Vail, CO (Tuesday, July 16, 2002) - Several key members of the Vail Resorts family today remembered the legacy of their friend, colleague and Vail's founder, Pete Seibert, who passed away yesterday at the age of 77. Seibert suffered from esophogeal cancer, which which he was first diagnosed last year.

"In 1957, Pete Seibert and friend Earl Eaton hiked up a mountain west of Vail Pass, surveyed the vast expanse of forests and open bowls and envisioned a ski area that millions of people would come to enjoy, and which has repeatedly been named the best ski area in North America. It was Pete's steadfast vision and uncompromising passion that not only gave birth to the world-class ski destination that is Vail, but also broadly built the popularity of the sport of skiing. Pete leaves an unparalleled and remarkable legacy that Vail Resorts is honored to uphold. He was an integral part of our Company until the very end, and we all will greatly miss him," said Adam Aron, chairman and CEO of Vail Resorts.

"During the last 10 years that I worked with Pete, I was continually amazed by the fact that he never lost his passion for the mountains, his commitment to quality or his extraordinary imagination. We owe a debt of gratitude to the sound foundations that he laid for Vail to become the finest resort in North America. In the early years of my career in the ski industry, I was in awe of Pete and all that he had been able to accomplish with his vision for Vail. As I began to know Pete personally, my initial perceptions of him were validated. He was an exceptional human being of the highest moral fiber. He was completely and passionately committed to Vail, both the mountain and the community. With his unique physical stamina and mental fortitude in driving Vail to what it is today, Pete brought the highest standards to everything that he touched," said Andy Daly, president of Vail Resorts.

"We have lost a legend. All of us at Vail are indebted to Pete for his vision and perseverance. He created and nurtured a dream that became the foundation for the mountain and the community, which today is widely recognized as the best ski resort in the world. Pete has always been the essence of Vail and his spirit will continue to be felt on the mountain for generations to come," said Bill Jensen, COO of Vail Mountain.

Over the years following his return from action in Italy as a member of the famed 10th Mountain Division ski troops, during which he was severly wounded, Pete became involved in a number of other ventures in the ski industry, but came back to Vail Resorts to continue pursuing his dreams. He continued working for the Company on innovative projects until his passing. Pete was intimately involved in the Game Creek Club on Vail Mountain, the renowned Birds of Prey Men's World Cup Downhill Course at Beaver Creek and Vail's Blue Sky Basin expansion. Pete also played a key role in bringing the 1999 World Alpine Ski Championships to Vail and Beaver Creek.