DRAFT Fairness Opinion Presentation to the Special Committee Project Bruce August 12, 2025

Aggregate Value (4) $2,671 Aggregate Value / 2024A EBITDA (5) 132 20.2x Aggregate Value / 2Q 2025A LTM EBITDA (5) 174 15.4x Aggregate Value / 2025F EBITDA (6+6 Forecast) (5) 206 12.9x Reference Metric Offer Price (Per Share) $9.00 Premium vs. Adj. Unaffected Share Price (%) (1) $5.16 74% Premium vs. Unaffected Share Price (%) (2) $4.91 83% Premium vs. Unaffected 1-Month VWAP (%) (2) $4.92 83% Premium vs. Unaffected 3M-VWAP (2) $5.13 75% Premium vs. Unaffected 6M-VWAP (2) $5.36 68% Premium vs. Recent Unaffected Trading High (6) $6.33 42% Premium vs. Recent Unaffected Trading Low (6) $4.55 98% Premium vs. Spot Price (7) $7.29 23% Aggregate Value Build Common Shares (Class A & B) 195.1 RSU 0.7 SAR 2.4 FDSO(3) 198.2 Equity Value $1,784 Net Debt 884 Non-Controlling Interests 2 $9.00/Share Offer Represents a 12.9x 2025 EBITDA Multiple and 83% Premium to Unaffected Share Price PROJECT BRUCE 2 DRAFT On December 16, 2024, a group of investors submitted a proposal to acquire all of the common shares of the Company not owned by the Voting Group (as defined on the next page) at $9.00/share and to lead a take-private of the Company with the Voting Group shareholders rolling into the transaction The proposal welcomed the Voting Group, Goldman Sachs, and other material shareholders to rollover their ownership stake in the Company in the transaction The letter specified as pre- conditions the approval of the transaction by a Special Committee (“SC”) and a vote of the majority of the minority Since the initial proposal, the funding of the transaction from new investors has evolved, and the SC tried to negotiate for a price increase to $9.25/share with the relevant parties involved, but ultimately was not able to get the bidder group to increase its price and the offer price per share was reconfirmed at $9/sh See next page for further details on the sources & uses of the transaction The $9.00 per share offer represents a 15.4x 2Q’25A LTM EBITDA, a 12.9x 2025F EBITDA multiple and an 83% premium over the unaffected share price (2) Summary of Proposal – Premiums and Implied Valuation Metrics $MM, unless per share data in USD Source: Public filings, Capital IQ, Company Budget per Management as approved for our use by the Special Committee (the “6+6 Forecast”), Company Projections per Management as approved for our use by the Special Committee (the “Special Committee”) of the Board of Directors of the Company (the “Projections”), Q2’25 balance sheet per Management Notes: Adjusted Unaffected Share Price (“Adjusted Unaffected Share Price”) represents the unaffected price (share price as of 12/18/ 24, the last trading day prior to public announcement of the Consortium offer) increased by avg. peer performance since unaffected date, +5% (DHG excluded from peer avg. due to M&A speculations since announcement of strategic alternatives review) Unaffected share price (“Unaffected Share Price”) defined as the Company’s share price as of 12/18/2024, the last trading day prior to public announcement of the Consortium offer Share count as of 8/6/2025 per management incl. 195.1MM common shares, 0.7MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price); RSUs include 178,571 expected to be granted in August 2025, per management Bridge from equity value to aggregate value includes net debt and non-controlling interest of $887MM as of Q2’25 per Management 2024A and 2Q’ 2025 LTM EBITDA per public company filings; 2025F EBITDA per Company 6+6 forecast; 1Q 2025 reported EBITDA includes $23MM of one-time insurance proceeds related to COVID-19 Recent unaffected trading period represents period between announcement of dissolution of the 2024 Special Committee (5/31/2024) and the unaffected date (12/18/2024) Spot price as of August 8, 2025 Summary of the Proposal

Comparing Over Time the Relevant Factors to Evaluate The Proposal Source: Public Filings, Capital IQ (as of August 8, 2025), Projections, Budget Notes: 2024 & 2025 AV / EBITDA Multiples reflect aggregate value at offer price of $9 per share; December 2024 utilizes 2024 Company EBITDA of $140MM based on management guidance and 2025 EBITDA estimate of $228MM and 3Q 2024 balance sheet (Budget for 2025 was not available at this time); August 2025 utilizes 2024A Company EBITDA of $132MM and 2025F 6+6 forecast EBITDA estimate of $206MM and 2Q 2025 balance sheet; Projections for 2026 have not changed since initial receipt Consensus estimates as of August 8, 2025 includes fewer broker contributors than on December 18, 2024 (i.e. the current consensus estimates only include 1-2 contributors vs. 3-6 contributors on 12/18 (number of contributors depends on metric)) Lease Heavy average excludes DHG due to M&A speculation since announcement of strategic alternatives review December 18, 2024 (Unaffected Date) June 24, 2025 (Latest Presentation to Special Committee) Change (8/8 vs. 12/18) Company Consensus EBITDA Estimates (2025E / 2026E) Vail Comparable Companies Trading Valuation Location-Based Membership Platforms (2025E / 2026E EBITDA Multiples) Hospit- ality Plat- forms Asset Light Lease (3) Heavy s 2025E & 2026E Adj EBITDA (1) $187MM / $206MM 11.1x / 10.4x 17.9x / 16.3x 18.1x / 16.7x 7.8x / 8.0x $228MM / $275MM $155MM / $180MM (2) 10.0x / 9.5x 18.7x / 17.0x 18.2x / 16.9x 7.3x / 7.0x $200MM / $275MM (18%) ▲ in Share Price (1.5x) / (1.3x) ▲ in Multiple +4% +0.2x / (0.2x) +1% - / +0.1x +19% +0.1x / (0.4x) (10%) / - (10%) / (13%) Offer Price Unchanged at $9/Sh, Company Long-term Forecasts Broadly Unchanged Though 2025 Estimates Have Been Revised Downward Since 12/18, and Most Peers (Except for Vail) Trading at Similar Multiples Company Valuation at $9/Sh (AV / ‘24 EBITDA & AV / ‘25 EBITDA) (1) 18.9x / 11.6x 20.0x / 13.2x +1.3x / +1.4x 2024 Adj EBITDA (1) $140MM (Management Guidance) $132MM (Actual) (6%) August 8, 2025 (Current) $169MM / $179MM PROJECT BRUCE 2 DRAFT 9.6x / 9.1x 18.1x / 16.1x 18.1x / 16.8x 7.9x / 7.6x $206MM / $275MM 20.2x / 12.9x $132MM (Actual) (2) (2) (2)

