|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA was $267.3 million for the third quarter of fiscal 2015, an increase of 10.9% compared to the same period in the prior year. |

|         |                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net income attributable to Vail Resorts, Inc. was $133.4 million for the third quarter of fiscal 2015, representing a 13.1% increase compared to the same period in the prior year. |

|         |                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
| • | Total lift revenue for the third quarter of fiscal 2015 increased 13.2% while total skier visits declined 1.4% compared to the prior year. |

|         |                                                                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Company reaffirmed its previous commentary on its guidance range for fiscal 2015, released on April 24, 2015, which does not include any impacts from the anticipated closing of the Perisher Ski Resort ("Perisher") acquisition. |

|         |                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Season pass sales for the 2015/2016 ski season were up approximately 12% in units and approximately 20% in sales dollars through May 26, 2015 compared with the prior year period ended May 27, 2014, not including Perisher season pass sales in either period. |

----

----

|         |                                                                                                                                                                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Total lift revenue increased $33.3 million, or 13.2%, compared to the same period in the prior year, to $285.2 million for the three months ended April 30, 2015, driven by an $18.3 million, or 21.0%, increase in season pass revenue, as well as a $15.0 million, or 9.1%, increase in lift revenue excluding season pass revenue. |

|         |                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Ski school revenue increased by $3.7 million, or 5.9%, and dining revenue increased $1.7 million, or 4.0%, for the three months ended April 30, 2015 compared to the same period in the prior year, driven by increases in yields as well as the addition of Park City. |

|         |                                                                                                                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Retail/rental revenue decreased $2.7 million, or 3.7%, for the three months ended April 30, 2015 compared to the same period in the prior year, due primarily to decreases in retail sales and rental revenue in Tahoe, partially offset by the addition of Park City. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Operating expense increased $11.4 million, or 4.9%, for the three months ended April 30, 2015 compared to the three months ended April 30, 2014, due primarily to incremental expenses of $14.0 million from the addition of Park City. Operating expense in the fiscal quarter included $0.9 million of transaction related costs for Perisher and integration related costs for Park City and the prior year included $2.4 million of Canyons integration and Park City litigation related expenses. |

|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | Mountain Reported EBITDA increased $26.8 million, or 11.8%, for the fiscal quarter compared to the same period in the prior year. |

|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Mountain Reported EBITDA includes $2.6 million of stock-based compensation expense for the three months ended April 30, 2015 compared to $2.5 million in the same period in the prior year. |

|         |                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging revenue (excluding payroll cost reimbursements) for the three months ended April 30, 2015 increased $1.1 million, or 1.7%, compared to the same period in the prior year. |

|         |                                                                                                                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | For the three months ended April 30, 2015, average daily rate (“ADR”) increased 10.0% and revenue per available room (“RevPAR”) increased 9.8% at the Company's owned hotels and managed condominiums compared to the same period in the prior year. |

|         |                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging Reported EBITDA decreased $0.5 million to $12.6 million for the three months ended April 30, 2015 compared to the same period in the prior year. |

|         |                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging Reported EBITDA includes $0.6 million of stock-based compensation expense for both the three months ended April 30, 2015 and 2014. |

|         |                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort net revenue increased $40.0 million, or 7.6%, to $566.9 million for the three months ended April 30, 2015 compared to the same period in the prior year. |

|         |                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA was $267.3 million for the three months ended April 30, 2015, an increase of $26.3 million, or 10.9%, compared to the same period in the prior year. |

----

|         |                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Real Estate segment net revenue decreased $3.7 million, or 22.9%, to $12.5 million for the three months ended April 30, 2015 compared to the same period in the prior year. |

|         |                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net Real Estate Cash Flow was $12.7 million for the three months ended April 30, 2015, an increase of $1.4 million from the same period in the prior year. |

|         |                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Real Estate Reported EBITDA loss improved by $0.9 million, to a loss of $1.4 million for the three months ended April 30, 2015 compared to the same period in the prior year. |

|         |                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Real Estate Reported EBITDA includes $0.3 million and $0.4 million of stock-based compensation expense for the three months ended April 30, 2015 and 2014, respectively. |

|         |                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Total net revenue increased $36.3 million, or 6.7%, to $579.3 million for the three months ended April 30, 2015 compared to the same period in the prior year. |

|         |                                                                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net income attributable to Vail Resorts, Inc. was $133.4 million, or $3.56 per diluted share, for the third quarter of fiscal 2015 compared to net income attributable to Vail Resorts, Inc. of $117.9 million, or $3.18 per diluted share, in the third fiscal quarter of the prior year. |

