Second Quarter Highlights The Leo Cottage - Union Pier, MI

Second Quarter Highlights 2 Heather H., Vacasa homeowner in Fayston, VT Karen S., Vacasa homeowner in Blue Ridge, GA “From day one, every aspect of Vacasa—from the service to the technology to my local team—has been great. Everytime I visit, I still feel like it’s my home. My husband and I have had the conversation that as we look for additional investments, we want them to be vacation homes and we also want them to be where Vacasa operates so we can replicate this experience in other places.” “My local team and I are in a partnership together to satisfy the customer because this is a business for all of us. I bought this property to use personally, but it’s become a business for me. I’ve even had guests speciﬁcally come to experience what it would be like to have this type of vacation home and then allow a rental company to manage it for them. I’ve absolutely had that happen and have already recommended Vacasa.”

Second Quarter Highlights 3 Meredith D., Vacasa guest in Hoodsport, WA Judiaann W., Vacasa guest in Rockaway Beach, OR “After six months in isolation, we booked a lakeside rental that met all of our COVID safety and relaxation needs. Upon arrival, we experienced some minor issues with check- in, so it was a relief to have a local Vacasa team member available who quickly resolved the issue and made it right with us. This level of support was above and beyond what we’ve experienced through other home rental platforms, so our ﬁrst Vacasa experience left us surprised and delighted and we’re excited to explore other Vacasa properties.” “My family travels quite a bit. My kids have stayed everywhere from 5-star hotels to cozy yurts and everything in between. We were so impressed with our Vacasa stay—so much that they still talk about it. From the moment we arrived at the property, everything was seamless, the house was perfectly cleaned, maintained and fully stocked with everything we needed to enjoy our vacation right from the start.”

Second Quarter Highlights ȇ Management Remarks on the Second Quarter ɨØĺîƥîēĿĲĲĚƑĚŠČĚîǋĚîƑŞîŒĚƙɍTŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑŕîƙƥǋĚîƑɈ ǅĚǅĚƑĚîƥƥĺĚĺĚĿĳĺƥūĲƥĺĚĿŞƎîČƥūĲ ~×T'ɠȂȊūŠūƭƑċƭƙĿŠĚƙƙ îŠēƥƑîŠƙĿƥĿūŠĿŠĳĲƑūŞîƎĚƑĿūēūĲĚǊƥƑĚŞĚŕǋŕūǅēĚŞîŠēƥū ĚǊƎŕūƙĿǄĚēĚŞîŠēɍ¹ĺĚƥĚîŞƙƭČČĚƙƙĲƭŕŕǋŠîǄĿĳîƥĚēƥĺîƥēĿĲǶČƭŕƥ ĚŠǄĿƑūŠŞĚŠƥîŠēǅĚČūŠƥĿŠƭĚēƥūĚƙƥîċŕĿƙĺūƭƑƎūƙĿƥĿūŠîƙî ŞîƑŒĚƥŕĚîēĚƑɈɩƙîĿēqîƥƥ¤ūċĚƑƥƙɈ /~ūĲ×îČîƙîɍɨGîƙƥĲūƑǅîƑē ƥūƥĺĚƙĚČūŠēƐƭîƑƥĚƑūĲȃȁȃȂɈîŠē×îČîƙîîČĺĿĚǄĚēƑĚČūƑēƑĚƙƭŕƥƙ îČƑūƙƙîŕŕŞĚƥƑĿČƙɇHƑūƙƙūūŒĿŠĳ×îŕƭĚɈsĿĳĺƥƙ¬ūŕēɈHƑūƙƙūūŒĿŠĳ ×îŕƭĚ¡ĚƑsĿĳĺƥ¬ūŕēɈîŠē¤ĚǄĚŠƭĚɍɩ ɨ×îČîƙîɫƙūƎĚƑîƥĿŠĳîŠēǶŠîŠČĿîŕƑĚƙƭŕƥƙĲîƑĚǊČĚĚēĚēūƭƑƙĚČūŠēƐƭîƑƥĚƑƥîƑĳĚƥƙɈēƑĿǄĚŠ ċǋƎĚŠƥɠƭƎēĚŞîŠēĲūƑŕĚĿƙƭƑĚƥƑîǄĚŕɈƙĺĿĲƥĿŠĳČūŠƙƭŞĚƑƎƑĚĲĚƑĚŠČĚîŠēƥĺĚƭŠĿƐƭĚċĚŠĚǶƥƙ ǄîČîƥĿūŠƑĚŠƥîŕƙƎƑūǄĿēĚĿŠƥĺĚČƭƑƑĚŠƥĚŠǄĿƑūŠŞĚŠƥɈɩƙîĿē¤ūċĚƑƥƙɍɨ¹ĺĚƙĚƙƥƑūŠĳČūŠƙƭŞĚƑ ƥƑĚŠēƙĺîǄĚČūŠƥĿŠƭĚēɈîŠēǅĚŠūǅĚǊƎĚČƥūƭƑƥĺĿƑēƐƭîƑƥĚƑƑĚǄĚŠƭĚƥūǶŠĿƙĺǅĚŕŕîĺĚîē ūĲƥĺĚƥîƑĳĚƥƙǅĚĚƙƥîċŕĿƙĺĚēǅĿƥĺ¹¡H¡îČĚ¬ūŕƭƥĿūŠƙƎƑĿūƑƥūūƭƑîŠŠūƭŠČĚēċƭƙĿŠĚƙƙ ČūŞċĿŠîƥĿūŠɍɩ ɨOĚĿĳĺƥĚŠĚēēĚŞîŠēĲūƑǄîČîƥĿūŠƑĚŠƥîŕƙēƭƑĿŠĳƥĺĚƙĚČūŠēƐƭîƑƥĚƑ ƑĚƙƭŕƥĚēĿŠƙƥƑūŠĳūČČƭƎîŠČǋɍ¬ĿŞƭŕƥîŠĚūƭƙŕǋɈ×îČîƙîǅîƙîċŕĚƥū ĿŠČƑĚîƙĚHƑūƙƙūūŒĿŠĳ×îŕƭĚƎĚƑsĿĳĺƥ¬ūŕēċǋūǄĚƑȂȁʣǄĚƑƙƭƙŕîƙƥ ǋĚîƑɈŞîǊĿŞĿǕĿŠĳƑĚŠƥîŕĿŠČūŞĚĲūƑūƭƑǄîŕƭĚēĺūŞĚūǅŠĚƑƙɈɩ ƙîĿēcîŞĿĚ ūĺĚŠɈ G~ūĲ×îČîƙîɍɨØĿƥĺƥĺĚƙĚĲîǄūƑîċŕĚƎîƥƥĚƑŠƙ ČŕĚîƑŕǋĚǊƥĚŠēĿŠĳĿŠƥūƥĺĚƥĺĿƑēƐƭîƑƥĚƑɈǅĚîƑĚǶŠēĿŠĳǅîǋƙƥū ĿŠǄĚƙƥƥĺĚūǄĚƑƎĚƑĲūƑŞîŠČĚċîČŒĿŠƥūƥĺĚċƭƙĿŠĚƙƙƥūĲƭƑƥĺĚƑūƭƑ ČūŞƎĚƥĿƥĿǄĚēĿĲĲĚƑĚŠƥĿîƥĿūŠîŠēČūŠƥĿŠƭĚċƭĿŕēĿŠĳîƙƥƑūŠĳĲūƭŠēîƥĿūŠ ĲūƑŕūŠĳɠƥĚƑŞĳƑūǅƥĺɍɩ

Second Quarter Highlights Ȉ About Vacasa ×îČîƙîĿƙČƑĚîƥĿŠĳîƙƭƎĚƑĿūƑǄîČîƥĿūŠƑĚŠƥîŕĚǊƎĚƑĿĚŠČĚĲūƑĺūŞĚūǅŠĚƑƙɈĳƭĚƙƥƙɈîŠē ēĿƙƥƑĿċƭƥĿūŠƎîƑƥŠĚƑƙîŕĿŒĚĚŠîċŕĚēċǋūƭƑĚŠēɠƥūɠĚŠēƥĚČĺŠūŕūĳǋƎŕîƥĲūƑŞɍ~ƭƑǄîŕƭĚ ƎƑūƎūƙĿƥĿūŠĿƙƑūūƥĚēĿŠūƭƑƙƭƎƎŕǋƙĿēĚĲūČƭƙɈǅĺĚƑĚūƭƑūĲĲĚƑĿŠĳŞîŒĚƙĿƥĚîƙǋĲūƑîŠǋūŠĚƥū ƥƭƑŠƥĺĚĿƑƙĚČūŠēĺūŞĚĿŠƥūîǄîČîƥĿūŠƑĚŠƥîŕĿŠūǄĚƑȅȁȁēĚƙƥĿŠîƥĿūŠƙîČƑūƙƙsūƑƥĺŞĚƑĿČîɈ ĚŕĿǕĚɈîŠē ūƙƥî¤ĿČîɍ ~ƭƑƎƭƑƎūƙĚɠċƭĿŕƥƥĚČĺŠūŕūĳǋƎŕîƥĲūƑŞĺîƙĚŠîċŕĚēƭƙƥūƙČîŕĚîŠēċĚČūŞĚƥĺĚŕĚîēĿŠĳ ǄîČîƥĿūŠƑĚŠƥîŕŞîŠîĳĚŞĚŠƥČūŞƎîŠǋĿŠsūƑƥĺŞĚƑĿČîɍØĚŕĚǄĚƑîĳĚĿŠƥĚƑŠîŕŕǋċƭĿŕƥƥūūŕƙƥū ŞîŠîĳĚîŕŕîƙƎĚČƥƙūĲƥĺĚǄîČîƥĿūŠƑĚŠƥîŕĚǊƎĚƑĿĚŠČĚĲūƑĺūŞĚūǅŠĚƑƙɈĲƑūŞŕĿƙƥĿŠĳČƑĚîƥĿūŠ îŠēŞƭŕƥĿɠČĺîŠŠĚŕēĿƙƥƑĿċƭƥĿūŠƥūƎƑĿČĿŠĳɈŞîƑŒĚƥĿŠĳūƎƥĿŞĿǕîƥĿūŠɈîŠēĚŠēɠƥūɠĚŠēƎƑūƎĚƑƥǋ ČîƑĚɍ~ƭƑƥĚČĺŠūŕūĳǋĲūČƭƙĚŕĚǄîƥĚƙîŕŕĲîČĚƥƙūĲƥĺĚĳƭĚƙƥĚǊƎĚƑĿĚŠČĚƥūūƥĺƑūƭĳĺĚîƙǋ îČČĚƙƙƥūƑĚƙĚƑǄîƥĿūŠĿŠĲūƑŞîƥĿūŠɈȃȅɠȈČƭƙƥūŞĚƑƙƭƎƎūƑƥɈîŠēƙŞîƑƥĺūŞĚĿŠƥĚĳƑîƥĿūŠɍ¹ĺĚ ŕūČîŕŞîƑŒĚƥūƎĚƑîƥĿūŠƙƥĚîŞƙîŕƙūƭƙĚƎƑūƎƑĿĚƥîƑǋƙǋƙƥĚŞƙƥūƙƥƑĚîŞŕĿŠĚƥĺĚČŕĚîŠĿŠĳîŠē ƙĚƑǄĿČĿŠĳūĲĺūŞĚƙɍ ×îČîƙîĿƙǅĚŕŕƎūƙĿƥĿūŠĚēĲūƑČūŠƥĿŠƭĚēĳƑūǅƥĺĿŠƥĺĚŞîƙƙĿǄĚîŠēĳƑūǅĿŠĳǄîČîƥĿūŠƑĚŠƥîŕ ŞîƑŒĚƥɍ¹ĺĚǄîČîƥĿūŠƑĚŠƥîŕČîƥĚĳūƑǋĺîƙƑĚîČĺĚēƙĿĳŠĿǶČîŠƥƙČîŕĚǅĿƥĺîŠŠƭîŕƙƎĚŠē ĚǊƎĚČƥĚēƥūƙƭƑƎîƙƙɷȃȁȁċĿŕŕĿūŠĳŕūċîŕŕǋċǋȃȁȃȃɈĳƑūǅĿŠĳîƥîċūƭƥȃǊƥĺĚƑîƥĚūĲƥƑîēĿƥĿūŠîŕ îČČūŞŞūēîƥĿūŠƙɍgūūŒĿŠĳîƥŏƭƙƥƥĺĚÀŠĿƥĚē¬ƥîƥĚƙɈ×îČîƙîĺîƙƙĿĳŠĿǶČîŠƥƑūūŞĲūƑ ĚǊƎîŠƙĿūŠǅĿƥĺŕĚƙƙƥĺîŠȂʣūĲƥĺĚūǄĚƑȆŞĿŕŕĿūŠǄîČîƥĿūŠĺūŞĚƙČƭƑƑĚŠƥŕǋūŠūƭƑƎŕîƥĲūƑŞɍ ØĚɫǄĚŞîēĚƙĿĳŠĿǶČîŠƥƎƑūĳƑĚƙƙūǄĚƑƥĺĚǋĚîƑƙîŠēŠūǅĺîǄĚūǄĚƑȄȁɈȁȁȁƎƑūƎĚƑƥĿĚƙūŠ ūƭƑƎŕîƥĲūƑŞɍǋūĲĲĚƑĿŠĳĺūŞĚūǅŠĚƑƙîŠĚîƙĿĚƑîŠēċĚƥƥĚƑƙūŕƭƥĿūŠɈǅĚîƑĚĲūČƭƙĚē ūŠîĳĳƑĚĳîƥĿŠĳîēēĿƥĿūŠîŕƙƭƎƎŕǋĿŠƥĺĿƙĲƑîĳŞĚŠƥĚēĿŠēƭƙƥƑǋɍØĚǅĿŕŕČūŠƥĿŠƭĚƥūĿŠǄĚƙƥ ĺĚîǄĿŕǋĿŠƥĚČĺŠūŕūĳǋƥūĿŞƎƑūǄĚƥĺĚĚǊƎĚƑĿĚŠČĚĲūƑċūƥĺĺūŞĚūǅŠĚƑƙîŠēĳƭĚƙƥƙɈîŠē ēƑĿǄĚūƎĚƑîƥĿūŠîŕĚĲǶČĿĚŠČĿĚƙĿŠūƭƑċƭƙĿŠĚƙƙɍƭƥɈƥĺĿƙĿƙŏƭƙƥƥĺĚċĚĳĿŠŠĿŠĳɍ ØĚɫƑĚĚǊČĿƥĚēƥūƭƙĚūƭƑƙČîŕĚîŠēƥĚČĺŠūŕūĳǋîēǄîŠƥîĳĚƥūƭŠŕūČŒîēēĿƥĿūŠîŕ ƙƭƎƎŕǋƥūĳƑūǅƥĺĚǄîČîƥĿūŠƑĚŠƥîŕČîƥĚĳūƑǋɍ Search & Discovery Demand Generation Booking & Payment Listing Optimization Dynamic Pricing Homeowner Tools Real Estate Analytics Management of Exclusive Inventory Property Setup Distributed Operations Deep 24/7 Support Multi- Channel Distribution Demand Supply

