Exhibit 21
SUBSIDIARIES 1
OF
VAIL RESORTS, INC.
NAMESTATE OF INCORPORATION/ FORMATIONDOING BUSINESS AS
1016563 B.C. Ltd.British Columbia
1089881 B.C. Ltd.British Columbia
17402 HIDDEN VALLEY, LLCMissouri
2006 CIMARRON, LLCColorado
AFFINITY SNOWSPORTS INC.British Columbia
ALL MEDIA ASSOCIATES, INC.California
ALL MEDIA HOLDINGS, INC.Colorado
AQUIA PTY LTDAustralia
ARRABELLE AT VAIL SQUARE, LLCColorado
AUSTRALIAN ALPINE ENTERPRISES HOLDINGS PTY LTDAustralia
AUSTRALIAN ALPINE ENTERPRISES PTY LTDAustralia
AUSTRALIAN ALPINE RESERVATION CENTRES PTY LTDAustralia
AVON PARTNERS II LIMITED LIABILITY COMPANYColorado
BBJFLQ, INC.Pennsylvania
BCRP, INC.Delaware
BEAVER CREEK ASSOCIATES, INC.ColoradoBEANO AT BEAVER CREEK
HAY MEADOW AT BEAVER CREEK
LATIGO AT BEAVER CREEK
MCCOY PARK AT BEAVER CREEK
RED TAIL AT BEAVER CREEK
SPRUCE SADDLE RESTAURANT
STRAWBERRY PARK AT BEAVER CREEK
BEAR TRAP AT BEAVER CREEK, INC.
BUCKBOARD AT BEAVER CREEK, INC.
DALLY AT BEAVER CREEK, INC.
FLATTOPS AT BEAVER CREEK, INC.
GOSHAWK AT BEAVER CREEK, INC.
GRAND TRAVERSE AT BEAVER CREEK, INC.
PINEY AT BEAVER CREEK, INC.
RED BUFFALO AT BEAVER CREEK, INC.
SALT LICK AT BEAVER CREEK, INC.
SHEEPHORN AT BEAVER CREEK, INC.
STEP ONE, INC.
STONE CREEK SWITCHBACK AT BEAVER CREEK, INC.
STUMP PARK AT BEAVER CREEK, INC.
BEAVER CREEK CONSULTANTS, INC.Colorado



BEAVER CREEK FOOD SERVICES, INC.ColoradoBACHELOR GULCH CLUB
BEANO’S CABIN
BEAVER CREPES AND COOKIES
CANDY CABIN
GUNDER’S
TALONS
THE OSPREY AT BEAVER CREEK
WHITE CARPET CLUB
BLACK DIAMOND INSURANCE, INC.Arizona
BLACKCOMB MOUNTAIN DEVELOPMENT LTD.British Columbia
BLACKCOMB SKIING ENTERPRISES LIMITED PARTNERSHIPBritish Columbia
BLACKCOMB SKIING ENTERPRISES LTD.British Columbia
BLC OPERATORS, INC.Pennsylvania
BOOTH CREEK SKI HOLDINGS, INC.Delaware
BOSTON MILLS SKI RESORT, INC.OhioBOSTON MILLS SKI RESORT
BOULDER VIEW TAVERN, INC.Pennsylvania
BRANDYWINE SKI RESORT, INC.Ohio
BRECKENRIDGE HOTEL MANAGEMENT COMPANY, LLCColorado
BRECKENRIDGE RESORT PROPERTIES, INC.ColoradoBRECKENRIDGE RESORT PROPERTIES
VAIL RESORTS PROPERTY MANAGEMENT
KEYSTONE RESORT PROPERTY MANAGEMENT
BRECKENRIDGE TERRACE, LLCColorado
CARINTHIA GROUP 1, LPVermont
CARINTHIA GROUP 2, LPVermont
CARINTHIA RESIDENTIAL PHASE 1, LPVermont
CARINTHIA SKI LODGE LLCVermont
CB COMMERCIAL PROPERTIES, LLCColorado
COLORADO MOUNTAIN EXPRESS, INC.ColoradoCME
CMECOUPONS
CMECOUPONS.COM
CME DESTINATIONS WEST
CME PARTNERS
CME PREMIER
COLORADO MOUNTAIN EXPRESS
DESTINATIONS WEST
EPIC MOUNTAIN EXPRESS
PREMIER VIP TRANSPORTATION
RESORT EXPRESS
ROCKY MOUNTAIN ART GUIDE
ROCKY MOUNTAIN DINING GUIDE
SKIER'S CONNECTION
 TRANSPORTATION MANAGEMENT
    SYSTEMS
WHEELS OF FORTUNE
GO CME
GO COLORADO MOUNTAIN EXPRESS
WHEELS OF FORTUNE
COLTER BAY CONVENIENCE STORE, LLCWyoming
COLTER BAY GENERAL STORE, LLCWyoming



