Case For Change

Significant Stock Price Decline

Vail’s stock has plunged more than 50% over the last five years, erasing more than $8 billion of market value1

Persistent TSR Underperformance

Vail’s total shareholder return has underperformed the median of the company’s self-selected peers and the Dow Jones U.S. Travel and Leisure Index over each of the last one, two, three, four, five, six, seven, eight, nine and ten years2

Loss of Market Share and Stagnant Pass Sales

Over the last three years, market share has declined, growth in guest visits has trailed the industry and pass unit sales have stagnated, indicating a persistent shrinking of the Company’s customer base3

We believe the Board has failed guests, employees and shareholders.

Join Us

Oasis, founded in 2002, manages private investment funds and focuses on creating long-term value by working with companies to strengthen governance and unlocking sustainable growth. We believe our highly qualified nominees can help Vail Resorts deliver unforgettable experiences for guests, opportunities for employees and sustainable value for shareholders.


Footnotes

1FactSet and Bloomberg. Data as of October 30, 2026. Value destruction based on market capitalization change.
2FactSet and Bloomberg. Data as of June 17, 2026, the last trading day prior to media reports that Oasis was considering launching a proxy contest at the Company. “Self-selected peers” refer to the companies referenced in Vail Resorts’ 2026 Investors’ Conference Presentation for the purpose of comparing free cash flow conversion and include Carnival, Hilton Worldwide Holdings, Hyatt Hotels, Marriott International, MGM Resorts, Norwegian Cruise Line Holdings, Royal Caribbean, Six Flags Entertainment, United Parks & Resorts, Wyndham Hotels & Resorts and Wynn Resorts. Peer data reflects the median. Wyndham Hotels & Resorts data is not included in the 9-Year and 10-Year median calculation due to the Wyndham Hotels & Resorts stock not trading at the time.
3Vail Resorts Form 10-K for the fiscal years ended July 31, 2023, 2024, 2025 and 2026, respectively, and Vail Resorts Investors’ Conference Presentation, March 17-18, 2026.