |   | (15,061 | ) |
| Other financing activities, net                              |   | 2,355 |  |   | 392 |  |   | 165 |  |   | 2,912 |  |
| Advances                                                     |   | 51,643 |  |   | (51,643 | ) |   | — |  |   | — |  |
| Net cash provided by (used in) financing activities          |   | 38,937 |  |   | 131,727 |  |   | (66 | ) |   | 170,598 |  |
| Effect of exchange rate changes on cash and cash equivalents |   | — |  |   | 82 |  |   | (98 | ) |   | (16 | ) |
| Net decrease in cash and cash equivalents                    |   | — |  |   | (14,472 | ) |   | (94 | ) |   | (14,566 | ) |
| Cash and cash equivalents:                                   |   |   |   |   |   |   |   |   |
| Beginning of period                                          |   | — |  |   | 35,070 |  |   | 9,336 |  |   | 44,406 |  |
| End of period                                                |   | $ | — |  |   | $ | 20,598 |  |   | $ | 9,242 |  |   | $ | 29,840 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | Consolidated |
| Net cash (used in) provided by operating activities          |   | $ | (44,375 | ) |   | $ | 61,344 |  |   | $ | (623 | ) |   | $ | 16,346 |  |
| Cash flows from investing activities:                        |   |   |   |   |   |   |   |  |
| Capital expenditures                                         |   | — |  |   | (33,530 | ) |   | (274 | ) |   | (33,804 | ) |
| Other investing activities, net                              |   | — |  |   | 93 |  |   | 7 |  |   | 100 |  |
| Net cash used in investing activities                        |   | — |  |   | (33,437 | ) |   | (267 | ) |   | (33,704 | ) |
| Cash flows from financing activities:                        |   |   |   |   |   |   |   |   |
| Dividends paid                                               |   | (7,489 | ) |   | — |  |   | — |  |   | (7,489 | ) |
| Other financing activities, net                              |   | 2,969 |  |   | (2,858 | ) |   | 334 |  |   | 445 |  |
| Advances                                                     |   | 48,895 |  |   | (48,895 | ) |   | — |  |   | — |  |
| Net cash provided by (used in) financing activities          |   | 44,375 |  |   | (51,753 | ) |   | 334 |  |   | (7,044 | ) |
| Effect of exchange rate changes on cash and cash equivalents |   | — |  |   | (71 | ) |   | 94 |  |   | 23 |  |
| Net decrease in cash and cash equivalents                    |   | — |  |   | (23,917 | ) |   | (462 | ) |   | (24,379 | ) |
| Cash and cash equivalents:                                   |   |   |   |   |   |   |   |   |
| Beginning of period                                          |   | — |  |   | 130,970 |  |   | 7,634 |  |   | 138,604 |  |
| End of period                                                |   | $ | — |  |   | $ | 107,053 |  |   | $ | 7,172 |  |   | $ | 114,225 |  |

