DRAFT Preliminary Valuation Perspectives Project Bruce March 21, 2025

Project Bruce: What Has Changed? Public Market Valuation and Cost of Funding Have Slightly Deteriorated Since Late January December 18, 2024 January 24, 2025 March 18, 2025 Change (3/18 vs. 1/24) Private Buyer Cost of New Debt +50bps Company Projections No change to Company's 2025 Budget (“Management Budget”) and 5-Year Forecast Model (“Management Projections”) ‒ Management has provided a bridge to showcase the potential upside opportunities to outperform 2025 Budget EBITDA by ~$30MM (i.e. upside scenario with 2025E EBITDA of ~$230MM vs. Budget at $200MM) ‒ For reference, this compares to 2024E EBITDA of $142MM, and Wall Street research analysts’ consensus estimate for 2025E EBITDA of $172MM (0.1x) ▲ in Share Price ▲ in Multiple (0.9x) (0.8x) (1.8x) +0.3x (9%) (3%) (11%) +15% Vail Comparable Companies Trading Valuation Location-Based Membership Platforms Asset Light (2025E EBITDA Multiples) Hospitality Platforms Lease Heavy 10.8x 18.3x 18.2x 7.2x 9.9x 17.5x 16.4x 7.4x 11.1x 17.9x 18.1x 7.5x Company Consensus EBITDA Estimates (2025E / 2026E) PROJECT BRUCE 2 DRAFT Company Share Price (11%) 10.5% $7.53 $178MM / $206MM $4.91 Source: Public Filings, Capital IQ (as of March 18, 2025), Management Projections, Management Budget Notes: Company 2025E AV / EBITDA Multiples reflect aggregate value at offer price of $9 per share; December 2024 utilizes Management Projection’s 2025E EBITDA estimate of $228MM and 3Q balance sheet (Management Budget was not available at this time); January 2025 utilizes Management Budget estimate of $200MM and 3Q balance sheet; March 2025 utilizes Management Budget estimate of $200MM and draft 4Q balance sheet Consensus estimates as of March 18, 2025 includes one fewer broker estimate than on January 24, 2025 (i.e. individual broker projections have not changed) 11.0% $6.67 (2) $172MM / $200MM $187MM / $206MM n.m. / n.m.(2) Company Valuation at $9 / Share (AV / 2025E Management EBITDA)(1) 13.1x $200MM EBITDA 11.6x $228MM EBITDA 13.2x $200MM EBITDA

No Change No Change $8.15 - $10.53 ($0.77) at midpt. $6.75 - $7.76 ($0.65) at midpt. No Change $6.54 - $8.56 ($0.75) at midpt. $10.07 - $11.88 ($0.86) at midpt. $9.24 $5.79 $6.38 $6.10 $7.43 $5.50 $4.55 $11.00 $7.81 $7.86 $7.11 $9.70 $9.00 $6.33 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 $11.00 $12.00 $13.00 Share Price $4 $5 $6 $7 $8 $9 $10 $11 $12 $13 Prem. to Unaffected Price (3) (19%) 2% 22% 43% 63% 83% 104% 124% 144% 165% Prem. to 1M Unaffected VWAP (3) (19%) 2% 22% 42% 62% 83% 103% 123% 144% 164% Equity Value ($MM) (4) 784 983 1,183 1,385 1,586 1,787 1,988 2,189 2,390 2,592 Aggregate Value ($MM) (1) 1,627 1,825 2,026 2,227 2,428 2,629 2,830 3,031 3,233 3,434 2024LE EBITDA Multiple (5) 11.5x 12.9x 14.3x 15.7x 17.1x 18.6x 20.0x 21.4x 22.8x 24.2x 2025B EBITDA Multiple (5) 8.1x 9.1x 10.1x 11.1x 12.1x 13.1x 14.1x 15.1x 16.1x 17.1x 2026E EBITDA Multiple (5) 5.9x 6.6x 7.4x 8.1x 8.8x 9.6x 10.3x 11.0x 11.7x 12.5x Consortium 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 VWAP: $4.92 A Source: Broker estimates, Capital IQ, Management Projections and information, Management Budget, public filings Notes: Bridge from equity value to aggregate value includes $842MM of net debt and non-controlling interest per draft figures for 4Q’24 Period between announcement of dissolution of initial Special Committee (5/31/2024) and the current assumed unaffected date (12/18/2024) As of December 18, 2024 (immediately prior to announcement of Consortium offer) Share count as of Q4’2024 and per management information, includes 194.2MM common shares, 1.2MM RSUs, 0.6MM PSUs, SAR dilution per Management (~2.4MM at $4.00 strike price, ~2.3MM at $5.00 strike price, ~0.4MM at $6.05 strike price, ~0.8MM at $12.46 strike price) Based on 2024LE EBITDA of $142MM per latest Management estimates, and 2025B EBITDA of $200MM per Management Budget and 2026E EBITDA of $275MM per Management Projections 17.5% Stabilized EBITDA margin per Management Preliminary Valuation Summary Value Per Share 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: $7.17 B Unaffected: $4.91 (3) 1M VWAP: $4.92 $7.09 $6.33 $5.51 $4.64 1 • • Levered Cash Buyer Analysis Target IRR of 20%-25% LTM EBITDA multiple range of 9.75x – 10.75x Exit EBITDA margin of 17.5% at 22.5% target IRR(6) Comparable Companies Analysis 2025B EBITDA multiple range of 10.25x – 11.25x 2025E consensus forecasts EBITDAx range of 10.25x – 11.25x Midpoint based on 2025E EBITDA of $228MM (per “Management Projections”) Precedent Transaction Analysis Applied premium range of 30% – 60% to unaffected price (range informed by precedent transactions in relevant industries and controlling shareholder take-privates)(3) Sum of the Parts Analysis (Multiples- Based) Segment-by-segment valuation based on applied 2025B EBITDA multiple (per Management Budget) Based on 2025E EBITDA of $228MM (per “Management Projections”) Discounted Cash Flow Analysis CAPM-based WACC range of 12.3% – 13.6% Exit EBITDA multiple range C prior figures; a negative change means the figure has moved lower than it was before) Ranges from prior Football Field (as of 1/24/2025) (the change quoted reflects the new figures minus the $6.97 - $7.72 ($0.64) at midpt. $5.51 - $6.41 ($0.89) at midpt. Each 100bps change of EBITDA margin in the terminal year impacts the value per share shown by ~$0.70 $8.13 $8.03 PROJECT BRUCE 2 DRAFT

