Mr. David Wilcox reports

VAIL RESORTS AND WHISTLER BLACKCOMB STRATEGIC COMBINATION RECEIVES COMPETITION BUREAU CLEARANCE

The Canadian Competition Bureau has issued a no-action letter under the Competition Act (Canada) indicating that it does not intend to challenge the proposed strategic business combination joining Whistler Blackcomb Holdings Inc. with Vail Resorts Inc.

The proposed combination remains subject to customary closing conditions, including approval by Whistler Blackcomb shareholders and the Supreme Court of British Columbia and approval under the Investment Canada Act. The transaction is expected to close in the fall of 2016.

The strategic combination joining Whistler Blackcomb with Vail Resorts has been unanimously approved by the Whistler Blackcomb board of directors on the basis of, among other things, the significant value and future upside it provides for Whistler Blackcomb shareholders, as well as other benefits to Whistler Blackcomb, its neighbouring communities and other stakeholders. Shareholders representing 25 per cent of Whistler Blackcomb's common shares, including certain affiliates of KSL Capital Partners, Whistler Blackcomb's largest shareholder, have entered into voting support agreements in connection with the transaction.

Whistler Blackcomb shareholders are urged to vote in favour of the arrangement prior to the proxy voting deadline of 1 p.m. (Vancouver time) on Oct. 3, 2016.

Whistler Blackcomb shareholder voting:

Whistler Blackcomb shareholders are encouraged to review the management information circular, which provides details of the special meeting of holders of common shares of Whistler Blackcomb to be held on Wednesday, Oct. 5, 2016, at 1 p.m. (Vancouver time) at the Fairmont Waterfront, Cheakamus room, 900 Canada Place Way, Vancouver, B.C., Canada. The purpose of the special meeting of shareholders is to seek shareholder approval of the proposed combination pursuant to an arrangement agreement dated Aug. 5, 2016.

The circular was filed on SEDAR on Sept. 6, 2016, and mailed to Whistler Blackcomb shareholders. The circular and other materials are also available on Whistler Blackcomb's investor relations website.

Whistler Blackcomb shareholders who have questions regarding the arrangement or require assistance with voting may contact the proxy solicitation agent, Laurel Hill Advisory Group, at 1-877-452-7184 (toll-free) or 1-416-304-0211 (international, outside Canada and the United States) or by e-mail.

About Whistler Blackcomb

The company holds a 75-per-cent interest in each of Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership, which together carry on the four-season mountain resort business located in the resort municipality of Whistler, B.C. The company is the operating general partner of the partnerships and as such manages the resort business.

About Vail Resorts

Vail Resorts' subsidiaries operate nine world-class mountain resorts and three urban ski areas, including Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Perisher in Australia; Wilmot Mountain in Wisconsin; Afton Alps in Minnesota; and Mt. Brighton in Michigan. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo.

We seek Safe Harbor.