----

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The timing and amount of snowfall can have an impact on Mountain and Lodging revenue particularly in regards to skier visits and the duration and frequency of guest visitation.  To help mitigate this impact, we sell a variety of season pass products prior to the beginning of the ski season resulting in a more stabilized stream of lift revenue within the second and third fiscal quarters, when the season pass sales are recorded as revenue. Additionally, our season pass products provide a compelling value proposition to our guests, which in turn creates a guest commitment predominately prior to the start of the ski season. For the 2013/2014 ski season, pass revenue represented approximately 40% of total lift revenue for the entire ski season. Through December 4, 2014, our season pass sales for the 2014/2015 ski season (including Park City for both the current and prior year, which prior year includes pass sales that were specific to Park City and occurred before our acquisition) have increased approximately 13% in units and increased approximately 16% in sales dollars, compared to the prior year period ended December 5, 2013. We cannot predict the ultimate impact that season pass sales will have on total lift revenue or effective ticket price for the 2014/2015 ski season. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In May 2013, we entered into a long-term lease with Talisker Corporation (“Talisker”) under which we assumed resort operations of Canyons which includes the ski area and related amenities. In addition to the lease, we entered into ancillary transaction documents setting forth our rights related to, among other things, the litigation between the then current operator of Park City and Talisker concerning the validity of a lease of the Talisker-owned land under the ski terrain of Park City (excluding the base area). On September 11, 2014, we entered into a Purchase and Sale Agreement (the “Purchase Agreement”) providing for the acquisition of substantially all of the assets related to Park City. Pursuant to the Purchase Agreement and ancillary transaction documents dated the same date, we assumed resort |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | As of October 31, 2014, we had $29.8 million in cash and cash equivalents, as well as $150.2 million available under our senior credit facility (“Credit Agreement”) (which represents the total commitment of $400.0 million less outstanding borrowings of $183.0 million and certain letters of credit outstanding of $66.8 million).  The outstanding borrowings under our Credit Agreement are a result of funding the cash purchase price of $182.5 million for our acquisition of Park City in September 2014.  We believe that the terms of our 6.50% Notes and our Credit Agreement allow for sufficient flexibility in our ability to make future acquisitions, investments, distributions to stockholders and incur additional debt. This, combined with our completed real estate projects where the proceeds from future real estate closings on The Ritz-Carlton Residences, Vail, and One Ski Hill Place in Breckenridge are expected to significantly exceed future carrying costs, and the continued positive cash flow from operating activities of our Mountain and Lodging segments (primarily during our second and third fiscal quarters) less capital expenditures has and is anticipated to continue to provide us with significant liquidity. We believe our liquidity will allow us to consider strategic investments and other forms of returning value to our stockholders including the continued payment of a quarterly cash dividend. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Real Estate Reported EBITDA is highly dependent on, among other things, the timing of closings on condominium units available for sale, which determines when revenue and associated cost of sales is recognized. Changes to the anticipated timing or mix of closing on one or more real estate projects, or unit closings within a real estate project, could materially impact Real Estate Reported EBITDA for a particular quarter or fiscal year. As of October 31, 2014, we had 12 units at The Ritz-Carlton Residences, Vail and 16 units (of which two units sold subsequent to October 31, 2014) at One Ski Hill Place in Breckenridge available for sale. We cannot predict the ultimate number of units we will sell, the ultimate price we will receive, or when the units will sell, although we anticipate the selling process will take two to three years to complete.  If a prolonged weakness in the real estate market or general economic conditions were to occur we may have to adjust our selling prices more than anticipated in an effort to sell and close on units available for sale. However, our risk associated with adjusting selling prices to levels that may not be acceptable to us is partially mitigated by the fact that we do generate cash flow from placing unsold units into our rental program until such time selling prices are at acceptable levels to us. Furthermore, if weakness in the real estate market were to persist for multiple years, thus requiring us to sell remaining units below anticipated pricing levels (including any sales concessions and discounts) for the remaining inventory of units, it may result in an impairment charge, particularly for the One Ski Hill Place in Breckenridge project. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In accordance with GAAP, we test goodwill and indefinite-lived intangible assets for impairment annually as well as on an interim basis to the extent factors or indicators become apparent that could reduce the fair value of our reporting units or indefinite-lived intangible assets below book value. We also evaluate long-lived assets for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate the recoverability of our goodwill by estimating the future discounted cash flows of our reporting units and terminal values of the businesses using projected future levels of income as well as business trends, prospects and market and economic conditions. We evaluate the recoverability of indefinite-lived intangible assets using the income approach based upon estimated future revenue streams, and we evaluate long-lived assets based upon estimated undiscounted future cash flows. Our fiscal 2014 annual impairment test did not result in a goodwill or indefinite-lived intangible asset impairment. However, if lower than projected levels of cash flows were to occur due |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |
|                                        |   | Three Months Ended October 31, |
|                                        |   | 2014 |   | 2013 |
| Mountain Reported EBITDA                    |   | $ | (54,841 | ) |   | $ | (66,840 | ) |
| Lodging Reported EBITDA                     |   | 739 |  |   | 309 |  |
| Resort Reported EBITDA                      |   | (54,102 | ) |   | (66,531 | ) |
| Real Estate Reported EBITDA                 |   | (2,231 | ) |   | (385 | ) |
| Loss before benefit from income taxes       |   | (102,101 | ) |   | (117,504 | ) |
| Net loss attributable to Vail Resorts, Inc. |   | $ | (64,276 | ) |   | $ | (73,376 | ) |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   | Three Months EndedOctober 31, |   | PercentageIncrease(Decrease) |
|                                   |   | 2014 |   | 2013 |   |
| Net Mountain revenue:                  |   |   |   |   |   |   |
| Lift                                   |   | $ | — |  |   | $ | — |  |   | — |  % |
| Ski school                             |   | — |  |   | — |  |   | — |  % |
| Dining                                 |   | 8,039 |  |   | 7,464 |  |   | 7.7 |  % |
| Retail/rental                          |   | 29,473 |  |   | 28,900 |  |   | 2.0 |  % |
| Other                                  |   | 22,874 |  |   | 20,967 |  |   | 9.1 |  % |
| Total Mountain net revenue             |   | $ | 60,386 |  |   | $ | 57,331 |  |   | 5.3 |  % |
| Mountain operating expense:            |   |   |   |   |   |   |
| Labor and labor-related benefits       |   | $ | 43,005 |  |   | $ | 39,552 |  |   | 8.7 |  % |
| Retail cost of sales                   |   | 16,790 |  |   | 16,863 |  |   | (0.4 | )% |
| General and administrative             |   | 32,016 |  |   | 29,516 |  |   | 8.5 |  % |
| Other                                  |   | 40,141 |  |   | 38,843 |  |   | 3.3 |  % |
| Total Mountain operating expense       |   | $ | 131,952 |  |   | $ | 124,774 |  |   | 5.8 |  % |
| Gain on litigation settlement          |   | 16,400 |  |   | — |  |   | nm |  |
| Mountain equity investment income, net |   | 325 |  |   | 603 |  |   | (46.1 | )% |
| Mountain Reported EBITDA               |   | $ | (54,841 | ) |   | $ | (66,840 | ) |   | 18.0 |  % |

