VAIL RESORTS INC — Director's Dealing 2016

May 3, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VAIL RESORTS INC (MTN)
CIK: 0000812011
Period of Report: 2016-05-01

Reporting Person: Siurek Ryan H (VP, Controller & CAO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-01	Restricted Share Unit	$0.0	A	841	Acquired		Common Stock (841.0)	Direct
2016-05-01	Restricted Share Unit	$0.0	A	130	Acquired		Common Stock (130.0)	Direct
2016-05-01	Share Appreciation Right	$129.64	A	1255	Acquired	2026-05-01	Common Stock (1255.0)	Direct

Footnotes

F1: On May 1, 2016, Reporting Person was granted 841 Restricted Share Units (RSUs), which vest in one installment on May 1, 2019.

F2: On May 1, 2016, Reporting Person was granted 130 RSUs, which vest in three equal annual installments beginning on May 1, 2017.

F3: On May 1, 2016, Reporting Person was granted 1,255 Share Appreciation Rights, which vest in three equal annual installments beginning on May 1, 2017.