Last Updated 9/2/2020

Please read these terms and conditions (“Terms”) carefully. These Terms (in their entirety) are a binding agreement between you and Vail Corporation d/b/a Vail Resorts Management Company (“Vail Resorts”, “we” or “us”).

ADVISORY

YOU ARE ADVISED THAT <CLASS ACTION LAWSUITS> HAVE BEEN FILED AGAINST VAIL RESORTS AND ITS AFFILIATES, CONTRACTORS, REPRESENTATIVES, OR AGENTS REQUESTING REFUNDS AND OTHER COMPENSATION IN CONNECTION WITH THE 2019/2020 RESORT CLOSURES DUE TO COVID-19. SECTION 9 OF THESE TERMS INCLUDES A RELEASE BY WHICH YOU WILL FORFEIT ANY RIGHTS YOU HAVE IN THOSE LAWSUITS OR OTHER CLAIMS YOU MAY HAVE RELATED TO THE 2019/2020 RESORT CLOSURES.

TERMS

The Amount of Your Credit. This section describes how Vail Resorts determines the amount of your individualized Credit, if you meet the three eligibility requirements above.

Overview. We determine the amount of your individualized Credit based on three factors: (1) the type of pass you purchased for the 2019/2020 season and the value of that pass, (2) the number of days you used your pass in the 2019/2020 season, and (3) the type of pass you choose to purchase for the 2020/2021 season and the value of that pass. The type of pass you choose to purchase for the 2020/2021 season does not need to be the same as the type of pass that you purchased for the 2019/2020 season, but the value of the pass you purchase for the 2020/2021 season relative to the value of your 2019/2020 pass will affect the calculation of the amount of your individualized Credit.

General Season Pass Holders. A “General Season Pass” is one that is not limited to a fixed number of days during the season; examples are the EPIC Pass and EPIC Local Pass. The full list of General Season Passes can be found here. This section explains how your Credit is calculated if you bought a General Season Pass for the 2019/2020 season.
1. Purchasing a 2020/2021 Pass of Equal or Greater Value. If you choose to purchase a 2020/2021 pass that is of equal or greater value than the pass you purchased for the 2019/2020 season, your Credit will be a dollar amount determined as a percentage of the Purchase Price of your 2019/2020 pass. The “Purchase Price” is the amount you paid for a 2019/2020 pass (or, in the case of a 2020/2021 pass, the amount you will pay for a pass), net of any discounts, promotions, credits and taxes. The percentage used to calculate the Credit will vary based on the number of days you used your 2019/2020 pass, as follows:

Table 1 Credit Amount Calculation for General Season Pass Holders who Purchase a 2020/2021 Pass of Equal or Greater Value

Number of Days 2019/2020 Pass Was Used	Credit Amount
0 Days	80% of 2019/2020 Purchase Price
1 Day	68% of 2019/2020 Purchase Price
2 Days	56% of 2019/2020 Purchase Price
3 Days	44% of 2019/2020 Purchase Price
4 Days	32% of 2019/2020 Purchase Price
5 Days or More	20% of 2019/2020 Purchase Price

Please note that your Credit will be calculated as a percentage of your 2019/2020 Purchase Price only if the 2020/2021 pass that you purchase is of equal or greater value than the pass you purchased for the 2019/2020 season; if the 2020/2021 pass that you purchase is of lesser value than the pass you purchased for the 2019/2020 season, your Credit will be calculated as a percentage off the 2020/2021 Purchase Price.

Example 1: If you purchased a 2019/2020 EPIC Local Pass for $699 and used your pass 3 days during the 2019/2020 season (and otherwise meet the eligibility requirements above), you would receive an individualized Credit of $307.56 (i.e., 44% of $699) towards the purchase of an equal or higher value pass for the 2020/2021 season.

If you are purchasing a 2020/2021 pass of lesser value, see Table 2 and Example 2 instead.