DRAFT SECTION 1 4 Discussion Backdrop

Offer Price (Per Share) $9.00 Premium vs. Unaffected Share Price (%) (1) $4.91 83% Premium vs. Unaffected 1-Month VWAP (%) (1) $4.92 83% Premium vs. Unaffected 3M-VWAP $5.13 75% Premium vs. Unaffected 6M-VWAP $5.36 68% Premium vs. Recent Unaffected Trading High (5) $6.33 42% Premium vs. Recent Unaffected Trading Low (5) $4.55 98% RSU 1.2 PSU 0.6 SAR 2.5 FDSO(2) 198.5 Equity Value $1,787 Net Debt 840 Non-Controlling Interests 3 Aggregate Value (3) $2,629 Aggregate Value / 2024LE EBITDA (Management Estimate) (4) 142 18.6x Aggregate Value / 2025B EBITDA (Management Budget) (4) 200 13.1x Aggregate Value / 2026E EBITDA (Management Projections) (4) 275 9.6x Consortium Offer Reference Metric As of 4Q '24 Date 3/18/2025 Aggregate Value Build Q4 2024 Common Shares (Class A & B) 194.2 Consortium Offer of $9.00/sh Publicly Announced Before Market Open on December 19, 2024 5. 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) PROJECT BRUCE DISCUSSION BACKDROP 5 DRAFT On December 16, 2024, the Consortium submitted a non-binding proposal at a price of $9.00/sh The proposal states that the Consortium has secured equity of ~$350MM (equivalent to 38.9MM of shares or ~20% of FDSO) and the proposal assumed roll-over of the full Voting Group (which consists of the controlling shareholder, Yucaipa / Ron Burkle, who has expressed intentions not to sell his stake at this time, Richard Caring and Nick Jones) In addition, the proposal suggested that it also anticipated that other material shareholders (outside of the Voting Group) may be willing to rollover their ownership stake in the Company in the proposed transaction The letter specified as pre-conditions the approval of the transaction by the Special Committee and a vote of the majority of the minority The $9.00 per share offer represents an 83% premium over the unaffected share price on 12/18/2024, the closing price on the day before the press release Summary of Proposal Received – Premiums and Implied Valuation Metrics $MM, unless per share data in USD Source: Public filings, Capital IQ, Management Projections per Management ("Management Projections") received on 1/8/2025, Latest Estimate per Management (“Management Estimate”) received on 2/24/2025, Management Budget per Management (“Management Budget”) received on 2/24/2025, draft 4Q’24 balance sheet received on 3/18/2025 Notes: Share price as of 12/18/2024, the last trading day prior to public announcement of the Consortium offer Share count as of 4Q’24 incl. 194.2MM common shares, 1.2MM RSUs, 0.6MM PSUs, 2.5MM SARs dilution per Management (~2.4MM at $4 .00 strike price, ~2.3MM at $5.00 strike price, ~0.4MM at $6.05 strike price, ~0.8MM at $12.46 strike price) Bridge from equity value to aggregate value includes net debt and non-controlling interest of $842MM as of draft 4Q’24 figures per Management 2024LE EBITDA per latest Management estimate; 2025B EBITDA per Management Budget; 2026E EBITDA per Management Projections Summary of the Consortium’s Non-Binding Proposal

Trading Volumes Shares (000s) 3 Month Avg ADTV (2) 19-Dec-24 9,246 13.7x 26-Dec-24 2,603 3.8x 02-Jan-25 1,542 2.3x 09-Jan-25 1,127 1.7x 16-Jan-25 975 1.4x 23-Jan-25 972 1.4x 30-Jan-25 1,001 1.5x 06-Feb-25 919 1.4x 13-Feb-25 829 1.2x 20-Feb-25 773 1.1x 27-Feb-25 715 1.1x 06-Mar-25 700 1.0x 18-Mar-25 685 1.0x $4.50 18-Dec 7-Jan Notes: 1. The last trading day prior to public announcement of the Consortium offer $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 $8.00 $8.50 27-Jan 16-Feb 8-Mar 18-Mar Stock Performance Following the Consortium Offer Announcement Share Price Performance Since the Consortium Offer Announcement Since Unaffected Date (Market Close 12/18/2024) (1) Source: Capital IQ (as of March 18, 2025) Upon the Company’s reporting 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 (~20% discount to the $9 offer price) – Trading volumes were high on 12/19 with ~13.7x the 3-month average 3/18/25 $6.67 +36% since 12/18 close (~26% discount to the $9 offer price) 1-Day Performance: $7.22 (+47% vs unaffected price; ~20% discount to the $9 offer price) Share Price Jumped 47% to $7.22 Immediately Following the Announcement and Has Since Traded Down to Up ~36% 12/18/24 $4.91 (Unaffected Price) 1/29/25: Dan Loeb files 13D pushing the to the Soho House board to pursue a “fair” sales process (+12% jump) 2/7/25: JTS Enterprises of Tampa files a schedule 13G 3/14/25: Company announces late annual 10K filing for 2024 2. 3-month average ADTV as of 3/18/2025 PROJECT BRUCE DISCUSSION BACKDROP 6 DRAFT

