|         |                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net loss attributable to Vail Resorts, Inc. was $62.6 million for the first fiscal quarter of 2017 compared to a net loss attributable to Vail Resorts, Inc. of $59.6 million in the same period in the prior year. |

|         |                                                                                                                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA loss was $53.3 million for the first fiscal quarter of 2017, which includes $2.6 million of Resort Reported EBITDA loss related to Whistler Blackcomb operations and $2.8 million of transaction and integration costs, compared to a loss of $46.5 million in the same period in the prior year. |

|         |                                                                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Season pass sales, excluding the Epic Australia Pass and Whistler Blackcomb season passes, through December 4, 2016 for the 2016/2017 ski season were up approximately 16% in units and approximately 20% in sales dollars versus the comparable period in the prior year. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Company increased its overall fiscal 2017 guidance range and is now expecting Resort Reported EBITDA to be between $567 million and $597 million, including estimated operating results from Whistler Blackcomb as well as approximately $8 million of related transaction and integration costs. The Company reiterated its guidance for fiscal 2017, excluding the results of Whistler Blackcomb. |

----

----

|         |                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Mountain segment net revenue increased $9.8 million, or 9.7%, to $110.8 million for the three months ended October 31, 2016 as compared to the same period in the prior year. |

|         |                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Mountain Reported EBITDA loss was $56.7 million for the three months ended October 31, 2016 which represents an incremental loss of $7.3 million, or 14.7%, including approximately $5.4 million of Reported EBITDA loss resulting from the acquisition of Whistler Blackcomb as compared to the Mountain Reported EBITDA loss for same period in prior year. |

|         |                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging segment net revenue (excluding payroll cost reimbursements) for the three months ended October 31, 2016 increased $2.7 million, or 4.4%, as compared to the same period in the prior year. |

|         |                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging Reported EBITDA increased $0.5 million, or 16.6%, to $3.3 million for the three months ended October 31, 2016 as compared to the same period in the prior year. |

|         |                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort net revenue increased $13.0 million, or 7.8%, to $178.2 million for the three months ended October 31, 2016 as compared to the same period in the prior year. |

|         |                                                                                                                                                                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA loss was $53.3 million for the first fiscal quarter of 2017 including approximately $5.4 million of Reported EBITDA loss resulting from the acquisition of Whistler Blackcomb. This compares to a Resort Reported EBITDA loss of $46.5 million in the same period in the prior year. |

|         |                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Real Estate segment net revenue for the three months ended October 31, 2016 decreased $9.3 million compared to the same period in the prior year as a result of there being no condominium unit sales during the quarter. |

|         |                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net Real Estate Cash Flow was $6.6 million for the three months ended October 31, 2016, a decrease of $3.4 million from the same period in the prior year. |

|         |                                                                                                                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Real Estate Reported EBITDA increased by $3.9 million, or 335.4%, to $5.1 million for the three months ended October 31, 2016 as compared to the same period in the prior year, and included a gain on sale of real property of $6.5 million for a land parcel at the base of Peak 8 in Breckenridge which sold for $9.3 million. |

----

|         |                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Total net revenue increased $3.7 million, or 2.1%, to $178.3 million for the three months ended October 31, 2016 as compared to the same period in the prior year. |

|         |                                                                                                                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net loss attributable to Vail Resorts, Inc. was $62.6 million, or a loss of $1.70 per diluted share, for the first quarter of fiscal 2017 compared to a net loss attributable to Vail Resorts, Inc. of $59.6 million, or a loss of $1.63 per diluted share, in the first quarter of the prior year. |

