Market Capitalization $9.1 Billion

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1 BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 03/08/2013 TARGET PRICE $ BUSINESS DESCRIPTION Vail Resorts, Inc., through its subsidiaries, operates mountain resorts and urban ski areas in the United States. The company operates through three segments: Mountain, Lodging, and Real Estate. STOCK PERFORMANCE (%) 3 Mo. 1 Yr. 3 Yr (Ann) Price Change GROWTH (%) Last Qtr 12 Mo. 3 Yr CAGR Revenues Net Income EPS RETURN ON EQUITY (%) Ind Avg S&P 500 Q Q Q P/E COMPARISON Sector: Consumer Goods & Svcs Sub-Industry: Leisure Facilities Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years Rating History BUY Volume in Millions COMPUSTAT for Price and Volume, TheStreet Ratings, Inc. for Rating History TARGET PRICE $ EPS ANALYSIS¹ ($) Ind Avg S&P 500 RECOMMENDATION We rate () a BUY. This is driven by some important positives, which we believe should have a greater impact than any nesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth, good cash flow from operations, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity. HIGHLIGHTS The revenue growth came in higher than the industry average of 0.1%. Since the same quarter one year prior, revenues rose by 16.3%. Growth in the company's revenue appears to have helped boost the earnings per share. Q Q Q Q Q Q Q Q Q Q Q Q has improved earnings per share by 20.6% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, VAIL RESORTS INC increased its bottom line by earning $4.90 versus $3.94 in the prior year. This year, the market expects an improvement in earnings ($6.25 versus $4.90) Net operating cash flow has increased to -$21.40 million or 25.34% when compared to the same quarter last year. The firm also exceeded the industry average cash flow growth rate of %. NA = not available NM = not meaningful 1 Compustat fiscal year convention is used for all fundamental data items. Investors have apparently begun to recognize positive factors similar to those we have mentioned in this report, including earnings growth. This has helped drive up the company's shares by a sharp 42.14% over the past year, a rise that has exceeded that of the S&P 500 Index. We feel that the stock's sharp appreciation over the last year has driven it to a price level which is now somewhat expensive compared to the rest of its industry. The other strengths this company shows, however, justify the higher price levels. The debt-to-equity ratio is somewhat low, currently at 0.81, and is less than that of the industry average, implying that there has been a relatively successful effort in the management of debt levels. Despite the fact that 's debt-to-equity ratio is low, the quick ratio, which is currently 0.52, displays a potential problem in covering short-term cash needs. PAGE 1

2 PEER GROUP ANALYSIS REVENUE GROWTH AND EBITDA MARGIN* Revenue Growth (TTM) -50% 30% SKIS UNFAVORABLE -120% EBITDA Margin (TTM) FAVORABLE PLNT RICK FUN ISCA SIX CLUB TRK SEAS DS 80% Companies with higher EBITDA margins and revenue growth rates are outperforming companies with lower EBITDA margins and revenue growth rates. Companies for this scatter plot have a market capitalization between $71.3 Million and. Companies with NA or NM values do not appear. *EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization. REVENUE GROWTH AND EARNINGS YIELD Revenue Growth (TTM) -50% 30% SEAS UNFAVORABLE -20% Earnings Yield (TTM) CLUB DS SKIS FAVORABLE PLNT RICK ISCA SIX FUN TRK Companies that exhibit both a high earnings yield and high revenue growth are generally more attractive than companies with low revenue growth and low earnings yield. Companies for this scatter plot have revenue growth rates between -46.5% and 26.9%. Companies with NA or NM values do not appear. 5% INDUSTRY ANALYSIS The hotels, restaurant, and leisure industry consists of hotels, restaurants, casinos, cruise lines, resorts, and theme parks. Demand is driven by a fairly consistent group of factors throughout the whole of the industry: personal income levels, total employment, and consumer confidence. In recent years, catastrophic weather, fear of terrorism, and health epidemics directly impacted the industry in a material way. The industry is capital, marketing, personnel, energy, maintenance, and technology intensive. Major players include Intercontinental Hotels Group (IHG), Marriott International Inc. (MAR), Las Vegas Sands (LVS), MGM Resorts International (MGM), McDonald s (MCD), and Yum! Brands (YUM). The foodservice industry employs more than 12 million people, making it America s second largest employer after the U.S. government. Not only is the industry huge, it s growing, as factors - such as a rise in two-income households - have been leading to increasing levels of dining out. In recent years, restaurant sales have risen roughly 5% annually according to National Restaurant Association estimates. However, despite its growth rate, the industry should be seen as mature. Companies within the industry generally earn thin margins and face stiff competition. As a result, M&A activity is frequent as competitors look to spread fixed costs across more locations. Both tourism and business travel remain keys to the industry, and as a result, U.S. GDP growth, consumer confidence, and corporate earnings remain vital to the industry s success. The expansion in capital spending has been in response to projected demand. However, overdevelopment in certain areas is a concern. Looking forward, any prolonged low occupancy rates could threaten hotels that are heavily leveraged. As for metrics, occupancy, average daily room rate, and revenue per available room should be considered when analyzing the industry or a player within the industry. Casinos generate roughly $68 billion in revenues annually, and typically, 50% of a casino hotel s revenues come from gaming, 20% from hotel rooms, 15% from food and beverages, and 15% from retail stores, shows, and other entertainment offerings. Expansion and consolidation have been recent trends of note. In 2005 alone, MGM Resorts International purchased Mandalay Resort Group for close to $8 billion and Harrah s bought Caesars for over $9 billion. Recent years have also seen a good amount of new casino construction in the $700 million range as competitors jockey to attract visitors by providing more elaborate offerings. Looking ahead, further capacity expansion may threaten margins. Meanwhile, most of the industry s top-line growth has come from Native American casinos, which at present generate roughly $16 billion in revenues annually. PEER GROUP: Hotels, Restaurants & Leisure Recent Market Price/ Net Sales Net Income Ticker Company Name Price ($) Cap ($M) Earnings TTM ($M) TTM ($M) , , TRK SPEEDWAY MOTORSPORTS INC SKIS PEAK RESORTS INC NM SIX SIX FLAGS ENTERTAINMENT CORP , , DS DRIVE SHACK INC NM FUN CEDAR FAIR -LP , , RICK RCI HOSPITALITY HLDGS INC PLNT PLANET FITNESS INC , ISCA INTL SPEEDWAY CORP , CLUB TOWN SPORTS INTL HOLDINGS NM SEAS SEAWORLD ENTERTAINMENT INC ,063 NM 1, The peer group comparison is based on Major Leisure Facilities companies of comparable size. PAGE 2