CRESTED BUTTE, LLCColorado
CBMR PROPERTIES
CBMR SKI AND RIDE SCHOOL
CRESTED BUTTE RESORT
CRESTED BUTTE MOUNTAIN RESORT
CRESTED BUTTE SKI AREA
CRESTED BUTTE SKI RENTAL
CRESTED BUTTE VACATIONS
GENERAL STORE – CBMR
HALL OF FAME BAR & GRILL
ICE BAR
KIDS WORLD – CBMR
OUTPOST CBMR
PARADISE
RESORT COMMUNICATIONS
RUSTICA CBMR
TRACKERS – CBMR
WOODSTONE GRILLE
CAMP CB
CB CONFERENCE SERVICES
CBMR LIFT TICKETS
GRAND LODGE HOTEL
GRAND LODGE RETAIL
JEFE’S RESTAURANT
LODGE AT MOUNTAINEER SQUARE
LOGO’D AT CB
TEN PEAKS RESTAURANT
THIN AIR SPORTS
TREASURY CENTER RENTALS
WHITE ROOM
CB MOUNTAIN SCHOOL
ULEY’S CABIN
MOUNTAIN ADVENTURES
CBMR WHOLESALE DEPARTMENT
CRESTED BUTTE WHOLESALE
CRESTED BUTTE TRAVEL
COAL BREAKERS – CRESTED BUTTE
   MOUNTAIN RESORT
ELEVATION RETAIL
ATMOSPHERE
BUTTE 66
BUTTE 66 BBQ ROADHOUSECRESTED BUTTE DEVELOPMENT CORPORATION
CRESTED BUTTE MOUNTAIN BIKE PARK
CROTCHED MOUNTAIN PROPERTIES, LLCNew Hampshire
CRYSTAL PEAK LODGE OF BRECKENRIDGE, INC.ColoradoCRYSTAL PEAK LODGE
DELTRECS, INC.Ohio
DTPC, LLCDelaware
EPICSKI, INC.Montana
EVER VAIL, LLCColorado
FALLS CREEK SKI LIFTS PTY LTDAustralia
FIRST CHAIR HOUSING TRUSTEE LLCColorado
FLAGG RANCH COMPANYColorado
FROSTY LAND, INC.New York



FOREST RIDGE HOLDINGS, INC.Colorado
GARIBALDI LIFTS LTD.British Columbia
GILLETT BROADCASTING, INC.Delaware
GORE CREEK PLACE, LLCColorado
GRAND TETON LODGE COMPANYWyoming
GREAT NORTH REGIONAL CENTER, LLCVermont
GREATER PARK CITY COMPANYUtahGREATER PARK CITY CORPORATION
PARK CITY MOUNTAIN RESORT
GREATER PROPERTIES, INC.Delaware
GROS VENTRE UTILITY COMPANYWyoming
HEAVENLY VALLEY, LIMITED PARTNERSHIPNevadaBUB'S PUB
EXPEDITION KIRKWOOD
HEAVENLY MOUNTAIN RESORT
KIRKWOOD
KIRKWOOD CENTRAL RESERVATIONS
KIRKWOOD GENERAL STORE
KIRKWOOD INN
KIRKWOOD MOUNTAIN OUTFITTERS
KIRKWOOD MOUNTAIN RESORT
KIRKWOOD RESORT
KIRKWOOD SERVICE CENTER
KIRKWOOD SKI AND SUMMER RESORT
KIRKWOOD SKI RESORT
MONTE WOLFS MOUNTAIN KITCHEN
OFF THE WALL BAR AND GRILL
TIMBER CREEK
HIDDEN VALLEY GOLF AND SKI, INC.MissouriHIDDEN VALLEY SKI AREA
HPK, LLCDelaware
HUNKIDORI LAND COMPANY, LLCColorado
HUNTER MOUNTAIN ACQUISITION, INC.Missouri
HUNTER MOUNTAIN BASE LODGE, INC.New York
HUNTER MOUNTAIN FESTIVALS, LTD.New York
HUNTER MOUNTAIN RENTALS, LTD.New York
HUNTER MOUNTAIN SKI BOWL, INC.New York
HUNTER RESORT VACATIONS, INC.New York
HVLP KIRKWOOD SERVICES, LLCCalifornia
JACKSON HOLE GOLF AND TENNIS CLUB, INC.Wyoming
JACKSON LAKE LODGE CORPORATIONWyoming
JENNY LAKE LODGE, INC.Wyoming
JENNY LAKE STORE, LLCWyoming
JFBB LQ, INC.Pennsylvania
JFBB SKI AREAS, INC.Missouri
JHL&S LLCWyoming
KEYSTONE CONFERENCE SERVICES, INC.Colorado
KEYSTONE DEVELOPMENT SALES, INC.Colorado



KEYSTONE FOOD AND BEVERAGE COMPANYColorado9280'
ALPENTOP DELI
DERCUM SQUARE ICE RINK
KEYSTONE LODGE & SPA
MINER’S CART
ONE SKI HILL PLACE
PIONEER CROSSING
SNOW DRIFTER
THE CROW'S NEST
THE OVERLOOK
KEYSTONE CONFERENCE CENTER CORPORATION
SEVENS RESTAURANT
KEYSTONE RANCH WATER COMPANYColorado
KEYSTONE RESORT PROPERTY MANAGEMENT COMPANYColoradoKEYSTONE CENTRAL RESERVATIONS
KEYSTONE MOUNTAIN RESERVATIONS
KEYSTONE PROPERTY MANAGEMENT
KEYSTONE/INTRAWEST, LLCDelawareKEYSTONE REAL ESTATE DEVELOPMENTS
KEYSTONE/INTRAWEST REAL ESTATE, LLCColorado
LA POSADA BEVERAGE SERVICE, LLCDelaware
LAKE TAHOE LODGING COMPANYColoradoACCOMMODATION STATION
TAHOE LODGING
ZALANTA
LBO HOLDING, INC.Maine
LODGE PROPERTIES, INC.ColoradoTHE LODGE AT VAIL
LODGE REALTY, INC.Colorado
MAD RIVER MOUNTAIN, INC.Missouri
MHSC DP PTY LTDAustralia
MHSC HOTELS PTY LTDAustralia
MHSC PROPERTIES PTY LTDAustralia
MHSC TRANSPORTATION SERVICES PTY LTDAustralia
MOUNT HOTHAM MANAGEMENT AND RESERVATION PTY LTDAustralia
MOUNT HOTHAM SKIING COMPANY PTY LTDAustralia
MOUNT SNOW DEVELOP AND BUILDVermont
MOUNT SNOW GP SERVICESVermont
MOUNT SNOW LTD.Vermont
MOUNTAIN THUNDER, INC.Colorado
MT CB REAL ESTATE, LLCColorado
NATIONAL PARK HOSPITALITY COMPANYColorado
NORTHSTAR GROUP COMMERCIAL PROPERTIES, LLCDelaware
NORTHSTAR GROUP RESTAURANT PROPERTIES, LLCDelaware