----

----

----

----

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                            |   | Three Months EndedApril 30, |   | Nine Months Ended April 30, |
|                                                            |   | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net revenue:                                                    |   |   |   |   |   |   |   |   |
| Mountain                                                        |   | $ | 499,551 |  |   | $ | 460,587 |  |   | $ | 1,022,968 |  |   | $ | 909,574 |  |
| Lodging                                                         |   | 67,323 |  |   | 66,293 |  |   | 185,180 |  |   | 179,694 |  |
| Real estate                                                     |   | 12,469 |  |   | 16,167 |  |   | 29,694 |  |   | 29,890 |  |
| Total net revenue                                               |   | 579,343 |  |   | 543,047 |  |   | 1,237,842 |  |   | 1,119,158 |  |
| Segment operating expense:                                      |   |   |   |   |   |   |   |   |
| Mountain                                                        |   | 244,675 |  |   | 233,301 |  |   | 645,593 |  |   | 601,587 |  |
| Lodging                                                         |   | 54,726 |  |   | 53,182 |  |   | 166,407 |  |   | 163,346 |  |
| Real estate                                                     |   | 14,028 |  |   | 18,445 |  |   | 35,513 |  |   | 35,682 |  |
| Total segment operating expense                                 |   | 313,429 |  |   | 304,928 |  |   | 847,513 |  |   | 800,615 |  |
| Other operating (expense) income:                               |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                   |   | (38,242 | ) |   | (35,588 | ) |   | (111,587 | ) |   | (105,948 | ) |
| Gain on sale of real property                                   |   | 151 |  |   | — |  |   | 151 |  |   | — |  |
| Gain on litigation settlement                                   |   | — |  |   | — |  |   | 16,400 |  |   | — |  |
| Change in fair value of contingent consideration                |   | — |  |   | — |  |   | 4,550 |  |   | — |  |
| (Loss) gain on disposal of fixed assets and other, net          |   | (71 | ) |   | 634 |  |   | (852 | ) |   | (839 | ) |
| Income from operations                                          |   | 227,752 |  |   | 203,165 |  |   | 298,991 |  |   | 211,756 |  |
| Mountain equity investment (loss) income, net                   |   | (129 | ) |   | 665 |  |   | 396 |  |   | 1,282 |  |
| Investment income, net                                          |   | 119 |  |   | 124 |  |   | 155 |  |   | 289 |  |
| Interest expense                                                |   | (13,735 | ) |   | (16,408 | ) |   | (41,110 | ) |   | (48,745 | ) |
| Income before provision for income taxes                        |   | 214,007 |  |   | 187,546 |  |   | 258,432 |  |   | 164,582 |  |
| Provision for income taxes                                      |   | (80,605 | ) |   | (69,680 | ) |   | (73,654 | ) |   | (60,953 | ) |
| Net income                                                      |   | $ | 133,402 |  |   | $ | 117,866 |  |   | $ | 184,778 |  |   | $ | 103,629 |  |
| Net loss attributable to noncontrolling interests               |   | 8 |  |   | 80 |  |   | 118 |  |   | 204 |  |
| Net income attributable to Vail Resorts, Inc.                   |   | $ | 133,410 |  |   | $ | 117,946 |  |   | $ | 184,896 |  |   | $ | 103,833 |  |
| Per share amounts:                                              |   |   |   |   |   |   |   |   |
| Basic net income per share attributable to Vail Resorts, Inc.   |   | $ | 3.67 |  |   | $ | 3.26 |  |   | $ | 5.09 |  |   | $ | 2.88 |  |
| Diluted net income per share attributable to Vail Resorts, Inc. |   | $ | 3.56 |  |   | $ | 3.18 |  |   | $ | 4.95 |  |   | $ | 2.80 |  |
| Cash dividends declared per share                               |   | $ | 0.6225 |  |   | $ | 0.4150 |  |   | $ | 1.4525 |  |   | $ | 0.8300 |  |
| Weighted average shares outstanding:                            |   |   |   |   |   |   |   |   |
| Basic                                                           |   | 36,354 |  |   | 36,159 |  |   | 36,310 |  |   | 36,105 |  |
| Diluted                                                         |   | 37,453 |  |   | 37,054 |  |   | 37,362 |  |   | 37,025 |  |
| Other Data:                                                     |   |   |   |   |   |   |   |   |
| Mountain Reported EBITDA                                        |   | $ | 254,747 |  |   | $ | 227,951 |  |   | $ | 394,171 |  |   | $ | 309,269 |  |
| Lodging Reported EBITDA                                         |   | $ | 12,597 |  |   | $ | 13,111 |  |   | $ | 18,773 |  |   | $ | 16,348 |  |
| Resort Reported EBITDA                                          |   | $ | 267,344 |  |   | $ | 241,062 |  |   | $ | 412,944 |  |   | $ | 325,617 |  |
| Real Estate Reported EBITDA                                     |   | $ | (1,408 | ) |   | $ | (2,278 | ) |   | $ | (5,668 | ) |   | $ | (5,792 | ) |
| Total Reported EBITDA                                           |   | $ | 265,936 |  |   | $ | 238,784 |  |   | $ | 407,276 |  |   | $ | 319,825 |  |
| Mountain stock-based compensation                               |   | $ | 2,606 |  |   | $ | 2,475 |  |   | $ | 8,846 |  |   | $ | 7,657 |  |
| Lodging stock-based compensation                                |   | $ | 609 |  |   | $ | 587 |  |   | $ | 1,912 |  |   | $ | 1,599 |  |
| Resort stock-based compensation                                 |   | $ | 3,215 |  |   | $ | 3,062 |  |   | $ | 10,758 |  |   | $ | 9,256 |  |
| Real Estate stock-based compensation                            |   | $ | 277 |  |   | $ | 423 |  |   | $ | 960 |  |   | $ | 1,283 |  |
| Total stock-based compensation                                  |   | $ | 3,492 |  |   | $ | 3,485 |  |   | $ | 11,718 |  |   | $ | 10,539 |  |