2 4 6 8 10 12 14 16 Jun-24 Jan-25 0 Jul-21 Feb-22 Sep-22 Apr-23 Nov-23 Source: Capital IQ (as of March 18, 2025) Notes: Assumes unaffected date of December 18, 2024, the last trading day prior to the proposal from the Consortium being publicly announced Recent unaffected trading period represents period between announcement of dissolution of initial Special Committee (5/31/202 4) and the current assumed unaffected date (12/18/2024) Based on closing price (not intraday trading) Stock Price Current vs. Historical Stock Price Performance Recent Unaffected Trading High of $6.33 and Low of $4.55 (1)(2) Share Price Performance Current Price(4): $6.67 7/15/21: IPO Missed EBITDA Estimates; Beat Revenue Estimates 3Q21 - $12.07 Missed EBITDA and Revenue Estimates FY2021 - $6.92 2Q22 - $8.17 Missed EBITDA Estimates; Beat 5/25/22: Thomas Allen becomes CFO Beat EBITDA Estimates; Missed Revenue Estimates 1Q23 - $7.43 2/7/24: GlassHouse releases short- sell report Current (3/18/2025) $6.67 - Unaffected Price (12/18/2024) (1) $4.91 35.8% 1M VWAP - Unaffected $4.92 35.5% 3M VWAP - Unaffected $5.13 29.9% 6M VWAP - Unaffected $5.36 24.5% Recent Unaffected Trading High (8/28/2024) (2)(3) $6.33 5.4% Recent Unaffected Trading Low (8/7/2024) (2)(3) $4.55 46.6% Missed EBITDA and Revenue Estimates 1Q22 - $8.45 11/16/22: Andrew Carnie succeeds Nick Jones as CEO Revenue Estimates Missed EBITDA and Revenue Estimates 3Q22 - $4.75 Beat EBITDA and Revenue Estimates 2Q23 - $6.12 FY2022 - $7.40 Beat Revised EBITDA and Revenue Estimates 3/8/23: MCG becomes SHCO 2/9/24: the Company releases press release 11/10/23: Tom announcing evaluation of Collins becomes strategic alternatives COO Beat EBITDA Estimates; Missed Revenue Estimates 3Q23 - $6.43 $ / Sh Beat EBITDA Estimates; Missed Revenue Estimates 3Q24 - $4.91 Beat EBITDA and Revenue Estimates 2Q24 - $4.85 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 Current share price of $6.67 represents +36% premium to unaffected, (26%) discount to offer price 12/28/22: Minimum price since IPO of $3.20 1/29/25: Dan Loeb files 13D regarding sales process Missed EBITDA Estimates; Beat Revenue Estimates 2Q21 - $11.12 Mar-25 4. As of March 18, 2025 PROJECT BRUCE DISCUSSION BACKDROP 7 DRAFT

PROJECT BRUCE DRAFT 8 In 2024, 50% of Trading Volumes Happened in a Range of $5.08-5.82, with 75% of Total Volume Traded Below $5.82 VAP Across Time (Through Unaffected Date)(1) Share Price ($) Source: Capital IQ (as of December 18, 2024) Historical Trading Dynamics Relative to Proposal Received 9.67 10.40 6.32 6.16 4.72 3.20 4.12 5.28 5.05 6.09 4.97 5.01 4.55 4.71 4.55 3.20 11.00 11.15 7.79 6.95 5.58 3.79 5.19 5.72 6.51 5.03 4.96 5.19 11.92 8.56 6.19 5.82 6.06 5.81 5.52 5.29 5.12 6.43 12.66 12.54 12.63 9.32 7.94 7.53 6.87 4.39 4.09 6.46 6.77 7.14 6.89 7.33 6.96 6.57 6.05 5.49 5.87 5.58 5.37 5.06 5.82 5.46 5.08 8.03 14.21 13.53 13.00 9.32 8.17 4.99 7.40 7.46 7.81 8.19 6.75 5.87 6.33 5.56 6.75 14.21 2.0 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 (1) Total Total Since 2024(1) IPO(1) Volume (MM) 26.4 13.5 24.3 16.7 24.4 35.6 18.8 7.8 14.1 14.1 16.0 12.7 12.9 5.7 47.3 242.9 % TSO (2) 13.1% 6.7% 12.0% 8.2% 12.2% 17.9% 9.6% 4.0% 7.2% 7.2% 8.2% 6.5% 6.6% 2.9% 24.2% 122.6% VWAP ($) 12.23 11.93 8.66 7.55 6.25 4.08 5.85 6.24 6.75 7.02 5.76 5.34 5.48 5.14 5.50 7.12 4.0 6.0 8.0 10.0 12.0 14.0 <25% of Total Traded Volume 50%-75% of Total Traded Volume 25%-50% of Total Traded Volume 75%-100% of Total Traded Volume In 2024(1), ‒ 24.2% of TSO have traded (equivalent to ~93% of the free float) ‒ 50% of volumes traded in the range of $5.08-5.82, and ‒ 75% of volumes have traded at a price below $5.82 which is 35.3% below the offer price of $9.00 Consortium Offer Price: $9.00 DISCUSSION BACKDROP Note: Through the unaffected date of December 18, 2024, the last trading day prior to the proposal from the Consortium being publicly announced Cumulative volume traded over the quarter as a % of average TSO throughout the quarter 93% of free float