OKEMO LIMITED LIABILITY COMPANYVermontCAMP GOKEMO
JACKSON COUNTRY CLUB AT OKEMO
   MOUNTAIN RESORT
JACKSON GORE
JACKSON GORE AT OKEMO
NEW ENGLAND’S SKI RESORT
OKEMO HEALTH CENTER
OKEMO MOUNTAIN LODGE
OKEMO MOUNTAIN LODGING BUREAU
OKEMO MOUNTAIN LODGING SERVICE
OKEMO MOUNTAIN RENTAL SHOP
OKEMO MOUNTAIN RESERVATION
   SERVICE
OKEMO MOUNTAIN RESORT
OKEMO MOUNTAIN RESORT PROPERTIES
OKEMO MOUNTAIN SKI RENTAL AND
  REPAIR SHOP
OKEMO RENTAL SERVICE
OKEMO SKI AND RIDE SCHOOL
OKEMO SPA
OKEMO SPORTS CENTER
OKEMO VALLEY GOLF ACADEMY
OKEMO VALLEY GOLF CLUB
OKEMO VALLEY GOLF COURSE
OKEMO VALLEY NORDIC CENTER
SNOW STARS
SNOW TRACKS LEARNING CENTER
SOLITUDE VILLAGE SPORTS CENTER
THE GOLF ACADEMY AT OKEMO
THE ICE HOUSE
THE MEETING HOUSE
THE OKEMO VALLEY GOLF SCHOOL
THE SPA AT OKEMO
THE SPORTS CENTER AT OKEMO
THE SPRING HOUSE
THE VILLAGE AT JACKSON GORE
WOMEN’S SKI SPREE
THE TOLL HOUSE TAVERN
CUTTING EDGE SKI SCHOOL
OKEMO CUTTING EDGE
OKEMO CUTTING EDGE SKI SCHOOL
OKEMO MOUNTAIN HEALTH CARE PLAN
OKEMO MOUNTAIN FLEXIBLE BENEFITS PLAN
THE OKEMO DIFFERENCE
VILLAGE AT OKEMO
JACKSON COUNTRY CLUB
THE VILLAGE CLUB AT JACKSON GORE
OKEMO MOUNTAIN FOOD AND BEVERAGE, INC.Vermont43 NORTH
EPIC
JACKSON GORE INN
OKEMO TAP HOUSE
ROBIN'S ROOST
SIENA AT JACKSON GORE
SKY BAR
SMOKEY JOE’S GRILL
SUGAR HOUSE AT OKEMO
THE COLEMAN BROOK TAVERN
THE CORNER STORE AT JACKSON GORE
THE INN AT JACKSON GORE
THE SITTING BULL LOUNGE
VERMONT PIZZA AT OKEMO
WILLIE DUNN’S GRILLE
ONE RIVER RUN, LLCColorado
ONE SKI HILL PLACE, LLCColorado



PAOLI PEAKS, INC.Missouri
PARK PROPERTIES, INC.Delaware
PEAK TO CREEK HOLDINGS CORP.British Columbia
PEAK TO CREEK LODGING COMPANY LTD.British ColumbiaLODGING OVATIONS
PEAK RESORTS, INC.Missouri
PERISHER BLUE PTY LIMITEDAustralia
PROPERTY MANAGEMENT ACQUISITION CORP., INC.TennesseeROCKY MOUNTAIN RESORT LODGING
   COMPANY
RCR VAIL, LLCColorado
ROCKRESORTS ARRABELLE, LLCColorado
ROCKRESORTS CORDILLERA LODGE COMPANY, LLCColorado
ROCKRESORTS COSTA RICA S.R.L.Costa Rica
ROCKRESORTS DR, LLCDelaware
ROCKRESORTS EQUINOX, INC.Vermont
ROCKRESORTS HOTEL JEROME, LLCColorado
ROCKRESORTS INTERNATIONAL, LLCDelaware
ROCKRESORTS INTERNATIONAL MANAGEMENT COMPANYColorado
ROCKRESORTS JAMAICA LIMITEDJamaica
ROCKRESORTS SKI TIP, LLCDelaware
ROCKRESORTS (ST. LUCIA) INC.St. Lucia
ROCKRESORTS THIRD TURTLE, LTD.Turks & Caicos Islands
ROCKRESORTS WYOMING, LLCWyoming
ROCKRESORTS, LLCDelaware
SKI LIBERTY OPERATING CORP.Pennsylvania
SKI ROUNDTOP OPERATING CORP.Pennsylvania
SKIINFO ASNorway
SLIFER SMITH & FRAMPTON/VAIL ASSOCIATES REAL ESTATE, LLCColoradoSLIFER, SMITH & FRAMPTON REAL
   ESTATE
SLIFER, SMITH & FRAMPTON/VAIL
   ASSOCIATES
SLIFER, SMITH & FRAMPTON/VAIL
   ASSOCIATES LLC
VAIL LIONSHEAD REAL ESTATE
   BROKERS
VAIL-LIONSHEAD REAL ESTATE
   BROKERS
VAIL-LIONSHEAD REAL ESTATE CO.
SOHO DEVELOPMENT, LLCColorado
SNH DEVELOPMENT, INC.Missouri
SNOW CREEK, INC.Missouri
SNOW TIME ACQUISITION, INC.Missouri
SNOW TIME, INC.Delaware
SNOW TRUSTAustralia