Adj. Unaffected Share Price $5.16 Location-Based Membership Platform Average +4% Marriott (MAR) (6%) Hilton (HLT) +8% Asset-Light Average +1% Melia Hotels (MEL) +19% Dalata Hotel Group (DHG) +4% Lease-Heavy Average(3) +19% $4.50 $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 $8.00 Share Price Performance Since the Initial Consortium Offer Announcement Since Unaffected Date (Market Close 12/18/2024) (1) $8.50 The last trading day prior to public announcement of the Consortium offer (12/18/2024) Location-Based Membership Platforms average includes Vail, Costco, Lifetime Fitness, Planet Fitness; Asset-Light average includes Marriott and Hilton; Lease-Heavy includes Melia (Dalata performance reflects unaffected performance prior to announcement of their strategic alternatives, not included in average); Peer average includes Vail, Costco, Lifetime Fitness, Planet Fitness, Marriott, Hilton, and Melia Dalata excluded from average due to M&A speculation since announcement of strategic alternatives review How Has the Market Reacted Since Initial Proposal? Source: Capital IQ (as of August 8, 2025) Upon the Company’s reporting of an offer from a third-party Consortium at a price of $9 per share on third-quarter earnings call (12/19/2024), the stock jumped up +47%, closing at $7.22 The Company now trades at $7.29, a +48% premium to Unaffected Share Price of $4.91 but (19%) discount to offer price of $9 Since the unaffected date, peers have traded up ~+5%, on average The Company’s implied Adjusted Unaffected Share Price is $5.16 Peer Share Price Performance Since Unaffected Date to Current (1) Perf. Since Category (2) Unaffected Date Vail Resorts (MTN) (18%) Costco (COST) +2% Lifetime (LTH) +22% Planet Fitness (PLNT) +9% 8/8/25 $7.29 +48% vs. Unaffected Share Price ~19.0% ount to the fer price) 1-Day Performance: $7.22 (+47% vs Unaffected Share Price; ~20% discount to the $9 offer price) Share Price Jumped 47% to $7.22 Immediately Following the Announcement and Now Trades at Similar Levels ($7.29, i.e. 19% Discount to $9 Offer Price) with Substantial Volatility Exhibited Over the Last 9 Months 12/18/24 $4.91 (Unaffected Share Price) 1/29/25: Dan Loeb files 13D pushing the Soho House board to pursue a “fair” sales process (+12% price movement at $8.29) 2/7/25: JTS Enterprises of Tampa files a schedule 13G 3/14/25: Company announces late annual 10K filing for 2024 5/9/25: Company announces Q1’2025 earnings 3/31/25: Company announces FY 2024 earnings ( disc $9 of 8/8/25: Company announces Q2’2025 earnings Build to Adjusted Unaffected Share Price Unaffected Share Price $4.91 18-Dec 3-Feb 22-Mar 8-May 24-Jun 8-Aug All Peer Average Perf. (3) +5% Notes: All Peer Average(3) +5% Dalata announced strategic alternatives review on 3/6/25 – shown metrics based on share price prior to announcement PROJECT BRUCE 4 DRAFT

Summary of Information Reviewed for Morgan Stanley Valuation Analysis Morgan Stanley has received and reviewed information regarding the Company, including reviewing the information provided in the dataroom, conducting information gathering sessions with the management team, and attending management meetings and information gathering sessions with the management team For its valuation analysis, Morgan Stanley has relied on the Budget for 2025 and Projections for 2026-2028. Both the Budget and Projections were prepared and provided by the management team and approved by the Special Committee for our use (see next page) Key Information Reviewed Projections Budget Asset-by-asset datatape with ownership type, asset KPIs (construction year, last renovation year, house opening year, features, location, % of ownership), operational KPIs (number of members, waitlist, membership price, number of visits per member, avg. spend per member), and financial KPIs (revenue, operating expenses, contribution profit, capex, corporate G&A) for the last 5 years Detailed pipeline of new house openings, including projected ramped up and stabilized operational and financial KPIs Historical financials Customer feedback surveys and focus group feedback PROJECT BRUCE 4 DRAFT Membership growth and profitability assumptions House maturation data Debt agreements Lease obligations JV agreements, management / operating agreements Research analyst commentary, reports, and forecasts

Total Houses 26 27 33 40 42 45 45 48 48 55 62 66 n.a. Total Revenue 642 384 561 972 1,125 1,204 613 737 1,349 1,545 1,742 1,971 1,971 % Growth (40%) 46% 73% 16% 7% n.a. n.a. 12% 14% 13% 13% n.a. Adj. EBITDA(1) 18 (47) (24) 61 116 132 93 113 206 275 358 423 203 345 % Growth n.m. n.m. n.m. 90% 14% n.a. n.a. 56% 33% 30% 18% n.a. % Margin 3% n.m. n.m. 6% 10% 11% 15% 15% 15% 18% 21% 21% 18% Unlevered Free Cash Flow(2) 43 140 220 274 131 207 % Unlevered FCF Conversion 38% 51% 61% 65% 65% 60% Levered Free Cash Flow(2) 23 96 175 227 n.a. Net Debt / Adj. EBITDA 3.1x 2.0x 1.3x n.a. PROJECT BRUCE 4 DRAFT Historical Budget / Projections Terminal 2019A 2020A 2021A 2022A 2023A 2024A 1H'25 2H'25 2025F 2026E 2027E 2028E 1H'29 (3) Year Historical Performance and Management’s Projections 13% Revenue CAGR, 27% EBITDA CAGR, and Positive FCF Generation Expected Over 2025-2028E Projections call for revenue growth at 13% CAGR from ’25 – ’28 – Combination of organic growth, maturation of recent openings, and new house openings Adjusted EBITDA forecasted to grow at 27% CAGR from ’25 – ’28, driven by margin expansion from 11% in 2024A FY to 21% in 2028E FY Free cash flow is expected to grow throughout the projection period Source: Forecast, Projections, Company Filings Notes: Adjusted EBITDA is operating profit / (loss) adding back D&A, foreign exchange gain / (loss), stock-based compensation, one off costs, plus the share of JV Adjusted EBITDA; it does not include add backs for preopening expenses, non-cash rent expense, and deferred registration fees Unlevered Free Cash Flow represents cash flow prior to adjustment for cash interest expense; Levered Free Cash Flow represents cash flow after adjusting for cash interest expense Reflects 2028E Adjusted EBITDA grown at 20% and unlevered FCF conversion of 65%; 1H expected to be 40% of the full year due to seasonality per management Financial Statistics & Trajectory $MM, unless otherwise noted

