|         |                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net income attributable to Vail Resorts, Inc. was $256.3 million for the third quarter of fiscal 2018, an increase of 41.5% compared to net income of $181.1 million for the third fiscal quarter of 2017, which includes the reduction in our provision for income taxes resulting from U.S. Tax Reform. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA was $419.7 million for the third fiscal quarter of 2018, which includes the operations of Stowe (acquired in June 2017), $2.8 million of Triple Peaks and Stevens Pass acquisition related expenses and $0.7 million of Whistler Blackcomb and Stowe integration related expenses, compared to Resort Reported EBITDA of $392.0 million in the same period in the prior year, which included $2.3 million of acquisition and integration related expenses. |

|         |                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Company updated its fiscal 2018 guidance range and is now expecting Resort Reported EBITDA to be between $612 million and $622 million, including an estimated $7.0 million of acquisition and integration related expenses specific to Triple Peaks and Stevens Pass and an estimated $3.2 million of integration related expenses specific to Whistler Blackcomb and Stowe. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Season pass sales for the 2018/2019 North American ski season, excluding military pass products, increased approximately 12% in units and approximately 19% in sales dollars through May 29, 2018, compared with the prior year period ended May 30, 2017, adjusted to eliminate the impact of foreign currency by applying current period exchange rates to the prior period for Whistler Blackcomb pass sales. The Company also had significant sales of its Military Epic pass products. |

----

|         |                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | On June 4, 2018, the Company announced that it had entered into an agreement to acquire Triple Peaks, LLC, the parent company of Okemo Mountain Resort, Mount Sunapee Resort, and Crested Butte Mountain Resort, and separately entered into an agreement to acquire Stevens Pass Resort. |

----

----

|         |                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Total lift revenue increased $33.1 million, or 7.9%, to $452.7 million, primarily due to strong North American pass sales growth for the 2017/2018 North American ski season and incremental operations of Stowe. |

|         |                                                                                                                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Ski school revenue increased $9.5 million, or 10.4%, and dining revenue increased $5.1 million, or 7.7%. These increases were the result of increased revenue at our Colorado resorts and at Whistler Blackcomb, as well as incremental revenue from Stowe. |

|         |                                                                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Retail/rental revenue increased $2.1 million, or 2.0%, primarily due to incremental revenue from Stowe and an increase in revenue at Whistler Blackcomb, partially offset by decreased revenue at stores proximate to our western U.S. resorts and other city stores. |

|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Operating expense increased $23.5 million, or 6.9%, which was primarily attributable to the inclusion of incremental operating expenses from Stowe. |

|         |                                                            |
|---------|------------------------------------------------------------|
| • | Mountain Reported EBITDA increased $28.0 million, or 7.3%. |

|         |                                                                                                                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Mountain Reported EBITDA includes $3.8 million of stock-based compensation expense compared to $3.6 million in the same period in the prior year. Additionally, we recorded $3.5 million of acquisition and integration related expenses compared to $2.3 million of acquisition and integration related expenses in the same period in the prior year. |

|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | Lodging segment net revenue (excluding payroll cost reimbursements) decreased $0.1 million, or 0.2%. |

|         |                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Occupancy increased 0.4 percentage points and Average Daily Rate (“ADR”) was flat at the Company’s owned hotels and managed condominiums. |

|         |                                                          |
|---------|----------------------------------------------------------|
| • | Lodging Reported EBITDA decreased $0.2 million, or 2.1%. |