SSI VENTURE, INC.
UtahALL MOUNTAIN SPORTS
ALTERNATIVE EDGE
ANY MOUNTAIN
ASPEN SPORTS AT SNOWMASS
BEAVER CREEK FLY FISHER
BEAVER CREEK SIGNATURE SHOP
BICYCLE VILLAGE OF COLORADO
BOARDER CROSS
BOARDER CROSSING
BOARDER X-ING
BOARDINGHOUSE CECILS
BOOTSIE LACY B LLC
BOULDER SKI AND BIKE
BOULDER SKI AND BIKE DEALS
BOULDER SKI DEALS
BRECKENRIDGE SPORTS
BREEZE
BREEZE SKI RENTALS
BREEZE SKI & SPORT
BUTTERBOX
BUTTERBOX RENTAL SHOP
BUYSKIS.COM
CB MOUNTAIN OUTFITTERS
COLORADO SKI AND BIKE
COLORADO SKI & GOLF
COLORADO SNOWBOARDS
COPPER MOUNTAIN SPORTS
COPPER VILLAGE SPORTS
CRESTED BUTTE RENTAL & DEMO
   CENTER
DEPOT
DEPOT SKI RENTALS
EFLIN SPORTS
EPIC MOUNTAIN GEAR
EPIC MOUNTAIN RENTALS
FRISCO SPORTS
GRAND WEST OUTFITTERS



SSI VENTURE, INC. (Continued)UtahGONDOLA SPORTS
GORE CREEK FLY FISHERMAN
HAPPY THOUGHTS
HEAVENLY BOULDER
HEAVENLY LAKELAND VILLAGE
HEAVENLY SPORTS
HEAVENLY SPORTS - CECILS
HEAVENLY STAGECOACH
HEAVENLY TAMARACK LODGE
HOIGAARD’S
HS GONDOLA SPORTS
KEYSTONE SPORTS
KIRKWOOD MOUNTAIN SPORTS
KIRKWOOD VILLAGE DEMOS
KIRKWOOD VILLAGE RENTALS
LAKE TAHOE RESORT HOTEL
LIONSHEAD SPORTS
LOGO’D AT GRAND LODGE
MAIN LODGE RENTAL
MAIN LODGE RETAIL
MAIN STREET OUTLET
MID MOUNTAIN RETAIL SHOP
MAX SNOWBOARD
MINE CHILDREN’S
MOUNTAIN BASICS
MOUNTAIN SPORTS OUTLET
MOUNTAINSPORT TELLURIDE
MOUNTAIN ADVENTURE CENTER
NORTHSTAR ADVENTURE CENTER
NORTHSTAR LOGO
NORTHSTAR LOGO COMPANY
NORTHSTAR ON MTN DEMOS
NORTHSTAR SPORTS
ONE TRACK MIND
PARK CITY MOUNTAIN SPORTS
PEAK SPORTS
PERFORMANCE SKI & BOARD DEMO RENTBOARDS.COM
RENTSKIS.COM



SSI VENTURE, INC. (Continued)Utah
ROCKY MOUNTAIN EYEWEAR
ROCKY MOUNTAIN EYEWEAR LTD.
SAN MIGUEL ANGLERS
SKI & BOARD RENTAL SHOP
SKI DEPOT
SKI DEPOT RENTALS
SKI DEPOT SPORTS
SNOWMASS SPORT STALKER
SPECIALTY SPORTS NETWORK
STEAMBOAT SPORTS
TAYLOR CREEK
TAYLOR CREEK ANGLING SERVICES
TAYLOR CREEK FLY SHOPS
TAYLOR CREEK SPORTS
TELLURIDE ADVENTURES
TELLURIDE MOUNTAIN BIKE HEADQUARTERS LLC
TELLURIDE MOUNTAINCRAFT LLC
TELLURIDE SPORTS
TEN MILE SPORTS
THE BOARDING HOUSE
THE DEPOT
THE SKI DOCTOR
TIMBER CREEK KW RETAIL\RENTAL
TRUE NORTH
VAIL FISHING GUIDES
VAIL FLY-FISHING
VAIL FLY-FISHING OUTFITTERS
VAIL RESORTS RETAIL
VAIL SPORTS
VAIL SPORTS KIDS
WINTER PARK SKI RENTALS
WINTER PARK SKI SWAP
ZEPHYR LODGE NORTHSTAR
ASPEN SPORTS LLC
BRECK SPORTS
RENTSKIS GOLD
RIVER RUN SPORTS
ROCKY MOUNTAIN EYES AND TEES
ROCKY MOUNTAIN EYEWEAR LTD. "A SHADEY BUSINESS"
SPECIALTY SPORTS VENTURE LLC
WINTER PARK SPORTS
SSV HOLDINGS, INC.ColoradoNEVE SPORTS
SSV ONLINE LLCWisconsinOUTDOOR OUTLET
SSV ONLINE HOLDINGS, INC.Colorado
STAGECOACH DEVELOPMENT, LLCNevada
STAMPEDE CANTEEN, LLCWyoming
SUMMIT SKI LIMITEDBritish Columbia
SYCAMORE LAKE, INC.OhioALPINE VALLEY
TCRM COMPANYDelaware
TENDERFOOT SEASONAL HOUSING, LLCColorado
TETON HOSPITALITY SERVICES, INC.Wyoming
THE CANYONS GOLF CLUB, LLCUtah
THE CHALETS AT THE LODGE AT VAIL, LLCColoradoTHE LODGE AT VAIL CHALETS