Second Quarter Highlights ȉ Recent Highlights Supply Additions ØĚĳĚŠĚƑîƥĚHƑūƙƙūūŒĿŠĳ×îŕƭĚĳƑūǅƥĺċǋîēēĿŠĳîēēĿƥĿūŠîŕǄîČîƥĿūŠƑĚŠƥîŕĺūŞĚƙƭƎƎŕǋ ƥūūƭƑƎŕîƥĲūƑŞɍ~ƭƑŞƭŕƥĿɠƎƑūŠĳĚēƙƭƎƎŕǋîČƐƭĿƙĿƥĿūŠƙƥƑîƥĚĳǋĿŠČŕƭēĚƙūƭƑĿŠēĿǄĿēƭîŕ îƎƎƑūîČĺɈǅĺĚƑĚǅĚūŠċūîƑēĿŠēĿǄĿēƭîŕǄîČîƥĿūŠƑĚŠƥîŕƎƑūƎĚƑƥĿĚƙƥĺƑūƭĳĺūƭƑēĿƑĚČƥƙîŕĚƙ ĲūƑČĚɈîŠēūƭƑƎūƑƥĲūŕĿūîƎƎƑūîČĺɈǅĺĚƑĚǅĚūŠċūîƑēƎūƑƥĲūŕĿūƙūĲĺūŞĚƙîŕƑĚîēǋċĚĿŠĳ ƎƑūĲĚƙƙĿūŠîŕŕǋŞîŠîĳĚēċǋŕūČîŕƎƑūƎĚƑƥǋŞîŠîĳĚƑƙɍ'ƭƑĿŠĳƥĺĚƙĚČūŠēƐƭîƑƥĚƑɈǅĚĺîē ƙƥƑūŠĳĿŠēĿǄĿēƭîŕƭŠĿƥîēēĿƥĿūŠƙċǋūƭƑƙîŕĚƙƑĚƎƑĚƙĚŠƥîƥĿǄĚƙîŠēĲƑūŞūƭƑƎūƑƥĲūŕĿūîƎƎƑūîČĺɍ ¬ĚƎîƑîƥĚĲƑūŞūƭƑƎūƑƥĲūŕĿūƎƑūĳƑîŞɈǅĚČŕūƙĚēƥĺĚîČƐƭĿƙĿƥĿūŠūĲ¹ƭƑŠeĚǋ×îČîƥĿūŠ¤ĚŠƥîŕƙ ĿŠƎƑĿŕǅĺĿČĺĺîēîŠƭŞċĚƑūĲƙƥƑîƥĚĳĿČċĚŠĚǶƥƙĿŠČŕƭēĿŠĳƥĺĚîēēĿƥĿūŠūĲČūŞƎŕĚŞĚŠƥîƑǋ ƥĚČĺŠūŕūĳǋîŠēîēēĿƥĿūŠîŕƙƭƎƎŕǋɍ New Consumer Behaviors Taking Hold ¹ĺĚƑĚĺîƙċĚĚŠîŠūŠĳūĿŠĳƙĺĿĲƥƥūǅîƑēƙîŕƥĚƑŠîƥĿǄĚîČČūŞŞūēîƥĿūŠƙūǄĚƑƥĺĚƎîƙƥēĚČîēĚɈ ċƭƥǅĚċĚŕĿĚǄĚƥĺĚĚǄĚŠƥƙūǄĚƑƥĺĚƎîƙƥǋĚîƑĺîǄĚîČČĚŕĚƑîƥĚēČūŠƙƭŞĚƑîēūƎƥĿūŠɍČČūƑēĿŠĳ ƥū¡ĺūČƭƙǅƑĿĳĺƥɈƥĺĚƎƑūƎūƑƥĿūŠūĲĳƭĚƙƥƙƙƥîǋĿŠĳĿŠǄîČîƥĿūŠƑĚŠƥîŕƙŞūƑĚƥĺîŠƥƑĿƎŕĚēūǄĚƑ ƥĺĚƎîƙƥēĚČîēĚɈĳƑūǅĿŠĳĲƑūŞŕĚƙƙƥĺîŠȂȁʣĿŠȃȁȂȁƥūîƎƎƑūǊĿŞîƥĚŕǋȄȁʣĿŠȃȁȂȊɍTŠ ƑĚČĚŠƥƐƭîƑƥĚƑƙɈǅĚɫǄĚĚǊƎĚƑĿĚŠČĚēĚŕĚǄîƥĚēŕĚǄĚŕƙūĲūČČƭƎîŠČǋŞĚîŠĿŠĳŞūƑĚƎĚūƎŕĚƥĺîŠ ĚǄĚƑîƑĚČĺūūƙĿŠĳîŕƥĚƑŠîƥĿǄĚîČČūŞŞūēîƥĿūŠƙɍØĚċĚŕĿĚǄĚƥĺĚĺĿĳĺĚƑƑîƥĚūĲČūŠƙƭŞĚƑƭƙĚɈ ƎîĿƑĚēǅĿƥĺČūŠƥĿŠƭĚēƭƙĚČîƙĚƙŕĿŒĚĚǊƥĚŠēĚēƙƥîǋƙîŠēƑĚŞūƥĚǅūƑŒɈƙĺūƭŕēƎƑūǄĿēĚî ƙƥƑūŠĳĳƑūǅƥĺƥîĿŕǅĿŠēƥūƥĺĚǄîČîƥĿūŠƑĚŠƥîŕČîƥĚĳūƑǋĿŠƥĺĚǋĚîƑƙîĺĚîēɍ The Leo Cottage - Union Pier, MI

Second Quarter Highlights Ȋ Recent Highlights Technology Investments ØĚČūŠƥĿŠƭĚƥūŕĚǄĚƑîĳĚƥĚČĺŠūŕūĳǋƥūĿŞƎƑūǄĚƥĺĚǄîČîƥĿūŠƑĚŠƥîŕĚǊƎĚƑĿĚŠČĚĲūƑ ĺūŞĚūǅŠĚƑƙîŠēĳƭĚƙƥƙɍĲĚǅĚǊîŞƎŕĚƙūĲƑĚČĚŠƥŕǋƑĚŕĚîƙĚēƎƑūēƭČƥƙĿŠČŕƭēĚɇ Homeowner Mobile App.ØĚƎƭċŕĿƙĺĚēîċĚƥîǄĚƑƙĿūŠūĲƥĺĚOūŞĚūǅŠĚƑqūċĿŕĚƎƎ ĲūƑċūƥĺĿ~¬ɓŠēƑūĿēǅĿƥĺƎŕîŠƙĲūƑîĲƭŕŕŕîƭŠČĺĿŠƥĺĚĲūƭƑƥĺƐƭîƑƥĚƑɍ¹ĺĚîƎƎîŕŕūǅƙ ĺūŞĚūǅŠĚƑƙƥūĚîƙĿŕǋĚŠĳîĳĚǅĿƥĺ×îČîƙîūŠɠƥĺĚɠĳūîŠēǅĚƎŕîŠƥūƑūŕŕūƭƥîēēĿƥĿūŠîŕ ĲĚîƥƭƑĚƙĿŠƥĺĚĲƭƥƭƑĚɍ¹ĺĿƙƥǋƎĚūĲūĲĲĚƑĿŠĳēĿĲĲĚƑĚŠƥĿîƥĚƙƥĺĚ×îČîƙîĚǊƎĚƑĿĚŠČĚĲƑūŞ ūƥĺĚƑǄîČîƥĿūŠƑĚŠƥîŕŞîŠîĳĚŞĚŠƥČūŞƎîŠĿĚƙɍ “Add a Night” Feature.ČūŞŞūŠĿƙƙƭĚĿŠƥĺĚǄîČîƥĿūŠƑĚŠƥîŕĿŠēƭƙƥƑǋĿƙɨƙƥƑîŠēĚē ŠĿĳĺƥƙɩǅĺĿČĺūČČƭƑƙǅĺĚŠƥĺĚƑĚîƑĚūŠĚūƑƥǅūŠĿĳĺƥƙċĚƥǅĚĚŠƥǅūƑĚƙĚƑǄîƥĿūŠƙɍ ¤îƥĺĚƑƥĺîŠŕĚƥƥĺūƙĚĳūƭŠċūūŒĚēɈƥĺĚɨēēîsĿĳĺƥɩGĚîƥƭƑĚĿēĚŠƥĿǶĚƙɨƙƥƑîŠēĚē ŠĿĳĺƥƙɩîŠēƥĺĚŠîƙŒƙƥĺĚĳƭĚƙƥĿĲƥĺĚǋǅūƭŕēŕĿŒĚƥūĚǊƥĚŠēƥĺĚĿƑƙƥîǋĲūƑîƑĚēƭČĚē ŠĿĳĺƥŕǋƑîƥĚɍ¹ĺĿƙƎîƑƥĿČƭŕîƑĲĚîƥƭƑĚŠūƥūŠŕǋĿŞƎƑūǄĚƙƑĚǄĚŠƭĚūƎƥĿŞĿǕîƥĿūŠĲūƑ ĺūŞĚūǅŠĚƑƙɈċƭƥĚŕĚǄîƥĚƙƥĺĚĚǊƎĚƑĿĚŠČĚĲūƑĳƭĚƙƥƙɍ HomeCare Hub API.ØĚƑĚŕĚîƙĚēîŠ¡TƥĺîƥîŕŕūǅƙČūŠƥƑîČƥūƑîĳĚŠČĿĚƙƥūîČČĚƙƙ ūƭƑOūŞĚ îƑĚOƭċƥūŕĚǄĚƑîĳĚūƭƑƙČĺĚēƭŕĿŠĳîŕĳūƑĿƥĺŞƙĲūƑƙƥîĲĲîƙƙĿĳŠŞĚŠƥƙɍ HomeCare Hub Homeowner Mobile App

Second Quarter Highlights 10 Recent Highlights Sustainable Growth ØĚċĚŕĿĚǄĚūƭƑƑĚƙƭŕƥƙēĚŞūŠƙƥƑîƥĚƥĺîƥǅĚîƑĚƙƭČČĚƙƙĲƭŕŕǋĚǊĚČƭƥĿŠĳūŠƥĺĚƙƥƑîƥĚĳǋ ūĲîĳĳƑĚĳîƥĿŠĳƙƭƎƎŕǋĿŠƥĺĚĲƑîĳŞĚŠƥĚēǄîČîƥĿūŠƑĚŠƥîŕŞîƑŒĚƥɍØĚĚǊƎĚČƥƥūƭƙĚƥĺĚ ĿŠČƑĚŞĚŠƥîŕČîƎĿƥîŕĲƑūŞƥĺĚċƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠǅĿƥĺ¹¡H¬ƥūĲƭƑƥĺĚƑƙƭƎƎŕǋîēēĿƥĿūŠƙ ĿŠĚǊĿƙƥĿŠĳŞîƑŒĚƥƙîƙǅĚŕŕîƙƥūūƎĚŠƭƎŠĚǅŞîƑŒĚƥƙĿŠsūƑƥĺŞĚƑĿČîɍØĚîŕƙūƎŕîŠ ūŠĚǊƎîŠēĿŠĳūƭƑƥĚČĺŠūŕūĳǋîŠēƎƑūēƭČƥƥĚîŞƙƥūîēēŞūƑĚĲĚîƥƭƑĚƙƥĺîƥĿŞƎƑūǄĚƥĺĚ ĺūŞĚūǅŠĚƑîŠēĳƭĚƙƥĚǊƎĚƑĿĚŠČĚîŠēēƑĿǄĚūƎĚƑîƥĿūŠîŕĚĲǶČĿĚŠČĿĚƙƥĺƑūƭĳĺūƭƥūƭƑċƭƙĿŠĚƙƙɍ ~ǄĚƑƥĺĚŞĚēĿƭŞƥĚƑŞɈǅĚċĚŕĿĚǄĚǅĚČîŠĚǊƎîŠēūƭƑƎŕîƥĲūƑŞƥūîƥƥƑîČƥĿǄĚĿŠƥĚƑŠîƥĿūŠîŕ ŞîƑŒĚƥƙƎƑĿŞîƑĿŕǋĿŠ/ƭƑūƎĚîŠēƥĺĚŞĚƑĿČîƙɈƎƑūǄĿēĚūƭƑĺūŞĚūǅŠĚƑƙǅĿƥĺîēŏîČĚŠƥ ƙĚƑǄĿČĚƙƙƭČĺîƙŞîĿŠƥĚŠîŠČĚƙĚƑǄĿČĚƎŕîŠƙɈîŠēĿŠƥĚĳƑîƥĚĚǊƎîŠēĚēƙĚƑǄĿČĚƙĲūƑĳƭĚƙƥƙɈ ĿŠČŕƭēĿŠĳČūŠČĿĚƑĳĚƙĚƑǄĿČĚƙɈČƭƙƥūŞĿǕĚēŕūČîŕĳƭĿēĚƙɈîŠēĿŠɠēĚƙƥĿŠîƥĿūŠĚǊƎĚƑĿĚŠČĚƙɍ The Leo Cottage - Union Pier, MI

