As we went to press with this issue, we have just announced the acquisition closure of Okemo Mountain Resort. We are thrilled to officially welcome Okemo to our family of world-class resorts and to offer Epic Pass holders another exceptional experience in the East Coast as part of our Northeast regional hub, which also includes Stowe and Mount Sunapee. While each resort in our portfolio offers a unique experience for guests, the common thread that runs through all of our destinations is the focus on guest service, and we are honored to play a part in continuing Okemo’s excellence in Vermont. That said, we know there might be a lot of questions about who Vail Resorts is, so I’d like to take a moment to tell you a little about us. At Vail Resorts, our mission is simple: to create the Experience of a Lifetime for our employees, so they can, in turn, provide exceptional experiences for our guests. We are dedicated to delivering seamless guest service by continuously investing in our team. As Vail Resorts employees, we hold ourselves accountable for living our core values – to serve others, do right, drive value, do good, be safe and have fun – every day and in everything we do. Our Company’s vision is to continuously re-imagine the mountain experience around the world. Ten years ago, we changed the landscape of the snow sports industry with the introduction of the Epic Pass, which made skiing and snowboarding more accessible than it had ever been. This year, with access to 65 resorts around the world, the Epic Pass has never been a better value or more dynamic. By growing our geographically diverse network of resorts and incentivizing our guests to invest in the Epic Pass ahead of the season, we are able to provide stability to our business – and to our communities and employees – in the face of increasing weather variability, while consistently and continually reinvesting in our resort infrastructure. We’ve invested more than $600 million in capital improvements across our portfolio in the last six years and recently announced that we’re pledging $35 million across the four resorts recently acquired in 2018 (Mount Sunapee, Okemo, Crested Butte and Stevens Pass). In addition to capital investment, we also invest heavily in our communities through our Epic Promise platform. Last year, through Epic Promise, Vail Resorts provided over $12.8 million in cash and in-kind support, as well as more than 23,000 hours of company-sponsored volunteer time, to more than 250 nonprofit partners in our mountain communities to ensure that they continue thrive. Finally, everything we do at Vail Resorts is driven by the spectacular natural surroundings where our employees, guests and communities live, work and play. The environment is our business and, as a growing global company, we have a special obligation to protect it. That is why we have made an ambitious Commitment to Zero, our company-wide goal to get to zero net emissions, zero waste to landfill and zero net operating impact to forests and habitat by 2030. I’m proud of what we’ve achieved as a company and am excited to integrate Okemo’s passionate team to the 40,000 Vail Resorts employees around the world, who work hard to deliver the Experience of a Lifetime every day. See you on the slopes! Rob Katz Chairman and Chief Executive Officer of Vail Resorts toOkemoMountainResort welcome > 802-228-1600 > page 7