DRAFT PROJECT BRUCE DISCUSSION BACKDROP Current Equity Capitalization and Shareholders # of Shares(3) Value ($MM)(4) JV GIP 11 98 Yucaipa Affiliates 81 728 Richard Caring 42 374 Nick Jones 10 90 Total Voting Group 143 1,290 Other Shareholders 51 458 Vested Dilutive Securities 3 25 Unvested Dilutive Securities 2 14 Total 199 1,787 Pro Forma Equity Capitalization and Shareholders # of Shares(3) Value ($MM)(4) Total Voting Group 143 1,290 New Investor Group 39 350 Addtl. Rolling Holders / New Investors 20 183 Unvested Dilutive Securities 2 14 Total(6) 204 1,837 $6.63 36% $6.63 36% $11.37 (21%) $7.47 20% $6.63 36% $10.29 (13%) $8.49 6% BlackRock Fund Advisors 0.7 0.7 - 0.3% 0.7 0.0% Simon Property Group 0.7 0.7 - 0.3% 0.7 0.0%  NA NA Pelham Capital 0.6 0.6 - 0.3% 0.6 0.0% $12.22 (26%) $6.50 39% $6.63 36% $10.94 (18%) Investors Total Share Count % of Ownership Voting Rights % of Voting Rights Wall Cross? Yucaipa Affiliates 80.9 41.7% 807.5 55.0% Global Joint Venture Investment Partners 10.9 5.6% 108.6 7.4% Yucaipa / Ron Burkle 91.8 Richard Caring 41.5 Of Which Class A Class B 0.2 80.7 - 10.9 0.2 91.6 0.4 41.1 47.3% 916.1 62.4% 21.4% 411.8 28.1%  Estimated Gain / Loss Avg. Basis ($/sh) (2) vs Offer (%) NA NA NA NA NA NA NA NA NA NA NA NA NA NA   NA NA  Nick Jones 10.0 1.3 8.8 5.2% 89.0 6.1% Voting Group (Total) 143.3 1.8 141.5 73.8% 1,416.9 96.5% Goldman Sachs & Co. 15.6 15.6 - 8.1% 15.6 1.1% Third Point 5.2 5.2 - 2.7% 5.2 0.4% JTS Enterprises of Tampa 4.3 4.3 - 2.2% 4.3 0.3% Hedosophia Group 3.8 3.8 - 1.9% 3.8 0.3% Lansdowne Partners 2.6 2.6 - 1.3% 2.6 0.2% Scoggin Management 2.2 2.2 - 1.1% 2.2 0.1% TIG Advisors 1.2 1.2 - 0.6% 1.2 0.1% The Vanguard Group 0.8 0.8 - 0.4% 0.8 0.1% DSAM Partners 0.6 0.6 - 0.3% 0.6 0.0% NA NA Thematics Asset Management 0.5 0.5 - 0.3% 0.5 0.0% D.E. Shaw 0.4 0.4 - 0.2% 0.4 0.0% Geode Capital Management 0.4 0.4 - 0.2% 0.4 0.0% Raycliff Capital 0.4 0.4 - 0.2% 0.4 0.0% NA NA Surveyor Capital 0.4 0.4 - 0.2% 0.4 0.0% NA NA SB Schonfeld Fund Advisors 0.3 0.3 - 0.2% 0.3 0.0% NA NA Others 8.5 8.5 - 4.4% 8.5 0.6% NA NA Free Float (Total) 49.0 49.0 - 25.2% 49.0 3.3% 26.5 Board Members ex-Voting Group 1.9 1.9 - 1.0% 1.9 0.1%  Total 194.2 52.7 141.5 100.0% 1,467.7 100.0% 28.4 Dilutive Securities: RSU 1.2 1.2 - PSU 0.6 0.6 - SAR 2.5 2.5 - FDSO(3) 198.5 57.0 141.5 9 Illustrative Capitalization and Shareholders: Ownership and Voting Dynamics As of March 18, 2025 Ownership and voting characteristics of the Company necessitate that Ron Burkle / Yucaipa are supportive of any transaction Richard Caring also owns a material stake (21% of ownership and 28% of voting rights) Board Members (ex-Voting Group) hold ~1.9MM shares / $17MM at $9 per share Proposal is conditioned upon approval of a “majority of the minority” vote, among other factors. Because of the high percentage of stock that would be expected (or needed) to roll in the deal, a small percentage of the outstanding stock could block the deal Source: Capital IQ, Company Management Notes: Ron Burkle / Yucaipa, Richard Caring, Nick Jones, and top shareholders’ total share counts and voting rights per company information Average basis price estimated by applying the relevant VWAP to each investor’s quarterly change in ownership FDSO per Management; SAR dilution based on $9.00 price per Consortium offer Equity Value calculated based on $9.00 price per Consortium offer 5. NEOs as defined in the proxy 6. Assumes existing debt stays in place and ~$50MM transaction costs (preliminary estimate, to be refined) Shareholder Roster As of 3/18/25 (1) Class B shares have 10 votes per share, and are not transferable other than to a member or affiliate of the Voting Group Key Takeaways: Consortium has indicated they have raised ~$350MM That $350MM is sufficient to consummate the proposed transaction if: Full Voting Group rolls, and Goldman Sachs rolls (Consortium advisor indicated verbally that their proposal assumed GS rolls), and Some portion of NEOs roll into the transaction(5) Denotes non-Voting Group shareholders expected to be wall- crossed to discuss rolling stake into the transaction (28.4MM shares / $256MM at $9 per share) Investors being wall-crossed hold 28.4MM shares / $256MM at $9 per share, of which Goldman Sachs holds $141MM