Second Quarter Highlights 11 sūƥĚɈūƭƑǶŠîŠČĿîŕƎĚƑĲūƑŞîŠČĚǅîƙŠĚĳîƥĿǄĚŕǋĿŞƎîČƥĚēċǋƥĺĚūŠƙĚƥūĲ ~×T'ɠȂȊĿŠƥĺĚ ƙĚČūŠēƐƭîƑƥĚƑūĲȃȁȃȁɍ Gross Booking Value HƑūƙƙūūŒĿŠĳ×îŕƭĚƑĚîČĺĚēɷȆȂȅŞĿŕŕĿūŠĿŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑūĲȃȁȃȂɈƭƎȃȅȈʣ ǄĚƑƙƭƙƥĺĚƙĚČūŠēƐƭîƑƥĚƑūĲȃȁȃȁɈîŠēɷȄȇŞĿŕŕĿūŠĺĿĳĺĚƑƥĺîŠūƭƑƥîƑĳĚƥūĲɷȅȈȉŞĿŕŕĿūŠɍ ¹ĺĚǋĚîƑɠūǄĚƑɠǋĚîƑĿŠČƑĚîƙĚǅîƙēƑĿǄĚŠċǋƥĺĚîēēĿƥĿūŠūĲŞūƑĚƭŠĿƥƙƥūūƭƑƎŕîƥĲūƑŞɈ ĺĿĳĺĚƑūČČƭƎîŠČǋɈîŠēĺĿĳĺĚƑHƑūƙƙūūŒĿŠĳ×îŕƭĚƎĚƑsĿĳĺƥ¬ūŕēîƙîƑĚƙƭŕƥūĲ ƙƥƑūŠĳČūŠƙƭŞĚƑēĚŞîŠēɍ Revenue HƑūƙƙūūŒĿŠĳ×îŕƭĚēƑūǄĚƙĚČūŠēƐƭîƑƥĚƑƑĚǄĚŠƭĚūĲɷȃȅȁŞĿŕŕĿūŠɈîŠĿŠČƑĚîƙĚūĲȂȉȉʣ ǄĚƑƙƭƙƥĺĚƙĚČūŠēƐƭîƑƥĚƑūĲȃȁȃȁɈîŠēɷȃȁŞĿŕŕĿūŠĺĿĳĺĚƑƥĺîŠūƭƑƥîƑĳĚƥūĲɷȃȃȁŞĿŕŕĿūŠɍ Cost of Revenue ūƙƥūĲƑĚǄĚŠƭĚɈĚǊČŕƭƙĿǄĚūĲēĚƎƑĚČĿîƥĿūŠîŠēîŞūƑƥĿǕîƥĿūŠɈǅîƙɷȂȂȉŞĿŕŕĿūŠĿŠƥĺĚƙĚČūŠē ƐƭîƑƥĚƑǄĚƑƙƭƙɷȅȃŞĿŕŕĿūŠĿŠƥĺĚǋĚîƑîĳūƎĚƑĿūēɍ¹ĺĚƙĚĚǊƎĚŠƙĚƙǅĚƑĚȅȊʣūĲƑĚǄĚŠƭĚĿŠ ƥĺĚƙĚČūŠēƐƭîƑƥĚƑūĲȃȁȃȂǄĚƑƙƭƙȆȁʣūĲƑĚǄĚŠƭĚĿŠƥĺĚǋĚîƑîĳūƎĚƑĿūēɍ ūƙƥūĲƑĚǄĚŠƭĚČūŠƙĿƙƥƙƎƑĿŞîƑĿŕǋūĲĚŞƎŕūǋĚĚČūŞƎĚŠƙîƥĿūŠČūƙƥƙɈǅĺĿČĺĿŠČŕƭēĚƙ ǅîĳĚƙɈċĚŠĚǶƥƙɈîŠēƎîǋƑūŕŕƥîǊĚƙɈîŠēūƭƥƙĿēĚƙĚƑǄĿČĚČūƙƥƙĲūƑĺūƭƙĚŒĚĚƎĿŠĳɈĺūŞĚ ŞîĿŠƥĚŠîŠČĚɈƎîǋŞĚŠƥƎƑūČĚƙƙĿŠĳĲĚĚƙĲūƑŞĚƑČĺîŠƥĲĚĚƙîŠēČĺîƑĳĚċîČŒƙɈŕîƭŠēƑǋ ĚǊƎĚŠƙĚƙɈĺūƭƙĚŒĚĚƎĿŠĳƙƭƎƎŕĿĚƙɈîƙǅĚŕŕîƙǶǊĚēƑĚŠƥƎîǋŞĚŠƥƙūŠČĚƑƥîĿŠūǅŠĚƑČūŠƥƑîČƥƙɍ ØĚĚǊƎĚČƥƥĺîƥČūƙƥūĲƑĚǄĚŠƭĚǅĿŕŕĿŠČƑĚîƙĚūŠîŠîċƙūŕƭƥĚēūŕŕîƑċîƙĿƙĲūƑƥĺĚĲūƑĚƙĚĚîċŕĚ ĲƭƥƭƑĚƥūƥĺĚĚǊƥĚŠƥūƭƑċƭƙĿŠĚƙƙČūŠƥĿŠƭĚƙƥūĳƑūǅɍØĚĚǊƎĚČƥƥĺîƥČūƙƥūĲƑĚǄĚŠƭĚîƙî ƎĚƑČĚŠƥîĳĚūĲƑĚǄĚŠƭĚǅĿŕŕǄîƑǋĲƑūŞƎĚƑĿūēƥūƎĚƑĿūēūǄĚƑƥĺĚƙĺūƑƥƥĚƑŞîŠēēĚČƑĚîƙĚūǄĚƑ ƥĺĚŕūŠĳƥĚƑŞîƙǅĚČūŠƥĿŠƭĚƥūĿŠǄĚƙƥĿŠūƑēĚƑŞîŠîĳĚŞĚŠƥîŠēūƭƑƎŕîƥĲūƑŞƥūîČĺĿĚǄĚ ĳƑĚîƥĚƑƙČîŕĚîŠēūƎĚƑîƥĿūŠîŕĚĲǶČĿĚŠČǋɍ Financial Discussion

Second Quarter Highlights 12 Operations and Support ~ƎĚƑîƥĿūŠƙîŠēƙƭƎƎūƑƥĚǊƎĚŠƙĚƙǅĚƑĚɷȅȈŞĿŕŕĿūŠĿŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑɈƭƎĲƑūŞɷȃȂ ŞĿŕŕĿūŠĿŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑūĲȃȁȃȁɍ¹ĺĚƙĚĚǊƎĚŠƙĚƙǅĚƑĚȃȁʣūĲƑĚǄĚŠƭĚĿŠƥĺĚƙĚČūŠē ƐƭîƑƥĚƑūĲȃȁȃȂǄĚƑƙƭƙȃȆʣūĲƑĚǄĚŠƭĚĿŠƥĺĚǋĚîƑîĳūƎĚƑĿūēɍ~ƎĚƑîƥĿūŠƙîŠēƙƭƎƎūƑƥ ĚǊƎĚŠƙĚƙČūŠƙĿƙƥƎƑĿŞîƑĿŕǋūĲČūŞƎĚŠƙîƥĿūŠČūƙƥƙɈǅĺĿČĺĿŠČŕƭēĚƙǅîĳĚƙɈċĚŠĚǶƥƙɈƎîǋƑūŕŕ ƥîǊĚƙɈîŠēĚƐƭĿƥǋɠċîƙĚēČūŞƎĚŠƙîƥĿūŠɈĲūƑĚŞƎŕūǋĚĚƙƥĺîƥƙƭƎƎūƑƥūƭƑŕūČîŕūƎĚƑîƥĿūŠƙ ƥĚîŞƙĿŠƥĺĚǶĚŕēɍŕƙūĿŠČŕƭēĚēĿƙƥĺĚČūƙƥūĲČîŕŕČĚŠƥĚƑČƭƙƥūŞĚƑƙƭƎƎūƑƥɈċūƥĺĚŞƎŕūǋĚĚƙ îŠēǄĚŠēūƑƙɈîŠēƥĺĚîŕŕūČîƥĿūŠūĲĲîČĿŕĿƥĿĚƙîŠēČĚƑƥîĿŠČūƑƎūƑîƥĚČūƙƥƙɍ¹ĺĚƙƥƑūŠĳǋĚîƑɠ ūǄĚƑɠǋĚîƑĳƑūǅƥĺĿŠHƑūƙƙūūŒĿŠĳ×îŕƭĚîŕŕūǅĚēƭƙƥūîČĺĿĚǄĚŕĚǄĚƑîĳĚūŠƥĺĚǶǊĚēƎūƑƥĿūŠ ūĲƥĺĚƙĚČūƙƥƙɍØĚĚǊƎĚČƥƥĺîƥūƎĚƑîƥĿūŠƙîŠēƙƭƎƎūƑƥČūƙƥƙǅĿŕŕČūŠƥĿŠƭĚƥūĿŠČƑĚîƙĚūŠîŠ îċƙūŕƭƥĚēūŕŕîƑċîƙĿƙĲūƑƥĺĚĲūƑĚƙĚĚîċŕĚĲƭƥƭƑĚƥūƥĺĚĚǊƥĚŠƥūƭƑċƭƙĿŠĚƙƙČūŠƥĿŠƭĚƙƥūĳƑūǅ îŠēǅĚČūŠƥĿŠƭĚƥūĿŠǄĚƙƥĿŠūƭƑŕūČîŕūƎĚƑîƥĿūŠƙƥĚîŞƙƥūƙĚƑǄĿČĚĺūŞĚūǅŠĚƑƙîŠēĳƭĚƙƥƙɍ ØĚîƑĚĿŠǄĚƙƥĿŠĳĿŠŠĚîƑɠƥĚƑŞĿŠĿƥĿîƥĿǄĚƙƥūƑĚēƭČĚČƭƙƥūŞĚƑČūŠƥîČƥƑîƥĚƙîŠēĿŞƎƑūǄĚƥĺĚ ūƎĚƑîƥĿūŠîŕĚĲǶČĿĚŠČǋūĲūƭƑūƎĚƑîƥĿūŠƙîŠēƙƭƎƎūƑƥūƑĳîŠĿǕîƥĿūŠɈǅĺĿČĺǅĚĚǊƎĚČƥǅĿŕŕ ēĚČƑĚîƙĚūƎĚƑîƥĿūŠƙîŠēƙƭƎƎūƑƥČūƙƥƙîƙîƎĚƑČĚŠƥîĳĚūĲƑĚǄĚŠƭĚūǄĚƑƥĺĚŕūŠĳĚƑƥĚƑŞɍ Technology and Development ¹ĚČĺŠūŕūĳǋîŠēēĚǄĚŕūƎŞĚŠƥĚǊƎĚŠƙĚƙǅĚƑĚɷȂȂŞĿŕŕĿūŠĿŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑɈƭƎĲƑūŞɷȅ ŞĿŕŕĿūŠĿŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑūĲȃȁȃȁɍ¹ĺĚƙĚĚǊƎĚŠƙĚƙǅĚƑĚȆʣūĲƑĚǄĚŠƭĚĿŠƥĺĚƙĚČūŠē ƐƭîƑƥĚƑūĲȃȁȃȂɈČūŠƙĿƙƥĚŠƥǅĿƥĺƥĺĚǋĚîƑîĳūƎĚƑĿūēɍØĺĿŕĚūƭƑƥĚČĺŠūŕūĳǋîŠēēĚǄĚŕūƎŞĚŠƥ ĚǊƎĚŠƙĚƙǅĚƑĚŕūǅĿŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑūĲȃȁȃȁēƭĚƥūĲƭƑŕūƭĳĺƙĲūŕŕūǅĿŠĳƥĺĚūŠƙĚƥ ūĲ ~×T'ɠȂȊɈǅĚēūĚǊƎĚČƥƥĺĚƙĚČūƙƥƙƥūĿŠČƑĚîƙĚĿŠîċƙūŕƭƥĚēūŕŕîƑƙîƙǅĚĺĿƑĚŞūƑĚ ƙūĲƥǅîƑĚēĚǄĚŕūƎĚƑƙîŠēĚǊƎîŠēƥĺĚČîƎîċĿŕĿƥĿĚƙîŠēƙČūƎĚūĲūƭƑƎŕîƥĲūƑŞɍØĚîŠƥĿČĿƎîƥĚ ƥĚČĺŠūŕūĳǋîŠēēĚǄĚŕūƎŞĚŠƥĚǊƎĚŠƙĚƙîƙîƎĚƑČĚŠƥîĳĚūĲƑĚǄĚŠƭĚƥūƙƥîǋČūŠƙƥîŠƥūƑ ĿŠČƑĚîƙĚūǄĚƑƥĿŞĚîƙǅĚČūŠƥĿŠƭĚƥūĿŠǄĚƙƥĿŠƎƑūēƭČƥĲĚîƥƭƑĚƙɈîƭƥūŞîƥĿūŠɈîŠēĚĲǶČĿĚŠČǋɍ Sales and Marketing ¬îŕĚƙîŠēŞîƑŒĚƥĿŠĳĚǊƎĚŠƙĚƙǅĚƑĚɷȄȊŞĿŕŕĿūŠĿŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑɈƭƎĲƑūŞɷȂȅŞĿŕŕĿūŠ ĿŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑūĲȃȁȃȁɍ¹ĺĚƙĚĚǊƎĚŠƙĚƙǅĚƑĚȂȇʣūĲƑĚǄĚŠƭĚĿŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑ ūĲȃȁȃȂɈČūŠƙĿƙƥĚŠƥǅĿƥĺƥĺĚǋĚîƑîĳūƎĚƑĿūēɍ¹ĺĚǋĚîƑɠūǄĚƑɠǋĚîƑĿŠČƑĚîƙĚĿŠƙîŕĚƙîŠē ŞîƑŒĚƥĿŠĳĚǊƎĚŠƙĚǅîƙƎƑĿŞîƑĿŕǋēƑĿǄĚŠċǋĺĿĳĺĚƑĲĚĚƙƎîĿēƥūūƭƑČĺîŠŠĚŕƎîƑƥŠĚƑƙēƭĚ ƥūĿŠČƑĚîƙĚƙĿŠūƭƑHƑūƙƙūūŒĿŠĳƙ×îŕƭĚîŠēƥĺĚĺĿƑĿŠĳūĲîēēĿƥĿūŠîŕƙîŕĚƙƑĚƎƑĚƙĚŠƥîƥĿǄĚƙ ƥĺîƥîƑĚƑĚƙƎūŠƙĿċŕĚĲūƑĺūŞĚūǅŠĚƑîČƐƭĿƙĿƥĿūŠɍØĚĚǊƎĚČƥƥĺîƥƙîŕĚƙîŠēŞîƑŒĚƥĿŠĳ ĚǊƎĚŠƙĚƙǅĿŕŕĿŠČƑĚîƙĚūŠîŠîċƙūŕƭƥĚēūŕŕîƑċîƙĿƙîƙǅĚĿŠǄĚƙƥƥūĳƑūǅūƭƑČƭƙƥūŞĚƑċîƙĚ Financial Discussion