----

|         |                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Lodging Reported EBITDA includes $0.8 million of stock-based compensation expense for the both the three months ended April 30, 2018 and 2017. |

|         |                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort net revenue increased $51.6 million, or 6.5%, to $841.4 million primarily due to strong North American pass sales growth for the 2017/2018 North American ski season and the incremental operations of Stowe. |

|         |                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA was $419.7 million, an increase of $27.7 million, or 7.1%. Results included $3.5 million of acquisition and integration related expenses compared to $2.3 million of acquisition and integration related expenses in the same period in the prior year. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Real Estate segment net revenue decreased $1.7 million, or 35.5%. Real Estate segment operating expense for the three months ended April 30, 2018, includes the recognition of a $5.5 million benefit of non-cash income in the current period related to a legal settlement in fiscal 2015 for which cash proceeds were received and established as a liability for estimated future remediation costs of a construction development.  All known items have been remediated and, based on continued monitoring, the Company has concluded that the need for further remediation is remote. |

|         |                                                                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net Real Estate Cash Flow of $2.8 million, which includes a $4.3 million contribution to the new Town of Vail public parking structure that was paid during the three months ended April 30, 2018, was flat to the same period in the prior year. |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | Real Estate Reported EBITDA increased $8.7 million, or 175.5%. |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | Total net revenue increased $49.9 million, or 6.3%, to $844.5 million. |

|         |                                                                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net income attributable to Vail Resorts, Inc. was $256.3 million, or $6.17 per diluted share, for the third quarter of fiscal 2018 compared to net income attributable to Vail Resorts, Inc. of $181.1 million, or $4.40 per diluted share, in the third fiscal quarter of the prior year. |

----

----

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | Net income attributable to Vail Resorts, Inc. is expected to be between $360 million and $381 million in fiscal 2018.  |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Resort Reported EBITDA is expected to be between $612 million and $622 million for fiscal 2018, which is predicated on current Canadian and Australian foreign exchange rates and includes an estimated $7.0 million of acquisition and integration related expenses specific to Triple Peaks and Stevens Pass and an estimated $3.2 million of integration related expenses specific to Whistler Blackcomb and Stowe. The updated outlook for fiscal year 2018 does not include any estimate for the closing costs, including transfer taxes, or operating results of the Triple Peaks and Stevens Pass acquisitions as the transactions remain subject to closing, which is expected to occur this summer. |

|         |                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------|
| • | Resort EBITDA Margin is expected to be approximately 30.7% in fiscal 2018, at the midpoint of our guidance range. |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | Fiscal 2018 Real Estate Reported EBITDA is expected to be between $0 and $2 million. |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Fiscal 2018 Guidance |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (In thousands) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | For the Year Ending |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | July 31, 2018 (6) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Low EndRange |   | High EndRange |   |
| Mountain Reported EBITDA (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $ | 586,000 |  |   | $ | 596,000 |  |   |
| Lodging Reported EBITDA (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 25,000 |  |   | 27,000 |  |   |
| Resort Reported EBITDA (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 612,000 |  |   | 622,000 |  |   |
| Real Estate Reported EBITDA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | — |  |   | 2,000 |  |   |
| Total Reported EBITDA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 612,000 |  |   | 624,000 |  |   |
| Depreciation and amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (205,000 | ) |   | (201,000 | ) |   |
| Interest expense, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (64,000 | ) |   | (61,000 | ) |   |
| Other (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (5,100 | ) |   | (3,600 | ) |   |
| Income before benefit from income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 337,900 |  |   | 358,400 |  |   |
| Benefit from income taxes (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 45,100 |  |   | 41,600 |  |   |
| Net income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 383,000 |  |   | 400,000 |  |   |
| Net income attributable to noncontrolling interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (23,000 | ) |   | (19,000 | ) |   |
| Net income attributable to Vail Resorts, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $ | 360,000 |  |   | $ | 381,000 |  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |
| (1) Mountain Reported EBITDA includes an estimated $7.0 million of acquisition and integration related expenses specific to Triple Peaks and Stevens Pass and an estimated $3.2 million of integration related expenses specific to Whistler Blackcomb and Stowe.  Mountain Reported EBITDA also 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 includes the year-to-date foreign currency actuals through April 30, 2018 related to the remeasurement of the intercompany loan to Whistler Blackcomb to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward-looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material. Additionally, our guidance includes the year-to-date actual change in the fair value of contingent consideration through April 30, 2018 and certain known changes in the fair value of contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material.                                                                                                                                                |
| (5) The fiscal 2018 benefit from income taxes is impacted by several discrete items. Through the third quarter of fiscal 2018, as a result of the adoption of revised accounting guidance on employee stock compensation, the Company recorded $54.5 million of excess tax benefits primarily resulting from vesting and exercises of equity awards. During the second quarter of fiscal 2018, as a result of the Tax Act, the Company recorded a one-time provisional net tax benefit of approximately $64.6 million related to the remeasurement of deferred tax liabilities and transition tax. Additionally, estimated benefit from income taxes for the remainder of fiscal 2018 is benefiting from a reduction in the U.S. statutory tax rate from 35% to 21%. Our fiscal 2018 estimated benefit from income taxes does not include the impact, if any, of future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards are in-the-money. |
| (6) Guidance estimates are predicated on an exchange rate of $0.77 between the Canadian Dollar and U.S. Dollar, related to the operations of Whistler Blackcomb in Canada and an exchange rate of $0.76 between the Australian Dollar and U.S. Dollar, related to the operations of Perisher in Australia.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