3 Annual Dividend Rate COMPANY DESCRIPTION Vail Resorts, Inc., through its subsidiaries, operates mountain resorts and urban ski areas in the United States. The company operates through three segments: Mountain, Lodging, and Real Estate. The Mountain segment operates 11 mountain resorts, including Vail, Beaver Creek, Breckenridge, and Keystone resorts in Colorado; Park City Mountain resort in Utah; Heavenly, Northstar, and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in Canada; Stowe Mountain resort in Northern Vermont; and Perisher in Australia, as well as three urban ski areas, such as Wilmot Mountain in Wisconsin, Afton Alps in Minnesota, and Mount Brighton in Michigan. Its resorts offer various winter and summer recreational activities, including skiing, snowboarding, snowshoeing, snowtubing, sightseeing, mountain biking, guided hiking, zip lines, challenge ropes courses, alpine slides and mountain coasters, children's activities, and other recreational activities; and ski and snowboard lessons, equipment rental and retail merchandise services, dining venues, private club operations, and other winter and summer recreational activities. This segment also leases its owned and leased commercial space to third party operators; and provides real estate brokerage services. The Lodging segment owns and/or manages various luxury hotels and condominiums under the RockResorts brand, and other lodging properties; various condominiums located in proximity to the company's mountain resorts; destination resorts; and golf courses, as well as offers resort ground transportation services. This segment operates approximately 4,700 owned and managed hotel and condominium units. The Real Estate segment owns, develops, and sells real estate properties in and around the company's resort communities. Vail Resorts, Inc. was founded in 1997 and is based in Broomfield, Colorado. 390 Interlocken Crescent Broomfield, CO USA Phone: Fax: STOCK-AT-A-GLANCE Below is a summary of the major fundamental and technical factors we consider when determining our overall recommendation of shares. It is provided in order to give you a deeper understanding of our rating methodology as well as to paint a more complete picture of a stock's strengths and nesses. It is important to note, however, that these factors only tell part of the story. To gain an even more comprehensive understanding of our stance on the stock, these factors must be assessed in combination with the stock s valuation. Please refer to our Valuation section on page 5 for further information. FACTOR SCORE Growth 4.0 out of 5 stars Measures the growth of both the company's income statement and cash flow. On this factor, has a growth score better than 70% of the stocks we rate. Total Return 4.5 out of 5 stars Measures the historical price movement of the stock. The stock performance of this company has beaten 80% of the companies we cover. Efficiency 4.0 out of 5 stars Measures the strength and historic growth of a company's return on invested capital. The company has generated more income per dollar of capital than 70% of the companies we review. Price volatility 5.0 out of 5 stars Measures the volatility of the company's stock price historically. The stock is less volatile than 90% of the stocks we monitor. Solvency 4.0 out of 5 stars Measures the solvency of the company based on several ratios. The company is more solvent than 70% of the companies we analyze. Income 4.0 out of 5 stars Measures dividend yield and payouts to shareholders. The company's dividend is higher than 70% of the companies we track. THESTREET RATINGS RESEARCH METHODOLOGY TheStreet Ratings' stock model projects a stock's total return potential over a 12-month period including both price appreciation and dividends. Our Buy, Hold or Sell ratings designate how we expect these stocks to perform against a general benchmark of the equities market and interest rates. While our model is quantitative, it utilizes both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and forecasted company earnings. Objective elements include volatility of past operating revenues, financial strength, and company cash flows. Our model gauges the relationship between risk and reward in several ways, including: the pricing drawdown as compared to potential profit volatility, i.e.how much one is willing to risk in order to earn profits; the level of acceptable volatility for highly performing stocks; the current valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's performance. These and many more derived observations are then combined, ranked, weighted, and scenario-tested to create a more complete analysis. The result is a systematic and disciplined method of selecting stocks. PAGE 3