Second Quarter Highlights 13 îŠēĚŠĺîŠČĚūƭƑċƑîŠēîǅîƑĚŠĚƙƙɍOūǅĚǄĚƑɈǅĚĚǊƎĚČƥƙîŕĚƙîŠēŞîƑŒĚƥĿŠĳĚǊƎĚŠƙĚƙƥū ēĚČƑĚîƙĚîƙîƎĚƑČĚŠƥîĳĚūĲċūūŒĿŠĳƙîƙūƭƑċƭƙĿŠĚƙƙĳƑūǅƙɈîŕƥĺūƭĳĺƥĺĚƎĚƑČĚŠƥîĳĚŞîǋ ǷƭČƥƭîƥĚĲƑūŞƎĚƑĿūēƥūƎĚƑĿūēēĚƎĚŠēĿŠĳūŠǷƭČƥƭîƥĿūŠƙĿŠƥĺĚƥĿŞĿŠĳîŠēĚǊƥĚŠƥūĲūƭƑ ƙîŕĚƙîŠēŞîƑŒĚƥĿŠĳĚǊƎĚŠƙĚƙîŠēċƭƙĿŠĚƙƙƙĚîƙūŠîŕĿƥǋɍ General and Administrative HĚŠĚƑîŕîŠēîēŞĿŠĿƙƥƑîƥĿǄĚĚǊƎĚŠƙĚƙǅĚƑĚɷȂȊŞĿŕŕĿūŠĿŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑɈƭƎĲƑūŞɷȂȂ ŞĿŕŕĿūŠĿŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑūĲȃȁȃȁɍ¹ĺĚƙĚĚǊƎĚŠƙĚƙǅĚƑĚȉʣūĲƑĚǄĚŠƭĚĿŠƥĺĚƙĚČūŠē ƐƭîƑƥĚƑūĲȃȁȃȂǄĚƑƙƭƙȂȅʣĿŠƥĺĚǋĚîƑîĳūƎĚƑĿūēɍØĚĚǊƎĚČƥĳĚŠĚƑîŕîŠēîēŞĿŠĿƙƥƑîƥĿǄĚ ĚǊƎĚŠƙĚƙƥūĿŠČƑĚîƙĚĿŠîċƙūŕƭƥĚēūŕŕîƑƙēƭĚƥūƥĺĚîŠƥĿČĿƎîƥĚēĳƑūǅƥĺūĲūƭƑċƭƙĿŠĚƙƙîŠē ƥūŞĚĚƥƥĺĚĿŠČƑĚîƙĚēČūŞƎŕĿîŠČĚîŠēƑĚƎūƑƥĿŠĳƑĚƐƭĿƑĚŞĚŠƥƙîƙƙūČĿîƥĚēǅĿƥĺūƭƑƥƑîŠƙĿƥĿūŠ ƥūɈîŠēūƎĚƑîƥĿūŠîƙɈîƎƭċŕĿČČūŞƎîŠǋĲūŕŕūǅĿŠĳƥĺĚƎƑūƎūƙĚēċƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠǅĿƥĺ ¹¡H¬ɈĿŠČŕƭēĿŠĳĿŠČūŞƎŕĿîŠČĚɈŕĚĳîŕɈĿŠǄĚƙƥūƑƑĚŕîƥĿūŠƙɈĿŠƙƭƑîŠČĚɈîŠēƎƑūĲĚƙƙĿūŠîŕƙĚƑǄĿČĚƙɍ ØĚîŠƥĿČĿƎîƥĚĳĚŠĚƑîŕîŠēîēŞĿŠĿƙƥƑîƥĿǄĚĚǊƎĚŠƙĚƙîƙîƎĚƑČĚŠƥîĳĚūĲƑĚǄĚŠƭĚƥūēĚČƑĚîƙĚ ūǄĚƑƥĿŞĚɍ Net Loss and Adjusted EBITDA sĚƥŕūƙƙǅîƙɷȂȈŞĿŕŕĿūŠĿŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑČūŞƎîƑĚēƥūɷȃȁŞĿŕŕĿūŠĿŠƥĺĚƙîŞĚƎĚƑĿūē ŕîƙƥǋĚîƑɍēŏƭƙƥĚē/T¹'ǅîƙƎūƙĿƥĿǄĚɷȊŞĿŕŕĿūŠĿŠƥĺĚƙĚČūŠēƐƭîƑƥĚƑȃȁȃȂČūŞƎîƑĚēƥū ūƭƑƥîƑĳĚƥūĲŠĚĳîƥĿǄĚɷȈŞĿŕŕĿūŠɍ¹ĺĚĺĿĳĺĚƑɠƥĺîŠɠĚǊƎĚČƥĚēēŏƭƙƥĚē/T¹'ĿŠƥĺĚƙĚČūŠē ƐƭîƑƥĚƑǅîƙŕîƑĳĚŕǋēƭĚƥūƑĚǄĚŠƭĚūƭƥƎĚƑĲūƑŞîŠČĚČūƭƎŕĚēǅĿƥĺČūƙƥēĿƙČĿƎŕĿŠĚɍ¬ĚĚɨÀƙĚūĲ sūŠɠH¡GĿŠîŠČĿîŕqĚîƙƭƑĚƙɩĲūƑîēĿƙČƭƙƙĿūŠūĲēŏƭƙƥĚē/T¹'ɈîŠēɨēŏƭƙƥĚē/T¹' ¤ĚČūŠČĿŕĿîƥĿūŠɩĲūƑîƑĚČūŠČĿŕĿîƥĿūŠƥūŠĚƥŕūƙƙɈƥĺĚŞūƙƥēĿƑĚČƥŕǋČūŞƎîƑîċŕĚH¡ǶŠîŠČĿîŕ ƎĚƑĲūƑŞîŠČĚŞĚîƙƭƑĚɍ Liquidity and Capital Resources ƙūĲcƭŠĚȄȁɈȃȁȃȂ×îČîƙîĺîēɷȄȄȂŞĿŕŕĿūŠūĲČîƙĺîŠēČîƙĺĚƐƭĿǄîŕĚŠƥƙɍƥƥĺĚČŕūƙĿŠĳ ūĲƥĺĚƥƑîŠƙîČƥĿūŠɈƥĺĚČūŞċĿŠĚēČūŞƎîŠǋĚǊƎĚČƥƙƥūƑĚČĚĿǄĚîŠîēēĿƥĿūŠîŕɷȅȉȆŞĿŕŕĿūŠūĲ ĳƑūƙƙƎƑūČĚĚēƙɈîƙƙƭŞĿŠĳŠūƑĚēĚŞƎƥĿūŠƙċǋ¹¡H¬ƙĺîƑĚĺūŕēĚƑƙɍ Financial Discussion

Second Quarter Highlights 14 Transaction Update ƙƎƑĚǄĿūƭƙŕǋîŠŠūƭŠČĚēɈĿŠcƭŕǋȃȁȃȂɈ×îČîƙîĚŠƥĚƑĚēĿŠƥūîŠîĳƑĚĚŞĚŠƥƥūċĚČūŞĚî ƎƭċŕĿČŕǋƥƑîēĚēČūŞƎîŠǋƥĺƑūƭĳĺîċƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠǅĿƥĺ¹¡H¬ɍ×îČîƙîɈTŠČɍƑĚČĚŠƥŕǋ ǶŕĚēîƑĚĳĿƙƥƑîƥĿūŠƙƥîƥĚŞĚŠƥūŠGūƑŞ¬ɠȅɚƥĺĚɨ¤ĚĳĿƙƥƑîƥĿūŠ¬ƥîƥĚŞĚŠƥɩɛǅĿƥĺƥĺĚ¬/ ĿŠ ČūŠŠĚČƥĿūŠǅĿƥĺƥĺĚƎƑūƎūƙĚēċƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠɈǅĺĿČĺĿƙČƭƑƑĚŠƥŕǋĚǊƎĚČƥĚēƥūČŕūƙĚĿŠ ƥĺĚĲūƭƑƥĺƐƭîƑƥĚƑūĲȃȁȃȂɈƙƭċŏĚČƥƥūƥĺĚ¤ĚĳĿƙƥƑîƥĿūŠ¬ƥîƥĚŞĚŠƥċĚĿŠĳēĚČŕîƑĚēĚĲĲĚČƥĿǄĚċǋ ƥĺĚ¬/ ɈƙĺîƑĚĺūŕēĚƑîƎƎƑūǄîŕîŠēūƥĺĚƑČƭƙƥūŞîƑǋČŕūƙĿŠĳČūŠēĿƥĿūŠƙɍ ŞūƑĚĲƭŕƙūŞĚēĚƙČƑĿƎƥĿūŠūĲƥĺĚċƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠČîŠċĚĲūƭŠēĿŠƥĺĚ¤ĚĳĿƙƥƑîƥĿūŠ ¬ƥîƥĚŞĚŠƥîŠēƥĺĚƑĚŕîƥĚēƎƑĚŕĿŞĿŠîƑǋƎƑūǊǋƙƥîƥĚŞĚŠƥɓƎƑūƙƎĚČƥƭƙǶŕĚēǅĿƥĺƥĺĚ¬/ ūŠ ƭĳƭƙƥȂȃɈȃȁȃȂɈîŠēČîŠċĚîČČĚƙƙĚēūŠƥĺĚ¬ĚČƭƑĿƥĿĚƙ/ǊČĺîŠĳĚ ūŞŞĿƙƙĿūŠɫƙǅĚċƙĿƥĚîƥ ǅǅǅɍƙĚČɍĳūǄɈǅǅǅɍƥƎĳɍČūŞɓƎîČĚɠƙūŕƭƥĿūŠƙ, or ĺƥƥƎƙɇɓɓǅǅǅɍǄîČîƙîɍČūŞɓĿŠǄĚƙƥūƑƙɍ Financial Discussion The Leo Cottage - Union Pier, MI