DRAFT SECTION 2 10 Preliminary Valuation Perspectives

PROJECT BRUCE DRAFT # of Houses(6) 2024E 2025E 2026E 2027E 2028E '24E - '28E Change Stabilized 27 678 706 736 769 802 124 Ramp-Up 18 185 235 276 307 337 151 Pipeline 21 - 16 94 181 310 310 CWH n.a. 21 25 27 31 36 14 Total 66 884 982 1,134 1,288 1,484 600 Adj. EBITDAR 71 13 52 158 284 343 427 493 595 694 37% 20% 19% % Revenue 11% 3% 9% 16% 25% 28% 32% 32% 34% 35% Historical 2019A 2020A 2021A 2022A 2023A 2024E Company Projections 2025E 2026E 2027E 2028E CAGR / Change '19-'24 '24-'26 '24-'28 Financial Statistics(5) $MM, except for number of houses Source: Management Projections, Company Filings A• Vast majority of forecasted revenue is generated by Stabilized Houses; Ramp-Up Houses and Pipeline Houses exhibit strong growth B• Revenue expected to grow at 12% p.a. through 2028, on average House-Level Revenue: 14% CAGR over 2024-28E impacted by organic growth of existing assets but also higher contribution profit from recent openings and future pipeline with the number of houses projected to increase from 45 to 66 Other Segment Revenue: 9% CAGR over 2024-28E, primarily driven by Retail (Soho Home) and Scorpios of ~$8MM over 2024-28E, which contributes to EBITDA margin expansion from 11.3% in 2023 to 21.5% in 2028 – The Company intends to implement cost efficiency initiatives and new EPR systems that are expected to generate about ~$40MM of savings (relative to a going-concern G&A trajectory) D• Rent coverage improves over the next 5 years from 1.9x to 2.6x Memo: Rent Expense (54) (60) (76) (97) (156) (181) (199) (218) (237) (272) 28% 10% 11% % Revenue 8% 16% 14% 10% 14% D 15% 15% 14% 14% 14% Rent Coverage(4) 1.3x 0.2x 0.7x 1.6x 1.8x 1.9x 2.1x 2.3x 2.5x 2.6x Management’s 5-Year Forecast: Growth and Profitability A Breakdown of House Revenue by Cohort Number of Houses 26 27 33 40 42 45 49 55 62 66 12% 11% 10% House Membership Revenue 166 174 174 243 325 384 437 501 581 671 18% 14% 15% In-House Revenue 312 127 218 427 482 A B 500 544 633 707 814 10% 12% 13% House-Level Revenue 478 301 392 669 807 884 982 1,134 1,288 1,484 13% 13% 14% Total In-House Operating Expenses (380) (220) (309) (525) (589) (652) (707) (813) (914) (1,055) 11% 12% 13% House-Level Contribution Profit(1) 98 81 83 144 218 232 275 321 374 430 19% 18% 17% % Growth n.m 2% 74% 51% 7% 18% 17% 16% 15% % Margin 20% 27% 21% 22% 27% 26% 28% 28% 29% 29% Other Segment Revenue 164 83 169 303 328 351 372 411 454 486 16% 8% 9% Other Segment Contribution Profit(1) 20 (26) 2 53 70 82 93 108 124 141 33% 15% 15% % Growth n.m n.m n.m 33% 17% 14% 15% 15% 14% % Margin 12% (31%) 1% 17% 21% 23% 25% 26% 27% 29% Total Revenue 642 384 561 972 1,136 1,235 1,353 1,545 1,742 1,971 14% 12% 12% Total Contribution Profit(1) 118 55 85 197 288 314 368 429 498 571 22% 17% 16% % Growth (53%) 54% 133% 46% 9% 17% 16% 16% 15% % Margin 18% 14% 15% 20% 25% 25% 27% 28% 29% 29% G&A (76) (78) (89) (123) (144) (147) (139) (142) (135) (139) 14% (2%) (1%) % Revenue 12% 20% 16% 13% 13% 12% 10% 9% 8% 7% Other(2) (24) (24) (19) (13) (16) (5) (1) (11) (5) (9) (26%) 42% 13% % Revenue 4% 6% 3% 1% 1% 0% 0% 1% 0% 0% Adj. EBITDA(3) 18 (47) (24) 61 128 162 228 275 358 423 56% 30% 27% % Growth n.m n.m n.m 111% 26% 41% 20% 30% 18% % Margin 2.7% (12.2%) (4.3%) 6.2% 11.3% 13.1% 16.9% 17.8% 20.6% 21.5% % Flowthrough 25% 13% 21% 41% 34% 57% 24% 42% 28% C• G&A reduction over the 5-year period 2024E figures are based on Management Projections; Company has revised its 2024LE revenue and EBITDA to $1,203MM and $142MM respectively (~12% margin) 2025 Management Budget shows $1,333MM revenue and $200MM Adj. EBITDA (~15% margin) Notes: Contribution Profit refers to House or Segment Adj. EBITDA prior to G&A / Group Support Costs Other includes stock-based compensation, pre-opening expenses, share of joint venture adjusted EBITDA and acquisition/deal cost 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 pre- opening expenses, non-cash rent expense, and deferred registration fees Rent Coverage refers to Adj. EBITDAR divided by rent expense Of note, the enclosed analysis is based on Management Projections and reflects certain important assumptions and execution risks 2028E number of houses per Management Projections 12% Revenue Growth and 27% EBITDA Growth Over 2024-2028E E E C PRELIMINARY VALUATION PERSPECTIVES 11

Historical CAGR / Change 2022A 2023A 2024E Company Projections 2025E 2026E 2027E 2028E '19-'24 '24-'26 '24-'28 Management’s 5-Year Forecast: Cash Flow and Leverage ~$550MM of Cumulative FCF Between 2025-2028 – Relative Leverage Declines During Forecast Period Draft Financial Trajectory – Free Cash Flow $MM, except for number of houses and members Source: Management Projections, Management Notes: Change in working capital includes non-cash rent Lease liabilities include operating lease liabilities 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 pre-opening expenses, non-cash rent expense, and deferred registration fees Adj. EBITDA(3) 61 128 162 228 275 358 423 30% 27% (-) Interest Expense (71) (84) (86) (85) (90) (93) (96) 2% 3% (+) Non-Cash Interest / PIK / Debt Adj 41 45 42 44 47 48 49 5% 4% (-) Cash Interest Expense (31) (39) (44) (41) (44) (45) (47) (0%) 1% (-) Cash Taxes (5) (11) (7) (14) (15) (17) (20) 48% 29% (+/-) JV EBITDA / Adj (4) (9) (10) (10) (10) (11) (11) 3% 3% (+/-) Other, net (13) 4 (0) (2) (3) (3) (3) n.m. n.m. (+/-) Change in Net Working Capital(1) 4 (20) A (3) (4) (6) 1 3 n.m. n.m. (-) Maintenance CapEx (32) (27) (23) (19) (29) (31) (40) 13% 15% % Revenue 3% 2% 2% 1% 2% 2% 2% (-) Refurb. / Growth CapEx (42) (34) (47) (53) (39) (50) (54) (9%) 3% % Revenue 4% 3% 4% 4% 3% 3% 3% (-) Digital, and Other CapEx (22) (18) (19) (25) (33) (27) (25) 30% 7% % Revenue 2% 2% B 2% 2% 2% 2% 1% Free Cash Flow (84) (26) 8 61 96 175 227 n.m. n.m. % of Adj. EBITDA (20%) 5% 27% 35% 49% 54% % of Total Revenue (2%) 1% 4% 6% 10% 12% % of Adj. EBITDA (FCF Post-PIK Interest) (56%) (21%) 7% 18% 35% 42% % of Total Revenue (FCF Post-PIK Interest) (6%) (3%) 1% 3% 7% 9% Key Metrics Net Debt 700 803 856 890 841 708 532 (1%) (11%) (+) Lease Liabilities(2) 1,249 1,354 1,385 1,397 1,595 1,750 2,118 7% 11% Lease Adj. Net Debt 1,949 2,157 2,241 2,288 2,436 2,458 2,650 4% 4% Net Debt / Adj. EBITDA 11.5x 6.3x C 5.3x 3.9x 3.1x 2.0x 1.3x Lease Adjusted Net Debt / Adj. EBITDAR 12.3x 7.6x 6.5x 5.4x 4.9x 4.1x 3.8x A• Total CapEx ranges from ~6- 7% of revenue throughout the projection period Maintenance CapEx is projected as ~5% of non- membership revenue The remainder of the CapEx expense is comprised of house refurbishment / growth and digital CapEx Notably, there is ~$10MM of forecasted CapEx for Oakley Court in 2025, ~$15MM for Hudson Valley in 2027/2028, $9MM for Atlanta in 2027 (primarily due to pipeline houses), and an additional ~$10MM for refurbishment of the Miami House B• Free cash flow is expected to be positive and growing throughout the projection period Of note, the Company has not generated positive free cash flow since IPO C• Leverage drops from 5.3x in 2024 to 1.3x in 2028 (and from 6.5x to 3.8x on a lease adjusted basis) PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 12 DRAFT

