- Mails Letter to Shareholders and Highlights Board's Commitment to Accountability and Disciplined Oversight of Strategic Execution

- Board Determined Oasis Management's Director Nominees Lack the Qualifications Necessary to Advance Vail Resorts' Strategy and Enhance Value Creation

- Urges Shareholders to Vote "FOR" ONLY Vail Resorts' Highly Qualified Director Nominees at the Upcoming Annual Meeting

- Visit Vote.VailResorts.com For More Information

BROOMFIELD, Colo., Oct. 30, 2026 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today filed its definitive proxy statement with the U.S. Securities and Exchange Commission in connection with the Company's upcoming Annual Meeting of Stockholders (the "Annual Meeting") scheduled to be held on December 14, 2026. Shareholders of record as of October 19, 2026, will be entitled to vote at the meeting.

The Vail Resorts Board of Directors mailed the following letter to shareholders:

Dear Fellow Shareholders,

Over the last 17 months, your Board and management team have executed a clear strategy to return the Company to sustainable earnings growth and drive long-term shareholder valueâand it's beginning to deliver results.

Oasis Management, in collaboration with Matthew Prince, has nominated four candidates who we believe lack the experience and judgment required to oversee this strategy and who would put our progress at risk. That is why your vote on the WHITE proxy card "FOR" ALL of Vail Resorts' nine highly qualified director nominees is extremely important at this year's Annual Meeting.

As an experienced, refreshed Board, we have acted decisively to adjust the Company's strategy, including modernizing its marketing approach, introducing new pass and lift-ticket products and pricing options, and launching the Epic Experience growth strategy. Following one of the most challenging winters in history across the western U.S., the Company achieved record guest satisfaction, increased lift-ticket market share, and is outperforming the industry in pass sales for the upcoming season.1

Epic Experience is designed to build on this progress and drive guest loyalty and the next phase of growth by delivering a more seamless, personalized, and differentiated guest experienceâsomething the Company is uniquely positioned to do with its integrated network of 42 owned and operated resorts, marketing capabilities, and investments in talent and technology.

These initiatives are only just starting to demonstrate their potential, and we should not disrupt our progress toward delivering long-term shareholder value. Oasis Management has presented four unqualified dissident candidates, two of whom were introduced to Oasis Management by Mr. Prince approximately one week before their nominations. This connection is concerning, as Mr. Prince has long advocated for dismantling Vail Resorts' integrated network, one of the Company's most important strategic advantages. He has made his agenda clear: stating publicly that he would like an activist to take over the Board and sell Park City Mountain to him. Mr. Prince's connection to Oasis Management and its nominees raises serious questions about the independence and judgment of all their nominees and the true motives of their campaign.

With the addition of self-nominated shareholder Gregory Syvert Meyer, the five dissident nominees present serious governance concerns and collectively lack relevant experience and qualifications. In contrast, Vail Resorts' highly qualified Board, with the right mix of skills and expertise, has taken meaningful action to drive growth, strengthen leadership, and deliver results.

We are encouraged by the confidence of our fellow shareholders, including Ron Baron, our largest and 30-year shareholder, who said:

"Baron Capital will vote for Vail Resorts' nominees. Under the proven leadership of CEO Rob Katz, I believe that Vail Resorts has the right strategy to return to sustainable earnings growth and that there are meaningful opportunities that are not reflected in the stock today. This includes capturing more revenue through enhanced rental equipment and ski school offerings, and increasing engagement through continued investment in technology, mountain infrastructure, and the guest experience.

I do not believe the Oasis nominees would serve the best long-term interests of investors and strongly oppose their candidacies. I also have serious concerns about Oasis' coordination with Matthew Prince. I believe Prince's self-interested demand that the Company sell him Park City, one of its most iconic mountains, is short-sighted and destructive to long-term shareholder value. That alone taints my view of anyone Oasis recommends for the Board, including Bob Chapek. Vail Resorts' opportunity is in using the full power of its network of irreplaceable resorts, not dismantling it."2

I. The Vail Resorts Board and Management Team Recognized the Need to Changeâand Acted

Over the past 17 months, the Board and management have acted decisively to strengthen Vail Resorts and position the Company for sustained growth. Across leadership, marketing, pricing and product strategy, growth and efficiency, they have taken significant actions designed to strengthen the business for the long term while addressing near-term opportunities.