----

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                             |   | Three Months Ended April 30, |   | PercentageIncrease |   | Nine Months Ended April 30, |   | PercentageIncrease |
|                                                             |   | 2015 |   | 2014 |   | (Decrease) |   | 2015 |   | 2014 |   | (Decrease) |
| Net Mountain revenue:                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Lift                                                             |   | $ | 285,249 |  |   | $ | 251,914 |  |   | 13.2 |  % |   | $ | 524,537 |  |   | $ | 447,271 |  |   | 17.3 |  % |
| Ski school                                                       |   | 66,216 |  |   | 62,512 |  |   | 5.9 |  % |   | 123,511 |  |   | 109,442 |  |   | 12.9 |  % |
| Dining                                                           |   | 44,003 |  |   | 42,303 |  |   | 4.0 |  % |   | 90,661 |  |   | 82,369 |  |   | 10.1 |  % |
| Retail/rental                                                    |   | 71,078 |  |   | 73,785 |  |   | (3.7 | )% |   | 195,563 |  |   | 188,401 |  |   | 3.8 |  % |
| Other                                                            |   | 33,005 |  |   | 30,073 |  |   | 9.7 |  % |   | 88,696 |  |   | 82,091 |  |   | 8.0 |  % |
| Total Mountain net revenue                                       |   | $ | 499,551 |  |   | $ | 460,587 |  |   | 8.5 |  % |   | $ | 1,022,968 |  |   | $ | 909,574 |  |   | 12.5 |  % |
| Mountain operating expense:                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Labor and labor-related benefits                                 |   | $ | 99,926 |  |   | $ | 93,275 |  |   | 7.1 |  % |   | $ | 245,401 |  |   | $ | 226,288 |  |   | 8.4 |  % |
| Retail cost of sales                                             |   | 23,520 |  |   | 25,636 |  |   | (8.3 | )% |   | 75,856 |  |   | 76,490 |  |   | (0.8 | )% |
| Resort related fees                                              |   | 31,624 |  |   | 26,630 |  |   | 18.8 |  % |   | 57,773 |  |   | 47,976 |  |   | 20.4 |  % |
| General and administrative                                       |   | 37,047 |  |   | 33,686 |  |   | 10.0 |  % |   | 112,613 |  |   | 100,490 |  |   | 12.1 |  % |
| Other                                                            |   | 52,558 |  |   | 54,074 |  |   | (2.8 | )% |   | 153,950 |  |   | 150,343 |  |   | 2.4 |  % |
| Total Mountain operating expense                                 |   | $ | 244,675 |  |   | $ | 233,301 |  |   | 4.9 |  % |   | $ | 645,593 |  |   | $ | 601,587 |  |   | 7.3 |  % |
| Gain on litigation settlement                                    |   | — |  |   | — |  |   | — |  % |   | 16,400 |  |   | — |  |   | nm |  |
| Mountain equity investment (loss) income, net                    |   | (129 | ) |   | 665 |  |   | (119.4 | )% |   | 396 |  |   | 1,282 |  |   | (69.1 | )% |
| Mountain Reported EBITDA                                         |   | $ | 254,747 |  |   | $ | 227,951 |  |   | 11.8 |  % |   | $ | 394,171 |  |   | $ | 309,269 |  |   | 27.5 |  % |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Less: gain on litigation settlement                              |   | — |  |   | — |  |   | — |  % |   | (16,400 | ) |   | — |  |   | nm |  |
| Mountain Reported EBITDA excluding gain on litigation settlement |   | $ | 254,747 |  |   | $ | 227,951 |  |   | 11.8 |  % |   | $ | 377,771 |  |   | $ | 309,269 |  |   | 22.1 |  % |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Total skier visits                                               |   | 4,118 |  |   | 4,176 |  |   | (1.4 | )% |   | 8,189 |  |   | 7,688 |  |   | 6.5 |  % |
| ETP                                                              |   | $ | 69.27 |  |   | $ | 60.32 |  |   | 14.8 |  % |   | $ | 64.05 |  |   | $ | 58.18 |  |   | 10.1 |  % |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | Three Months Ended April 30, |   | PercentageIncrease |   | Nine Months Ended April 30, |   | PercentageIncrease |
|                                                       |   | 2015 |   | 2014 |   | (Decrease) |   | 2015 |   | 2014 |   | (Decrease) |
| Lodging net revenue:                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel rooms                                          |   | $ | 13,097 |  |   | $ | 12,632 |  |   | 3.7 |  % |   | $ | 39,348 |  |   | $ | 36,943 |  |   | 6.5 |  % |
| Managed condominium rooms                                  |   | 21,904 |  |   | 20,578 |  |   | 6.4 |  % |   | 49,663 |  |   | 46,474 |  |   | 6.9 |  % |