Observations On Management’s Forecast Plan Risks and Opportunities ~66% of the Company’s debt matures in Mar-2027 (GS Senior Secure Notes, ~8.24%, of which 6.20% PIK)(1). Based on today’s market environment, refinancing likely to be materially more expensive 6 Street estimates reflect an outlook materially below management’s forecast – this is true for 2025 and 2026, the furthest forecasted year by research; latest research analysts estimates for 2025FY and 2026FY EBITDA are 18% and 35% lower than management forecasts 2 The fixed costs associated with many of the company’s leases implies the company has significant financial leverage beyond its corporate and asset level debt. Further, there are several meaningful leases that expire / reset during the forecast and there may not be certainty to the precision of the estimates employed in determining the terms of successor leases 5 Management projects that the margin profile of the company will almost double from 11.0% EBITDA margin (per FY 2024 reported earnings) to 21.5% by 2028. The forecasted margins materially exceed those historically achieved and its at-IPO guidance of 15% long-term EBITDA margin, though the Company is in process of implementing substantial cost efficiency initiatives 3 Company has historically had difficulty meeting its guidance / street expectations; missed revenue and/or EBITDA consensus and its guidance numerous times since IPO. See next page 1 Model forecasts absolute G&A declines while the number of houses increases from 45 to 66, implying that substantial costs can be removed from the business while not impacting growth. The G&A decline is primarily driven by cost efficiency initiatives and new ERP systems in process of being implemented by the company 4 PROJECT BRUCE 4 DRAFT Notes: 1. Blended rate per Projections; Company issued two tranches of senior secure notes, with $441MM Initial Notes issued at cash interest of 2.0192% / PIK interest of 6.1572% and $100MM Additional Notes issued at cash interest of 2.125% / PIK of 6.375%

Current (8/8/2025) $7.29 - Adjusted Unaffected Share Price $5.16 41.2% Unaffected Share Price (12/18/2024) $4.91 48.5% 1M VWAP - Unaffected $4.92 48.1% 3M VWAP - Unaffected $5.13 42.0% 6M VWAP - Unaffected $5.36 36.1% Recent Unaffected Trading High (8/28/2024) (1)(2) $6.33 15.2% Recent Unaffected Trading Low (8/7/2024) (1)(2) $4.55 60.2% Current vs. The Company Has Missed Either Revenue or EBITDA Consensus 71% of the Time Since its IPO (5) Stock Price 0 Jul-21 May-22 Mar-23 Notes: Recent unaffected trading period represents period between announcement of dissolution of initial Special Committee (5/31/2024) and the current assumed unaffected date (12/18/2024) Based on closing price (not intraday trading) As of August 8, 2025 Reported Adjusted EBITDA of $47MM which included $23MM of one-time insurance proceeds related to COVID- 2 4 6 8 10 3/15/24 Issued 2024 EBITDA Guidance of $155MM - $165MM ($160MM 12 Midpoint) 5/10/24 Adjusted 2024 EBITDA Guidance to $157MM - $165MM (~$161MM 16 Jan-24 Nov-24 Aug-25 Reflects the number of quarters management has missed either revenue or EBITDA estimates divided by the total number of quarters since IPO Reported 2024 EBITDA inclusive of total $9.0MM one-time adjustments (including $3.5MM out of period expenses related to Retail Inventory and Freight & Duty from 2022 & prior, $1.4MM out of period expense related to pre-paid rent from 2021, and $4.1MM expenses related to historical tax matters); excluding one-time adjustments, EBITDA would have been $140.9MM Midpoint) 2024 FY EBITDA Guidance vs. Actuals Date Key Company Disclosures 8/9/24 Maintained 2024 EBITDA Guidance 12/19/24 Reduced 2024 EBITDA Guidance to ~$140MM (-13% from previous midpoint) 3/31/25 Reported 2024 EBITDA of $132MM (-18% vs. initial midpoint guidance, and -6% vs. latest guidance) (6) In addition to underperforming consensus estimates as outlined in the table on the right, the Company has also at times underperformed its public guidance (though some of the underperformance is attributable to out of period adjustments) In 1Q 2025, the Company reported adjusted EBITDA of $47MM, which included $23MM of one-time proceeds from COVID-19 related insurance; Adjusted EBITDA excluding the one-time item was $24MM which was 15% lower than the Company’s internal projection per Budget of $28MM and 20% lower than the consensus estimate of $30MM In 2Q 2025, the company generated EBITDA of $46.1MM which was broadly in line with the company’s internal estimate of $45.8MM and ahead of consensus estimates Source: Capital IQ (as of August 8, 2025) 19, excluding the one-time item results in Adjusted EBITDA of $24MM, which was below consensus estimates PROJECT BRUCE 8 DRAFT Historical Share Price Performance Current Price(3): $7.29 7/15/21: IPO 14 Estimates; Beat Revenue Estimates 3Q21 - $12.07 Missed EBITDA and Revenue Estimates FY2021 - $6.92 2Q22 - $8.17 5/25/22: Thomas Allen becomes CFO Beat EBITDA Estimates; Missed Revenue Estimates 1Q23 - $7.43 Missed EBITDA and Revenue Estimates 1Q22 - $8.45 Missed EBITDA Estimates; Beat 11/16/22: Andrew Carnie succeeds Nick Jones as CEO Revenue EstimatesMissed EBITDA and Beat EBITDA and Revenue Estimates 2Q23 - $6.12 FY2022 - $7.40 Revenue Estimates 3Q22 - $4.75 3/8/23: MCG becomes SHCO 2/9/24: the Company releases press release announcing evaluation of strategic alternatives 11/10/23: Tom Collins becomes COO 3Q23 - $6.43 Beat EBITDA Beat Revised EBITDA Estimates; Missed and Revenue Estimates Revenue Estimates Beat EBITDA Estimates; Missed Revenue Estimates 3Q24 - $4.91 Beat EBITDA and Revenue Estimates 1Q24 - $5.13 Missed EBITDA and Revenue Estimates FY2023 - $5.75 12/19/24: the Company announces offer from a new third-party investor consortium @ $9.00 per share, unaffected share price of $4.91 5/31/24: the Company announces the Board dissolved the Special Committee, as the offer did not adequately reflect value of the Company 12/28/22: Minimum price since IPO of $3.20 1/29/25: Dan Loeb files 13D regarding sales process Missed EBITDA Estimates; Missed Revenue Estimates 1Q25 - $5.97(4) Share Price Performance $ / Sh Missed EBITDA Estimates; Beat Revenue Estimates 2Q21 - $11.12 Missed EBITDA Beat EBITDA and Revenue Estimates 2Q24 - $4.85 2/7/24: GlassHouse releases short-sell report Missed EBITDA Estimates; Beat Revenue Estimates 4Q24 - $6.18 Beat EBITDA and Revenue Estimates 2Q25 - $7.29

