Rob Katz, Chief Executive Officer, commented on the company`s first quarter 2021 results as well as the following years: „Our first quarter of activity is historically at a loss, as our North American mountain resorts are generally not open to ski season during this period. Quarterly results were mainly driven by the winter operating results of our Australian stations and the summer operations of our North American stations, catering, retail/rental and accommodation, as well as administrative costs. Our first quarter results continued to be negatively impacted by COVID-19. In Australia, Hotham and Falls Creek remained closed for the full quarter after the Victorian government placed home orders on July 8, 2020, resulting in a significant drop in sales compared to the same period last year. At Perisher, attendance trends improved from July 2020 due to increased available terrain, but results continued to be negatively affected by covid-19 and the resulting capacity constraints. In North America, our U.S. resorts recorded an improvement in demand for recreational travellers for the quarter as a whole compared to the fourth quarter of fiscal 2020, but summer visits remained well below historical levels. For Whistler Blackcomb, demand remained significantly lower than the previous year due to travel restrictions, with the Canadian border remaining closed to international visitors, including the United States. „Throughout the quarter, we continued to conduct rigorous and rigorous cost controls to partially mitigate revenue reduction. The station`s net sales decreased by $132.1 million in the first quarter compared to the previous year, while Resort Reported`s EBITDA decreased by only $18.1 million over the same period due to cost reductions related to reduced seasonal and overall costs. The station`s net sales in the first quarter amounted to approximately 15.4 million euros. U.S.

dollars of lifting income related to the expiry of uncouting credits offered to North American passport card holders in 2019/2020 („credit offer“), for which we set aside a total of $120.9 million in revenue from our previous year`s revenue that would otherwise have been recorded in fiscal 2020. We expect to recognize the remainder of latent credit supply revenues, primarily in the second and third quarters of fiscal 2021. Katz commented on the company`s liquidity as s. „Our total availability of cash and revolvers as of November 30, 2020 was approximately $1.2 billion, with $614 million in cash available, US$419 million in revolver availability under the Vail Holdings credit agreement and $169 million in revolvers available under the Whistler loan agreement. As of October 31, 2020, our net debt was 4.1 times total EBITDA for 12 months. We continue to believe that we will have sufficient liquidity to finance the operation at least until the 2021/2022 ski season, including in the event of a prolonged closure of the resort. „The current COVID-19 outbreak) and travel costs and availability The company will hold a conference call today at 5:00 p.m.m Eastern Time to discuss financial results. The call is made by webcast and can be accessed at www.vailresorts.com in investor relations or at (800) 367-2403 (U.S. and Canada) or (334) 777-6978 (international). The conference call will be repeated two hours after the end of the conference call until December 24, 2020 at 8:00 p.m. .m Eastern Time. To access the rehearsal, dial (888) 203-1112 (U.S.

and Canada) or (719) 457-0820 (international), enter code 2470991. The conference call is also archived in www.vailresorts.com. Some of the statements discussed in this press release and on the T