----

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | Three Months EndedOctober 31, |   | PercentageIncrease(Decrease) |
|                                                       |   | 2014 |   | 2013 |   |
| Lodging net revenue:                                       |   |   |   |   |   |   |
| Owned hotel rooms                                          |   | $ | 14,918 |  |   | $ | 14,113 |  |   | 5.7 |  % |
| Managed condominium rooms                                  |   | 8,111 |  |   | 7,772 |  |   | 4.4 |  % |
| Dining                                                     |   | 13,538 |  |   | 13,346 |  |   | 1.4 |  % |
| Transportation                                             |   | 2,317 |  |   | 1,872 |  |   | 23.8 |  % |
| Golf                                                       |   | 7,549 |  |   | 7,527 |  |   | 0.3 |  % |
| Other                                                      |   | 9,818 |  |   | 10,162 |  |   | (3.4 | )% |
|                                                       |   | 56,251 |  |   | 54,792 |  |   | 2.7 |  % |
| Payroll cost reimbursements                                |   | 2,242 |  |   | 2,422 |  |   | (7.4 | )% |
| Total Lodging net revenue                                  |   | $ | 58,493 |  |   | $ | 57,214 |  |   | 2.2 |  % |
| Lodging operating expense:                                 |   |   |   |   |   |   |
| Labor and labor-related benefits                           |   | $ | 27,375 |  |   | $ | 26,406 |  |   | 3.7 |  % |
| General and administrative                                 |   | 7,517 |  |   | 7,022 |  |   | 7.0 |  % |
| Other                                                      |   | 20,620 |  |   | 21,055 |  |   | (2.1 | )% |
|                                                       |   | 55,512 |  |   | 54,483 |  |   | 1.9 |  % |
| Reimbursed payroll costs                                   |   | 2,242 |  |   | 2,422 |  |   | (7.4 | )% |
| Total Lodging operating expense                            |   | $ | 57,754 |  |   | $ | 56,905 |  |   | 1.5 |  % |
| Lodging Reported EBITDA                                    |   | $ | 739 |  |   | $ | 309 |  |   | 139.2 |  % |
|                                                       |   |   |   |   |   |   |
| Owned hotel statistics:                                    |   |   |   |   |   |   |
| ADR                                                        |   | $ | 192.93 |  |   | $ | 182.62 |  |   | 5.6 |  % |
| RevPar                                                     |   | $ | 120.51 |  |   | $ | 115.35 |  |   | 4.5 |  % |
| Managed condominium statistics:                            |   |   |   |   |   |   |
| ADR                                                        |   | $ | 186.52 |  |   | $ | 182.78 |  |   | 2.0 |  % |
| RevPar                                                     |   | $ | 43.86 |  |   | $ | 38.52 |  |   | 13.9 |  % |
| Owned hotel and managed condominium statistics (combined): |   |   |   |   |   |   |
| ADR                                                        |   | $ | 190.16 |  |   | $ | 182.69 |  |   | 4.1 |  % |
| RevPar                                                     |   | $ | 69.24 |  |   | $ | 62.95 |  |   | 10.0 |  % |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                       |   | Three Months Ended October 31, |   | PercentageIncrease(Decrease) |
|                                       |   | 2014 |   | 2013 |   |
| Total Real Estate net revenue              |   | $ | 9,383 |  |   | $ | 8,846 |  |   | 6.1 |  % |
| Real Estate operating expense:             |   |   |   |   |   |   |
| Cost of sales (including sales commission) |   | 7,753 |  |   | 7,487 |  |   | 3.6 |  % |
| Other                                      |   | 3,861 |  |   | 1,744 |  |   | 121.4 |  % |
| Total Real Estate operating expense        |   | 11,614 |  |   | 9,231 |  |   | 25.8 |  % |
| Real Estate Reported EBITDA                |   | $ | (2,231 | ) |   | $ | (385 | ) |   | (479.5 | )% |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |
|                                              |   | Three Months Ended October 31, |
|                                              |   | 2014 |   | 2013 |
| Mountain Reported EBITDA                          |   | $ | (54,841 | ) |   | $ | (66,840 | ) |
| Lodging Reported EBITDA                           |   | 739 |  |   | 309 |  |
| Resort Reported EBITDA                            |   | (54,102 | ) |   | (66,531 | ) |
| Real Estate Reported EBITDA                       |   | (2,231 | ) |   | (385 | ) |
| Total Reported EBITDA                             |   | (56,333 | ) |   | (66,916 | ) |
| Depreciation and amortization                     |   | (35,969 | ) |   | (34,156 | ) |
| Loss on disposal of fixed assets, net             |   | (755 | ) |   | (429 | ) |
| Change in fair value of contingent consideration  |   | 4,550 |  |   | — |  |
| Investment (loss) income, net                     |   | (26 | ) |   | 95 |  |
| Interest expense                                  |   | (13,568 | ) |   | (16,098 | ) |
| Loss before benefit from income taxes             |   | (102,101 | ) |   | (117,504 | ) |
| Benefit from income taxes                         |   | 37,777 |  |   | 44,067 |  |
| Net loss                                          |   | (64,324 | ) |   | (73,437 | ) |
| Net loss attributable to noncontrolling interests |   | 48 |  |   | 61 |  |
| Net loss attributable to Vail Resorts, Inc.       |   | $ | (64,276 | ) |   | $ | (73,376 | ) |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |
|                               |   | October 31, |
|                               |   | 2014 |   | 2013 |
| Long-term debt                     |   | $ | 819,238 |  |   | $ | 797,062 |  |
| Long-term debt due within one year |   | 1,022 |  |   | 1,003 |  |
| Total debt                         |   | 820,260 |  |   | 798,065 |  |
| Less: cash and cash equivalents    |   | 29,840 |  |   | 114,225 |  |
| Net Debt                           |   | $ | 790,420 |  |   | $ | 683,840 |  |