Share Price $3 $4 $5 $6 $7 $8 $9 $10 $11 Prem to Unaffected Share Price (39%) (19%) 2% 22% 43% 63% 83% 104% 124% Prem to Adj. Unaffected Share Price (42%) (23%) (3%) 16% 36% 55% 74% 94% 113% Equity Value ($Bn) (4) 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 Aggregate Value ($Bn) (1) 1.5 1.7 1.9 2.1 2.3 2.5 2.7 2.9 3.1 2Q'25A LTM EBITDA Multiple (5) 8.5x 9.6x 10.8x 11.9x 13.1x 14.2x 15.4x 16.5x 17.7x 2025F EBITDA Multiple (5) 7.1x 8.1x 9.1x 10.0x 11.0x 12.0x 12.9x 13.9x 14.9x $8.64 $5.77 $6.38 $6.19 $7.37 $5.50 $4.55 $10.30 $7.85 $7.86 $7.23 $9.65 $9.00 $6.33 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 $11.00 Offer Price: $9.00 Recent Unaffected Range (2)(3) Recent Unaff. Low: $4.55 (8/7/24) Recent Unaff. High: $6.33 (8/28/24) 1M Unaff. VWAP: $4.92 A Source: Broker Estimates, Capital IQ, Budget, Projections, Public Filings Notes: Bridge from equity value to aggregate value includes $887MM of net debt and non-controlling interest per 2Q’25 balance sheet per Management Period between announcement of dissolution of initial Special Committee (5/31/2024) and the assumed unaffected date (12/18/2024) Unaffected date as of December 18, 2024 (immediately prior to announcement of Consortium offer) Share count as of 8/6/2025 per management incl. 195.1MM common shares, 0.7MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike Based on 2Q’2025A LTM EBITDA of $174MM per public company filings, and 2025F EBITDA of $206MM per 6+6 forecast 17.5% Stabilized EBITDA margin per Management Summary of Valuation Analyses and Reference Statistics Value Per Share, Balance Sheet Data as of Q2 ‘25 Reference Statistics Valuation Methodologies of 9.75x – 10.75x Terminal EBITDA margin of 17.5%(6) 4 Average: $7.17 2 3 Analyst Price Target(3) Analyst Average (Unaffected): $7.17 B Adjusted Price: $5.16 $7.03 $6.27 $5.12 $4.27 1 • • Levered Cash Buyer Analysis Target IRR of 20%-25% Exit EBITDA multiple range of 9.75x – 10.75x Exit EBITDA margin of 17.5% at 22.5% target IRR(6) C Each 100bps change of EBITDA margin in the terminal year impacts the value per share shown by ~$0.67 Unaffected Unaffected Share Share Price: $4.91 1M Unaffected VWAP: $4.92 • Comparable Companies Analysis 2025F EBITDA multiple range of 10.25x – 11.25x 2025E consensus forecasts EBITDAx range of 10.25x – 11.25x (for reference) Precedent Transaction Analysis Applied premium range of 30% – 60% to Unaffected Share Price (range informed by precedent transactions in relevant industries and controlling shareholder take-privates) Applied premium range of 30% – 60% to Adjusted Unaffected Share Price Sum of the Parts Analysis (Multiples- Based) Segment-by-segment valuation based on applied 2025F EBITDA multiple (per 6+6 Forecast) Discounted Cash Flow Analysis CAPM-based WACC range of 12.2% – 13.5% Exit EBITDA multiple range $8.26 price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) PROJECT BRUCE 9 DRAFT $6.71

Implied Prem. @ $9 / Share (1) Unaffected Share Price $4.91 83.3% Adj. Unaffected Price $5.16 74.4% Stock Price 1M VWAP - Unaffected $4.92 82.8% 3M VWAP - Unaffected $5.13 75.3% 6M VWAP - Unaffected $5.36 68.0% 12M VWAP - Unaffected $5.52 63.0% Recent Unaffected Trading High (8/28/2024) (2)(3) $6.33 42.2% Recent Unaffected Trading Low (8/7/2024) (2)(3) $4.55 97.8% 5/31/23 $5.12 5 6 7 8 Nov-24 4 May-24 Jul-24 Sep-24 Source: Capital IQ (as of December 18, 2024) Notes: Based on Consortium offer price of $9.00 per share (announced on December 19, 2024) Represents period between announcement of dissolution of initial Special Committee (5/31/2024) and the current assumed unaffected date of December 18, 2024 (immediately prior to the announcement of the Consortium offer) Recent Unaffected Trading Performance Recent Unaffected Trading Performance High of $6.33 and Low of $4.55 (3) Share Price Performance(3) $ / Sh 12/18/24 $4.91 (4.1%) A Dec-24 8/7/24: Recent Unaffected Low of $4.55 8/28/24: Recent Unaffected High of $6.33 Since the unaffected date, peers have traded up ~+5%, on average, resulting in an implied Adjusted Unaffected Share Price of $5.16(2) 3. Based on closing price (not intraday trading) PROJECT BRUCE 10 DRAFT

$4 $7 $10 Analyst A Analyst B Analyst C Analyst D Analyst E Analyst F Research Analyst Price Targets As of Unaffected Date (December 18, 2024)(1) Unaffected Mean Price Target of $7.17 with a Range from $5.50 to $9.00 (1) 8/12/24 11/11/24 8/9/24 11/6/24 6/14/24 Published Date Mean: $7.17 $$55..5500 8/12/24 What Are Research Analyst Perspectives? Source: Bloomberg, analyst research reports (as of 12/18/2024) Note: $$99..0000 $$77..5500 $$77.5.500 $$66..0000 $$77..5500 B After the Company’s announcement of the Consortium offer, Analyst A and B withdrew their price targets, Analyst C and E changed their price target to “Not Rated,” and Analyst D changed their price target to $9.00. Analyst F terminated coverage in January 2025, with a final price target of $7.50 1. Based on unaffected date of December 18, 2024 (immediately prior to the announcement of the Consortium offer) PROJECT BRUCE 11 DRAFT

206 169 Management Consensus 1,349 1,320 Management Consensus 275 179 Management Consensus 1,545 1,397 Management Consensus Management’s projections exhibit material differences from consensus broker estimates Wall Street consensus estimates suggest that research analysts expect lower levels of revenue and EBITDA (and materially lower EBITDA margins) going forward for the business relative to management's forecasts – Consensus currently reflects 1-2 broker estimates due to limited coverage of the Company(1) What Do Research Analysts Forecast for the Company? Consensus Estimates for Company’s Revenue and EBITDA(1)(2) Note: Consensus per CIQ as of August 8, 2025 (CIQ only includes 1-2 contributors in current estimates, number of contributors depends on the metric) 2025F figures based on Company 6+6 Forecast; 2026E B 2025F ($MM) 2026E ($MM) 15% EBITDA Margin 13% 18% EBITDA Margin 13% Revenue EBITDA ($29MM) / (2%) ($37MM) / (18%) ($148MM) / (10%) ($96MM) / (35%) (248bps) (499bps) figures based on Projections PROJECT BRUCE 12 DRAFT