THE SUNAPEE DIFFERENCE LLCNew HampshireMOUNT SUNAPEE CUTTING EDGE
   LEARNING CENTER
MOUNT SUNAPEE CUTTING EDGE SKI
   SCHOOL
MOUNT SUNAPEE LODGING BUREAU
MOUNT SUNAPEE LODGING SERVICE
MOUNT SUNAPEE NEW HAMPSHIRE’S
   RESORT
MOUNT SUNAPEE RENTAL SHOP
MOUNT SUNAPEE RESERVATION BUREAU
MOUNT SUNAPEE RESERVATION SERVICE
MOUNT SUNAPEE RESORT
MOUNT SUNAPEE SKI AND SNOWBOARD
   SHOP
MOUNT SUNAPEE SKI AREA
MOUNT SUNAPEE SKI RENTALS
MOUNT SUNAPEE SKI SHOP
MOUNT SUNAPEE SNOWSPORTS SHOP
NEW HAMPSHIRE’S BEST CORDUROY
SNOW PROS
VILLAGE AT MOUNT SUNAPEE
WHISK AROUND THE MOUNTAIN
THE VAIL CORPORATIONColoradoARROWHEAD ALPINE CLUB
ASPEN GROVE
AVAIL ADVENTURE OUTFITTERS, LTD.
BACHELOR GULCH CLUB
BACHELOR GULCH
BEAVER CREEK CLUB
BEAVER CREEK RESORT
PASSPORT CLUB
PRATER LANE PLAY SCHOOL
RED SKY GOLF CLUB
RED SKY GOLF CLUB GUEST CLUBHOUSE
   PRO SHOP
RED SKY GOLF CLUB MEMBER PRO SHOP
THE ARRABELLE CLUB
THE OSPREY AT BEAVER CREEK
THE PASSPORT CLUBHOUSE AT GOLDEN
   PEAK
THE YOUNGER GENERATION
VAIL ASSOCIATES, INC.
VAIL CONSULTANTS
VAIL MOUNTAIN
VAIL MOUNTAIN HIKING CENTER
VAIL RESORTS MANAGEMENT COMPANY
VAIL SNOWBOARD SUPPLY
GORE CREEK MINI GOLF
TV8
THE VILLAGE AT BRECKENRIDGE ACQUISITION CORP., INC.Tennessee
TRIMONT LAND COMPANYCaliforniaNORTHSTAR AT TAHOE RESORT
NORTHSTAR CALIFORNIA
TRIPLE PEAKS, LLCColorado
VAIL ASSOCIATES HOLDINGS, LTD.Colorado
VAIL ASSOCIATES INVESTMENTS, INC.ColoradoWARREN LAKES VENTURE, LTD.
VAIL ASSOCIATES REAL ESTATE, INC.Colorado



VAIL FOOD SERVICES, INC.ColoradoBISTRO 14
EXTRA EXTRA
FOX HOLLOW GOLF COURSE CLUBHOUSE
GOLDEN PEAK GRILL
GOLDEN PEAK RESTAURANT AND
  CANTINA
IN THE DOG HAUS
ONE ELK RESTAURANT
RIPPEROO’S CORNER CAFÉ
SALSA'S
THE LIONS DEN BAR & GRILL
TWO ELK RESTAURANT
VAIL MOUNTAIN DINING COMPANY
WAFFLE WAY
WILDWOOD EXPRESS
WILDWOOD SMOKEHOUSE
WOK’N ROLL, INC.
WOK ’N ROLL ‘N RICE, INC.
CAMP 1, INC.
WILDWOOD SMOKEHOUSE
BUFFALOES ROADHOUSE GRILL
GAME CREEK CLUB VILLAGE CLUBHOUSE
THE 10TH
VAIL HOLDINGS FINANCE B.V.Netherlands



VAIL HOLDINGS, INC.
ColoradoAPRÉS LOUNGE
AVON AT BEAVER CREEK.
AVON-VAIL COMPANY
BEAVER CREEK ADVERTISING AGENCY
BEAVER CREEK EQUESTRIAN CENTER
BEAVER CREEK GOLF AND TENNIS CLUB
BEAVER CREEK GOLF CLUB BAR & GRILL
BEAVER CREEK GOLF CLUB
BEAVER CREEK GUIDES
BEAVER CREEK JEEP GUIDES
BEAVER CREEK SKI PATROL
BEAVER CREEK SKI RENTAL
BEAVER CREEK SKI REPAIR
BEAVER CREEK SKI RESORT
BEAVER CREEK SKI SCHOOL
BEAVER CREEK SKI SHOPS
BEAVER CREEK SPORTING GOODS
BEAVER CREEK SPORT SHOP
BEAVER CREEK SPORTS
BEAVER CREEK TENNIS CLUB
BEAVER CREEK VACATION RESORT
EAGLE RESIDENCES
GAME CREEK CLUB
LODGE AT BEAVER CREEK
PLAZA LODGE AT BEAVER CREEK
THE ENCLAVE RESTAURANT
THE INN AT BEAVER CREEK
TRAIL'S END BAR
VAIL ASSOCIATES DEVELOPMENT
CORPORATION
VAIL/BEAVER CREEK CENTRAL
RESERVATIONS
VAIL-BEAVER CREEK COMPANY
VAIL BEAVER CREEK REAL ESTATE
VAIL MOUNTAIN CLUB
VAIL MOUNTAIN RESORT
VAIL MOUNTAIN RESORT AND
CONFERENCE CENTER
VAIL PRODUCTIONS
WILDWOOD SHELTER