In May 2025, the Board brought Executive Chair Rob Katz back as CEO. From 2006 to 2021, his prior tenure as CEO, Mr. Katz transformed Vail Resorts, pioneering and scaling the Epic Pass and building the Company's integrated network of irreplaceable resorts. His leadership during this time delivered sustained growth in revenue, profitability, and cash generation, with Vail Resorts generating approximately 12x total shareholder return, compared with roughly 4x for the S&P 500, and ranking as the top performer in the travel sector.

In less than a year, Mr. Katz and the management team evolved marketing and pricing strategies to better meet guests where they are, introducing Epic Friend Tickets and Super Advanced Lift Tickets to grow lift-ticket visitation and drive long-term guest lifetime value; took a more individualized approach to lift ticket pricing across resorts to better respond to demand periods; and launched new pass products and pricing optimization with Young Adult and Teen pricing.

The Company also announced in November 2025 that it hired Celeste Burgoyne3 into the newly created role of Executive Vice President and Chief Revenue Officer. Burgoyne brings significant experience scaling global brands and driving growth; a deep appreciation for the connection between brand, guest experience, and digital engagement; and a personal connection to Whistler Blackcomb, Vail Resorts' largest resort. These attributes are critical to driving revenue growth and leveraging our marketing strengths.

II. The Board's Actions are Showing Early Results

Vail Resorts' actions are already translating into measurable progress. Despite the historic weather challenges this past season, the Company achieved record guest satisfaction scores and strong employee engagement and retention. Its new marketing approachâincreased paid media investment, a broader social-media presence, and more resort-focused storytellingâas well as its lift-ticket product and pricing initiatives, helped the Company to outperform the broader industry in lift-ticket visitation during Fiscal 2026. For the coming season, third-party data indicates the Company is outperforming the broader industry in pass sales, particularly on comparable unlimited products.

III. Vail Resorts Has the Right Strategy and Structural Advantages for Long-Term Success

The Company is uniquely situated to transform the guest experience because of the scale, technology, and integrated resort network it has strategically built over time. Through Epic Experience, the Company is leveraging those advantages to increase loyalty, visitation, and guest lifetime value. Announced in July 2026, the strategy centers on making every part of the mountain journey more seamless, personalized, and memorable, so that guests are inspired to return.

That starts with how Vail Resorts reaches and engages guests through a seamless digital journey. The My Epic app is expanding into a digital companion, bringing planning, purchasing, and in-resort engagement to a single platform, which now includes native in-app commerce and the ability to use your phone as your lift ticket or pass, a first for the ski industry.

My Epic Gear extends that digital experience to how guests access equipment, with Pick Your Own demo gear and an updated web platform this season, and broader personalization, fulfillment, and app integration planned for Fiscal 2028 that we expect will transform the entire gear experience for renters and owners. It dramatically improves a critical component of the ski day by leveraging the Company's integrated network to differentiate the experience, drive capture, and deepen loyalty.

Epic Experience also extends to ski school, where Vail Resorts is digitizing arrival and guest communications while elevating the private-lesson experience through Epic Ascent, including concierge support, gear lounges, and personalized trip planning. The Company is also improving the on-mountain dining experience through investments in higher-quality ingredients, presentation, and technology.

At the heart of all these initiatives are the employees who deliver the guest experience, which is why our continued investment in training, development, engagement, and retention for frontline employees is a key part of the Epic Experience strategy. One of the Company's best proof points in its ability to deliver on Epic Experience is the turnaround the Company has seen in the hiring and selection of frontline seasonal talent, which has gone from a pain point to a towering strength in just four years.