----

----

----

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Three Months Ended April 30, |   | Nine Months Ended April 30, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net revenue:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Mountain and Lodging services and other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $ | 700,033 |  |   | $ | 653,510 |  |   | $ | 1,437,753 |  |   | $ | 1,338,836 |  |
| Mountain and Lodging retail and dining                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 141,318 |  |   | 136,251 |  |   | 358,253 |  |   | 349,077 |  |
| Resort net revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 841,351 |  |   | 789,761 |  |   | 1,796,006 |  |   | 1,687,913 |  |
| Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 3,140 |  |   | 4,870 |  |   | 3,910 |  |   | 10,181 |  |
| Total net revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 844,491 |  |   | 794,631 |  |   | 1,799,916 |  |   | 1,698,094 |  |
| Segment operating expense:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |
| Mountain and Lodging operating expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 301,760 |  |   | 281,778 |  |   | 780,539 |  |   | 717,318 |  |
| Mountain and Lodging retail and dining cost of products sold                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 54,289 |  |   | 52,673 |  |   | 147,205 |  |   | 142,422 |  |
| General and administrative                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 66,181 |  |   | 63,836 |  |   | 194,780 |  |   | 185,802 |  |
| Resort operating expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 422,230 |  |   | 398,287 |  |   | 1,122,524 |  |   | 1,045,542 |  |
| Real Estate, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | (597 | ) |   | 9,818 |  |   | 2,301 |  |   | 17,144 |  |
| Total segment operating expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 421,633 |  |   | 408,105 |  |   | 1,124,825 |  |   | 1,062,686 |  |
| Other operating (expense) income:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | (54,104 | ) |   | (50,029 | ) |   | (154,132 | ) |   | (140,236 | ) |
| Gain on sale of real property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | — |  |   | — |  |   | 515 |  |   | 6,466 |  |
| Change in estimated fair value of contingent consideration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2,454 |  |   | (14,500 | ) |   | 2,454 |  |   | (15,100 | ) |
| Loss on disposal of fixed assets and other, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | (3,230 | ) |   | (1,924 | ) |   | (2,125 | ) |   | (4,705 | ) |
| Income from operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 367,978 |  |   | 320,073 |  |   | 521,803 |  |   | 481,833 |  |
| Mountain equity investment income, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 607 |  |   | 521 |  |   | 1,094 |  |   | 1,510 |  |
| Investment income and other, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 736 |  |   | 210 |  |   | 1,516 |  |   | 5,881 |  |
| Foreign currency loss on intercompany loans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | (9,502 | ) |   | (9,065 | ) |   | (6,511 | ) |   | (3,899 | ) |
| Interest expense, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (15,648 | ) |   | (14,248 | ) |   | (46,795 | ) |   | (40,426 | ) |
| Income before (provision) benefit from income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 344,171 |  |   | 297,491 |  |   | 471,107 |  |   | 444,899 |  |
| (Provision) benefit from income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (71,896 | ) |   | (100,635 | ) |   | 17,914 |  |   | (151,933 | ) |
| Net income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 272,275 |  |   | 196,856 |  |   | 489,021 |  |   | 292,966 |  |
| Net income attributable to noncontrolling interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | (16,023 | ) |   | (15,749 | ) |   | (25,463 | ) |   | (25,267 | ) |
| Net income attributable to Vail Resorts, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $ | 256,252 |  |   | $ | 181,107 |  |   | $ | 463,558 |  |   | $ | 267,699 |  |
| Per share amounts:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
| Basic net income per share attributable to Vail Resorts, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $ | 6.34 |  |   | $ | 4.52 |  |   | $ | 11.48 |  |   | $ | 6.87 |  |
| Diluted net income per share attributable to Vail Resorts, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $ | 6.17 |  |   | $ | 4.40 |  |   | $ | 11.13 |  |   | $ | 6.68 |  |
| Cash dividends declared per share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $ | 1.47 |  |   | $ | 1.053 |  |   | $ | 3.576 |  |   | $ | 2.673 |  |
| Weighted average shares outstanding:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 40,438 |  |   | 40,068 |  |   | 40,374 |  |   | 38,972 |  |
| Diluted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 41,545 |  |   | 41,181 |  |   | 41,641 |  |   | 40,069 |  |
| (1) The Consolidated Condensed Statements of Operations for the three and nine months ended April 30, 2017 have been revised to separately disclose revenues and costs from retail and dining operations, as well as general and administrative costs. Retail and dining revenues were previously included within Mountain and Lodging revenues, and the related costs were previously included in Mountain and Lodging operating costs. Management considers the change in presentation of our Consolidated Condensed Statement of Operations to be immaterial. There is no change to previously reported total net revenue, operating expense, income from operations, net income attributable to Vail Resorts, Inc., per share amounts or segment results. |