VAIL HOLDINGS, INC. (Continued)
Colorado
AD BROKERAGE, A DIVISION OF VAIL ASSOCIATES, INC.
BEAVER CREEK ANTIQUES, INC.
BEAVER CREEK APARTMENTS, INC.
BEAVER CREEK ART, INC.
BEAVER CREEK AT AVON, INC.
BEAVER CREEK AT VAIL, INC.
BEAVER CREEK BACKPACKING, INC.
BEAVER CREEK BAKERY, INC.
BEAVER CREEK BAR, INC.
BEAVER CREEK BARBERS, INC.
BEAVER CREEK BICYCLES, INC.
BEAVER CREEK BOOK AND POSTER SHOP, INC.
BEAVER CREEK BOOK STORE, INC.
BEAVER CREEK BOOKING AGENCY, INC.
BEAVER CREEK BOOKING AND TICKET AGENCY, INC.
BEAVER CREEK BOOKSTORE AND OFFICE SUPPLY, INC.
BEAVER CREEK BUILDERS, INC.
BEAVER CREEK BUS SERVICE, INC.
BEAVER CREEK CAB, INC
BEAVER CREEK CABLE T V INC.
BEAVER CREEK CAFE & LOUNGE, INC.
BEAVER CREEK CAMERA, INC.
BEAVER CREEK CHEESE SHOP, INC.
BEAVER CREEK CINEMA, INC.
BEAVER CREEK CLEANERS, INC.
BEAVER CREEK CLOTHING, INC.
BEAVER CREEK CONDOMINIUM MANAGEMENT RENTAL, INC.
BEAVER CREEK CONDOMINIUM RENTAL, INC.
BEAVER CREEK CONDOMINIUMS AND LODGE, INC.
BEAVER CREEK CONDOMINIUMS, INC.
BEAVER CREEK CONDOTEL, INC.
BEAVER CREEK CONFERENCE CENTER, INC.
BEAVER CREEK CONSTRUCTION AND DEVELOPMENT, INC.
BEAVER CREEK CONSTRUCTION COMPANY, INC.
BEAVER CREEK CONSTRUCTION MANAGEMENT CONSULTANTS, INC.



VAIL HOLDINGS, INC. (Continued)
Colorado
BEAVER CREEK CYCLE SHOP, INC.
BEAVER CREEK DAIRY, INC.
BEAVER CREEK DECORATING, INC.
BEAVER CREEK DEPARTMENT STORE, INC.
BEAVER CREEK DEVELOPMENT COMPANY, INC.
BEAVER CREEK DISTRIBUTING, INC.
BEAVER CREEK DRUGS, INC.
BEAVER CREEK DRUGSTORE, INC.
BEAVER CREEK DRY CLEANERS, INC.
BEAVER CREEK ELECTRIC, INC.
BEAVER CREEK ENGINEERS, INC.
BEAVER CREEK FILLING STATION, INC.
BEAVER CREEK FIREWOOD, INC.
BEAVER CREEK FLORISTS, INC.
BEAVER CREEK FLYING SERVICE, INC.
BEAVER CREEK FOOD STORE, INC.
BEAVER CREEK GALLERIES, INC.
BEAVER CREEK GAS STATION, INC.
BEAVER CREEK GENERAL CONTRACTORS, INC.
BEAVER CREEK GIFT SHOP, INC.
BEAVER CREEK GROCERY, INC.
BEAVER CREEK HARDWARE, INC.
BEAVER CREEK HEALTH SPA, INC.
BEAVER CREEK HEATING & PLUMBING, INC.
BEAVER CREEK HOSTESSES, INC.
BEAVER CREEK HOTEL COMPANY, INC.
BEAVER CREEK INTERIOR DESIGN, INC.
BEAVER CREEK JEWELERS, INC.
BEAVER CREEK JOURNAL, INC.
BEAVER CREEK LANDSCAPING AND SNOWPLOWING, INC.
BEAVER CREEK LAUNDROMAT, INC.
BEAVER CREEK LIMOUSINE SERVICE, INC.
BEAVER CREEK LIQUOR AND WINE SHOP, INC.
BEAVER CREEK LIQUOR STORE, INC.
BEAVER CREEK LIQUORS, INC.
BEAVER CREEK LODGE AND CONFERENCE CENTER, INC.
BEAVER CREEK MAINTENANCE AND REPAIR, INC.
BEAVER CREEK MARKET, INC.