Target IRR Entry (2,628) - - - - - Exit - - - - - 4,334 Transaction Costs - - - - - (72) Total Uses 2,628 100% Total Sources 2,628 100% Sensitivity Analysis – Exit EBITDA Multiple vs. Target IRR Implied Value per Share (2) Illustrative Returns Analysis Notes: Reflects 3Q-4Q 2025F EBITDA figures per Company 6+6 forecast; net interest expense reflects Q3-Q4 2025 illustrative interest expense Balance sheet as of 2Q’25; net debt and NCI of $884MM and $2MM, respectively per Management; 3. 4. 5. 6. Analysis assumes 4-year investment period. It includes EBITDA to Unlevered FCF, per management Levered Cash Buyer Analysis Keeping Existing Debt In-Place Sources and Uses $MM, unless otherwise noted Levered cash buyer analysis Sources $ % Uses $ % illustrative as of June 30, 2025 Sponsor Equity 1,744 66% Purchase and Rollover of Equity 1,672 64% Financial projections taken from Assumption of Net Debt 884 34% Assumption of Net Debt 884 34% Budget and Projections for 2025F – Transaction Costs(5) 72 3% Assumptions 2028E, including a stub period of H1 2029 to account for 4 full years of investment period (6) Exit value calculated based on – Goldman Sachs notes have ~6.2% PIK interest, 2% cash interest – Assumes Goldman Sachs notes Unlevered Cash Flow (2,628) 43 140 220 274 131 4,262 are refinanced at maturity in 2027 with debt that has 11.0% cash interest (4); if debt was refinanced Unlevered IRR Unlevered MOIC 19.0% 1.9x at the time of the transaction (+) Net Debt Assumption / Issuance 884 - - - - - - based on terms similar to the (-) Net Interest Expense - (21) (44) (96) (113) (56) - Apollo debt being considered, the (+) Debt Repayment - - - - - - (961) implied value per share would be Levered Free Cash Flow (1,744) 23 96 124 161 75 3,301 ~$0.10 lower Levered IRR Levered MOIC 22.5% 2.2x C Source: Public Filings, Projections, Budget , Apollo Term Sheet FDSO includes 195.1MM common shares, 0.7MM RSUs, and 2.4MM SARs dilution per Management Exit EBITDA Multiple (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 9.25x 9.75x 10.25x 10.75x 11.25x strike price) 20.0% Permitted Holder as defined in the indenture Illustrative cost of new debt of 11.0% (per Morgan 22.5% $8.13 $7.51 $8.64 $7.97 $9.15 $8.44 $9.65 $8.91 $10.16 $9.38 Stanley Leveraged Finance desk) Estimate of final transaction costs per Management 25.0% $6.94 $7.37 $7.81 $8.24 $8.67 1H 2029 stub period assuming 20% ’28-’29 EBITDA Growth, 40% / 60% split between H1 / H2 and 65% High / Low shown on p. 9 assumed 2028E LTM EBITDA $MM, unless otherwise noted multiple of 10.25x and exit LTM Entry 3Q-4Q 2025F (1) 2026E 2027E 2028E 1H'29(6) Exit EBITDA of $423MM EBITDA 113 275 358 423 203 423 Scenario assumes that in-place (-) Cash Taxes (20) (15) (17) (20) Goldman Sachs notes can be (-) CapEx (46) (101) (108) (118) assumed – implies that a Permitted (+/-) Change in NWC - (6) 1 3 Holder is involved with transaction (3) (-) JV EBITDA Adjustment and Other (4) (13) (14) (14) PROJECT BRUCE 13 DRAFT

Adj. EBITDA Margin at Exit (1) 21.5% 20.0% 19.0% 17.5% 17.0% 16.0% 15.0% 14.0% 13.0% 11.0% 9.75x ($0.63) ($1.06) ($1.92) ($2.35) ($3.21) ($3.64) 10.25x ($0.66) ($1.11) ($1.79) ($2.02) ($2.47) ($3.37) ($3.83) 10.75x ($0.69) ($1.16) ($2.11) ($2.59) ($3.54) ($4.01) Exit EBITDA Multiple $0.00 $7.97 $0.00 $8.44 $0.00 $8.91 ($3.06) $5.85 ($2.92) $5.52 ($2.78) $5.20 Sensitivity Analysis Based on Adj. EBITDA Margin and Exit Multiple Impact on Present Value per Share; Assumes Cost of Equity of 22.5% Source: Projections Note: The LTM EBITDA margin at exit is sensitized while all other years in projection period maintain the same margins as per Management Balance sheet as of 2Q’25; net debt and NCI of $884MM and $2MM, respectively per Management; FDSO includes 195.1MM common shares, 0.7MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) Every 1% Change in Stabilized Adj. EBITDA Margin at Exit Could Impact Value per Share by ~$0.45 This sensitivity analysis on the target EBITDA margin is provided for illustrative purposes to reflect the potential implications of the identified areas of risk in the Projections on the intrinsic value of the company Every 1% Change in Adj. EBITDA margin at exit could impact value by ~$0.45(2) Long-Term Adj. EBITDA Margin Target Communicated at IPO Note: The Company communicated a long-term Adj. EBITDA margin of 15% to the market at the time of its IPO; in 2023 and 2024, the Company achieved an 10% and 11% Adj. EBITDA margin, respectively 2028E Adj. EBITDA Margin per Projections 2024A Margin C Sensitivity Analysis to Projections’ Target Adj. EBITDA Margin ($1.88) $7.03 Stabilized EBITDA Margin Per Management $6.65 ($1.70) $6.27 ($4.98) $3.93 ($4.75) $3.69 ($4.52) $3.46 $ = Implied Value per Share High / Low shown on p. 9 PROJECT BRUCE 14 DRAFT

Comparable Companies: Who Are the Right Peers for the Company? Peers Selected Include Location-Based Membership Platforms and/or Hospitality / Leisure Focus There are no perfect listed comps for the Company, but the selected peers reflect the companies with certain (but not all) features that are the most comparable to the Company’s business model, including: Membership-like income with relatively predictable, resilient, and recurring cash flow Hospitality / leisure focused businesses Highly desirable consumer brands Substantial embedded growth potential Lease exposure, to the extent applicable Morgan Stanley evaluated the business model and financial profile of 31 companies to assess the most comparable peers… This list was narrowed down and 8 companies have been selected based on the features of the Company’s business model, with two main categories: Location- Based Membership Platforms and Hospitality Platforms Lease-Heavy Hospitality Location-Based Membership Hospitality Platforms Asset-Light Operators Hospitality Platforms High Growth Consumer Lifestyle Brands EU Hospitality Timeshare Location-Based Membership Sports Teams Membership Leisure & Destination Events Asset-Light Operators Lease-Heavy Hospitality 1 PROJECT BRUCE 14 DRAFT