| Dining                                                     |   | 9,778 |  |   | 9,768 |  |   | 0.1 |  % |   | 31,538 |  |   | 31,016 |  |   | 1.7 |  % |
| Transportation                                             |   | 9,690 |  |   | 9,865 |  |   | (1.8 | )% |   | 20,504 |  |   | 19,489 |  |   | 5.2 |  % |
| Golf                                                       |   | — |  |   | — |  |   | — |  % |   | 7,805 |  |   | 7,642 |  |   | 2.1 |  % |
| Other                                                      |   | 10,190 |  |   | 10,757 |  |   | (5.3 | )% |   | 28,811 |  |   | 30,225 |  |   | (4.7 | )% |
|                                                       |   | 64,659 |  |   | 63,600 |  |   | 1.7 |  % |   | 177,669 |  |   | 171,789 |  |   | 3.4 |  % |
| Payroll cost reimbursements                                |   | 2,664 |  |   | 2,693 |  |   | (1.1 | )% |   | 7,511 |  |   | 7,905 |  |   | (5.0 | )% |
| Total Lodging net revenue                                  |   | $ | 67,323 |  |   | $ | 66,293 |  |   | 1.6 |  % |   | $ | 185,180 |  |   | $ | 179,694 |  |   | 3.1 |  % |
| Lodging operating expense:                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Labor and labor-related benefits                           |   | $ | 26,465 |  |   | $ | 25,075 |  |   | 5.5 |  % |   | $ | 79,783 |  |   | $ | 76,794 |  |   | 3.9 |  % |
| General and administrative                                 |   | 8,736 |  |   | 7,932 |  |   | 10.1 |  % |   | 25,102 |  |   | 23,551 |  |   | 6.6 |  % |
| Other                                                      |   | 16,861 |  |   | 17,482 |  |   | (3.6 | )% |   | 54,011 |  |   | 55,096 |  |   | (2.0 | )% |
|                                                       |   | 52,062 |  |   | 50,489 |  |   | 3.1 |  % |   | 158,896 |  |   | 155,441 |  |   | 2.2 |  % |
| Reimbursed payroll costs                                   |   | 2,664 |  |   | 2,693 |  |   | (1.1 | )% |   | 7,511 |  |   | 7,905 |  |   | (5.0 | )% |
| Total Lodging operating expense                            |   | $ | 54,726 |  |   | $ | 53,182 |  |   | 2.9 |  % |   | $ | 166,407 |  |   | $ | 163,346 |  |   | 1.9 |  % |
| Lodging Reported EBITDA                                    |   | $ | 12,597 |  |   | $ | 13,111 |  |   | (3.9 | )% |   | $ | 18,773 |  |   | $ | 16,348 |  |   | 14.8 |  % |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel statistics:                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 267.26 |  |   | $ | 243.33 |  |   | 9.8 |  % |   | $ | 232.30 |  |   | $ | 218.30 |  |   | 6.4 |  % |
| RevPar                                                     |   | $ | 187.20 |  |   | $ | 183.02 |  |   | 2.3 |  % |   | $ | 148.35 |  |   | $ | 141.33 |  |   | 5.0 |  % |
| Managed condominium statistics:                            |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 407.76 |  |   | $ | 372.69 |  |   | 9.4 |  % |   | $ | 360.46 |  |   | $ | 339.98 |  |   | 6.0 |  % |
| RevPar                                                     |   | $ | 177.06 |  |   | $ | 157.56 |  |   | 12.4 |  % |   | $ | 122.46 |  |   | $ | 106.75 |  |   | 14.7 |  % |
| Owned hotel and managed condominium statistics (combined): |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 360.54 |  |   | $ | 327.80 |  |   | 10.0 |  % |   | $ | 307.40 |  |   | $ | 288.66 |  |   | 6.5 |  % |
| RevPar                                                     |   | $ | 179.48 |  |   | $ | 163.41 |  |   | 9.8 |  % |   | $ | 129.53 |  |   | $ | 115.79 |  |   | 11.9 |  % |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |
|                                                |   | As of April 30, |
|                                                |   | 2015 |   | 2014 |
| Real estate held for sale and investment            |   | $ | 137,740 |  |   | $ | 170,818 |  |
|                                                |   |   |   |   |
| Total Vail Resorts, Inc. stockholders’ equity |   | 963,490 |  |   | 907,149 |  |
|                                                |   |   |   |   |
| Long-term debt                                      |   | 379,796 |  |   | 799,223 |  |
| Long-term debt due within one year                  |   | 256,953 |  |   | 879 |  |
| Total debt                                          |   | 636,749 |  |   | 800,102 |  |
| Less: cash and cash equivalents                     |   | 125,214 |  |   | 307,431 |  |
| Net debt                                            |   | $ | 511,535 |  |   | $ | 492,671 |  |