4 Consensus EPS Estimates² ($) IBES consensus estimates are provided by Thomson Financial Q1 FY E 2018(E) 7.11 E 2019(E) INCOME STATEMENT Net Sales ($mil) EBITDA ($mil) EBIT ($mil) Net Income ($mil) FINANCIAL ANALYSIS 's gross profit margin for the fourth quarter of its fiscal year 2017 has significantly increased when compared to the same period a year ago. Sales and net income have grown, and although the growth in revenues has outpaced the average competitor within the industry, the net income growth has not. has liquidity. Currently, the Quick Ratio is 0.52 which shows a lack of ability to cover short-term cash needs. The company's liquidity has increased from the same period last year, indicating improving cash flow. At the same time, stockholders' equity ("net worth") has greatly increased by 79.65% from the same quarter last year. Overall, the key liquidity measurements indicate that the company is in a position in which financial difficulties could develop in the future. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. To learn more visit BALANCE SHEET Cash & Equiv. ($mil) Total Assets ($mil) 4, , Total Debt ($mil) 1, Equity ($mil) 1, PROFITABILITY Gross Profit Margin % % EBITDA Margin % % Operating Margin % % Sales Turnover 0.65 Return on Assets 5.12% 6.03% Return on Equity 13.40% 17.12% DEBT Current Ratio Debt/Capital Interest Expense Interest Coverage SHARE DATA Shares outstanding (mil) Div / share EPS Book value / share Institutional Own % NA NA Avg Daily Volume 293, ,267 2 Sum of quarterly figures may not match annual estimates due to use of median consensus estimates. PAGE 4

5 RATINGS HISTORY Our rating for has not changed since 3/8/2013. As of 11/30/2017, the stock was trading at a price of which is 5.3% below its 52-week high of $ and 46.1% above its 52-week low of $ Year Chart BUY: $ $250 $200 $150 MOST RECENT RATINGS CHANGES Date Price Action From To 11/30/15 $ No Change Buy Buy Price reflects the closing price as of the date listed, if available RATINGS DEFINITIONS & DISTRIBUTION OF THESTREET RATINGS (as of 11/30/2017) 44.19% Buy - We believe that this stock has the opportunity to appreciate and produce a total return of more than 10% over the next 12 months % Hold - We do not believe this stock offers conclusive evidence to warrant the purchase or sale of shares at this time and that its likelihood of positive total return is roughly in balance with the risk of loss % Sell - We believe that this stock is likely to decline by more than 10% over the next 12 months, with the risk involved too great to compensate for any possible returns. TheStreet Ratings 14 Wall Street, 15th Floor New York, NY Research Contact: Sales Contact: VALUATION BUY. 's P/E ratio indicates a discount compared to an average of for the Hotels, Restaurants & Leisure industry and a significant premium compared to the S&P 500 average of To use another comparison, its price-to-book ratio of 5.74 indicates a significant premium versus the S&P 500 average of 3.24 and a significant discount versus the industry average of The price-to-sales ratio is well above both the S&P 500 average and the industry average, indicating a premium. Upon assessment of these and other key valuation criteria, proves to trade at a discount to investment alternatives within the industry. Price/Earnings Peers Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations. is trading at a discount to its peers. Price/Projected Earnings Peers Premium. A higher price-to-projected earnings ratio than its peers can signify a more expensive stock or higher future growth expectations. is trading at a significant premium to its peers. Price/Book 5.74 Peers 9.74 Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet. is trading at a significant discount to its peers. Price/Sales 4.73 Peers 3.50 Premium. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales. is trading at a significant premium to its industry. DISCLAIMER: Price/CashFlow Peers Premium. The P/CF ratio, a stock s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures. is trading at a premium to its peers. Price to Earnings/Growth 2.33 Peers 1.47 Premium. The PEG ratio is the stock s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples. trades at a significant premium to its peers. Earnings Growth lower higher Peers Higher. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios. is expected to have an earnings growth rate that significantly exceeds its peers. Sales Growth lower higher Peers Higher. A sales growth rate that exceeds the industry implies that a company is gaining market share. has a sales growth rate that significantly exceeds its peers. The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but TheStreet Ratings cannot guarantee its accuracy and completeness, and that of the opinions based thereon. Data is provided via the COMPUSTAT Xpressfeed product from Standard &Poor's, a division of The McGraw-Hill Companies, Inc., as well as other third-party data providers. TheStreet Ratings is a division of TheStreet, Inc., which is a publisher. This research report contains opinions and is provided for informational purposes only. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional, before you make any investment. None of the information contained in this report constitutes, or is intended to constitute a recommendation by TheStreet Ratings of any particular security or trading strategy or a determination by TheStreet Ratings that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Your use of this report is governed by TheStreet, Inc.'s Terms of Use found at PAGE 5