----

|                                                                                                                                                                                                                                                                                                                                                                                                             |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                        | Fiscal 2017 Guidance |
|                                                                                                                                                                                                                                                                                                                                                                                                        | (In thousands) |
|                                                                                                                                                                                                                                                                                                                                                                                                        | For the Year Ending |
|                                                                                                                                                                                                                                                                                                                                                                                                        | July 31, 2017 (5) |
|                                                                                                                                                                                                                                                                                                                                                                                                        | Low EndRange |   | High EndRange |
| Mountain Reported EBITDA (1)                                                                                                                                                                                                                                                                                                                                                                                | $ | 541,000 |  |   |   | $ | 561,000 |  |   |
| Lodging Reported EBITDA (2)                                                                                                                                                                                                                                                                                                                                                                                 |   | 26,000 |  |   |   |   | 36,000 |  |   |
| Resort Reported EBITDA (3)                                                                                                                                                                                                                                                                                                                                                                                  |   | 567,000 |  |   |   |   | 597,000 |  |   |
| Real Estate Reported EBITDA                                                                                                                                                                                                                                                                                                                                                                                 |   | 2,000 |  |   |   |   | 8,000 |  |   |
| Total Reported EBITDA                                                                                                                                                                                                                                                                                                                                                                                       |   | 569,000 |  |   |   |   | 605,000 |  |   |
| Depreciation and amortization                                                                                                                                                                                                                                                                                                                                                                               |   | (193,000 | ) |   |   |   | (187,000 | ) |   |
| Loss on disposal of fixed assets and other, net                                                                                                                                                                                                                                                                                                                                                             |   | (2,200 | ) |   |   |   | (1,000 | ) |   |
| Change in fair value of contingent consideration (4)                                                                                                                                                                                                                                                                                                                                                        |   | — |  |   |   |   | — |  |   |
| Investment income and other, net                                                                                                                                                                                                                                                                                                                                                                            |   | 5,000 |  |   |   |   | 5,400 |  |   |
| Interest expense                                                                                                                                                                                                                                                                                                                                                                                            |   | (56,000 | ) |   |   |   | (52,000 | ) |   |
| Income before provision for income taxes                                                                                                                                                                                                                                                                                                                                                                    |   | 322,800 |  |   |   |   | 370,400 |  |   |
| Provision for income taxes                                                                                                                                                                                                                                                                                                                                                                                  |   | (114,800 | ) |   |   |   | (131,400 | ) |   |
| Net income                                                                                                                                                                                                                                                                                                                                                                                                  | $ | 208,000 |  |   |   | $ | 239,000 |  |   |
| Net income attributable to noncontrolling interests                                                                                                                                                                                                                                                                                                                                                         |   | (21,000 | ) |   |   |   | (19,000 | ) |   |
| Net income attributable to Vail Resorts, Inc.                                                                                                                                                                                                                                                                                                                                                               | $ | 187,000 |  |   |   | $ | 220,000 |  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |
| (1) Mountain Reported EBITDA includes approximately $16 million of stock-based compensation.                                                                                                                                                                                                                                                                                                           |
| (2) Lodging Reported EBITDA includes approximately $3 million of stock-based compensation.                                                                                                                                                                                                                                                                                                             |
| (3) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges. |
| (4) Our guidance excludes any change in the fair value of contingent consideration which is based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material.                                                                                                                                                                   |
| (5) Guidance estimates are predicated on an exchange rate of $0.75 between the Canadian Dollar and U.S. Dollar, related to the operations of Whistler Blackcomb in Canada and an exchange rate of $0.77 between the Australian Dollar and U.S. Dollar, related to the operations of Perisher in Australia.                                                                                             |