Size 2024A Revenue 1,204 2,926 254,453 2,621 1,182 25,100 11,174 2,056 652 2025E Revenue 1,349 2,991 274,797 2,976 1,306 26,204 11,860 2,090 795 2024A EBITDA 132 859 11,522 677 488 4,981 3,429 356 160 2025E EBITDA 206 854 12,837 811 542 5,346 3,684 384 204 3.6x 3.2x 3.1x 2.3x 1.6x Leverage ND / 2024A EBITDA (4) C 6.7x 2.6x (0.8x) 2.0x Source: Capital IQ, Company Filings, Projections, Budget Notes: As of August 8, 2025 for peers 2024A figures based on public company filings; 2025F figures per Company 6+6 forecast; 2Q’25 balance sheet figures MAR and HLT EBITDA margin not adjusted for cost reimbursement revenue Costco has negative net debt due to cash balance that exceeds debt Vail EBITDA, margin and leverage figures represent calendarized estimates Financial & Leverage Metrics (1) $MM, unless otherwise noted Assessing Financial and Leverage Profile (2) Company Location-Based Membership Platforms Hospitality Platforms Asset-Light Lease-Heavy Margin 2024A EBITDA Margin(3) A 11% 29% 5% 26% 41% 20% 31% 17% 25% 2025E EBITDA Margin(3) 15% 29% 5% 27% 41% 20% 31% 18% 26% Growth '24A-26E Revenue CAGR B 13.3% 2.8% 7.7% 12.3% 10.3% 5.1% 7.2% 2.2% 4.0% '24A-26E EBITDA CAGR 44.5% 2.1% 11.1% 14.8% 15.4% 7.1% 7.7% 6.1% 14.6% A • Costco stands out among peers as low margin business (~5%) while Planet Fitness is highest margin (~41%) due to franchise / royalty fees ‒ Rest of peers maintain margins in ~20-40% range B‒ The Company’s estimated growth profile is generally higher than the peers with ~13% revenue and ~44% EBITDA CAGR, respectively C‒ The Company maintains higher leverage than peers on an absolute basis (6.7x) 1 Comparable Companies: How Does the Company Compare to Peers? (5) PROJECT BRUCE 14 DRAFT

9.1x 8.6x 16.5x 15.3x 18.4x 7.6x 7.4x 9.6x 9.5x 19.8x 16.3x 19.8x 7.9x 7.7x Size Market Capitalization ($Bn) 5.6 437.4 6.3 9.0 71.2 62.5 2.1 1.3 Aggregate Value ($Bn) 8.2 428.4 7.7 10.7 87.1 73.1 3.0 1.6 FY 2025E AV / EBITDA FY 2026E AV / EBITDA EBITDA Multiple Trading Valuation (1) $MM, unless otherwise noted Source: Capital IQ and Company Filings Notes: As of August 8, 2025 Vail EBITDA figures represent calendarized estimates Comparable Companies: Where Do the Company’s Peers Trade? Assessing Trading Valuation of Peers Peer multiples have generally rebounded following April 2nd market sell-off and most sit at similar levels to those exhibited earlier in the year Location-Based Membership Platforms Hospitality Platforms Asset-Light Lease-Heavy 1 3. Dalata share price represents unaffected price as of day before announcement of strategic alternatives 3/6/2025 PROJECT BRUCE 17 DRAFT (2) (3) 33.4x 30.1x

2025E 2025B Low Mid High Low Mid High Applied EBITDAx 10.25x 10.75x 11.25x 10.25x 10.75x 11.25x Implied Value per Share $4.27 $4.69 $5.12 Consensus Forecasts Budget & Projections EBITDA 169 169 169 206 206 206 Aggregate Value 1,732 1,817 1,901 2,114 2,217 2,320 (-) Net Debt (1) (884) (884) (884) (884) (884) (884) (-) NCI (2) (2) (2) (2) (2) (2) Equity Value 845 930 1,014 1,227 1,330 1,433 FDSO (MM) (2) 198 198 198 198 198 198 $6.19 $6.71 $7.23 Implied Valuation for the Company Range of multiples is anchored around Vail’s trading multiples of 9.6x 2025 EBITDA (given Vail has many shared characteristics with Company), with applied multiples for Company reflecting a premium to Vail's trading levels given the superior growth profile potential Bottom end of the range also represents a premium to lease- heavy hospitality (7.5x on average), given Company’s higher quality of earnings due to its membership fee income (largely recurring) and higher relative growth profile Top end of range represents a discount to asset-light hospitality (>16x) given the composition of MAR / HLT’s revenue mix skewing more towards franchise / management fees with stable income and less operational and capital leverage Costco (>30x) remains aspirational peer (exhibiting materially larger scale, non- discretionary spending, and lower leverage than the Company) Comparable Companies Analysis $MM, unless otherwise noted Comparable Companies Analysis 1 Source: Public Filings, Budget, Projections Notes: 1. Balance sheet as of 2Q’25 2. Share count as of 8/6/2025 and per management information; FDSO includes 195.1MM common shares, 0.7MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike High / Low shown on p. 9 price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) PROJECT BRUCE 18 DRAFT

Share Price Unaffected Share Price $4.91 Applied Premium Range Low High 30% 60% 30% 60% Adj. Unaffected Share Price $5.16 Bottom Quartile 6% 17% Average 12% 33% Median 8% 35% Top Quartile 24% 60% Precedent Controlling Shareholder Take-Privates(1) Premium Paid Announcement Date 1-Day Prior Unaffected Notes: 1. Based on 10 precedent all-cash controlling shareholder take-privates for U.S.-listed companies Precedent Transactions Analysis Select Cash-Only Public M&A Transactions in Relevant Industries An evaluation of select precedent transactions have exhibited: Unaffected share price premiums of 40% (median) and 54% (average) Of note, these are for control transactions Controlling shareholder take-privates exhibit lower premiums of 33% (average) and 35% (median). See table below Based on a survey of all-cash transactions, controlling shareholder take-privates, and precedent take- privates in similar industries, an applied premium range of 30% - 60% is applied to Company’s Unaffected Share Price to derive an implied share price of $6.38 - $7.86 Premiums Paid in Precedent Transactions In Relevant Industries $MM unless otherwise noted; Controlling Stake, Cash Only Transactions (2) Announcement Source: Company filings, Press Releases, Capital IQ, Refinitv, Data Point Precedent Transactions Analysis $ per Share, unless otherwise noted 2 Implied Share Price Low High $6.38 $7.86 $6.71 $8.26 High / Low shown on p. 9 2. Transactions paid for in foreign currency are converted to $USD using the exchange ratio on the date of announcement PROJECT BRUCE 19 DRAFT Bottom Quartile 7% 30% Average 26% 54% Median 22% 40% Top Quartile 37% 70% Premium Paid Date Target Acquiror Agg. Value 1-Day Prior Unaffected 10-Feb-25 Playa Hotels Hyatt Hotels 2,595 4% 40% 15-Mar-21 Extended Stay America Blackstone / Starwood 6,385 21% 21% 22-Jul-19 Peak Resorts Vail Resorts 401 116% 116% 7-Jun-19 Millennium & Copthorne Hotels City Developments 2,840 37% 51% 14-Dec-18 Belmond LVMH 3,176 42% 124% 12-Oct-17 Mantra Hotels Accor 1,200 23% 23% 10-Jul-17 ClubCorp Holdings Apollo 2,169 31% 31% 10-Apr-17 Intrawest Resorts KSL / Aspen Skiing Company 1,355 (6%) 40% 9-May-16 Morgans Hotel Group SBE Entertainment 710 18% 69% 16-Mar-15 Life Time Fitness Leonard Green / TPG 4,005 7% 73% 20-Apr-12 Great Wolf Resorts Apollo 659 6% 87% 3-Jul-07 Hilton Hotels Blackstone 26,500 40% 40% 30-Jan-06 Fairmont Hotels & Resorts Kingdom Hotels / Colony Capital 3,900 3% 28% 9-Nov-05 LaQuinta Corp. Blackstone 3,400 37% 37% 14-Jun-05 Wyndham International Blackstone 3,240 19% 60% 5-Mar-04 Extended Stay America Inc. Blackstone 3,100 24% 24%