Second Quarter Highlights ȂȆ 2020 2021 2020 2021 HƑūƙƙċūūŒĿŠĳǄîŕƭĚɚɨH×ɩɛ ɷȂȅȉɈȂȆȄ ɷȆȂȅɈȃȁȂ ɷȄȅȉɈȈȊȁ ɷȈȇȁɈȁȈȉ sĿĳĺƥƙ¬ūŕē ȅȅȊ ȂɈȅȁȈ ȂɈȂȉȉ ȃɈȃȄȂ H×ƎĚƑsĿĳĺƥ¬ūŕē ɷȄȄȁ ɷȄȇȆ ɷȃȊȅ ɷȄȅȂ 2020 2021 2020 2021 ¤ĚǄĚŠƭĚ ɷȉȄɈȄȄȇ ɷȃȅȁɈȄȂȄ ɷȂȊȇɈȈȃȆ ɷȄȇȊɈȈȄȂ ūƙƥƙîŠēĚǊƎĚŠƙĚƙɇ ūƙƥūĲƑĚǄĚŠƭĚɚȂɛ ȅȂɈȆȊȄ ȂȂȉɈȄȇȉ ȂȁȅɈȄȉȄ ȂȊȄɈȊȊȅ ~ƎĚƑîƥĿūŠƙîŠēƙƭƎƎūƑƥɚȂɛ ȃȂɈȁȈȅ ȅȈɈȁȇȆ ȆȃɈȅȈȅ ȈȈɈȅȁȂ ¹ĚČĺŠūŕūĳǋîŠēēĚǄĚŕūƎŞĚŠƥɚȂɛ ȅɈȂȃȄ ȂȂɈȂȁȈ ȂȃɈȇȇȊ ȂȉɈȇȁȄ ¬îŕĚƙîŠēŞîƑŒĚƥĿŠĳɚȂɛ ȂȄɈȆȈȃ ȄȊɈȂȈȅ ȅȁɈȃȉȈ ȇȅɈȈȂȅ HĚŠĚƑîŕîŠēîēŞĿŠĿƙƥƑîƥĿǄĚɚȂɛ ȂȂɈȄȊȈ ȂȉɈȊȃȄ ȃȄɈȈȅȃ ȅȁɈȄȅȇ 'ĚƎƑĚČĿîƥĿūŠ ȄɈȉȄȆ ȅɈȃȅȃ ȈɈȅȅȆ ȉɈȄȁȈ ŞūƑƥĿǕîƥĿūŠūĲĿŠƥîŠĳĿċŕĚîƙƙĚƥƙ ȅɈȉȊȅ ȂȃɈȁȈȅ ȊɈȇȈȆ ȂȇɈȈȊȊ ¹ūƥîŕČūƙƥƙîŠēĚǊƎĚŠƙĚƙ ȂȁȁɈȅȉȉ ȃȆȁɈȊȆȄ ȃȆȁɈȇȈȆ ȅȃȁɈȂȇȅ gūƙƙĲƑūŞūƎĚƑîƥĿūŠƙ ɚȂȈɈȂȆȃɛ ɚȂȁɈȇȅȁɛ ɚȆȄɈȊȆȁɛ ɚȆȁɈȅȄȄɛ TŠƥĚƑĚƙƥĿŠČūŞĚ ȃȊ ȂȄ Ȅȇȅ ȃȇ TŠƥĚƑĚƙƥĚǊƎĚŠƙĚ ɚȂɈȅȂȁɛ ɚȄɈȁȈȆɛ ɚȂɈȇȃȊɛ ɚȆɈȊȁȇɛ ~ƥĺĚƑĿŠČūŞĚɚĚǊƎĚŠƙĚɛɈŠĚƥ ɚȂɈȁȇȆɛ ɚȄɈȇȃȉɛ ɚȂɈȄȊȉɛ ɚȂȁɈȄȅȊɛ sĚƥŕūƙƙċĚĲūƑĚĿŠČūŞĚƥîǊ ɚȂȊɈȆȊȉɛ ɚȂȈɈȄȄȁɛ ɚȆȇɈȇȂȄɛ ɚȇȇɈȇȇȃɛ TŠČūŞĚƥîǊċĚŠĚǶƥɚĚǊƎĚŠƙĚɛ Ȉȉ ȂȂȄ ȂȆȈ ȂȆȃ sĚƥŕūƙƙ ɷɚȂȊɈȆȃȁɛ ɷɚȂȈɈȃȂȈɛ ɷɚȆȇɈȅȆȇɛ ɷɚȇȇɈȆȂȁɛ ɚȂɛTŠČŕƭēĚƙĚƐƭĿƥǋɠċîƙĚēČūŞƎĚŠƙîƥĿūŠĚǊƎĚŠƙĚîƙĲūŕŕūǅƙɇ ūƙƥūĲƑĚǄĚŠƭĚ ɷɠ ɷɠ ɷɠ ɷɠ ~ƎĚƑîƥĿūŠƙîŠēƙƭƎƎūƑƥ ɠ ȄȂ ɠ ȇȃ ¹ĚČĺŠūŕūĳǋîŠēēĚǄĚŕūƎŞĚŠƥ ɠ ȂȆȇ ɠ Ȅȃȃ ¬îŕĚƙîŠēŞîƑŒĚƥĿŠĳ ɠ ȅȂȆ ɠ ȇȆȅ HĚŠĚƑîŕîŠēîēŞĿŠĿƙƥƑîƥĿǄĚ ȇȊȁ ȂɈȆȆȇ ȇȊȁ ȂɈȊȇȄ ¹ūƥîŕĚƐƭĿƥǋɠċîƙĚēČūŞƎĚŠƙîƥĿūŠĚǊƎĚŠƙĚ ɷȇȊȁ ɷȃɈȂȆȉ ɷȇȊȁ ɷȄɈȁȁȂ Key Business Metrics Condensed Consolidated Statements of Operations Three Months Ended June 30 (in thousands, except GBV per Night Sold) (in thousands) (unaudited) Three Months Ended June 30 Six Months Ended June 30 Six Months Ended June 30

Second Quarter Highlights Ȃȇ Assets ƭƑƑĚŠƥîƙƙĚƥƙɇ îƙĺîŠēČîƙĺĚƐƭĿǄîŕĚŠƥƙ ɷȃȂȉɈȅȉȅ ɷȄȄȁɈȈȁȁ ¤ĚƙƥƑĿČƥĚēČîƙĺ ȈȃɈȆȃȉ ȃȅȆɈȊȁȁ ČČūƭŠƥƙƑĚČĚĿǄîċŕĚɈŠĚƥ ȂȁɈȂȇȂ ȄȉɈȉȃȃ ¡ƑĚƎîĿēĚǊƎĚŠƙĚƙîŠēūƥĺĚƑČƭƑƑĚŠƥîƙƙĚƥƙ ȂȁɈȂȊȂ ȂȊɈȄȄȇ ¹ūƥîŕČƭƑƑĚŠƥîƙƙĚƥƙ ȄȂȂɈȄȇȅ ȇȄȅɈȈȆȉ ¡ƑūƎĚƑƥǋîŠēĚƐƭĿƎŞĚŠƥɈŠĚƥ ȇȆɈȁȉȈ ȇȃɈȇȂȉ TŠƥîŠĳĿċŕĚƙɈŠĚƥ ȈȈɈȅȃȇ ȃȄȁɈȉȅȉ HūūēǅĿŕŕ ȂȃȂɈȅȉȈ ȇȅȃɈȂȄȊ ~ƥĺĚƑŕūŠĳɠƥĚƑŞîƙƙĚƥƙ ȂȂɈȉȉȉ ȂȇɈȉȇȃ ¹ūƥîŕîƙƙĚƥƙ ɷȆȉȈɈȃȆȃ ɷȂɈȆȉȈɈȃȃȆ gĿîċĿŕĿƥĿĚƙɈ¤ĚēĚĚŞîċŕĚ ūŠǄĚƑƥĿċŕĚ¡ƑĚĲĚƑƑĚēÀŠĿƥƙɈîŠēqĚŞċĚƑƙɫ'ĚǶČĿƥ ƭƑƑĚŠƥŕĿîċĿŕĿƥĿĚƙɇ ČČūƭŠƥƙƎîǋîċŕĚ ɷȂȆɈȇȅȉ ɷȅȄɈȅȂȊ GƭŠēƙƎîǋîċŕĚƥūūǅŠĚƑƙ ȊȃɈȈȁȈ ȄȄȂɈȄȅȇ OūƙƎĿƥîŕĿƥǋîŠēƙîŕĚƙƥîǊĚƙƎîǋîċŕĚ ȃȁɈȈȃȂ ȇȈɈȄȉȆ 'ĚĲĚƑƑĚēƑĚǄĚŠƭĚ ȅȊɈȊȊȃ ȂȇȊɈȆȁȄ GƭƥƭƑĚƙƥîǋČƑĚēĿƥƙ ȄȆɈȂȅȁ ȄȂɈȆȉȊ ČČƑƭĚēĚǊƎĚŠƙĚƙîŠēūƥĺĚƑČƭƑƑĚŠƥŕĿîċĿŕĿƥĿĚƙ ȅȅɈȁȃȃ ȉȅɈȆȁȃ ¹ūƥîŕČƭƑƑĚŠƥŕĿîċĿŕĿƥĿĚƙ ȃȆȉɈȃȄȁ ȈȃȈɈȈȅȅ gūŠĳɠƥĚƑŞēĚċƥɈŠĚƥūĲČƭƑƑĚŠƥƎūƑƥĿūŠ ȂȂȂɈȇȉȊ ȂȂȆɈȆȈȉ ~ƥĺĚƑŕūŠĳɠƥĚƑŞŕĿîċĿŕĿƥĿĚƙ ȃȃɈȃȁȅ ȄȈɈȇȈȂ ¹ūƥîŕŕĿîċĿŕĿƥĿĚƙ ȄȊȃɈȂȃȄ ȉȉȁɈȊȊȄ ¤ĚēĚĚŞîċŕĚČūŠǄĚƑƥĿċŕĚƎƑĚĲĚƑƑĚēƭŠĿƥƙ ȈȈȂɈȊȈȊ ȂɈȂȊȉɈȁȉȁ qĚŞċĚƑƙɫēĚǶČĿƥɇ ūŞŞūŠƭŠĿƥƙ ɠ ɠ ēēĿƥĿūŠîŕƎîĿēɠĿŠČîƎĿƥîŕ ɠ ȆȈȆɈȊȇȇ ČČƭŞƭŕîƥĚēēĚǶČĿƥ ɚȆȈȈɈȁȊȂɛ ɚȂɈȁȇȉɈȈȊȅɛ ČČƭŞƭŕîƥĚēūƥĺĚƑČūŞƎƑĚĺĚŠƙĿǄĚĿŠČūŞĚɚŕūƙƙɛ ȃȅȂ Ȋȉȁ ¹ūƥîŕŞĚŞċĚƑƙɫēĚǶČĿƥ ɚȆȈȇɈȉȆȁɛ ɚȅȊȂɈȉȅȉɛ ¹ūƥîŕŕĿîċĿŕĿƥĿĚƙɈƑĚēĚĚŞîċŕĚČūŠǄĚƑƥĿċŕĚƎƑĚĲĚƑƑĚē ƭŠĿƥƙîŠēŞĚŞċĚƑƙɫēĚǶČĿƥ ɷȆȉȈɈȃȆȃ ɷȂɈȆȉȈɈȃȃȆ Condensed Consolidated Balance Sheets (in thousands) (unaudited) 12/31/2020 6/30/2021

Second Quarter Highlights ȂȈ Cash from operating activities: sĚƥŕūƙƙ ɷɚȆȇɈȅȆȇɛ ɷɚȇȇɈȆȂȁɛ ēŏƭƙƥŞĚŠƥƙƥūƑĚČūŠČĿŕĚŠĚƥŕūƙƙƥūŠĚƥČîƙĺ ƎƑūǄĿēĚēċǋɚƭƙĚēĿŠɛūƎĚƑîƥĿŠĳîČƥĿǄĿƥĿĚƙɇ îēēĚċƥĚǊƎĚŠƙĚ ȂɈȃȁȆ ȂɈȄȆȁ 'ĚƎƑĚČĿîƥĿūŠ ȈɈȅȅȆ ȉɈȄȁȈ ŞūƑƥĿǕîƥĿūŠūĲĿŠƥîŠĳĿċŕĚîƙƙĚƥƙ ȊɈȇȈȆ ȂȇɈȈȊȊ 'ĚĲĚƑƑĚēĿŠČūŞĚƥîǊĚƙ ɚȃȈȉɛ ɚȂȆȊɛ ~ƥĺĚƑĳîĿŠƙîŠēŕūƙƙĚƙ ȂȈȃ ȊȁȂ GîĿƑǄîŕƭĚîēŏƭƙƥŞĚŠƥūŠǅîƑƑîŠƥēĚƑĿǄîƥĿǄĚŕĿîċĿŕĿƥĿĚƙ ȊȇȄ ȂȁɈȃȇȄ gūƙƙūŠēĚċƥĚǊƥĿŠĳƭĿƙĺŞĚŠƥ ɠ ɠ sūŠɠČîƙĺĿŠƥĚƑĚƙƥĚǊƎĚŠƙĚ Ȅȇȅ ȅɈȁȂȅ /ƐƭĿƥǋɠċîƙĚēČūŞƎĚŠƙîƥĿūŠĚǊƎĚŠƙĚ ȇȊȁ ȄɈȁȁȂ Change in operating assets and liabilities: ČČūƭŠƥƙƑĚČĚĿǄîċŕĚ ȅɈȇȅȆ ɚȅɈȉȈȂɛ ¡ƑĚƎîĿēĚǊƎĚŠƙĚƙîŠēūƥĺĚƑîƙƙĚƥƙ ȈɈȊȈȇ ɚȂȃɈȉȈȃɛ ČČūƭŠƥƙƎîǋîċŕĚ ȇɈȂȂȂ ȂȉɈȁȈȊ GƭŠēƙƎîǋîċŕĚƥūūǅŠĚƑƙ ȆȅɈȁȂȉ ȂȊȂɈȄȃȄ OūƙƎĿƥîŕĿƥǋîŠēƙîŕĚƙƥîǊĚƙƎîǋîċŕĚ ȂȃɈȃȉȇ ȄȉɈȂȃȃ 'ĚĲĚƑƑĚēƑĚǄĚŠƭĚîŠēĲƭƥƭƑĚƙƥîǋČƑĚēĿƥƙ ȇȂɈȄȈȊ ȉȄɈȃȅȁ ČČƑƭĚēĚǊƎĚŠƙĚƙîŠēūƥĺĚƑŕĿîċĿŕĿƥĿĚƙ ȂɈȆȉȁ ȂȄɈȄȊȅ sĚƥČîƙĺƎƑūǄĿēĚēċǋɚƭƙĚēĿŠɛūƎĚƑîƥĿŠĳîČƥĿǄĿƥĿĚƙ ȂȂȂɈȈȈȆ ȄȁȅɈȄȉȂ Cash from investing activities: ¡ƭƑČĺîƙĚƙūĲƎƑūƎĚƑƥǋîŠēĚƐƭĿƎŞĚŠƥ ɚȂɈȁȈȅɛ ɚȃɈȂȆȃɛ ¡ƑūČĚĚēƙĲƑūŞƙîŕĚūĲƎƑūƎĚƑƥǋîŠēĚƐƭĿƎŞĚŠƥ ɠ ɠ îƙĺƎîĿēĲūƑĿŠƥĚƑŠîŕŕǋēĚǄĚŕūƎĚēƙūĲƥǅîƑĚ ɚȆɈȄȊȂɛ ɚȃɈȇȆȅɛ îƙĺƎîĿēĲūƑċƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠƙɈŠĚƥūĲČîƙĺîČƐƭĿƑĚē ɚȂɈȊȆȊɛ ɚȇɈȉȈȁɛ ~ƥĺĚƑĿŠǄĚƙƥĿŠĳîČƥĿǄĿƥĿĚƙ ɠ ɠ sĚƥČîƙĺƭƙĚēĿŠĿŠǄĚƙƥĿŠĳîČƥĿǄĿƥĿĚƙ ɚȉɈȅȃȅɛ ɚȂȂɈȇȈȇɛ îƙĺĲƑūŞǶŠîŠČĿŠĳîČƥĿǄĿƥĿĚƙɇ îƙĺƎîĿēĲūƑċƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠƙ ɚȇɈȂȇȄɛ ɚȇɈȊȅȈɛ ¡ƑūČĚĚēƙĲƑūŞĿƙƙƭîŠČĚūĲŕūŠĳɠƥĚƑŞēĚċƥ ȂȂȆɈȊȄȂ ɠ ¡îǋŞĚŠƥƙūŠŕūŠĳƥĚƑŞēĚċƥ ɚȂȁɈȂȃȈɛ ɚȂȃȆɛ ¡ƑūČĚĚēƙĲƑūŞĿƙƙƭîŠČĚūĲƎƑĚĲĚƑƑĚēƭŠĿƥƙɈŠĚƥūĲĿƙƙƭîŠČĚČūƙƥƙ ɠ ɠ ~ƥĺĚƑǶŠîŠČĿŠĳîČƥĿǄĿƥĿĚƙ ɚȂȅȄɛ ɚȂȁȅɛ sĚƥČîƙĺƎƑūǄĿēĚēċǋɚƭƙĚēĿŠɛǶŠîŠČĿŠĳîČƥĿǄĿƥĿĚƙ ȊȊɈȅȊȉ ɚȈɈȂȈȇɛ /ĲĲĚČƥūĲĚǊČĺîŠĳĚƑîƥĚǷƭČƥƭîƥĿūŠƙūŠČîƙĺɈ ČîƙĺĚƐƭĿǄîŕĚŠƥƙɈîŠēƑĚƙƥƑĿČƥĚēČîƙĺ ɚȄȄȄɛ ȆȊ sĚƥĿŠČƑĚîƙĚĿŠČîƙĺɈČîƙĺĚƐƭĿǄîŕĚŠƥƙîŠēƑĚƙƥƑĿČƥĚēČîƙĺ ȃȁȃɈȆȂȇ ȃȉȆɈȆȉȉ îƙĺɈČîƙĺĚƐƭĿǄîŕĚŠƥƙîŠēƑĚƙƥƑĿČƥĚēČîƙĺɈċĚĳĿŠŠĿŠĳūĲƎĚƑĿūē ȃȁȊɈȅȉȊ ȃȊȂɈȁȂȃ îƙĺɈČîƙĺĚƐƭĿǄîŕĚŠƥƙîŠēƑĚƙƥƑĿČƥĚēČîƙĺɈĚŠēūĲƎĚƑĿūē ɷȅȂȃɈȁȁȆ ɷȆȈȇɈȇȁȁ Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) 2020 2021 Six Months ended June 30