----

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Vail Resorts, Inc.Consolidated Condensed Statements of Operations - Other Data(In thousands)(Unaudited) |
|   |   |   | Three Months Ended April 30, |   | Nine Months Ended April 30, |
|   |   |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
|   |
|   | Other Data: |   |   |   |   |   |   |   |   |
|   | Mountain Reported EBITDA |   | $ | 409,253 |  |   | $ | 381,291 |  |   | $ | 656,078 |  |   | $ | 623,654 |  |
|   | Lodging Reported EBITDA |   | 10,475 |  |   | 10,704 |  |   | 18,498 |  |   | 20,227 |  |
|   | Resort Reported EBITDA |   | 419,728 |  |   | 391,995 |  |   | 674,576 |  |   | 643,881 |  |
|   | Real Estate Reported EBITDA |   | 3,737 |  |   | (4,948 | ) |   | 2,124 |  |   | (497 | ) |
|   | Total Reported EBITDA |   | $ | 423,465 |  |   | $ | 387,047 |  |   | $ | 676,700 |  |   | $ | 643,384 |  |
|   | Mountain stock-based compensation |   | $ | 3,827 |  |   | $ | 3,592 |  |   | $ | 11,613 |  |   | $ | 11,139 |  |
|   | Lodging stock-based compensation |   | 773 |  |   | 781 |  |   | 2,383 |  |   | 2,387 |  |
|   | Resort stock-based compensation |   | 4,600 |  |   | 4,373 |  |   | 13,996 |  |   | 13,526 |  |
|   | Real Estate stock-based compensation |   | 44 |  |   | 64 |  |   | 60 |  |   | 62 |  |
|   | Total stock-based compensation |   | $ | 4,644 |  |   | $ | 4,437 |  |   | $ | 14,056 |  |   | $ | 13,588 |  |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   | Three Months Ended April 30, |   | PercentageIncrease |   | Nine Months Ended April 30, |   | PercentageIncrease |
|                                   |   | 2018 |   | 2017 |   | (Decrease) |   | 2018 |   | 2017 |   | (Decrease) |
| Net Mountain revenue:                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Lift                                   |   | $ | 452,723 |  |   | $ | 419,647 |  |   | 7.9 | % |   | $ | 860,103 |  |   | $ | 799,324 |  |   | 7.6 |  % |
| Ski school                             |   | 101,213 |  |   | 91,704 |  |   | 10.4 | % |   | 185,767 |  |   | 173,674 |  |   | 7.0 |  % |
| Dining                                 |   | 70,678 |  |   | 65,618 |  |   | 7.7 | % |   | 142,890 |  |   | 133,352 |  |   | 7.2 |  % |
| Retail/rental                          |   | 104,162 |  |   | 102,104 |  |   | 2.0 | % |   | 265,015 |  |   | 261,816 |  |   | 1.2 |  % |
| Other                                  |   | 43,748 |  |   | 42,087 |  |   | 3.9 | % |   | 137,776 |  |   | 117,860 |  |   | 16.9 |  % |
| Total Mountain net revenue             |   | 772,524 |  |   | 721,160 |  |   | 7.1 | % |   | 1,591,551 |  |   | 1,486,026 |  |   | 7.1 |  % |
| Mountain operating expense:            |   |   |   |   |   |   |   |   |   |   |   |   |
| Labor and labor-related benefits       |   | 147,722 |  |   | 139,811 |  |   | 5.7 | % |   | 365,618 |  |   | 334,024 |  |   | 9.5 |  % |
| Retail cost of sales                   |   | 34,944 |  |   | 34,875 |  |   | 0.2 | % |   | 98,425 |  |   | 98,263 |  |   | 0.2 |  % |