----

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                             |   | (In thousands)(Unaudited) |   | (In thousands)(Unaudited) |
|                                                             |   | Three Months EndedApril 30, |   | Nine Months EndedApril 30, |
|                                                             |   | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Mountain Reported EBITDA excluding gain on litigation settlement |   | $ | 254,747 |  |   | $ | 227,951 |  |   | $ | 377,771 |  |   | $ | 309,269 |  |
| Lodging Reported EBITDA                                          |   | 12,597 |  |   | 13,111 |  |   | 18,773 |  |   | 16,348 |  |
| Resort Reported EBITDA excluding gain on litigation settlement*  |   | 267,344 |  |   | 241,062 |  |   | 396,544 |  |   | 325,617 |  |
| Gain on litigation settlement                                    |   | — |  |   | — |  |   | 16,400 |  |   | — |  |
| Resort Reported EBITDA*                                          |   | 267,344 |  |   | 241,062 |  |   | 412,944 |  |   | 325,617 |  |
| Real Estate Reported EBITDA                                      |   | (1,408 | ) |   | (2,278 | ) |   | (5,668 | ) |   | (5,792 | ) |
| Total Reported EBITDA                                            |   | 265,936 |  |   | 238,784 |  |   | 407,276 |  |   | 319,825 |  |
| Depreciation and amortization                                    |   | (38,242 | ) |   | (35,588 | ) |   | (111,587 | ) |   | (105,948 | ) |
| (Loss) gain on disposal of fixed assets and other, net           |   | (71 | ) |   | 634 |  |   | (852 | ) |   | (839 | ) |
| Change in fair value of contingent consideration                 |   | — |  |   | — |  |   | 4,550 |  |   | — |  |
| Investment income, net                                           |   | 119 |  |   | 124 |  |   | 155 |  |   | 289 |  |
| Interest expense                                                 |   | (13,735 | ) |   | (16,408 | ) |   | (41,110 | ) |   | (48,745 | ) |
| Income before provision for income taxes                         |   | 214,007 |  |   | 187,546 |  |   | 258,432 |  |   | 164,582 |  |
| Provision for income taxes                                       |   | (80,605 | ) |   | (69,680 | ) |   | (73,654 | ) |   | (60,953 | ) |
| Net income                                                       |   | $ | 133,402 |  |   | $ | 117,866 |  |   | $ | 184,778 |  |   | $ | 103,629 |  |
| Net loss attributable to noncontrolling interests                |   | 8 |  |   | 80 |  |   | 118 |  |   | 204 |  |
| Net income attributable to Vail Resorts, Inc.                    |   | $ | 133,410 |  |   | $ | 117,946 |  |   | $ | 184,896 |  |   | $ | 103,833 |  |