VAIL HOLDINGS, INC. (Continued)
Colorado
BEAVER CREEK MARKETING ASSOCIATION, INC.
BEAVER CREEK MEADOWS, INC.
BEAVER CREEK MERCHANTS ASSOCIATION
BEAVER CREEK MOBILE COURT, INC.
BEAVER CREEK MOBILE HOME PARK, INC.
BEAVER CREEK MOTEL, INC.
BEAVER CREEK MOTOR LODGE, INC.
BEAVER CREEK MOUNTAIN CORPORATION
BEAVER CREEK MOUNTAINEERING, INC.
BEAVER CREEK NEWS AGENCY, INC.
BEAVER CREEK NEWS, INC.
BEAVER CREEK OUTDOOR CLUB, INC.
BEAVER CREEK PAINTING, INC.
BEAVER CREEK PHARMACY, INC.
BEAVER CREEK PHOTOGRAPHY, INC.
BEAVER CREEK PIZZA, INC.
BEAVER CREEK PLANTERS, INC.
BEAVER CREEK PRINTERY, INC.
BEAVER CREEK PRINTING AND SECRETARIAL SERVICE, INC
BEAVER CREEK PUB, INC.
BEAVER CREEK RANCH, INC.
BEAVER CREEK REAL ESTATE, INC.
BEAVER CREEK REALTY AND MANAGEMENT, INC.
BEAVER CREEK RECREATION AREA, INC.
BEAVER CREEK RENTALS, INC.
BEAVER CREEK RESERVATION SERVICE
BEAVER CREEK RESORT AND CONFERENCE CENTER, INC.
BEAVER CREEK RESORT AND TENNIS CLUB
BEAVER CREEK RESORT ASSOCIATION
BEAVER CREEK RESTAURANT, INC.
BEAVER CREEK SALES, INC.
BEAVER CREEK SALOON, INC.
BEAVER CREEK SECURITY
BEAVER CREEK SERVICE CORPORATION
BEAVER CREEK SERVICE STATION, INC.
BEAVER CREEK SKI AND MOUNTAINEERING, INC.
BEAVER CREEK SKI AND SPORTS
BEAVER CREEK SKI AREA
BEAVER CREEK SKI CLUB, INC.
BEAVER CREEK SKI CORPORATION



VAIL HOLDINGS, INC. (Continued)
Colorado
BEAVER CREEK SKI SERVICE, INC.
BEAVER CREEK SKI TOURING, INC.
BEAVER CREEK SKIING CORPORATION
BEAVER CREEK SNOWPLOWING, INC.
BEAVER CREEK SPIRITS, INC.
BEAVER CREEK STEAK HOUSE, INC.
BEAVER CREEK SYSTEMS, INC.
BEAVER CREEK T V, INC.
BEAVER CREEK TAXI SERVICE, INC.
BEAVER CREEK TOWING, INC.
BEAVER CREEK TRADING POST, INC.
BEAVER CREEK TRADING, INC.
BEAVER CREEK TRAILER PARK, INC.
BEAVER CREEK TRANSPORTATION CORPORATION
BEAVER CREEK TRAVEL AGENCY, INC.
BEAVER CREEK TRAVEL SERVICE, INC.
BEAVER CREEK VALLEY ASSOCIATION, INC.
BEAVER CREEK VILLAGER, INC.
BEAVER CREEK VISITORS SERVICE, INC.
BEAVER CREEKSIDE
BEAVER CREEK-VAIL COMPANY
BEAVER-VAIL DEVELOPMENT CORPORATION
EXTREMELY VAIL, INC.
FOOD STORE AT BEAVER CREEK, INC.
MERIDIAN GROUP JOINT VENTURE, LTD.
THE ADVENTURE COMPANY, INC.
THE BEAVER TAIL, INC.
VAIL ASSOCIATES VENTURES, INC.
VAIL BOBSLED ADVENTURES, INC.
VAIL/BROADMOOR, INC.
VAIL/JAPAN ENTERPRISES, INC.
VAIL-AVON COMPANY
VAIL HOTEL MANAGEMENT COMPANY, LLCColorado
VAIL RESORTS DEVELOPMENT COMPANYColoradoVAIL ASSOCIATES REAL ESTATE GROUP
VAIL RESORTS LODGING COMPANYDelawarePARK CITY RENTAL MANAGEMENT
   COMPANY
VAIL RESORTS HOSPITALITY
VAIL RR, INC.Colorado



VAIL SUMMIT RESORTS, INC.ColoradoBEAVER CREEK VILLAGE TRAVEL
BRECKENRIDGE HOSPITALITY
BRECKENRIDGE LODGING & HOSPITALITY
BRECKENRIDGE MOUNTAIN RESORT
BRECKENRIDGE PROPERTY MANAGEMENT
BRECKENRIDGE SKI RESORT
BRECKENRIDGE SKI RESORT
   CORPORATION
COLORADO VACATIONS
KEYSTONE CONFERENCE CENTER KEYSTONE LODGE & SPA
KEYSTONE LODGING AND HOSPITALITY
KEYSTONE RESORT
KEYSTONE STABLES
KEYSTONE TRAVEL
RESERVATIONS FOR THE SUMMIT
ROCKY MOUNTAIN RESORT
   RESERVATIONS
ROCKY MOUNTAIN RESORTVACATIONS
ROCKY MOUNTAIN SKI CONSOLIDATORS
VAIL/BEAVER CREEK CENTRAL
   RESERVATIONS
VAIL/BEAVER CREEK RESERVATIONS
VAIL/BEAVER CREEK TRAVEL
VAIL TRADEMARKS, INC.ColoradoVAIL RESORTS TRADEMARKS, INC.
VAIL/ARROWHEAD, INC.Colorado
VAIL/BEAVER CREEK RESORT PROPERTIES, INC.ColoradoARROWHEAD PROPERTY MANAGEMENT
   COMPANY
BACHELOR GULCH PROPERTY
   MANAGEMENT COMPANY
BEAVER CREEK RESORT PROPERTIES
BEAVER CREEK TENNIS CENTER
TRAPPER'S CABIN
VAIL PROPERTY MANAGEMENT
PARK PLAZA RENTAL RESERVATIONS
PARK PLAZA RESERVATIONS, INC.
BEAVER CREEK RESORT PROPERTIES
VAMHC, INC.Colorado
VR ACQUISITION, INC.California
VR AUSTRALIA HOLDINGS PTY LTDAustralia
VR CPC HOLDINGS, INC.
DelawareCANYONS GOLF COURSE BEVERAGE
   CARTS
CANYONS RESORT
COBRA DOG SHACK
KRISTI’S COFFEE CAFÉ
LEGACY LODGE
LEGACY SPORTS
LEGENDS AT THE RESORT
MID MOUNTAIN
MINER'S CAMP RESTAURANT
PARK CITY MOUNTAIN RESORT
PARK CITY MOUNTAIN
PARK CITY RESORT
SNOW HUT
SUMMIT HOUSE
THE CANYONS
PARK CITY RESORT
VR CPC SERVICES, LLCDelaware