Total / Implied Aggregate Value 206 9.8x 10.8x 11.8x 2,031 2,237 2,443 Implied EBITDA Margin 15.3% Implied Value per Share (3) $5.77 $6.81 $7.85 2025F EBITDA(4) Applied Range Implied Aggregate Value Low Mid High Low Mid High House-Level Membership(1) 117 15.5x 16.5x 17.5x 1,820 1,937 2,055 In-House (Excluding Membership) - Owned 26 10.25x 11.25x 12.25x 270 296 323 In-House (Excluding Membership) - Leased 121 6.5x 7.5x 8.5x 787 908 1,029 House-Level Contribution Profit (Sum / Wtd Avg.) 265 10.9x 11.9x 12.9x 2,877 3,142 3,407 Other Segments (2) 81 6.5x 7.5x 8.5x 523 604 684 Total Contribution Profit 345 9.8x 10.8x 11.8x 3,400 3,746 4,091 Corporate G&A and Other (139) 9.8x 10.8x 11.8x (1,370) (1,509) (1,648) Sum of the Parts Analysis Based on Budget from the Company (4) Valuation approach relies on applied multiples for individual segments of the Company Applied range based on comparable peers, and adjusted for relative positioning of the Company’s segments (e.g., scale, growth profile) Overhead and Central Costs valued at the blended multiple (calculated by % of EBITDA contribution) Sum of the Parts Analysis – Multiples-Based $MM, unless otherwise noted Source: Budget Notes: Assumes House-Level membership margins consistent with In-House (Excluding Membership) – Leased margins per Projections Includes Soho Home, Scorpios, Cities Without Homes, Cowshed, Soho Works, Restaurants, the Ned, the Line / Saguaro, IHDB, Soho Friends, Mumbai / Istanbul / Canouan management fees, group support revenue, and site support revenue Balance sheet as of 2Q’25 and share count per Management; net debt and NCI of $884MM and $2MM, respectively per Management; FDSO includes 195.1MM common shares, 0.7MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) 4. 2025F EBITDA per forecast from the Company 3 High / Low shown on p. 9 PROJECT BRUCE 20 DRAFT

Implied Aggregate Value $2,761 (-) Net Debt (884) (-) NCI (2) Equity Value 1,874 (/) FDSO (MM) (3) 198.2 Implied Value per Share $9.45 Exit EBITDA Multiple 9.25x 9.75x 10.25x (5) 10.75x 11.25x 11.3% $9.06 $9.62 $10.19 $10.76 $11.32 12.2% $8.65 $9.20 $9.75 $10.30 $10.85 12.8% $8.38 $8.92 $9.45 $9.99 $10.53 13.5% $8.12 $8.64 $9.17 $9.69 $10.22 14.0% $7.91 $8.43 $8.95 $9.46 $9.98 WACC 2024 1Q 2025 2Q 2025 CAGR ('24E-28E) House Membership Revenues 113 119 260 546 628 721 In-House Revenues 112 133 282 633 707 814 Other Segment Revenues 58 79 195 366 407 436 Total Revenue 1,204 283 330 737 1,545 1,742 1,971 1,971 13.1% % Growth (YoY) n.a. n.a. 13% 13% - EBITDA 132 47 46 113 275 358 423 203 345 33.8% % Growth (YoY) n.a. n.a. 30% 18% % Margin 11.0% 16.6% 14.0% 15.4% 17.8% 20.6% 21.5% 17.5% (-) Cash Taxes (20) (15) (17) (20) (-) CapEx (46) (101) (108) (118) (+/-) Change in NWC - (6) 1 3 (-) JV EBITDA Adjustment and Other (4) (13) (14) (14) Unlevered FCF 43 140 220 274 131 207 Budget / Projections Terminal 3Q-4Q 2025F(4) 2026E 2027E 2028E 1H'29(7) Year Terminal EBITDA (1) $345 EBITDA Multiple (5) 10.25x Terminal Value 3,535 (6) Memo: Implied Perpetual Growth Rate 7.0% Present Value of Terminal Value $2,180 % of Implied Aggregate Value 78.8% Terminal Value Calculation $MM, unless otherwise noted Source: Budget, Projections Discounted Cash Flow Analysis Cash flows discounted to June 30, 2025 Financial projections taken from Budget and Projections for 2025F – 2028E, including a stub period of H1 2029 to account for 4 full years of projections(7) Assumptions: Discount rate of 12.8% based on Company’s WACC Terminal value calculated based on assumed exit EBITDA multiple of 10.25x (5) and terminal year EBITDA of $345MM (1) Terminal value calculated as of June 2029 (7) Discounted Cash Flow Build $MM, unless otherwise noted Notes: Terminal year assumes stabilized EBITDA margin of 17.5% and Revenue consistent with 2028 FY, per Management Balance sheet as of 2Q’25; net debt and NCI of $884MM and $2MM, respectively per Management FDSO per management includes 195.1MM common shares, 0.7MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) Reflects 3Q-4Q 2025F EBITDA figures per Company 6+6 forecast Derived from NTM trading multiples (spot, and historical averages) of comparable companies, taking into consideration similarities and differences in business models and growth profiles Implied perpetual growth rate is derived from the terminal unlevered free cash flow B Present Value of Unlevered FCF (12.8% Discount Rate) 41 117 162 179 81 A Sum of Present Value of FCF $580 % of Implied Aggregate Value 2 1.0% High / A + B 4 Implied Share Price Build (2) $MM, unless otherwise noted Low shown on p. 9 Sensitivity Analysis – Exit EBITDA Multiple vs. WACC Implied Value per Share (3) 7. Analysis assumes 4-year investment period. It includes 1H 2029 stub period assuming 20% ’28-’29 EBITDA Growth, 40% / 60% split between H1 / H2 and 65% EBITDA to Unlevered FCF, per management PROJECT BRUCE 21 DRAFT