PROJECT BRUCE DRAFT Adj. EBITDA Bridge: 2024-2028 $MM PRELIMINARY VALUATION PERSPECTIVES What Are the Primary Growth Drivers Through 2028? 13 % Margin A Net Contribution Profit House-Level + $197MM 2024 Adj. EBITDA (Management Projections) Retail Contribution Profit Scorpios Contribution Profit Other Contribution Profit Other Stabilized Contribution Profit Pipeline CWH Contribution Contribution Profit Profit B Net Contribution Profit Other Segments +$59MM Stabilized and Ramp-Up Houses Expected to be the Largest Drivers of Growth In total, # of houses grows to 66 in '28 from 45 at year-end ‘24; the ramp-up houses have a contribution profit of ~$1MM in 2024E and ~$67MM in 2028E. Additionally, the pipeline cohort is not yet fully stabilized by 2028 Retail and Scorpios both exhibit growth throughout the forecast period G&A 2028 Adj. EBITDA (Management Projections) 21.5% 11.8% 13.1% Source: Management Projections 2024 LE Adj. EBITDA (Management Estimate) Ramp-Up Contribution Profit The enclosed exhibit groups the houses into three cohorts based on their vintage Stabilized: opened in 2020 or earlier (27 houses) Ramp-Up: opened / expected to open between 2021-2024 (18 houses) Pipeline: houses expected to open in 2025+ (21 houses) A• Biggest contributors to growth are Ramp-Up houses (adding ~$66MM of contribution profit) and Stabilized houses (adding ~$97MM of contribution profit); the Pipeline assets are not expected to be stabilized by 2028 but are expected to contribute $24MM by 2028 B• Other segments continue to be an important input for growth (adding an incremental $59MM of Adj. EBITDA by 2028) Contribution profits from Scorpios new sites are expected to grow by $16MM (~$7MM comes from the existing location with the rest of the growth coming from new locations) C• G&A reduction contributes $8MM of EBITDA growth C G&A and Other

Observations On Management’s Forecast Plan Risks and Opportunities Company has not generated positive free cash flow for a full fiscal year in its operating history as a public company 5 ~66% of the Company’s debt matures in Mar-2027 (GS Senior Secure Note, ~8.24%, of which 6.20% PIK)(1). Based on today’s market environment, refinancing likely to be materially more expensive which is not reflected in the forecast 7 Street estimates reflect an outlook materially below management’s forecast – this is true for 2025 and 2026, the furthest forecasted year by research 2 The fixed costs associated with many of the company’s leases implies the company has substantially higher 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 6 Management projects that the margin profile of the company will increase from 11.8% EBITDA margin (per latest ’24 Management Estimate) to 21.5% by 2028. The forecasted margins materially exceed those historically achieved (8.8% on average from 2022 to 2023) and its prior guidance at IPO of 15% margin 3 Company has historically had difficulty meeting its guidance (and street expectations); missed revenue and/or EBITDA consensus and its guidance numerous times since IPO. Of note, concurrent with the release of 3Q'24 earnings, the Company has revised down its 2024E Public Guidance for Revenue and EBITDA by 2% and 13%, respectively 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 to be implemented by the company 4 PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 14 DRAFT Notes: 1. Blended rate per Management 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%

4 5/31/23 $5.12 5 6 7 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% 8 Recent Unaffected Trading High (8/28/2024) (3)(4) $6.33 42.2% Recent Unaffected Trading Low (8/7/2024) (3)(4) $4.55 97.8% May-24 Nov-24 Stock Price Implied Prem. @ $9 / Share(1) Unaffected Price (2) $4.91 83.3% Recent Unaffected Trading Performance Recent Unaffected Trading Performance High of $6.33 and Low of $4.55 (3) Share Price Performance(3) $ / Sh Source: Capital IQ (as of December 18, 2024) Notes: Based on Consortium offer price of $9.00 per share (announced on December 19, 2024) Assumes unaffected date of December 18, 2024, the last trading day prior to the proposal from the Consortium being publicly announced Represents period between announcement of dissolution of initial Special Committee (5/31/2024) and the current assumed unaffe cted date of December 18, 2024 (immediately prior to the announcement of the Consortium offer) Based on closing price (not intraday trading) 12/18/24 $4.91 (4.1%) A Dec-24 8/7/24: Recent Unaffected Low of $4.55 Jul-24 Sep-24 8/28/24: Recent Unaffected High of $6.33 PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 14 DRAFT

$4 $7 $10 Citi Bank Morgan Stanley Bank of America Roth MKM JP Morgan HSBC Research Analyst Price Targets As of Unaffected Date (December 18, 2024)(1) Mean Price Target of $7.17 with a Range from $5.50 to $9.00 8/12/24 11/11/24 8/9/24 11/6/24 6/14/24 Published Date Mean: $7.17 $$55..5500 8/12/24 What Are Research Analyst Perspectives? Source: Bloomberg, analyst research reports (as of 12/18/2024) Note: 1. Based on unaffected date of December 18, 2024 (immediately prior to the announcement of the Consortium offer) $$99.0.000 $$77..5500 $$77..5500 $$66..0000 $$77..5500 B After the Company’s announcement of the Consortium offer, Morgan Stanley and Citi withdrew their price target, JP Morgan and Bank of America changed their price target to “Not Rated,” and Roth MKM changed their price target to $9.00. HSBC terminated coverage in January 2025, with a final price target of $7.50. PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 16 DRAFT