Purchasing a 2020/2021 Pass of Lesser Value. If you choose to purchase a 2020/2021 pass that is of lesser value than the pass you purchased for the 2019/2020 season, the amount of your Credit will be a percentage off the Purchase Price of that 2020/2021 pass. The Credit will vary based on the number of days you used your 2019/2020 pass, as follows:

Table 2 Credit Amount Calculation for General Season Pass Holders who Purchase a 2020/2021 Pass of Lesser Value

Number of Days 2019/2020 Pass Was Used	Credit Amount
0 Days	80% off 2020/2021 Purchase Price
1 Day	68% off 2020/2021 Purchase Price
2 Days	56% off 2020/2021 Purchase Price
3 Days	44% off 2020/2021 Purchase Price
4 Days	32% off 2020/2021 Purchase Price
5 Days or More	20% off 2020/2021 Purchase Price

Example 2: If you purchased a 2019/2020 EPIC Local Pass for $699 and used your pass 3 days during the 2019/2020 season (and otherwise meet the eligibility requirements above), you would receive an individualized Credit of 44% off of the Purchase Price of your 2020/2021 pass that is of lesser value than your 2019/2020 pass.

If you are purchasing a 2020/2021 pass of equal or greater value, please see Table 1 and Example 1 instead.

Fixed Season Pass Holders. This section explains how your Credit will be calculated if you bought a Fixed Season Pass for the 2019/2020 season. A “Fixed Season Pass” gives the holder a fixed number of days to use the pass each season, usually ranging from 1 to 10 days, which are not required to be used on specific dates. The full list of Fixed Season Passes can be found here. The percentage used in the calculation of the Credit that you will receive will be calculated in accordance with the table below based on your Eligible Pass type and how many days you used your Eligible Pass. The actual amount of the Credit that you will receive depends on whether the 2020/2021 pass you purchase is of equal, greater, or lesser value than your 2019/2020 pass.

Table 3 Determination of Percentage Credit Based on Days Skied for Fixed Season Pass Holders

Pass Holder Credit Chart

Purchasing a 2020/2021 Pass of Equal or Greater Value. If you choose to purchase a 2020/2021 pass that is of equal or greater value than the pass you purchased for the 2019/2020 season, your Credit will be a dollar amount determined as a percentage of the Purchase Price of your 2019/2020 pass that you could put towards the purchase of your 2020/2021 pass. The percentage will be determined based on Table 3 above.
Example 3: If you purchased a 2019/2020 EPIC 7-Day Pass for $731 and used your pass 3 days during the 2019/2020 season (and otherwise meet the eligibility requirements above), and are purchasing a 2020/2021 pass of equal or greater value than your 2019/2020 pass, you would receive an individualized Credit of $321.64 (i.e., per Table 3 above, a 44% Credit of your Purchase Price of $731) towards the purchase of your 2020/2021 pass.

If you are purchasing a 2020/2021 pass of lesser value, see Example 4 instead.
Purchasing a 2020/2021 Pass of Lesser Value. If you choose to purchase a 2020/2021 pass that is of lesser value than the pass you purchased for the 2019/2020 season, the amount of your Credit will be determined as a percentage off the Purchase Price of your 2020/2021 pass. The percentage will be determined based on Table 3 above.

Example 4: If you purchased a 2019/2020 EPIC 7-Day Pass and used your pass 3 days during the 2019/2020 season (and otherwise meet the eligibility requirements above), and are purchasing a 2020/2021 pass of lesser value than your 2019/2020 pass, per Table 3 above you would receive an individualized Credit of 44%, which is the discount off the purchase price of your 2020/2021 pass that you can receive.

If you are purchasing a 2020/2021 pass of equal or greater value than your 2019/2020 pass, please see Example 3 instead.

4. Determining the Value of Different Passes. The determination of whether your 2020/2021 pass is of greater, equal, or lesser value than your 2019/2020 Eligible Pass will be based on the price for each pass at the beginning of the 2020/2021 season. In order to purchase a product of lesser value please submit a request at epicpass.com/passholdercredit and a representative will help you with your transaction.