| Resort related fees                    |   | 46,021 |  |   | 41,910 |  |   | 9.8 | % |   | 83,404 |  |   | 78,976 |  |   | 5.6 |  % |
| General and administrative             |   | 56,473 |  |   | 53,988 |  |   | 4.6 | % |   | 165,406 |  |   | 156,442 |  |   | 5.7 |  % |
| Other                                  |   | 78,718 |  |   | 69,806 |  |   | 12.8 | % |   | 223,714 |  |   | 196,177 |  |   | 14.0 |  % |
| Total Mountain operating expense       |   | 363,878 |  |   | 340,390 |  |   | 6.9 | % |   | 936,567 |  |   | 863,882 |  |   | 8.4 |  % |
| Mountain equity investment income, net |   | 607 |  |   | 521 |  |   | 16.5 | % |   | 1,094 |  |   | 1,510 |  |   | (27.5 | )% |
| Mountain Reported EBITDA               |   | $ | 409,253 |  |   | $ | 381,291 |  |   | 7.3 | % |   | $ | 656,078 |  |   | $ | 623,654 |  |   | 5.2 |  % |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total skier visits                     |   | 6,283 |  |   | 5,907 |  |   | 6.4 | % |   | 11,914 |  |   | 11,635 |  |   | 2.4 |  % |
| ETP                                    |   | $ | 72.06 |  |   | $ | 71.04 |  |   | 1.4 | % |   | $ | 72.19 |  |   | $ | 68.70 |  |   | 5.1 |  % |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | Three Months Ended April 30, |   | PercentageIncrease |   | Nine Months Ended April 30, |   | PercentageIncrease |
|                                                       |   | 2018 |   | 2017 |   | (Decrease) |   | 2018 |   | 2017 |   | (Decrease) |
| Lodging net revenue:                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel rooms                                          |   | $ | 12,518 |  |   | $ | 12,494 |  |   | 0.2 |  % |   | $ | 43,506 |  |   | $ | 42,559 |  |   | 2.2 |  % |
| Managed condominium rooms                                  |   | 24,604 |  |   | 23,907 |  |   | 2.9 |  % |   | 58,133 |  |   | 55,417 |  |   | 4.9 |  % |
| Dining                                                     |   | 8,660 |  |   | 9,324 |  |   | (7.1 | )% |   | 32,409 |  |   | 33,384 |  |   | (2.9 | )% |
| Transportation                                             |   | 8,164 |  |   | 8,611 |  |   | (5.2 | )% |   | 18,177 |  |   | 19,428 |  |   | (6.4 | )% |
| Golf                                                       |   | — |  |   | — |  |   | — |  % |   | 8,903 |  |   | 8,921 |  |   | (0.2 | )% |
| Other                                                      |   | 11,074 |  |   | 10,820 |  |   | 2.3 |  % |   | 32,626 |  |   | 31,806 |  |   | 2.6 |  % |
|                                                       |   | 65,020 |  |   | 65,156 |  |   | (0.2 | )% |   | 193,754 |  |   | 191,515 |  |   | 1.2 |  % |
| Payroll cost reimbursements                                |   | 3,807 |  |   | 3,445 |  |   | 10.5 |  % |   | 10,701 |  |   | 10,372 |  |   | 3.2 |  % |
| Total Lodging net revenue                                  |   | 68,827 |  |   | 68,601 |  |   | 0.3 |  % |   | 204,455 |  |   | 201,887 |  |   | 1.3 |  % |