Second Quarter Highlights Ȃȉ Adjusted EBITDA Reconciliation (in thousands) (unaudited) 2020 2021 2020 2021 sĚƥgūƙƙ ɷɚȂȊɈȆȃȁɛ ɷɚȂȈɈȃȂȈɛ ɷɚȆȇɈȅȆȇɛ ɷɚȇȇɈȆȂȁɛ ēēċîČŒɇ 'ĚƎƑĚČĿîƥĿūŠîŠēîŞūƑƥĿǕîƥĿūŠ ūĲĿŠƥîŠĳĿċŕĚîƙƙĚƥƙ ȉɈȈȃȊ ȂȇɈȄȂȇ ȂȈɈȂȃȁ ȃȆɈȂȁȇ TŠƥĚƑĚƙƥĿŠČūŞĚ ɚȃȊɛ ɚȂȄɛ ɚȄȇȅɛ ɚȃȇɛ TŠƥĚƑĚƙƥĚǊƎĚŠƙĚ ȂɈȅȂȁ ȄɈȁȈȆ ȂɈȇȃȊ ȆɈȊȁȇ ~ƥĺĚƑĿŠČūŞĚɚĚǊƎĚŠƙĚɛɈŠĚƥ ȂɈȁȇȆ ȄɈȇȃȉ ȂɈȄȊȉ ȂȁɈȄȅȊ TŠČūŞĚƥîǊċĚŠĚǶƥɚĚǊƎĚŠƙĚɛ ɚȈȉɛ ɚȂȂȄɛ ɚȂȆȈɛ ɚȂȆȃɛ /ƐƭĿƥǋɠċîƙĚēČūŞƎĚŠƙîƥĿūŠ ȇȊȁ ȃɈȂȆȉ ȇȊȁ ȄɈȁȁȂ ƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠČūƙƥƙɚȂɛ ɠ ȂɈȄȃȃ ɠ ȈɈȆȂȅ Restructuring costsɚȃɛ ȂɈȄȂȆ ɠ ȅɈȊȇȃ ȃȆȁ ēŏƭƙƥĚē/T¹' ɷɚȇɈȅȂȉɛ ɷȊɈȂȆȇ ɷɚȄȂɈȂȈȉɛ ɷɚȂȅɈȆȇȃɛ Three Months Ended June 30 Six Months Ended June 30 ɚȂɛ¤ĚƎƑĚƙĚŠƥƙƥĺĿƑēƎîƑƥǋČūƙƥƙîƙƙūČĿîƥĚēǅĿƥĺƥĺĚƙƥƑîƥĚĳĿČîČƐƭĿƙĿƥĿūŠūĲ¹ƭƑŠeĚǋîŠēƥĺĿƑēƎîƑƥǋČūƙƥƙîƙƙūČĿîƥĚēǅĿƥĺūƭƑŞĚƑĳĚƑǅĿƥĺ¹¡H ¡îČĚ¬ūŕƭƥĿūŠƙ ūƑƎɍ ɚȃɛ¤ĚƎƑĚƙĚŠƥƙČūƙƥƙîƙƙūČĿîƥĚēǅĿƥĺîŠĿŠƥĚƑŠîŕƑĚūƑĳîŠĿǕîƥĿūŠîŠēǅūƑŒĲūƑČĚƑĚēƭČƥĿūŠƙĿŠƑĚƙƎūŠƙĚƥūƥĺĚ ~×T'ɠȂȊƎîŠēĚŞĿČîŠēČūƙƥƙ îƙƙūČĿîƥĚēǅĿƥĺƥĺĚǅĿŠēɠēūǅŠūĲîƙĿĳŠĿǶČîŠƥƎūƑƥĿūŠūĲūƭƑĿŠƥĚƑŠîƥĿūŠîŕūƎĚƑîƥĿūŠƙɍ