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

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |
|                                                          | (In thousands) |
|                                                          | (unaudited) |
|                                                          | Twelve Months Ended April 30, 2015 |
| Total Reported EBITDA excluding gain on litigation settlement | $ | 332,785 |  |
| Non-cash gain on the Park City litigation settlement          | 16,400 |  |
| Total Reported EBITDA                                         | 349,185 |  |
| Depreciation and amortization                                 | (146,240 | ) |
| Loss on disposal of fixed assets and other, net               | (1,221 | ) |
| Change in fair value of contingent consideration              | 3,150 |  |
| Investment income, net                                        | 241 |  |
| Interest expense                                              | (56,362 | ) |
| Loss on extinguishment of debt                                | (10,831 | ) |
| Income before provision for income taxes                      | 137,922 |  |
| Provision for income taxes                                    | (28,567 | ) |
| Net income                                                    | $ | 109,355 |  |
| Net loss attributable to noncontrolling interests             | 186 |  |
| Net income attributable to Vail Resorts, Inc.                 | $ | 109,541 |  |

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

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |
|                                                                                                  |   | (In thousands)(Unaudited)As of April 30, 2015 |   |
| Long-term debt                                                                                        |   | $ | 379,796 |  |   |
| Long-term debt due within one year                                                                    |   | 256,953 |  |   |
| Total debt                                                                                            |   | 636,749 |  |   |
| Less: cash and cash equivalents                                                                       |   | 125,214 |  |   |
| Net debt                                                                                              |   | $ | 511,535 |  |   |
| Net debt to Total Reported EBITDA                                                                     |   | 1.5 |  | x |
| Net debt to Total Reported EBITDA, excluding the non-cash gain on the Park City litigation settlement |   | 1.5 |  | x |

----

|                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------|
|                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                             |   | (In thousands)(Unaudited)Three Months EndedApril 30, |   | (In thousands)(Unaudited)Nine Months EndedApril 30, |
|                                                                                                             |   | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Real Estate Reported EBITDA                                                                                      |   | $ | (1,408 | ) |   | $ | (2,278 | ) |   | $ | (5,668 | ) |   | $ | (5,792 | ) |
| Non-cash Real Estate cost of sales                                                                               |   | 10,438 |  |   | 12,531 |  |   | 23,058 |  |   | 22,635 |  |
| Non-cash Real Estate stock-based compensation                                                                    |   | 277 |  |   | 423 |  |   | 960 |  |   | 1,283 |  |
| Change in Real Estate deposits and recovery of previously incurred project costs less investments in Real Estate |   | 3,404 |  |   | 641 |  |   | 3,639 |  |   | 2,751 |  |
| Net Real Estate Cash Flow                                                                                        |   | $ | 12,711 |  |   | $ | 11,317 |  |   | $ | 21,989 |  |   | $ | 20,877 |  |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |
|                                                       |   | (In thousands)(Unaudited)Three Months EndedApril 30, |   |
|                                                       |   | 2015 |   |
| Resort net revenue (1)                                     |   | $ | 566,874 |  |   |
| Resort Reported EBITDA (1)                                 |   | $ | 267,344 |  |   |
| Resort EBITDA margin                                       |   | 47.2 | % |   |
|                                                       |   |   |   |
| (1) Resort represents the sum of Mountain and Lodging |   |   |   |