| Lodging operating expense:                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Labor and labor-related benefits                           |   | 27,318 |  |   | 27,204 |  |   | 0.4 |  % |   | 86,966 |  |   | 84,515 |  |   | 2.9 |  % |
| General and administrative                                 |   | 9,708 |  |   | 9,848 |  |   | (1.4 | )% |   | 29,374 |  |   | 29,360 |  |   | — |  % |
| Other                                                      |   | 17,519 |  |   | 17,400 |  |   | 0.7 |  % |   | 58,916 |  |   | 57,413 |  |   | 2.6 |  % |
|                                                       |   | 54,545 |  |   | 54,452 |  |   | 0.2 |  % |   | 175,256 |  |   | 171,288 |  |   | 2.3 |  % |
| Reimbursed payroll costs                                   |   | 3,807 |  |   | 3,445 |  |   | 10.5 |  % |   | 10,701 |  |   | 10,372 |  |   | 3.2 |  % |
| Total Lodging operating expense                            |   | 58,352 |  |   | 57,897 |  |   | 0.8 |  % |   | 185,957 |  |   | 181,660 |  |   | 2.4 |  % |
| Lodging Reported EBITDA                                    |   | $ | 10,475 |  |   | $ | 10,704 |  |   | (2.1 | )% |   | $ | 18,498 |  |   | $ | 20,227 |  |   | (8.5 | )% |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel statistics:                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 291.94 |  |   | $ | 294.75 |  |   | (1.0 | )% |   | $ | 257.27 |  |   | $ | 254.29 |  |   | 1.2 |  % |
| RevPAR                                                     |   | $ | 198.97 |  |   | $ | 200.94 |  |   | (1.0 | )% |   | $ | 175.73 |  |   | $ | 168.45 |  |   | 4.3 |  % |
| Managed condominium statistics:                            |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 428.57 |  |   | $ | 428.83 |  |   | (0.1 | )% |   | $ | 369.54 |  |   | $ | 382.35 |  |   | (3.4 | )% |
| RevPAR                                                     |   | $ | 185.54 |  |   | $ | 183.08 |  |   | 1.3 |  % |   | $ | 135.12 |  |   | $ | 134.38 |  |   | 0.6 |  % |
| Owned hotel and managed condominium statistics (combined): |   |   |   |   |   |   |   |   |   |   |   |   |
| ADR                                                        |   | $ | 389.90 |  |   | $ | 389.94 |  |   | — |  % |   | $ | 327.86 |  |   | $ | 332.33 |  |   | (1.3 | )% |
| RevPAR                                                     |   | $ | 188.23 |  |   | $ | 186.72 |  |   | 0.8 |  % |   | $ | 144.87 |  |   | $ | 143.03 |  |   | 1.3 |  % |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |
|                                                |   | As of April 30, |
|                                                |   | 2018 |   | 2017 |
| Real estate held for sale and investment            |   | $ | 99,623 |  |   | $ | 108,217 |  |
| Total Vail Resorts, Inc. stockholders’ equity |   | $ | 1,770,673 |  |   | $ | 1,576,740 |  |
| Long-term debt, net                                 |   | $ | 1,078,005 |  |   | $ | 1,168,210 |  |