----

----

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |
|                                                          |   | Three Months Ended October 31, |
|                                                          |   | 2016 |   | 2015 |
| Net revenue:                                                  |   |   |   |   |
| Mountain                                                      |   | $ | 110,767 |  |   | $ | 100,933 |  |
| Lodging                                                       |   | 67,402 |  |   | 64,286 |  |
| Real estate                                                   |   | 96 |  |   | 9,348 |  |
| Total net revenue                                             |   | 178,265 |  |   | 174,567 |  |
| Segment operating expense:                                    |   |   |   |   |
| Mountain                                                      |   | 168,253 |  |   | 151,158 |  |
| Lodging                                                       |   | 64,080 |  |   | 61,437 |  |
| Real estate                                                   |   | 1,485 |  |   | 9,341 |  |
| Total segment operating expense                               |   | 233,818 |  |   | 221,936 |  |
| Other operating (expense) income:                             |   |   |   |   |
| Depreciation and amortization                                 |   | (40,581 | ) |   | (38,700 | ) |
| Gain on sale of real property                                 |   | 6,466 |  |   | 1,159 |  |
| Change in fair value of contingent consideration              |   | (300 | ) |   | — |  |
| Loss on disposal of fixed assets and other, net               |   | (550 | ) |   | (1,779 | ) |
| Loss from operations                                          |   | (90,518 | ) |   | (86,689 | ) |
| Mountain equity investment income, net                        |   | 832 |  |   | 842 |  |
| Investment income and other, net                              |   | 4,523 |  |   | 198 |  |
| Interest expense                                              |   | (11,964 | ) |   | (10,595 | ) |
| Loss before benefit from income taxes                         |   | (97,127 | ) |   | (96,244 | ) |
| Benefit from income taxes                                     |   | 33,509 |  |   | 36,574 |  |
| Net loss                                                      |   | $ | (63,618 | ) |   | $ | (59,670 | ) |
| Net loss attributable to noncontrolling interests             |   | 1,031 |  |   | 83 |  |
| Net loss attributable to Vail Resorts, Inc.                   |   | $ | (62,587 | ) |   | $ | (59,587 | ) |
| Per share amounts:                                            |   |   |   |   |
| Basic net loss per share attributable to Vail Resorts, Inc.   |   | $ | (1.70 | ) |   | $ | (1.63 | ) |
| Diluted net loss per share attributable to Vail Resorts, Inc. |   | $ | (1.70 | ) |   | $ | (1.63 | ) |
| Cash dividends declared per share                             |   | $ | 0.81 |  |   | $ | 0.6225 |  |
| Weighted average shares outstanding:                          |   |   |   |   |
| Basic                                                         |   | 36,834 |  |   | 36,471 |  |
| Diluted                                                       |   | 36,834 |  |   | 36,471 |  |
| Other Data:                                                   |   |   |   |   |
| Mountain Reported EBITDA                                      |   | $ | (56,654 | ) |   | $ | (49,383 | ) |
| Lodging Reported EBITDA                                       |   | 3,322 |  |   | 2,849 |  |
| Resort Reported EBITDA                                        |   | (53,332 | ) |   | (46,534 | ) |
| Real Estate Reported EBITDA                                   |   | 5,077 |  |   | 1,166 |  |
| Total Reported EBITDA                                         |   | $ | (48,255 | ) |   | $ | (45,368 | ) |
| Mountain stock-based compensation                             |   | $ | 3,856 |  |   | $ | 3,380 |  |
| Lodging stock-based compensation                              |   | 789 |  |   | 747 |  |
| Resort stock-based compensation                               |   | 4,645 |  |   | 4,127 |  |
| Real Estate stock-based compensation                          |   | (68 | ) |   | (37 | ) |
| Total stock-based compensation                                |   | $ | 4,577 |  |   | $ | 4,090 |  |