----

----

----

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

----

----

----

|               |
|---------------|
|               |  |  |
| ExhibitNumber | Description | SequentiallyNumbered Page |
|          |   |   |
| 2.1           | Purchase and Sale Agreement, dated as of September 11, 2014, between VR CPC Holdings, Inc. and Greater Park City Company, Powdr Corp., Greater Properties, Inc., Park Properties, Inc. and Powdr Development Company. | 16 |
|          |   |   |
| 4.1           | Supplemental Indenture, dated October 5, 2014, by and among Vail Resorts, Inc. as Issuer, the Guarantors named therein as Guarantors, and The Bank of New York Mellon Trust Company, N.A., as Trustee. | 58 |
|          |   |   |
| 10.1          | Vail Resorts, Inc. Management Incentive Plan. | 65 |
|          |   |   |
| 31.1          | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | 73 |
|          |   |   |
| 31.2          | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | 74 |
|          |   |   |
| 32            | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | 75 |
|          |   |   |
| 101           | The following information from the Company’s Quarterly Report on Form 10-Q for the three months ended October 31, 2014 formatted in eXtensible Business Reporting Language: (i) Unaudited Consolidated Condensed Balance Sheets as of October 31, 2014, July 31, 2014, and October 31, 2013; (ii) Unaudited Consolidated Condensed Statements of Operations for the three months ended October 31, 2014 and October 31, 2013; (iii) Unaudited Consolidated Condensed Statements of Comprehensive Income for the three months ended October 31, 2014 and October 31, 2013; (iv) Unaudited Consolidated Condensed Statements of Cash Flows for the three months ended October 31, 2014 and October 31, 2013; and (v) Notes to the Consolidated Condensed Financial Statements. |   |

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|------------------------|
|                        |  |  |
|                   |   | Vail Resorts, Inc. |
|                   |   |   |
| Date: December 8, 2014 | By: | /s/ Michael Z. Barkin |
|                   |   | Michael Z. Barkin |
|                   |   | Executive Vice President and Chief Financial Officer |
|                   |   | (Principal Financial Officer) |
|                   |   |   |
| Date: December 8, 2014 | By: | /s/ Mark L. Schoppet |
|                   |   | Mark L. Schoppet |
|                   |   | Senior Vice President, Controller and Chief Accounting Officer |
|                   |   | (Principal Accounting Officer) |