| Long-term debt due within one year                  |   | 38,444 |  |   | 38,386 |  |
| Total debt                                          |   | 1,116,449 |  |   | 1,206,596 |  |
| Less: cash and cash equivalents                     |   | 181,597 |  |   | 195,818 |  |
| Net debt                                            |   | $ | 934,852 |  |   | $ | 1,010,778 |  |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | (In thousands)(Unaudited) |   | (In thousands)(Unaudited) |
|                                                       |   | Three Months Ended April 30, |   | Nine Months Ended April 30, |
|                                                       |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Mountain Reported EBITDA                                   |   | $ | 409,253 |  |   | $ | 381,291 |  |   | $ | 656,078 |  |   | $ | 623,654 |  |
| Lodging Reported EBITDA                                    |   | 10,475 |  |   | 10,704 |  |   | 18,498 |  |   | 20,227 |  |
| Resort Reported EBITDA*                                    |   | 419,728 |  |   | 391,995 |  |   | 674,576 |  |   | 643,881 |  |
| Real Estate Reported EBITDA                                |   | 3,737 |  |   | (4,948 | ) |   | 2,124 |  |   | (497 | ) |
| Total Reported EBITDA                                      |   | 423,465 |  |   | 387,047 |  |   | 676,700 |  |   | 643,384 |  |
| Depreciation and amortization                              |   | (54,104 | ) |   | (50,029 | ) |   | (154,132 | ) |   | (140,236 | ) |
| Loss on disposal of fixed assets and other, net            |   | (3,230 | ) |   | (1,924 | ) |   | (2,125 | ) |   | (4,705 | ) |
| Change in estimated fair value of contingent consideration |   | 2,454 |  |   | (14,500 | ) |   | 2,454 |  |   | (15,100 | ) |
| Investment income and other, net                           |   | 736 |  |   | 210 |  |   | 1,516 |  |   | 5,881 |  |
| Foreign currency loss on intercompany loans                |   | (9,502 | ) |   | (9,065 | ) |   | (6,511 | ) |   | (3,899 | ) |
| Interest expense, net                                      |   | (15,648 | ) |   | (14,248 | ) |   | (46,795 | ) |   | (40,426 | ) |
| Income before (provision) benefit from income taxes        |   | 344,171 |  |   | 297,491 |  |   | 471,107 |  |   | 444,899 |  |
| (Provision) benefit from income taxes                      |   | (71,896 | ) |   | (100,635 | ) |   | 17,914 |  |   | (151,933 | ) |
| Net income                                                 |   | 272,275 |  |   | 196,856 |  |   | 489,021 |  |  | 292,966 |  |
| Net income attributable to noncontrolling interests        |   | (16,023 | ) |   | (15,749 | ) |   | (25,463 | ) |   | (25,267 | ) |
| Net income attributable to Vail Resorts, Inc.              |   | $ | 256,252 |  |   | $ | 181,107 |  |   | $ | 463,558 |  |  | $ | 267,699 |  |
|                                                       |   |   |   |   |   |   |   |   |
| * Resort represents the sum of Mountain and Lodging        |   |   |   |   |   |   |   |   |