VR HEAVENLY CONCESSIONS, INC.California
VR HEAVENLY I, INC.Colorado
VR HEAVENLY II, INC.Colorado
VR HOLDINGS, INC.Colorado
VR NE HOLDINGS, LLCDelawareJACKSON COUNTRY CLUB
JACKSON GORE AT OKEMO MOUNTAIN
   RESORT
JACKSON GORE LODGE
JACKSON GORE RENTALS
JACKSON GORE RESERVATIONS
JACKSON GORE VACATION CLUB
JACKSON GORE VACATIONS
JACKSON GORE VILLAGE
JACKSON GORE VILLAGE LODGING
   SERVICE
JACKSON GORE VILLAGE RENTALS
JACKSON GORE VILLAGE SPORT AND
   FITNESS CENTER
VR NW HOLDINGS, INC.Delaware
VR PA HOLDINGS, INC.Pennsylvania
VRSS HOLDINGS, LLCDelaware
VR US HOLDINGS, INC.DelawareAFTON ALPS
AFTON ALPS RESORT
BRUHN’S
MT. BRIGHTON
MT. BRIGHTON RESORT
ONE CREEK MOUNTAIN GRILL
SKI HILL GRILL
THE TRUCK



VR US HOLDINGS II, LLCDelaware
STOWE MOUNTAIN RESORT
ADVENTURE CENTER
CLIFF HOUSE RESTAURANT
CUBS CHILD CARE
GONDOLA CAFÉ
LODGE AT MT. MANSFIELD
LODGE AT STOWE MOUNTAIN RESORT
MIDWAY CAFÉ
MT. MANSFIELD SKI PATROL
OCTAGON CAFETERIA
SPRUCE BASE CAMP
SPRUCE CAMP BASE LODGE
SPRUCE CAMP
STOWE ADVENTURE CENTER
STOWE BASE CAMP
STOWE CUBS DAYCARE
THE CANTEEN RESTAURANT
THE FIRESIDE TAVERN
THE INN AT THE MOUNTAIN
THE OCTAGON
TOLL HOUSE CONFERENCE CENTER
TREETOP ADVENTURE
ZIPTOUR ADVENTURE
MT. MANSFIELD BASE LODGE
THE SMUGGLERS DEN
SPRUCE LODGE AT MOUNT MANSFIELD
ADVENTURE OUTFITTERS
ALL MOUNTAIN PROGRAM (AMP)
ALL MOUNTAIN PROGRAM (AMP)
AMERICAN FLYER
BARNES CAMP COUNTRY STORE
BROKEN SKI TAVERN
CHILDREN'S ADVENTURE CENTER
EVOLUTION STOWE
EVOLUTION STOWE CARD
EXPLORERS
FIRST CHAIR ALPINE
FRONT FOUR DEMO CENTER
FRONT FOUR RENTALS
FRONT FOUR SPORTS
GEAR ZONE
GREAT ROOM GRILL
H. H. BINGHAMS
INSIDER'S GUIDE TO STOWE
MAIN EVENT TERRAIN PARK
MANSFIELD CROSS-COUNTRY SKI CENTER
MANSFIELD SPORT SHOPS
MIDWAY LODGE
MIGHTYBUSTERS
MINIBUSTERS
MOUNT MANSFIELD LODGE AT LONG TRAIL
MOUNTAIN CLINIC
MOUNTAINEERS
MT. MANSFIELD LODGE
VR WM HOLDINGS, LLCDelawareWILMOT MOUNTAIN RESORT
VRV AUSTRALIA PTY LTDAustralia
WB LAND INC.British Columbia
WB LAND (CREEKSIDE SNOW SCHOOL) INC.British Columbia



WB/T DEVELOPMENT LTD.British Columbia
WC ACQUISITION CORP.New Hampshire
WEST LAKE WATER PROJECT, LLCVermont
WHISTLER & BLACKCOMB MOUNTAIN RESORTS LIMITEDBritish Columbia
WHISTLER ALPINE CLUB INC.British Columbia
WHISTLER BLACKCOMB EMPLOYMENT CORP.British Columbia
WHISTLER BLACKCOMB HOLDINGS INC. (f/k/a 1068877 BC Ltd.)British Columbia
WHISTLER/BLACKCOMB MOUNTAIN EMPLOYEE HOUSING LTD.British Columbia
WHISTLER BLACKCOMB GENERAL PARTNER LTD.British Columbia
WHISTLER HELI-SKIING LTD.British Columbia
WHISTLER MOUNTAIN RESORT LIMITED PARTNERSHIPBritish Columbia
WHISTLER SKI SCHOOL LTD.British Columbia
WHITETAIL MOUNTAIN OPERATING CORP.Pennsylvania


1Includes only those entities owned 50% or greater.