Adj. EBITDA Margin at Exit (1) 21.5% 20.0% 19.0% 17.5% 17.0% 16.0% 15.0% 14.0% 13.0% 11.0% $2.53 $11.45 $2.66 $12.11 $2.79 $12.78 $1.60 $0.96 $1.68 $1.01 $1.76 $1.06 $0.00 $8.92 $0.00 $9.45 $0.00 $9.99 ($0.32) ($0.96) ($0.34) ($1.01) ($0.35) ($1.06) ($1.60) $7.32 ($1.68) $7.77 ($1.76) $8.23 ($2.24) ($2.88) ($2.35) ($3.03) ($2.47) ($3.17) ($4.19) $4.73 ($4.40) $5.05 ($4.62) $5.38 9.75x 10.25x 10.75x Exit EBITDA Multiple Sensitivity Analysis Based on Adj. EBITDA Margin and Exit Multiple Impact on Present Value per Share; Assumes Discount Rate of 12.8% Source: Projections Note: The terminal year EBITDA margin is sensitized while all other years in projection period maintain the same margins as provided in Projections Balance sheet as of 2Q’25 and share count per Management; net debt and NCI of $884MM and $2MM, respectively; FDSO includes 195.1MM common shares, 0.7MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 Every 1% Change in Stabilized Adj. EBITDA Margin (in Terminal Year) Could Impact Value per Share by ~$0.67 This sensitivity analysis on the target EBITDA margin is provided for illustrative purposes to reflect the potential implications of the identified areas of risk in the Projections on the intrinsic value of the company Every 1% Change in Adj. EBITDA margin at exit could impact value by ~$0.67 (2) 2028E Adj. EBITDA Margin per Projections 4 Sensitivity Analysis to Projections’ Target Adj. EBITDA Margin strike price, 0.8MM at $12.46 strike price) Management PROJECT BRUCE 22 DRAFT $ = Implied Value per Share Stabilized EBITDA Margin Per 2024A Margin Note: The Company communicated a long-term Adj. EBITDA margin of 15% to the market at the time of its IPO; in 2023 and 2024, the Company achieved an 10% and 11% Adj. EBITDA margin, respectively Long-Term Adj. EBITDA Margin Target Communicated at IPO

DRAFT APPENDIX 23 Supplemental Materials

AV / NTM EBITDAx Vail Location-Based Membership Platforms Asset-Light Lease-Heavy L90D Avg 9.5x 17.7x 17.9x 7.5x L1Y Avg. 10.1x 17.7x 17.7x 7.9x L3Y Avg. 11.3x 16.2x 16.3x 9.5x 5.0x 10.0x 15.0x 20.0x Aug-22 Feb-23 Vail Aug-25 Aug-23 Feb-24 Location-Based Membership Platforms Avg.(2) Aug-24 Asset-Light Avg.(3) Feb-25 Lease-Heavy Avg.(4) PROJECT BRUCE SUPPLEMENTAL MATERIALS 24 DRAFT Peer Trading Multiples Over Time Historical AV / NTM EBITDA (1) Last Three Years Sources: Company Filings, Capital IQ Notes: Market data as of 8/8/2025; balance sheet as of Q2’25 where available Location-Based Membership Platforms represents simple average of Vail, Costco, Lifetime Fitness, Planet Fitness Asset-Light represents simple average of Marriott and Hilton 4. Lease-Heavy represents Melia; DHG excluded from lease-heavy avg. due to M&A speculations since announcement of strategic alternatives review 9.2x 7.8x 17.5x 17.2x

Assumption Notes Low Base High Market Risk Premium (MRP) Morgan Stanley estimated market risk premium 6.0% 6.0% 6.0% Risk Free Rate (Rf) Spot rate 10-year U.S. Treasury as of 12/18/24 4.5% 4.5% 4.5% Predicted Beta Per Morgan Stanley Methodology 1.79 1.79 1.79 Sensitivity Adjustment +/- 1.0% from base (1.0%) 1.0% Cost of Equity (KE) Calculated using the Capital Asset Pricing Model 14.3% 15.3% 16.3% Pre-tax Cost of Debt (KD) Blended Rate Based on Current Capital Structure 11.0% 11.0% 11.0% Tax Rate (t) Stautory tax rate based on filings 21.0% 21.0% 21.0% Post-tax Cost of Debt (KD) 8.7% 8.7% 8.7% Debt / Total Capitalization Based on expected capital structure 36.7% 36.7% 36.7% Weighted Average Cost of Capital (WACC) KE * E/(D+E) + KD * (1-t) * D/(D+E) 12.2% 12.8% 13.5% Company’s Weighted Average Cost of Capital (“WACC”) WACC Derivation Using a weighted average cost of debt of 11.0% (based on indicative new issue rates provided by Morgan Stanley’s Leveraged Finance team) and a debt / total capitalization of 36.7% results in a WACC range of 12.2% to 13.5% Source: Capital IQ, Company Filings, Management Information PROJECT BRUCE PROJECT BRUCE SUPPLEMENTAL MATERIALS 25 DRAFT

Balance Sheet as of 2Q’25 Q2 2025 FDSO Build Based on Offer Price $9.00 Shares Outstanding (MM) 195.1 RSU (MM) 0.7 PSU (MM) - SAR (MM) 2.4 Fully Diluted Shares Outstanding (MM)(1) 198.2 Market Cap Share Price ($) $9.00 Fully Diluted Shares Outstanding (MM) 198.2 Equity Market Cap ($MM) 1,784 Debt Maturity Rate 2Q'25 Balance ($MM) Senior Secured Notes Mar 2027 Initial Notes: 8.2%, Additional Notes: 8.5% 687 Unsecured Loans - Soho Works Limited Sep 2025 7.00% 32 Property Mortgage Loans - Term Loan Jun 2033 6.99% 140 Other Loans (2) Varies Varies 15 Financing Leases 84 Financing Obligation 77 Total Debt 1,035 Cash (150) Net Debt 884 NCI 2 Aggregate Value 2,671 PROJECT BRUCE SUPPLEMENTAL MATERIALS 26 DRAFT Notes: Share count as of 8/6/2025 per management incl. 195.1MM common shares, 0.7MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) Other loans include Dean Street loan, Copenhagen loans, Greek Street loan, and Greek Government loan for 2Q’25 Company Capitalization Source: Public filings, Company Budget per Management as approved for our use by the Special Committee (the “Budget”), Company Projections per Management as approved for our use by the Special Committee (the “Special Committee”) of the Board of Directors of the Company (the “Projections”), Q2’25 balance sheet per Company Materials

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