Corporate Governance

The Board of Directors of Vail Resorts, Inc. (the "Company") sets high standards for the Company's employees, officers and directors. Implicit in this philosophy is the importance of sound corporate governance. It is the duty of the Board of Directors to serve as a prudent fiduciary for shareholders and to oversee the management of the Company's business. To fulfill its responsibilities and to discharge its duty, the Board of Directors follows the procedures and standards that are set forth in these guidelines. These guidelines are subject to modification from time to time as the Board of Directors deems appropriate in the best interests of the Company or as required by applicable laws and regulations.

Security holders or other interested persons may communicate with the Board of Directors or non-management directors by contacting our Lead Director of the Board. To contact the Lead Director: send a letter to Lead Director of the Board, Vail Resorts, Inc., 390 Interlocken Crescent, Broomfield, CO 80021, Attention: Corporate Secretary; or send an email. The Secretary will review each communication and will forward such communication to the Lead Director unless the communication is unduly hostile, threatening, illegal or similarly inappropriate, or involves unsolicited commercial solicitations or communications or personal grievances or routine customer related complaints, in which case, the Secretary has the authority to discard the communication or take appropriate legal action regarding the communication. Certain of these filtered communications may be forwarded by the Secretary to other members of management. However, any such communication will be available to any non-management director who wishes to review it.