Message from Ron Baron in Support of Vail Resorts

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.