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   | Three Months Ended October 31, |   | PercentageIncrease |
|                                   |   | 2016 |   | 2015 |   | (Decrease) |
| Net Mountain revenue:                  |   |   |   |   |   |   |
| Lift                                   |   | $ | 21,426 |  |   | $ | 20,153 |  |   | 6.3 |  % |
| Ski school                             |   | 3,851 |  |   | 3,384 |  |   | 13.8 |  % |
| Dining                                 |   | 13,368 |  |   | 12,355 |  |   | 8.2 |  % |
| Retail/rental                          |   | 36,479 |  |   | 32,389 |  |   | 12.6 |  % |
| Other                                  |   | 35,643 |  |   | 32,652 |  |   | 9.2 |  % |
| Total Mountain net revenue             |   | 110,767 |  |   | 100,933 |  |   | 9.7 |  % |
| Mountain operating expense:            |   |   |   |   |   |   |
| Labor and labor-related benefits       |   | $ | 57,682 |  |   | $ | 51,799 |  |   | 11.4 |  % |
| Retail cost of sales                   |   | 18,404 |  |   | 16,479 |  |   | 11.7 |  % |
| General and administrative             |   | 41,984 |  |   | 38,599 |  |   | 8.8 |  % |
| Other                                  |   | 50,183 |  |   | 44,281 |  |   | 13.3 |  % |
| Total Mountain operating expense       |   | 168,253 |  |   | 151,158 |  |   | 11.3 |  % |
| Mountain equity investment income, net |   | 832 |  |   | 842 |  |   | (1.2 | )% |
| Mountain Reported EBITDA               |   | $ | (56,654 | ) |   | $ | (49,383 | ) |   | (14.7 | )% |
|                                   |   |   |   |   |   |   |
| Total skier visits                     |   | 429 |  |   | 435 |  |   | (1.4 | )% |
| ETP                                    |   | $ | 49.94 |  |   | $ | 46.33 |  |   | 7.8 |  % |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | Three Months Ended October 31, |   | PercentageIncrease |
|                                                       |   | 2016 |   | 2015 |   | (Decrease) |
| Lodging net revenue:                                       |   |   |   |   |   |   |
| Owned hotel rooms                                          |   | $ | 18,063 |  |   | $ | 17,306 |  |   | 4.4 | % |
| Managed condominium rooms                                  |   | 8,521 |  |   | 8,247 |  |   | 3.3 | % |
| Dining                                                     |   | 15,337 |  |   | 15,041 |  |   | 2.0 | % |
| Transportation                                             |   | 2,473 |  |   | 2,320 |  |   | 6.6 | % |
| Golf                                                       |   | 8,513 |  |   | 8,247 |  |   | 3.2 | % |
| Other                                                      |   | 11,418 |  |   | 10,425 |  |   | 9.5 | % |
|                                                       |   | 64,325 |  |   | 61,586 |  |   | 4.4 | % |
| Payroll cost reimbursements                                |   | 3,077 |  |   | 2,700 |  |   | 14.0 | % |
| Total Lodging net revenue                                  |   | 67,402 |  |   | 64,286 |  |   | 4.8 | % |
| Lodging operating expense:                                 |   |   |   |   |   |   |
| Labor and labor-related benefits                           |   | 29,877 |  |   | 28,695 |  |   | 4.1 | % |
| General and administrative                                 |   | 8,764 |  |   | 7,969 |  |   | 10.0 | % |
| Other                                                      |   | 22,362 |  |   | 22,073 |  |   | 1.3 | % |
|                                                       |   | 61,003 |  |   | 58,737 |  |   | 3.9 | % |
| Reimbursed payroll costs                                   |   | 3,077 |  |   | 2,700 |  |   | 14.0 | % |
| Total Lodging operating expense                            |   | 64,080 |  |   | 61,437 |  |   | 4.3 | % |
| Lodging Reported EBITDA                                    |   | $ | 3,322 |  |   | $ | 2,849 |  |   | 16.6 | % |
|                                                       |   |   |   |   |   |   |
| Owned hotel statistics:                                    |   |   |   |   |   |   |
| ADR                                                        |   | $ | 214.83 |  |   | $ | 199.41 |  |   | 7.7 | % |
| RevPAR                                                     |   | $ | 144.12 |  |   | $ | 133.14 |  |   | 8.2 | % |
| Managed condominium statistics:                            |   |   |   |   |   |   |
| ADR                                                        |   | $ | 196.78 |  |   | $ | 177.76 |  |   | 10.7 | % |
| RevPAR                                                     |   | $ | 47.95 |  |   | $ | 43.92 |  |   | 9.2 | % |
| Owned hotel and managed condominium statistics (combined): |   |   |   |   |   |   |
| ADR                                                        |   | $ | 207.34 |  |   | $ | 190.35 |  |   | 8.9 | % |
| RevPAR                                                     |   | $ | 80.53 |  |   | $ | 74.20 |  |   | 8.5 | % |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |
|                                                |   | As of October 31, |
|                                                |   | 2016 |   | 2015 |
| Real estate held for sale and investment            |   | $ | 116,852 |  |   | $ | 120,769 |  |
| Total Vail Resorts, Inc. stockholders’ equity |   | 1,338,317 |  |   | 742,684 |  |
| Long-term debt                                      |   | 1,371,779 |  |   | 814,797 |  |
| Long-term debt due within one year                  |   | 38,374 |  |   | 13,319 |  |
| Total debt                                          |   | 1,410,153 |  |   | 828,116 |  |
| Less: cash and cash equivalents                     |   | 106,751 |  |   | 39,606 |  |