----

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |
|                    |   | (In thousands)(Unaudited) Three Months Ended April 30, 2018 |   | (In thousands)(Unaudited) Three Months Ended April 30, 2017 |
| Resort net revenue*     |   | $ | 841,351 |  |   | $ | 789,761 |  |
| Resort Reported EBITDA* |   | $ | 419,728 |  |   | $ | 391,995 |  |
| Resort EBITDA margin    |   | 49.9 | % |   | 49.6 | % |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |
|                                                       |   | (In thousands)(Unaudited) |
|                                                       |   | Twelve Months Ended April 30, |
|                                                       |   | 2018 |   |
| Mountain Reported EBITDA                                   |   | $ | 598,762 |  |   |
| Lodging Reported EBITDA                                    |   | 25,358 |  |   |
| Resort Reported EBITDA*                                    |   | 624,120 |  |   |
| Real Estate Reported EBITDA                                |   | 2,222 |  |   |
| Total Reported EBITDA                                      |   | 626,342 |  |   |
| Depreciation and amortization                              |   | (203,053 | ) |   |
| Loss on disposal of fixed assets and other, net            |   | (3,850 | ) |   |
| Change in estimated fair value of contingent consideration |   | 1,254 |  |   |
| Investment income, net                                     |   | 1,749 |  |   |
| Foreign currency gain on intercompany loans                |   | 12,673 |  |   |
| Interest expense, net                                      |   | (60,458 | ) |   |
| Income before benefit from income taxes                    |   | 374,657 |  |   |
| Benefit from income taxes                                  |   | 53,116 |  |   |
| Net income                                                 |   | 427,773 |  |   |
| Net income attributable to noncontrolling interests        |   | (21,361 | ) |   |
| Net income attributable to Vail Resorts, Inc.              |   | $ | 406,412 |  |   |
|                                                       |   |   |   |
| * Resort represents the sum of Mountain and Lodging        |   |   |   |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |
|                               | In thousands)(Unaudited)(As of April 30, 2018) |   |
| Long-term debt, net                | $ | 1,078,005 |  |   |
| Long-term debt due within one year | 38,444 |  |   |
| Total debt                         | 1,116,449 |  |   |
| Less: cash and cash equivalents    | 181,597 |  |   |
| Net debt                           | $ | 934,852 |  |   |
| Net debt to Total Reported EBITDA  | 1.5 |  | x |

----

|                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                        |   | (In thousands)(Unaudited)Three Months EndedApril 30, |   | (In thousands)(Unaudited)Nine Months EndedApril, |
|                                                                                                                        |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Real Estate Reported EBITDA                                                                                                 |   | $ | 3,737 |  |   | $ | (4,948 | ) |   | $ | 2,124 |  |   | $ | (497 | ) |
| Non-cash Real Estate cost of sales                                                                                          |   | 3,271 |  |   | 3,814 |  |   | 3,750 |  |   | 8,017 |  |
| Non-cash Real Estate stock-based compensation                                                                               |   | 44 |  |   | 65 |  |   | 60 |  |   | 62 |  |
| One-time charge for Real Estate contingency                                                                                 |   | (4,300 | ) |   | 4,300 |  |   | (4,300 | ) |   | 4,300 |  |
| Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate |   | (1 | ) |   | (416 | ) |   | (242 | ) |   | 1,404 |  |
| Net Real Estate Cash Flow                                                                                                   |   | $ | 2,751 |  |   | $ | 2,815 |  |   | $ | 1,392 |  |   | $ | 13,286 |  |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |
|                                                       |   | (In thousands)(Unaudited)Fiscal 2018 Guidance (2) |
| Resort net revenue (1)                                     |   | $ | 2,010,000 |  |
| Resort Reported EBITDA (1)                                 |   | $ | 617,000 |  |
| Resort EBITDA margin                                       |   | 30.7 | % |
|                                                       |   |   |
| (1) Resort represents the sum of Mountain and Lodging |   |   |
| (2) Represents the mid-point range of Guidance        |   |   |