Second Quarter Highlights ȂȊ About Vacasa ×îČîƙîĿƙƥĺĚŕĚîēĿŠĳǄîČîƥĿūŠƑĚŠƥîŕŞîŠîĳĚŞĚŠƥƎŕîƥĲūƑŞĿŠsūƑƥĺŞĚƑĿČîɈƥƑîŠƙĲūƑŞĿŠĳƥĺĚǄîČîƥĿūŠ ƑĚŠƥîŕĚǊƎĚƑĿĚŠČĚċǋĿŠƥĚĳƑîƥĿŠĳƎƭƑƎūƙĚɠċƭĿŕƥƥĚČĺŠūŕūĳǋǅĿƥĺĚǊƎĚƑƥŕūČîŕîŠēŠîƥĿūŠîŕƥĚîŞƙɍ OūŞĚūǅŠĚƑƙĚŠŏūǋĚîƑŠĿŠĳƙĿĳŠĿǶČîŠƥĿŠČƑĚŞĚŠƥîŕĿŠČūŞĚūŠūŠĚūĲƥĺĚĿƑŞūƙƥǄîŕƭîċŕĚîƙƙĚƥƙɈēĚŕĿǄĚƑĚēċǋ ƥĺĚČūŞƎîŠǋɫƙƭŠŞîƥČĺĚēƥĚČĺŠūŕūĳǋƥĺîƥîēŏƭƙƥƙƑîƥĚƙĿŠƑĚîŕƥĿŞĚƥūŞîǊĿŞĿǕĚƑĚǄĚŠƭĚɍHƭĚƙƥƙČîŠƑĚŕîǊ ČūŞĲūƑƥîċŕǋĿŠ×îČîƙîɫƙȄȁɈȁȁȁʋĺūŞĚƙîČƑūƙƙŞūƑĚƥĺîŠȅȁȁēĚƙƥĿŠîƥĿūŠƙĿŠsūƑƥĺŞĚƑĿČîɈĚŕĿǕĚîŠē ūƙƥî¤ĿČîɈŒŠūǅĿŠĳƥĺîƥȃȅɓȈƙƭƎƎūƑƥĿƙŏƭƙƥîƎĺūŠĚČîŕŕîǅîǋɍTŠîēēĿƥĿūŠƥūĚŠîċŕĿŠĳĳƭĚƙƥƙƥūƙĚîƑČĺɈ ēĿƙČūǄĚƑîŠēċūūŒĿƥƙƎƑūƎĚƑƥĿĚƙūŠ×îČîƙîɍČūŞîŠēƥĺĚ×îČîƙîHƭĚƙƥƎƎɈ×îČîƙîƎƑūǄĿēĚƙǄîŕƭîċŕĚɈ ƎƑūĲĚƙƙĿūŠîŕŕǋŞîŠîĳĚēĿŠǄĚŠƥūƑǋƥūƥūƎČĺîŠŠĚŕƎîƑƥŠĚƑƙɈĿŠČŕƭēĿŠĳĿƑċŠċɈūūŒĿŠĳɍČūŞîŠē×ƑċūɍTŠ ¬ƭŞŞĚƑȃȁȃȂɈ×îČîƙîĚŠƥĚƑĚēĿŠƥūîŠîĳƑĚĚŞĚŠƥƥūċĚČūŞĚîƎƭċŕĿČŕǋƥƑîēĚēČūŞƎîŠǋƥĺƑūƭĳĺîċƭƙĿŠĚƙƙ ČūŞċĿŠîƥĿūŠǅĿƥĺTPG Pace SolutionsɚsÞ¬/ɇ¹¡H¬ɛɈîƙƎĚČĿîŕƎƭƑƎūƙĚîČƐƭĿƙĿƥĿūŠČūŞƎîŠǋɚɨ¬¡ ɩɛɍ GūƑŞūƑĚĿŠĲūƑŞîƥĿūŠɈǄĿƙĿƥĺƥƥƎƙɇɓɓǅǅǅɍǄîČîƙîɍČūŞɓƎƑĚƙƙɍ Additional Information and Where to Find It ¹ĺĿƙ¬ĺîƑĚĺūŕēĚƑgĚƥƥĚƑĿƙċĚĿŠĳŞîēĚĿŠČūŠŠĚČƥĿūŠǅĿƥĺîƎƑūƎūƙĚēċƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠĿŠǄūŕǄĿŠĳ×îČîƙî îŠē¹¡H¬ɍTŠČūŠŠĚČƥĿūŠǅĿƥĺƥĺĚƎƑūƎūƙĚēƥƑîŠƙîČƥĿūŠɈ×îČîƙîɈTŠČɍɚɨsĚǅ ūɩɛĺîƙǶŕĚēǅĿƥĺƥĺĚ¬/ îƑĚĳĿƙƥƑîƥĿūŠƙƥîƥĚŞĚŠƥūŠGūƑŞ¬ɠȅƥĺîƥĿŠČŕƭēĚƙîƎƑĚŕĿŞĿŠîƑǋƎƑūǊǋƙƥîƥĚŞĚŠƥĲūƑƥĺĚƙĺîƑĚĺūŕēĚƑƙūĲ ¹¡H¬ɈǅĺĿČĺîŕƙūČūŠƙƥĿƥƭƥĚƙîƎƑĚŕĿŞĿŠîƑǋƎƑūƙƎĚČƥƭƙūĲsĚǅ ūɍ¹¡H¬ƭƑĳĚƙĿŠǄĚƙƥūƑƙɈƙĺîƑĚĺūŕēĚƑƙîŠē ūƥĺĚƑĿŠƥĚƑĚƙƥĚēƎĚƑƙūŠƙƥūƑĚîēƥĺĚƎƑĚŕĿŞĿŠîƑǋƎƑūǊǋƙƥîƥĚŞĚŠƥɓƎƑūƙƎĚČƥƭƙîƙǅĚŕŕîƙūƥĺĚƑēūČƭŞĚŠƥƙ ǶŕĚēǅĿƥĺƥĺĚ¬/ ɚĿŠČŕƭēĿŠĳɈǅĺĚŠîǄîĿŕîċŕĚɈƥĺĚēĚǶŠĿƥĿǄĚƎƑūǊǋƙƥîƥĚŞĚŠƥɓƎƑūƙƎĚČƥƭƙɛċĚČîƭƙĚƥĺĚƙĚ ēūČƭŞĚŠƥƙǅĿŕŕČūŠƥîĿŠĿŞƎūƑƥîŠƥĿŠĲūƑŞîƥĿūŠîċūƭƥTPGS, Vacasa, NewCo and the business combination. ĲƥĚƑƥĺĚƑĚĳĿƙƥƑîƥĿūŠƙƥîƥĚŞĚŠƥĿƙēĚČŕîƑĚēĚĲĲĚČƥĿǄĚɈƥĺĚēĚǶŠĿƥĿǄĚƎƑūǊǋƙƥîƥĚŞĚŠƥɓƎƑūƙƎĚČƥƭƙƥūċĚ included in the registration statement will be mailed to shareholders of TPGS as of a record date to be established for voting on the proposed business combination.¬ĺîƑĚĺūŕēĚƑƙǅĿŕŕîŕƙūċĚîċŕĚƥūūċƥîĿŠ îČūƎǋūĲƥĺĚƎƑūǊǋƙƥîƥĚŞĚŠƥɓƎƑūƙƎĚČƥƭƙɈǅĿƥĺūƭƥČĺîƑĳĚɈċǋēĿƑĚČƥĿŠĳîƑĚƐƭĚƙƥƥūɇ¹¡H¡îČĚ¬ūŕƭƥĿūŠƙɈ ȄȁȂ ūŞŞĚƑČĚ¬ƥɍɈ¬ƭĿƥĚȄȄȁȁɈGūƑƥØūƑƥĺɈ¹ÝȈȇȂȁȃɍ¹ĺĚƎƑĚŕĿŞĿŠîƑǋƎƑūǊǋƙƥîƥĚŞĚŠƥɓƎƑūƙƎĚČƥƭƙîŠēɈ ūŠČĚîǄîĿŕîċŕĚɈƥĺĚēĚǶŠĿƥĿǄĚƎƑūǊǋƙƥîƥĚŞĚŠƥɓƎƑūƙƎĚČƥƭƙɈČîŠîŕƙūċĚūċƥîĿŠĚēɈǅĿƥĺūƭƥČĺîƑĳĚɈîƥƥĺĚ¬/ ɫƙ ǅĚċƙĿƥĚɚǅǅǅɍƙĚČɍĳūǄɛɍ Participants in Solicitation ¹¡H¬ɈsĚǅ ūɈ×îČîƙîîŠēƥĺĚĿƑƑĚƙƎĚČƥĿǄĚēĿƑĚČƥūƑƙîŠēĚǊĚČƭƥĿǄĚūĲǶČĚƑƙŞîǋċĚēĚĚŞĚēƥūċĚ ƎîƑƥĿČĿƎîŠƥƙĿŠƥĺĚƙūŕĿČĿƥîƥĿūŠūĲƎƑūǊĿĚƙĲƑūŞƥĺĚƙĺîƑĚĺūŕēĚƑƙūĲ¹¡H¬ĿŠČūŠŠĚČƥĿūŠǅĿƥĺƥĺĚƎƑūƎūƙĚē ċƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠɍTŠǄĚƙƥūƑƙîŠēƙĚČƭƑĿƥǋĺūŕēĚƑƙŞîǋūċƥîĿŠŞūƑĚēĚƥîĿŕĚēĿŠĲūƑŞîƥĿūŠƑĚĳîƑēĿŠĳƥĺĚ ŠîŞĚƙɈîĲǶŕĿîƥĿūŠƙîŠēĿŠƥĚƑĚƙƥƙūĲČĚƑƥîĿŠūĲ¹¡H¬ɫƙĚǊĚČƭƥĿǄĚūĲǶČĚƑƙîŠēēĿƑĚČƥūƑƙĿŠƥĺĚƙūŕĿČĿƥîƥĿūŠċǋ ƑĚîēĿŠĳ¹¡H¬ɫƙĿŠĿƥĿîŕƎƭċŕĿČūĲĲĚƑĿŠĳƎƑūƙƎĚČƥƭƙɈǅĺĿČĺǅîƙǶŕĚēǅĿƥĺƥĺĚ¬/ ūŠƎƑĿŕȊɈȃȁȃȂɈîŠēƥĺĚ ƎƑūǊǋƙƥîƥĚŞĚŠƥɓƎƑūƙƎĚČƥƭƙîŠēūƥĺĚƑƑĚŕĚǄîŠƥŞîƥĚƑĿîŕƙǶŕĚēǅĿƥĺƥĺĚ¬/ ĿŠČūŠŠĚČƥĿūŠǅĿƥĺƥĺĚċƭƙĿŠĚƙƙ ČūŞċĿŠîƥĿūŠǅĺĚŠƥĺĚǋċĚČūŞĚîǄîĿŕîċŕĚɍ~ƥĺĚƑĿŠĲūƑŞîƥĿūŠČūŠČĚƑŠĿŠĳƥĺĚĿŠƥĚƑĚƙƥƙūĲƎîƑƥĿČĿƎîŠƥƙĿŠƥĺĚ ƙūŕĿČĿƥîƥĿūŠɈǅĺĿČĺŞîǋɈĿŠƙūŞĚČîƙĚƙɈċĚēĿĲĲĚƑĚŠƥƥĺîŠƥĺūƙĚūĲƥĺĚĿƑƙĺîƑĚĺūŕēĚƑƙĳĚŠĚƑîŕŕǋɈĿƙƙĚƥĲūƑƥĺĿŠ ƥĺĚƎƑūǊǋƙƥîƥĚŞĚŠƥɓƎƑūƙƎĚČƥƭƙƑĚŕîƥĿŠĳƥūƥĺĚċƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠɍ¬ĺîƑĚĺūŕēĚƑƙɈƎūƥĚŠƥĿîŕĿŠǄĚƙƥūƑƙîŠē ūƥĺĚƑĿŠƥĚƑĚƙƥĚēƎĚƑƙūŠƙƙĺūƭŕēƑĚîēƥĺĚƎƑĚŕĿŞĿŠîƑǋƎƑūǊǋƙƥîƥĚŞĚŠƥɓƎƑūƙƎĚČƥƭƙîŠēɈūŠČĚîǄîĿŕîċŕĚɈƥĺĚ ēĚǶŠĿƥĿǄĚƎƑūǊǋƙƥîƥĚŞĚŠƥɓƎƑūƙƎĚČƥƭƙɈČîƑĚĲƭŕŕǋċĚĲūƑĚŞîŒĿŠĳîŠǋǄūƥĿŠĳūƑĿŠǄĚƙƥŞĚŠƥēĚČĿƙĿūŠƙɍ ūƎĿĚƙūĲ ƥĺĚƙĚēūČƭŞĚŠƥƙŞîǋċĚūċƥîĿŠĚēĲūƑĲƑĚĚĲƑūŞƥĺĚƙūƭƑČĚƙĿŠēĿČîƥĚēîċūǄĚɍ Forward-Looking Statements ĚƑƥîĿŠƙƥîƥĚŞĚŠƥƙŞîēĚĿŠƥĺĿƙ¬ĺîƑĚĺūŕēĚƑgĚƥƥĚƑîƑĚɨĲūƑǅîƑēɠŕūūŒĿŠĳƙƥîƥĚŞĚŠƥƙɩǅĿƥĺĿŠƥĺĚŞĚîŠĿŠĳ ūĲƥĺĚɨƙîĲĚĺîƑċūƑɩƎƑūǄĿƙĿūŠƙūĲƥĺĚ¡ƑĿǄîƥĚ¬ĚČƭƑĿƥĿĚƙgĿƥĿĳîƥĿūŠ¤ĚĲūƑŞČƥūĲȂȊȊȆɍGūƑǅîƑēɠŕūūŒĿŠĳ ƙƥîƥĚŞĚŠƥƙŞîǋċĚĿēĚŠƥĿǶĚēċǋƥĺĚƭƙĚūĲǅūƑēƙƙƭČĺîƙɨîŠƥĿČĿƎîƥĚɩɈɨċĚŕĿĚǄĚɩɈɨĚǊƎĚČƥɩɈɨĚƙƥĿŞîƥĚɩɈɨƎŕîŠɩɈ ɨūƭƥŕūūŒɩɈîŠēɨƎƑūŏĚČƥɩîŠēūƥĺĚƑƙĿŞĿŕîƑĚǊƎƑĚƙƙĿūŠƙƥĺîƥƎƑĚēĿČƥūƑĿŠēĿČîƥĚĲƭƥƭƑĚĚǄĚŠƥƙūƑƥƑĚŠēƙūƑ ƥĺîƥîƑĚŠūƥƙƥîƥĚŞĚŠƥƙūĲĺĿƙƥūƑĿČîŕŞîƥƥĚƑƙɍ¹ĺĚƙĚĲūƑǅîƑēɠŕūūŒĿŠĳƙƥîƥĚŞĚŠƥƙƑĚǷĚČƥƥĺĚČƭƑƑĚŠƥîŠîŕǋƙĿƙ ūĲĚǊĿƙƥĿŠĳĿŠĲūƑŞîƥĿūŠîŠēîƑĚƙƭċŏĚČƥƥūǄîƑĿūƭƙƑĿƙŒƙîŠēƭŠČĚƑƥîĿŠƥĿĚƙɍƙîƑĚƙƭŕƥɈČîƭƥĿūŠŞƭƙƥċĚ ĚǊĚƑČĿƙĚēĿŠƑĚŕǋĿŠĳūŠĲūƑǅîƑēɠŕūūŒĿŠĳƙƥîƥĚŞĚŠƥƙɍ'ƭĚƥūŒŠūǅŠîŠēƭŠŒŠūǅŠƑĿƙŒƙɈîČƥƭîŕƑĚƙƭŕƥƙŞîǋ ēĿĲĲĚƑŞîƥĚƑĿîŕŕǋĲƑūŞ¹¡H¬ɫƙūƑ×îČîƙîɫƙĚǊƎĚČƥîƥĿūŠƙūƑƎƑūŏĚČƥĿūŠƙɍ¹ĺĚĲūŕŕūǅĿŠĳĲîČƥūƑƙɈîŞūŠĳūƥĺĚƑƙɈ ČūƭŕēČîƭƙĚîČƥƭîŕƑĚƙƭŕƥƙƥūēĿĲĲĚƑŞîƥĚƑĿîŕŕǋĲƑūŞƥĺūƙĚēĚƙČƑĿċĚēĿŠƥĺĚƙĚĲūƑǅîƑēɠŕūūŒĿŠĳƙƥîƥĚŞĚŠƥƙɇɚĿɛ ƥĺĚūČČƭƑƑĚŠČĚūĲîŠǋĚǄĚŠƥɈČĺîŠĳĚūƑūƥĺĚƑČĿƑČƭŞƙƥîŠČĚƙƥĺîƥČūƭŕēĳĿǄĚƑĿƙĚƥūƥĺĚƥĚƑŞĿŠîƥĿūŠūĲƥĺĚ ēĚǶŠĿƥĿǄĚîĳƑĚĚŞĚŠƥĲūƑƥĺĚċƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠċĚƥǅĚĚŠ¹¡H¬îŠē×îČîƙîɚƥĺĚɨƭƙĿŠĚƙƙ ūŞċĿŠîƥĿūŠ ĳƑĚĚŞĚŠƥɩɛɒɚĿĿɛƥĺĚîċĿŕĿƥǋūĲƥĺĚČūŞċĿŠĚēČūŞƎîŠǋƥūŞĚĚƥŕĿƙƥĿŠĳƙƥîŠēîƑēƙĲūŕŕūǅĿŠĳƥĺĚƥƑîŠƙîČƥĿūŠîŠē ĿŠČūŠŠĚČƥĿūŠǅĿƥĺƥĺĚČūŠƙƭŞŞîƥĿūŠƥĺĚƑĚūĲɒɚĿĿĿɛƥĺĚĿŠîċĿŕĿƥǋƥūČūŞƎŕĚƥĚƥĺĚƥƑîŠƙîČƥĿūŠƙČūŠƥĚŞƎŕîƥĚē