| Net debt                                            |   | $ | 1,303,402 |  |   | $ | 788,510 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |
|                                                |   | (In thousands)(Unaudited) |
|                                                |   | Three Months Ended October 31, |
|                                                |   | 2016 |   | 2015 |
| Mountain Reported EBITDA                            |   | $ | (56,654 | ) |   | $ | (49,383 | ) |
| Lodging Reported EBITDA                             |   | 3,322 |  |   | 2,849 |  |
| Resort Reported EBITDA*                             |   | (53,332 | ) |   | (46,534 | ) |
| Real Estate Reported EBITDA                         |   | 5,077 |  |   | 1,166 |  |
| Total Reported EBITDA                               |   | (48,255 | ) |   | (45,368 | ) |
| Depreciation and amortization                       |   | (40,581 | ) |   | (38,700 | ) |
| Loss on disposal of fixed assets and other, net     |   | (550 | ) |   | (1,779 | ) |
| Change in fair value of contingent consideration    |   | (300 | ) |   | — |  |
| Investment income and other, net                    |   | 4,523 |  |   | 198 |  |
| Interest expense                                    |   | (11,964 | ) |   | (10,595 | ) |
| Loss before benefit from income taxes               |   | (97,127 | ) |   | (96,244 | ) |
| Benefit from income taxes                           |   | 33,509 |  |   | 36,574 |  |
| Net loss                                            |   | $ | (63,618 | ) |   | $ | (59,670 | ) |
| Net loss attributable to noncontrolling interests   |   | 1,031 |  |   | 83 |  |
| Net loss attributable to Vail Resorts, Inc.         |   | $ | (62,587 | ) |   | $ | (59,587 | ) |
|                                                |   |   |   |   |
| * Resort represents the sum of Mountain and Lodging |   |   |   |   |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |
|                                                |   | (In thousands)(Unaudited) |
|                                                |   | Twelve Months Ended October 31, 2016 |
| Mountain Reported EBITDA                            |   | $ | 417,144 |  |
| Lodging Reported EBITDA                             |   | 28,642 |  |
| Resort Reported EBITDA*                             |   | 445,786 |  |
| Real Estate Reported EBITDA                         |   | 6,695 |  |
| Total Reported EBITDA                               |   | 452,481 |  |
| Depreciation and amortization                       |   | (163,369 | ) |
| Loss on disposal of fixed assets and other, net     |   | (4,189 | ) |
| Change in fair value of contingent consideration    |   | (4,500 | ) |
| Investment income and other, net                    |   | 5,048 |  |
| Interest expense                                    |   | (43,735 | ) |
| Income before provision for income taxes            |   | 241,736 |  |
| Provision for income taxes                          |   | (96,230 | ) |
| Net income                                          |   | $ | 145,506 |  |
| Net loss attributable to noncontrolling interests   |   | 1,248 |  |
| Net income attributable to Vail Resorts, Inc.       |   | $ | 146,754 |  |
|                                                |   |   |
| * Resort represents the sum of Mountain and Lodging |   |   |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |
|                               | In thousands)(Unaudited)(As of October 31, 2016 |   |
| Long-term debt                     | $ | 1,371,779 |  |   |
| Long-term debt due within one year | 38,374 |  |   |
| Total debt                         | 1,410,153 |  |   |
| Less: cash and cash equivalents    | 106,751 |  |   |
| Net debt                           | $ | 1,303,402 |  |   |
| Net debt to Total Reported EBITDA  | 2.9 |  | x |

----

|                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                             |  |  |  |  |  |  |  |  |
|                                                                                                                        |   | (In thousands)(Unaudited)Three Months EndedOctober 31, |
|                                                                                                                        |   | 2016 |   | 2015 |
| Real Estate Reported EBITDA                                                                                                 |   | $ | 5,077 |  |   | $ | 1,166 |  |
| Non-cash real estate cost of sales                                                                                          |   | — |  |   | 6,940 |  |
| Non-cash real estate stock-based compensation                                                                               |   | (68 | ) |   | (37 | ) |
| Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate |   | 1,581 |  |   | 1,924 |  |
| Net Real Estate Cash Flow                                                                                                   |   | $ | 6,590 |  |   | $ | 9,993 |  |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |
|                                                       |   | (In thousands)(Unaudited)Fiscal 2017 Guidance (2) |
| Resort net revenue (1)                                     |   | $ | 1,910,000 |  |
| Resort Reported EBITDA (1)                                 |   | $ | 582,000 |  |
| Resort EBITDA margin                                       |   | 30.5 | % |
|                                                       |   |   |
| (1) Resort represents the sum of Mountain and Lodging |   |   |
| (2) Represents the mid-point range of Guidance        |   |   |