Whistler Blackcomb Holdings Inc. Announces Redemption of all Outstanding Exchangeable Shares

Whistler Blackcomb Holdings Inc. ("WBHI"), a wholly- owned subsidiary of Vail Resorts, Inc. ("Vail Resorts"), today announced that it intends to redeem all of its outstanding redeemable preferable shares exchangeable for shares of Vail Resorts common stock (the "Exchangeable Shares") on September 26, 2022 (the "Redemption Date"), in accordance with the articles of WBHI.

The Exchangeable Shares were originally issued in connection with the acquisition of WBHI by Vail Resorts in October 2016. The Exchangeable Shares could be redeemed for Vail Resorts common stock by shareholders at any time until October 2023, or earlier if the outstanding Exchangeable Shares dropped below 20,904 shares (which represented 5% of the total Exchangeable Shares issued). In July 2022, the total number of outstanding Exchangeable Shares fell below that threshold, and there are currently 3,198 Exchangeable Shares outstanding.

WBHI will deliver a Notice of Redemption and Letter of Transmittal to registered holders of Exchangeable Shares on August 26, 2022. Copies of these documents will be filed on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com under WBHI's profile.

On the Redemption Date, registered holders of Exchangeable Shares will have the right to receive one share of Vail Resorts common stock in exchange for each Exchangeable Share that they hold. In order to receive Vail Resorts common stock, shareholders are required to return their completed Letter of Transmittal to Computershare Investor Services Inc.

The Vail Resorts Shares are listed and posted for trading on the New York Stock Exchange under the symbol "MTN".

WBHI intends to apply to the applicable Canadian securities regulatory authorities to cease to be a reporting issuer after the Redemption Date.