Southeastern Asset Management’s Vail Resorts MTN Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2016 Q3	–	Sell	-1,073,700	Closed	-$148M	–	30
2016 Q2	$148M	Hold	1,073,700	–	–	1.51%	18
2016 Q1	$144M	Sell	1,073,700 -640,057	-37%	-$80.1M	1.37%	19
2015 Q4	$219M	Sell	1,713,757 -91,127	-5%	-$10.7M	1.98%	18
2015 Q3	$189M	Sell	1,804,884 -582,174	-24%	-$63M	1.59%	19
2015 Q2	$261M	Hold	2,387,058	–	–	1.74%	18
2015 Q1	$247M	Sell	2,387,058 -3,729	-0.2%	-$338K	1.55%	19
2014 Q4	$218M	Sell	2,390,787 -160,386	-6%	-$13.9M	1.25%	20
2014 Q3	$221M	Sell	2,551,173 -5,685	-0.2%	-$451K	1.21%	23
2014 Q2	$197M	Hold	2,556,858	–	–	1.05%	22
2014 Q1	$178M	Hold	2,556,858	–	–	0.97%	22
2013 Q4	$192M	Sell	2,556,858 -850,900	-25%	-$61.5M	0.94%	21
2013 Q3	$236M	Hold	3,407,758	–	–	1.18%	22
2013 Q2	$210M	Buy	+3,407,758	New	+$213M	1.03%	22