5. Use of the Credit.

a. Using Your Credit Generally. You will need to input a unique promotional code at checkout to activate your individualized Credit. If you are eligible for the Credit, we have emailed you your unique promotional code on or around May 13, 2020 (or May 21, 2020 for Peak Resorts pass holders), at the addresses we have on file. If you did not receive an email and believe that you are eligible for the Credit, please use our online form to submit an inquiry for a credit. To use your promotional code on a pass of lesser value, you need to submit a request online at this link and a representative will help you with your transaction. Also, if you want to change your Credit currency (e.g. CAD to USD), you must submit a request online at this link and a representative will help you with your transaction. We update the currency conversion rate once a month, and the currency conversion rate we have on file at the time of your request will be applied to your currency conversion.

b. Auto-Renew Pass Holders.If you are enrolled in our Auto Renew Program and you are eligible for a Credit, we have emailed you with directions regarding how to accept these Terms. After you have accepted these Terms, the Credit you have received will be applied to your remaining final payment due in November 2020.

c. Online Purchases. You may redeem your Credit at epicpass.com or any of our resort websites by inputting your unique promotional code during the checkout process.

d. Phone Purchases. You may redeem your Credit by calling our pass experts at +1-970-754-0005 and providing your unique promotional code during the checkout process.

e. Travel Agency. You may redeem your Credit if you buy your pass through a travel agency by providing your travel agent with the unique promotional code to apply during the checkout process

6. Limited Redemption. You can only redeem your Credit towards the purchase of a single pass for the 2020/2021 season. You cannot use your Credit on any other product or service offered by Vail Resorts and its affiliates. You also cannot redeem any portion of your Credit for cash. If the pass you purchase for the 2020/21 season costs less than your Credit, the remaining portion of the Credit will be forfeited.

7. Time Limitations. You must use your Credit on or before September 17, 2020. If you fail to do so, your Credit will expire and be forfeited.

8. Non-Transferable. Your Credit is non-transferable and cannot be transferred to a family member, friend, or any other individual.

9. Release of Claims. You are not obligated to use your Credit. If you choose to use your Credit toward the purchase of a 2020/2021 pass, you are thereby voluntarily and knowingly agreeing, to the maximum extent permitted by applicable law, to waive, release, and forfeit any and all claims and actions you have or may have against Vail Resorts, or any of its resorts, subsidiaries, affiliates, or Partner Resorts and any of our or their respective officers, directors, employees, contractors, representatives, or agents (collectively, the “Vail Resorts Parties”) and any associated losses, damages and expenses (including attorneys’ fees), that relate to, arise out of, or may arise out of the operation or closure of one or more of our resorts during the 2019/2020 season, including claims you may have for any other or additional form of refund, credit, or compensation for your inability to use your 2019/2020 pass as a result of the closure of any of our resorts during the 2019/2020 season. This release includes such claims against United Specialty Insurance Company, Beecher Carlson Insurance, and American Claims Management related to pass insurance.

If you are a California resident, you waive California Civil Code Section 1542, which says: “A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.” If you are a resident of another jurisdiction, you waive any comparable statute or doctrine.

Notice of Class Action Lawsuits:

We hereby advise that class action lawsuits have been filed against Vail Corporation and Vail Resorts Inc. on behalf of pass holders in connection with resort closures during the 2019/2020 season seeking refunds and other alleged damages. These lawsuits have been consolidated in the United States District Court for the District of Colorado under the caption, Han v. Vail Resorts, Inc., No. 20-cv-01121. The complaints and contact information for plaintiffs’ counsel in each of these pending class action lawsuits can be found <here>. THIS RELEASE AND THESE TERMS WILL AFFECT ANY RIGHTS YOU HAVE IN CONNECTION WITH THOSE LAWSUITS AND ANY SIMILAR LAWSUITS THAT MAY BE FILED. If you have any questions regarding the impact of these Terms or this release on your legal rights, you should consult with a lawyer.