Min 200 Max 216 CIQ Consensus 200 Implied EBITDA Margin 13.5% Management Expectation(3) 275 Implied EBITDA Margin 17.8% Δ (Mgmt vs. CIQ Consensus) 76 Date(1) 2026E Bank of America 12/20/24 216 Morgan Stanley 12/19/24 210 HSBC 01/31/25 210 Citi Bank 11/24/24 200 Min 162 Max 207 CIQ Consensus 172 Implied EBITDA Margin 13.1% Management Expectation(3) 200 Implied EBITDA Margin 15.0% Δ (Mgmt vs. CIQ Consensus) 28 Date(1) 2025E JP Morgan 08/09/24 207 Citi Bank 11/24/24 189 Morgan Stanley 12/19/24 187 HSBC 01/31/25 185 Bank of America 12/20/24 165 Roth MKM 12/20/24 162 Min 1,281 Max 1,346 CIQ Consensus 1,318 Management Expectation(3) 1,333 Δ (Mgmt vs. CIQ Consensus) 15 JP Morgan 08/09/24 1,346 HSBC 01/31/25 1,345 Citi Bank 11/24/24 1,343 Roth MKM 12/20/24 1,314 Bank of America 12/20/24 1,298 Morgan Stanley 12/19/24 1,281 Min 1,340 Max 1,473 CIQ Consensus 1,473 Management Expectation(3) 1,545 Δ (Mgmt vs. CIQ Consensus) 72 Citi Bank 11/24/24 1,473 HSBC 01/31/25 1,462 Bank of America 12/20/24 1,376 Morgan Stanley 12/19/24 1,340 and CIQ consensus Historically, Management missed either revenue or EBITDA consensus 70% of the time since IPO(4) In 2022, the Company achieved its full year revenue and EBITDA guidance (yet, the Company heavily revised / lowered the guidance over the course of the year) and missed guidance for both metrics in 2023. It has also revised down its guidance for FY 2024 upon 3Q'24 earnings release Wall street consensus estimates suggest that research analysts expect much lower levels of revenue and EBITDA (and materially lower EBITDA margin) going forward for the business relative to management's forecasts Management’s projections 2025E Revenue 2026E Revenue diverge from broker estimates ($MM) Date(1) 2025E ($MM) Date(1) 2026E What Do Research Analysts Forecast for the Company? Detailed Consensus Estimates for Company’s Key Metrics(1)(2) 2025E EBITDA ($MM) 2026E EBITDA ($MM) Source: Broker reports, Capital IQ (as of March 18, 2025) Note: All research analyst estimates per the latest report with projection estimates; dates reflect date of latest report Consensus per CIQ as of March 18, 2025 (CIQ does not include all research analyst estimates as contributors, it depends on the metric) 2025B figures based on Management Budget; 2026E figures based on Management Projections Reflects the number of quarters management has missed either revenue or EBITDA estimates divided by the total number of quarters since IPO B PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 17 DRAFT

Transaction Costs(4) 50 2% Total Sources 2,575 100% Total Uses 2,575 100% Uses $ % Purchase of Equity 1,685 65% Assumption of Net Debt 840 33% Entry 2025E 2026E 2027E 2028E Exit Entry (2,575) - - - - - Exit - - - - - 4,334 Transaction Costs - - - - - (50) Unlevered Cash Flow (2,575) 101 140 220 274 4,284 Unlevered IRR Unlevered MOIC 19.1% 1.9x (+) Net Debt Assumption / Issuance 840 - - - - - (-) Net Interest Expense - (41) (44) (95) (112) - (+) Debt Repayment - - - - - (947) Levered Free Cash Flow (1,735) 61 97 125 161 3,336 Levered IRR Levered MOIC 22.5% 2.2x $ % Sponsor Equity 1,735 67% Assumption of Net Debt 840 33% Sources and Uses $MM, unless otherwise noted Sources Exit EBITDA Multiple Illustrative Returns Analysis $MM, unless otherwise noted Notes: 1. Draft balance sheet as of 4Q’24; net debt and NCI of $840MM and $3MM, respectively; share count Levered Cash Buyer Analysis Assumes Goldman Sachs Notes Can Be Assumed Assumptions Levered cash buyer analysis illustrative as of December 31, 2024 Financial projections taken from Management Projections for 2025E – 2028E – No adjustments have been made to Management Projections Exit value calculated based on EBITDA (-) Cash Taxes 228 (14) 275 (15) 358 (17) 423 423 (20) assumed exit LTM EBITDA (-) CapEx (97) (101) (108) (118) multiple of 10.25x and exit LTM (+/-) Change in NWC (4) (6) 1 3 EBITDA of $423MM (-) JV EBITDA Adjustment and Other (12) (13) (14) (14) Scenario assumes that in-place Goldman Sachs notes can be assumed – implies that a Permitted Holder is involved with transaction (2) Goldman Sachs notes have ~6.2% PIK interest, 2% cash interest Assumes Goldman Sachs notes are refinanced in 2027 with debt that has 11.0% cash interest (3) Sensitivity Analysis – Exit EBITDA Multiple vs. Target IRR Implied Value per Share (1) C includes 194.2MM common shares, 1.2MM RSUs, 9.25x 9.75x 10.25x 10.75x 11.25x 0.6MM PSUs, ~2.5MM SARs (outstanding SARs include ~2.4MM at $4.00 strike price, ~2.3MM at IRR 20.0% $8.18 $8.69 $9.20 $9.70 $10.21 $5.00 strike price, ~0.4MM at $6.05 strike price, ~0.8MM at $12.46 strike price) per Management get 22.5% $7.56 $8.03 $8.49 $8.96 $9.43 Permitted Holder as defined in the indenture Illustrative cost of new debt of 11.0% (per Morgan Tar 25.0% $7.00 $7.43 $7.86 $8.29 $8.72 Stanley Leveraged Finance desk) 4. Preliminary estimate of transaction costs, to be High / Low shown on p. 3 finalized Source: Public Filings, Management Projections PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 17 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% 11.8% 9.75x ($0.62) ($1.05) ($1.91) ($2.34) ($3.20) ($3.63) 10.25x ($0.66) ($1.11) ($1.79) ($2.01) ($2.46) ($3.37) ($3.82) 10.75x ($0.69) ($1.16) ($2.11) ($2.58) ($3.53) ($4.01) Exit EBITDA Multiple $0.00 $8.03 $0.00 $8.49 $0.00 $8.96 ($3.06) $5.90 ($2.92) $5.58 ($2.77) $5.25 Sensitivity Analysis Based on Adj. EBITDA Margin and Exit Multiple Impact on Present Value per Share; Assumes Cost of Equity of 22.5% Source: Management Projections Note: The LTM EBITDA margin at exit is sensitized while all other years in projection period maintain the same margins as per Management Draft balance sheet as of 4Q’24; net debt and NCI of $840MM and $3MM, respectively; share count includes 194.2MM common shares, 1.2MM RSUs, 0.6MM PSUs, ~2.5MM SARs (outstanding SARs include ~2.4MM at $4.00 strike price, ~2.3MM at $5.00 strike price, ~0.4MM at $6.05 strike price, Every 1% Change in Stabilized Adj. EBITDA Margin at Exit Could Impact Value per Share by ~$0.50 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 Management Projections on the value of the company Every 1% Change in Adj. EBITDA margin at exit could impact value by ~$0.50(2) Long-Term Adj. EBITDA Margin Note: The Company communicated a long-term Adj. EBITDA margin of 15% to the market at the time of its IPO; in 2023, the Company achieved an 11% Adj. EBITDA margin, and it is forecasting a ~ ~12% margin in 2024 2028E Adj. EBITDA Margin per Management Current 2024LE Margin Per Management C Sensitivity Analysis to Management Projections’ Target Adj. EBITDA Margin ($1.87) $7.09 Stabilized EBITDA Margin Per $6.71 ($1.70) $6.33 ($4.59) $4.37 ($4.38) $4.12 ($4.16) $3.86 $ = Implied Value per Share High / Low shown on p. 3 ~0.8MM at $12.46 strike price) per Management Projections Management Target at IPO Estimates PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 19 DRAFT