Second Quarter Highlights 20 ċǋƥĺĚƭƙĿŠĚƙƙ ūŞċĿŠîƥĿūŠĳƑĚĚŞĚŠƥēƭĚƥūƥĺĚĲîĿŕƭƑĚƥūūċƥîĿŠîƎƎƑūǄîŕūĲƥĺĚƙĺîƑĚĺūŕēĚƑƙūĲ¹¡H¬ ūƑūƥĺĚƑƑĚîƙūŠƙɒɚĿǄɛƥĺĚĲîĿŕƭƑĚƥūŞĚĚƥƥĺĚŞĿŠĿŞƭŞČîƙĺƑĚƐƭĿƑĚŞĚŠƥƙūĲƥĺĚƭƙĿŠĚƙƙ ūŞċĿŠîƥĿūŠ ĳƑĚĚŞĚŠƥēƭĚƥū¹¡H¬ƙĺîƑĚĺūŕēĚƑƙƑĚēĚŞƎƥĿūŠƙîŠēūŠĚūƑŞūƑĚēĚĲîƭŕƥƙċǋƥĺĚĿŠǄĚƙƥūƑƙĿŠƥĺĚƎƑĿǄîƥĚ ƎŕîČĚŞĚŠƥƥĺîƥĿƙċĚĿŠĳƭŠēĚƑƥîŒĚŠĿŠČūŠŠĚČƥĿūŠǅĿƥĺƥĺĚċƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠɈîŠēĲîĿŕĿŠĳƥūūċƥîĿŠ ƑĚƎŕîČĚŞĚŠƥǶŠîŠČĿŠĳɒɚǄɛČūƙƥƙƑĚŕîƥĚēƥūƥĺĚƎƑūƎūƙĚēƥƑîŠƙîČƥĿūŠɒɚǄĿɛČĺîŠĳĚƙĿŠîƎƎŕĿČîċŕĚŕîǅƙūƑ ƑĚĳƭŕîƥĿūŠƙɒɚǄĿĿɛƥĺĚîċĿŕĿƥǋūĲƥĺĚČūŞċĿŠĚēČūŞƎîŠǋƥūŞĚĚƥĿƥƙǶŠîŠČĿîŕîŠēƙƥƑîƥĚĳĿČĳūîŕƙɈēƭĚƥūɈîŞūŠĳ ūƥĺĚƑƥĺĿŠĳƙɈČūŞƎĚƥĿƥĿūŠɈƥĺĚîċĿŕĿƥǋūĲƥĺĚČūŞċĿŠĚēČūŞƎîŠǋƥūƎƭƑƙƭĚîĳƑūǅƥĺƙƥƑîƥĚĳǋîŠēŞîŠîĳĚ ĳƑūǅƥĺƎƑūǶƥîċĿŕĿƥǋɒɚǄĿĿĿɛƥĺĚƎūƙƙĿċĿŕĿƥǋƥĺîƥƥĺĚČūŞċĿŠĚēČūŞƎîŠǋŞîǋċĚîēǄĚƑƙĚŕǋîĲĲĚČƥĚēċǋūƥĺĚƑ ĚČūŠūŞĿČɈċƭƙĿŠĚƙƙɈîŠēɓūƑČūŞƎĚƥĿƥĿǄĚĲîČƥūƑƙɒɚĿǊɛƥĺĚČūŠƥĿŠƭĿŠĳūƑŠĚǅĚĲĲĚČƥƙūĲƥĺĚ ~×T'ɠȂȊƎîŠēĚŞĿČ ūŠ¹¡H¬îŠē×îČîƙîîŠēƥĺĚĿƑîċĿŕĿƥǋƥūČūŠƙƭŞŞîƥĚƥĺĚƥƑîŠƙîČƥĿūŠɒîŠēɚǊɛūƥĺĚƑƑĿƙŒƙîŠēƭŠČĚƑƥîĿŠƥĿĚƙ ēĚƙČƑĿċĚēĺĚƑĚĿŠɈîƙǅĚŕŕîƙƥĺūƙĚƑĿƙŒƙîŠēƭŠČĚƑƥîĿŠƥĿĚƙēĿƙČƭƙƙĚēĲƑūŞƥĿŞĚƥūƥĿŞĚĿŠūƥĺĚƑƑĚƎūƑƥƙîŠē ūƥĺĚƑƎƭċŕĿČǶŕĿŠĳƙǅĿƥĺƥĺĚ¬/ ċǋ¹¡H¬îŠēsĚǅ ūɍ ēēĿƥĿūŠîŕĿŠĲūƑŞîƥĿūŠČūŠČĚƑŠĿŠĳƥĺĚƙĚîŠēūƥĺĚƑĲîČƥūƑƙƥĺîƥŞîǋĿŞƎîČƥ¹¡H¬ɫƙîŠē×îČîƙîɫƙ ĚǊƎĚČƥîƥĿūŠƙîŠēƎƑūŏĚČƥĿūŠƙČîŠċĚĲūƭŠēĿŠ¹¡H¬ɫƙƎĚƑĿūēĿČǶŕĿŠĳƙǅĿƥĺƥĺĚ¬/ ɈĿŠƥĺĚƎƑĚŕĿŞĿŠîƑǋƎƑūǊǋ ƙƥîƥĚŞĚŠƥɓƎƑūƙƎĚČƥƭƙĿŠČŕƭēĚēĿŠƥĺĚƑĚĳĿƙƥƑîƥĿūŠƙƥîƥĚŞĚŠƥūŠGūƑŞ¬ɠȅǶŕĚēǅĿƥĺƥĺĚ¬/ ċǋsĚǅ ūɍɈîŠē ĿŠƥĺĚēĚǶŠĿƥĿǄĚƎƑūǊǋƙƥîƥĚŞĚŠƥɓƎƑūƙƎĚČƥƭƙǅĺĚŠîǄîĿŕîċŕĚɍ¹¡H¬ɫƙîŠēsĚǅ ūɫƙ¬/ ǶŕĿŠĳƙîƑĚîǄîĿŕîċŕĚ ƎƭċŕĿČŕǋūŠƥĺĚ¬/ ɫƙǅĚċƙĿƥĚîƥǅǅǅɍƙĚČɍĳūǄɍ ¹ĺĚĲūƑĚĳūĿŠĳŕĿƙƥūĲĲîČƥūƑƙĿƙŠūƥĚǊČŕƭƙĿǄĚɍ¤ĚîēĚƑƙîƑĚČîƭƥĿūŠĚēŠūƥƥūƎŕîČĚƭŠēƭĚƑĚŕĿîŠČĚƭƎūŠîŠǋ ĲūƑǅîƑēɠŕūūŒĿŠĳƙƥîƥĚŞĚŠƥƙɈǅĺĿČĺƙƎĚîŒūŠŕǋîƙūĲƥĺĚēîƥĚŞîēĚɍsĚĿƥĺĚƑ¹¡H¬ŠūƑ×îČîƙîƭŠēĚƑƥîŒĚƙ ūƑîČČĚƎƥƙîŠǋūċŕĿĳîƥĿūŠūƑƭŠēĚƑƥîŒĿŠĳƥūƑĚŕĚîƙĚƎƭċŕĿČŕǋîŠǋƭƎēîƥĚƙūƑƑĚǄĿƙĿūŠƙƥūîŠǋĲūƑǅîƑēɠŕūūŒĿŠĳ ƙƥîƥĚŞĚŠƥƙƥūƑĚǷĚČƥîŠǋČĺîŠĳĚĿŠĿƥƙĚǊƎĚČƥîƥĿūŠƙūƑîŠǋČĺîŠĳĚĿŠĚǄĚŠƥƙɈČūŠēĿƥĿūŠƙūƑČĿƑČƭŞƙƥîŠČĚƙūŠ ǅĺĿČĺîŠǋƙƭČĺƙƥîƥĚŞĚŠƥĿƙċîƙĚēɈƙƭċŏĚČƥƥūîƎƎŕĿČîċŕĚŕîǅɍ No Offer or Solicitation ¹ĺĿƙ¬ĺîƑĚĺūŕēĚƑgĚƥƥĚƑēūĚƙŠūƥČūŠƙƥĿƥƭƥĚîƙūŕĿČĿƥîƥĿūŠūĲîƎƑūǊǋɈČūŠƙĚŠƥūƑîƭƥĺūƑĿǕîƥĿūŠǅĿƥĺƑĚƙƎĚČƥ ƥūîŠǋƙĚČƭƑĿƥĿĚƙūƑĿŠƑĚƙƎĚČƥūĲƥĺĚƎƑūƎūƙĚēċƭƙĿŠĚƙƙČūŞċĿŠîƥĿūŠɍ¹ĺĿƙ¬ĺîƑĚĺūŕēĚƑgĚƥƥĚƑîŕƙūēūĚƙ ŠūƥČūŠƙƥĿƥƭƥĚîŠūĲĲĚƑƥūƙĚŕŕūƑƥĺĚƙūŕĿČĿƥîƥĿūŠūĲîŠūĲĲĚƑƥūċƭǋƙĚČƭƑĿƥĿĚƙɈŠūƑǅĿŕŕƥĺĚƑĚċĚîŠǋƙîŕĚūĲ ƙĚČƭƑĿƥĿĚƙĿŠîŠǋƙƥîƥĚūƑŏƭƑĿƙēĿČƥĿūŠĿŠǅĺĿČĺƙƭČĺūĲĲĚƑɈƙūŕĿČĿƥîƥĿūŠūƑƙîŕĚǅūƭŕēċĚƭŠŕîǅĲƭŕƎƑĿūƑƥū ƑĚĳĿƙƥƑîƥĿūŠūƑƐƭîŕĿǶČîƥĿūŠƭŠēĚƑƥĺĚƙĚČƭƑĿƥĿĚƙŕîǅƙūĲîŠǋƙƭČĺŏƭƑĿƙēĿČƥĿūŠɍsūūĲĲĚƑĿŠĳūĲƙĚČƭƑĿƥĿĚƙǅĿŕŕċĚ ŞîēĚĚǊČĚƎƥċǋŞĚîŠƙūĲîƎƑūƙƎĚČƥƭƙŞĚĚƥĿŠĳƥĺĚƑĚƐƭĿƑĚŞĚŠƥƙūĲ¬ĚČƭƑĿƥĿĚƙČƥūĲȂȊȄȄɈîƙîŞĚŠēĚēɈūƑ îŠĚǊĚŞƎƥĿūŠƥĺĚƑĚĲƑūŞɍ No Assurances ¹ĺĚƑĚČîŠċĚŠūîƙƙƭƑîŠČĚƥĺîƥƥĺĚƥƑîŠƙîČƥĿūŠƙēĚƙČƑĿċĚēĺĚƑĚĿŠǅĿŕŕċĚČūŞƎŕĚƥĚēɈŠūƑČîŠƥĺĚƑĚċĚîŠǋ îƙƙƭƑîŠČĚɈĿĲƙƭČĺƥƑîŠƙîČƥĿūŠƙîƑĚČūŞƎŕĚƥĚēɈƥĺîƥƥĺĚƎūƥĚŠƥĿîŕċĚŠĚǶƥƙūĲČūŞċĿŠĿŠĳƥĺĚČūŞƎîŠĿĚƙǅĿŕŕ ċĚƑĚîŕĿǕĚēɍ¹ĺĚēĚƙČƑĿƎƥĿūŠūĲƥĺĚƥƑîŠƙîČƥĿūŠƙČūŠƥîĿŠĚēĺĚƑĚĿŠĿƙūŠŕǋîƙƭŞŞîƑǋîŠēĿƙƐƭîŕĿǶĚēĿŠĿƥƙ ĚŠƥĿƑĚƥǋċǋƑĚĲĚƑĚŠČĚƥūƥĺĚēĚǶŠĿƥĿǄĚîĳƑĚĚŞĚŠƥƙƑĚŕîƥĿŠĳƥūƥĺĚƥƑîŠƙîČƥĿūŠƙɈČūƎĿĚƙūĲǅĺĿČĺĺîǄĚċĚĚŠ ǶŕĚēîƙĚǊĺĿċĿƥƙƥūƥĺĚ ƭƑƑĚŠƥ¤ĚƎūƑƥūŠGūƑŞȉɠeǶŕĚēċǋ¹¡H¬ǅĿƥĺƥĺĚ¬/ ūŠƭĳƭƙƥȄɈȃȁȃȂɍ Use of Non-GAAP Financial Measures ¹ĺĿƙ¬ĺîƑĚĺūŕēĚƑgĚƥƥĚƑĿŠČŕƭēĚƙēŏƭƙƥĚē/T¹'ɈǅĺĿČĺĿƙîǶŠîŠČĿîŕŞĚîƙƭƑĚƥĺîƥĿƙŠūƥēĚǶŠĚēċǋūƑ ƎƑĚƙĚŠƥĚēĿŠîČČūƑēîŠČĚǅĿƥĺîČČūƭŠƥĿŠĳƎƑĿŠČĿƎŕĚƙĳĚŠĚƑîŕŕǋîČČĚƎƥĚēĿŠƥĺĚÀŠĿƥĚē¬ƥîƥĚƙɚɨH¡ɩɛɍ ĚČîƭƙĚĿƥĚǊČŕƭēĚƙĿƥĚŞƙǅĚēūŠūƥċĚŕĿĚǄĚƥūċĚĿŠēĿČîƥĿǄĚūĲūƭƑČūƑĚūƎĚƑîƥĿŠĳƎĚƑĲūƑŞîŠČĚɈǅĚċĚŕĿĚǄĚ ēŏƭƙƥĚē/T¹'ƎƑūǄĿēĚƙƭƙĚĲƭŕĿŠĲūƑŞîƥĿūŠƥūîŠîŕǋƙƥƙîŠēĿŠǄĚƙƥūƑƙĿŠƭŠēĚƑƙƥîŠēĿŠĳîŠēĚǄîŕƭîƥĿŠĳ ūƭƑƑĚƙƭŕƥƙūĲūƎĚƑîƥĿūŠƙɈĿƙĲƑĚƐƭĚŠƥŕǋƭƙĚēċǋƥĺĚƙĚƎîƑƥĿĚƙĿŠĚǄîŕƭîƥĿŠĳČūŞƎîŠĿĚƙĿŠūƭƑĿŠēƭƙƥƑǋɈîŠē ƎƑūǄĿēĚƙîƭƙĚĲƭŕŞĚîƙƭƑĚĲūƑƎĚƑĿūēɠƥūɠƎĚƑĿūēČūŞƎîƑĿƙūŠƙūĲūƭƑċƭƙĿŠĚƙƙƎĚƑĲūƑŞîŠČĚɍqūƑĚūǄĚƑɈ ēŏƭƙƥĚē/T¹'ĿƙîŒĚǋŞĚîƙƭƑĚŞĚŠƥƭƙĚēċǋūƭƑŞîŠîĳĚŞĚŠƥĿŠƥĚƑŠîŕŕǋƥūŞîŒĚūƎĚƑîƥĿŠĳēĚČĿƙĿūŠƙɈ ĿŠČŕƭēĿŠĳƥĺūƙĚƑĚŕîƥĚēƥūîŠîŕǋǕĿŠĳūƎĚƑîƥĿŠĳĚǊƎĚŠƙĚƙɈĚǄîŕƭîƥĿŠĳƎĚƑĲūƑŞîŠČĚɈîŠēƎĚƑĲūƑŞĿŠĳƙƥƑîƥĚĳĿČ ƎŕîŠŠĿŠĳîŠēîŠŠƭîŕċƭēĳĚƥĿŠĳɍ OūǅĚǄĚƑɈēŏƭƙƥĚē/T¹'ĺîƙîŠƭŞċĚƑūĲƙĿĳŠĿǶČîŠƥŕĿŞĿƥîƥĿūŠƙîƙîŠîŠîŕǋƥĿČîŕƥūūŕɈîŠēūƥĺĚƑ ČūŞƎîŠĿĚƙĿŠūƭƑĿŠēƭƙƥƑǋŞîǋČîŕČƭŕîƥĚƥĺĿƙŞĚîƙƭƑĚēĿĲĲĚƑĚŠƥŕǋƥĺîŠǅĚēūɈƥĺĚƑĚċǋĲƭƑƥĺĚƑŕĿŞĿƥĿŠĳĿƥƙ ƭƙĚĲƭŕŠĚƙƙîƙîČūŞƎîƑîƥĿǄĚŞĚîƙƭƑĚɍĚČîƭƙĚūĲĿƥƙŕĿŞĿƥîƥĿūŠƙɈēŏƭƙƥĚē/T¹'ƙĺūƭŕēċĚČūŠƙĿēĚƑĚē îƙƙƭƎƎŕĚŞĚŠƥîŕĿŠŠîƥƭƑĚūŠŕǋɈîŠēƙĺūƭŕēŠūƥċĚǄĿĚǅĚēîƙîƙƭċƙƥĿƥƭƥĚĲūƑŠĚƥŕūƙƙūƑîŠǋūƥĺĚƑǶŠîŠČĿîŕ ĿŠĲūƑŞîƥĿūŠƎƑĚƎîƑĚēĿŠîČČūƑēîŠČĚǅĿƥĺH¡ɍ GƑūŞƥĿŞĚƥūƥĿŞĚǅĺĚŠƎƑĚƙĚŠƥĿŠĳĲūƑǅîƑēɠŕūūŒĿŠĳŠūŠɠH¡ŞĚƥƑĿČƙɈǅĚîƑĚƭŠîċŕĚƥūƎƑūǄĿēĚ ƐƭîŠƥĿƥîƥĿǄĚƑĚČūŠČĿŕĿîƥĿūŠƙƥūƥĺĚŞūƙƥČŕūƙĚŕǋČūƑƑĚŕîƥĚēH¡ŞĚîƙƭƑĚēƭĚƥūƥĺĚƭŠČĚƑƥîĿŠƥǋĿŠƥĺĚ ƥĿŞĿŠĳɈîŞūƭŠƥūƑŠîƥƭƑĚūĲîŠǋîēŏƭƙƥŞĚŠƥƙɈǅĺĿČĺČūƭŕēċĚŞîƥĚƑĿîŕĿŠîŠǋƎĚƑĿūēɍ