We hereby further advise that class action lawsuits have been filed against United Specialty Insurance Company, Beecher Carlson Insurance, LLC, and American Claims Management on behalf of pass holders who purchased pass insurance for the 2019/20 season. These lawsuits seek refunds and other alleged damages in connection with closure of resorts during the 2019/2020 season. These lawsuits are captioned Bradley v. United Specialty Ins. Co., No. 20-cv-520 (E.D. Ark.); Hoak v. United Specialty Ins. Co., 20-cv-1152 (D. Colo.); Kodama v. American Claims Management et al., No. 20-cv-2463 (N.D. Cal); Mair v. United Specialty Ins., No. 20-cv-531 (D. Utah); Mueller v. United Specialty Ins. Co., No. 20-cv-3407 (E.D.N.Y.); and Tourgee v. United Specialty Ins. Co., No. 1:20-cv-00902 (W.D. Tex.). These lawsuits are currently the subject of a motion for consolidation before the U.S. Judicial Panel on Multidistrict Litigation, captioned In re National Ski Pass Insurance Litigation, No. 2955 (J.P.M.L.). The complaints and contact information for plaintiffs’ counsel in each of these lawsuits, as well as information regarding the MDL, can be found <here>. THIS RELEASE AND THESE TERMS WILL AFFECT ANY RIGHTS YOU HAVE IN CONNECTION WITH THOSE LAWSUITS AND ANY SIMILAR LAWSUITS THAT MAY BE FILED. If you have any questions regarding the impact of these Terms or this release on your legal rights, you should consult with a lawyer.

10.LIMITATION OF LIABILITY. YOU UNDERSTAND AND AGREE THAT TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW, IN NO EVENT WILL ANY OF THE VAIL RESORTS PARTIES BE LIABLE UNDER ANY THEORY OF LIABILITY (WHETHER IN CONTRACT, TORT, STATUTORY, OR OTHERWISE) FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PERSONAL INJURY/WRONGFUL DEATH, PUNITIVE, OR EXEMPLARY DAMAGES (EVEN IF SUCH PARTIES WERE ADVISED OF, KNEW OF OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES), INCLUDING BUT NOT LIMITED TO AS A RESULT OF: YOUR USE OF OR INABILITY TO USE ANY OF YOUR ELIGIBLE 2019/2020 PASSES, THE 2019/2020 RESORT CLOSURES, YOUR PURCHASE OF 2020/2021 PASSES, OR YOUR CREDIT. NOTWITHSTANDING THE FOREGOING, THE TOTAL AGGREGATE LIABILITY OF THE VAIL RESORTS PARTIES TO YOU WILL NOT EXCEED THE AMOUNT YOU PAID FOR YOUR ELIGIBLE 2019/2020 PASS(ES) IN THE AGGREGATE.

11. Exclusions and Limitations. Some jurisdictions do not allow the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the above limitations and disclaimers may not apply to you. To the extent that we may not, as a matter of applicable law, limit our liabilities, the extent of liability of the Vail Resorts Parties will be the minimum permitted under such applicable law. We disclaim any warranties to the maximum extent permitted under applicable law.

12. Disputes. These Terms and the relationship between us will be governed by the laws of the State of Colorado in the same manner as such laws are applied to agreements made, entered into, and performed entirely in Colorado. All lawsuits or claims arising out of or relating to these Terms (including any Credit) must be brought in the Federal or State courts located in Colorado. We and you hereby irrevocably submit to the exclusive personal jurisdiction of such courts for such purpose and waive any objection to such courts on any basis, including without limitation improper venue or inconvenience of the forum. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to these Terms (including any Credit) must be filed within one (1) year after such claim or cause of action arose or be forever barred.

13. Severability. If any provision of these Terms is found by a court of competent jurisdiction to be invalid, you nevertheless agree that the court should endeavor to give effect to our intentions as reflected in the provision, and that the other provisions of these Terms remain in full force and effect.

14. Electronic Communications Notice. When you use our website or send emails to us, you are communicating with us electronically. You consent to receiving communications from us electronically. We may communicate with you by email or posting notices on the applicable website. You agree that all agreements and other communications that we provide to you electronically satisfy any legal requirement that such communications be in writing. In order to access any such communications, you must have a computer or other Internet-enabled device. In order to retain copies of any such communications, you must have a printer or data storage device. If you have a printer, you may print paper copies of any such communications for your own use. If you wish to withdraw your consent for us to communicate with you electronically, you may not use our website.

15.Acceptance. YOUR ACCEPTANCE OF THE CREDIT CONSTITUTES YOUR AGREEMENT TO THESE TERMS, INCLUDING THE RELEASE SET FORTH IN SECTION 9 ABOVE.

16. Questions. If you have any questions regarding these Terms or Credits or other inquiries, please contact us at comments@vailresorts.com or by phone at 970-754-0005.

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