Transaction closing between Vail Resorts, Inc. and Andermatt Swiss Alps AG

With the closing of the transaction on August 3, 2022 Vail Resorts, Inc. (Vail Resorts) and Andermatt Swiss Alps AG (ASA) have confirmed investments of CHF 149 million into the destination Andermatt-Sedrun. Together the two partners will accelerate the destination into “The Prime Alpine Destination”. ASA has also earmarked additional investments of CHF 350 million into its core business of real estate, hospitality and infrastructure over the next three to five years.

With the closing of the transaction on August 3, 2022 Vail Resorts, Inc. (Vail Resorts) and Andermatt Swiss Alps AG (ASA) have confirmed investments of CHF 149 million into the destination Andermatt-Sedrun. Together the two partners will accelerate the destination into “The Prime Alpine Destination”. ASA has also earmarked additional investments of CHF 350 million into its core business of real estate, hospitality and infrastructure over the next three to five years. Vail Resorts’ CHF 149 million investment is comprised of two components: CHF 110 million investment into Andermatt-Sedrun Sport AG for use in capital investments to enhance the guest experience including lifts, snowmaking, gastronomy, leisure offerings and infrastructure on the mountain. ASA will fully reinvest its proceeds of CHF 39 million, in addition to the already earmarked CHF 350 million investments, into the continued development of its core business for hotels, infrastructure, and expansion of Andermatt Reuss within the next three to five years. All funds will be shared between Andermatt and Sedrun. After the approval of shareholders and authorities, Vail Resorts now owns a 55 per cent stake in Andermatt-Sedrun Sport AG. ASA keeps a 40 per cent stake in Andermatt-Sedrun Sport AG, while the remaining 5 per cent is held by individual shareholders. The aim of the partnership between Vail Resorts and ASA is to develop Andermatt and Sedrun into the shared vision of “The Prime Alpine Destination”. As of August 4, the management of the company will be the responsibility of Vail Resorts. Mike Goar is appointed Vice President, Chief Operating Officer and Managing Director of Andermatt-Sedrun Sport AG. There will be no other immediate changes to the ongoing operations of Andermatt-Sedrun, in particular the SkiArena Andermatt-Sedrun. “I look forward to working with – and learning from – the incredible team at Andermatt-Sedrun as well as our passionate partners and the dedicated communities,” says Mike Goar. “I am excited to support the important investments being made into the destination as together, we work toward making Andermatt-Sedrun a premier alpine destination in Europe. We are proud to add this special resort to the Vail Resorts network and I am personally committed to operational excellence and collaboration.” Raphael Krucker, CEO of Andermatt Swiss Alps AG and member of the board of Andermatt-Sedrun Sport AG: "Vail Resorts is the ideal partner to achieve our goal of further developing Andermatt and Sedrun into the Prime Alpine Destination. I am very much looking forward to the cooperation, the joint investments and the complementary know-how from Vail Resorts.” 2022/2023 Pass Options The annual pass for the Andermatt+Sedrun+Disentis ski area continues to include access to the Matterhorn Gotthard Bahn - without a price surcharge. The Epic Pass from Vail Resorts, Inc. will be valid exclusively in the Andermatt-Sedrun ski area in winter 2022/23. More here.

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BIO Mike Goar Mike Goar's career in the ski industry began in 1976 at Sunrise Park in Arizona before moving in 1981 to Solitude Resort, where he worked for 27 years. He then served as Vice President and General Manager of The Canyons Resort for eight years, including during its acquisition by Vail Resorts and merger with Park City Mountain in 2015. A key member of the Vail Resorts leadership team, he then served as Vice President and Chief Operating Officer of Keystone Resort in Colorado and then Vice President and Chief Operating Officer of Vail Resort’s Tahoe region with oversight of Heavenly Ski Resort, Kirkwood and Northstar Resort before returning to his hometown of Park City Mountain in 2019. Contact Stefan Kern Chief Communication Officer +41 78 663 29 63 s.kern@andermatt-swissalps.ch