Comparable Companies: Who Are the Right Peers for the Company? Peers Selection Skewed Toward 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 PRELIMINARY VALUATION PERSPECTIVES 20 DRAFT

Size 2024E Revenue 1,203 2,926 254,453 2,621 1,182 25,100 11,174 2,056 652 2025E Revenue 1,333 3,026 274,086 2,961 1,303 26,436 12,092 2,091 751 2024E EBITDA 142 859 11,522 677 488 4,981 3,429 370 178 2025E EBITDA 200 867 12,811 792 541 5,370 3,711 375 202 ND / 2024E EBITDA (4) 5.9x 2.6x (0.5x) 2.3x 3.7x 2.9x 2.9x 2.0x 1.4x Leverage Financial & Leverage Metrics (1) $MM, unless otherwise noted Source: Capital IQ, Company Filings, Management Projections, Management Budget Notes: As of March 18, 2025 for peers 2024LE figures based on latest Management Estimate; 2025B figures per Management Budget; utilizing draft 4Q’24 balance sheet figures MAR and HLT EBITDA margin not adjusted for cost reimbursement revenue Costco has negative net debt due to high cash balance Vail EBITDA, margin and leverage figures represent calendarized estimates Assessing Financial and Leverage Profile (2) Company Location-Based Membership Platforms Hospitality Platforms Asset-Light Lease-Heavy Margin 41% 29% 26% 31% 27% 2024E EBITDA Margin(3) 20% 18% 12% 5% A 42% 29% 27% 31% 27% 2025E EBITDA Margin(3) 15% 20% 18% 5% Growth '24E-26E Revenue CAGR B 13.3% 3.9% 7.3% 12.0% 10.2% 5.8% 8.7% 2.3% 4.6% 39.4% '24E-26E EBITDA CAGR 14.4% 4.7% 10.8% 11.5% 7.5% 8.8% 0.1% 8.5% C A • Costco stands out among peers as low margin business (~5%) while Planet Fitness is highest margin (~40%) 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 ~39% EBITDA CAGR, respectively The Company maintains higher leverage than peers on absolute basis (5.9x) C‒ 1 Comparable Companies: How Does the Company Compare to Peers? PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 20 DRAFT (5)

Trading Share Price ($) $160.73 $898.05 $30.17 $98.72 $240.39 $227.05 $7.37 $6.09 % ▲ vs. Prev. Valuation (3) (9%) (5%) 9% (5%) (13%) (8%) 6% 24% Size Market Capitalization ($Bn) 6.1 400.7 6.8 8.4 66.9 55.3 1.6 1.4 Aggregate Value ($Bn) 8.6 394.8 8.3 10.2 81.5 65.3 2.5 1.6 FY 2025E AV / EBITDA FY 2026E AV / EBITDA EBITDA Multiple 9.9x 30.8x 10.5x 18.8x 15.2x 17.6x 6.8x 8.1x 9.4x 27.9x 9.4x 16.8x 14.1x 16.1x 6.9x 7.8x Trading Valuation(1) $MM, unless otherwise noted Source: Capital IQ and Company Filings Notes: As of March 18, 2025 Vail EBITDA figures represent calendarized estimates Previous valuation perspectives presented on 1/24/2025, utilized market data as of 1/17/2025 Comparable Companies: Where Do the Company’s Peers Trade? (Cont’d) Assessing Trading Valuation of Peers Majority of the peer trading multiples have recently decreased due to impact of the broader market environment Location-Based Membership Platforms Hospitality Platforms Asset-Light Lease-Heavy 1 (2) (1.6x) (0.9x) 0.2x (0.9x) (2.0x) (1.7x) (0.5x) 1.0x (1.7x) (0.9x) 0.2x (0.4x) (1.9x) (1.5x) (0.5x) 1.0x Difference vs. Valuation Perspectives on January 24, 2025 (negative number means the multiple decreased over time) PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 20 DRAFT

Consensus Forecasts Management Budget Management Projections 2025E 2026E 2025B 2025E 2026E Low Mid High Low Mid High Low Mid High Low Mid High Low Mid High Applied EBITDAx 10.25x 10.75x 11.25x 9.25x 9.75x 10.25x 10.25x 10.75x 11.25x 10.25x 10.75x 11.25x 9.25x 9.75x 10.25x EBITDA 172 172 172 200 200 200 200 200 200 228 228 228 275 275 275 Aggregate Value 1,763 1,849 1,935 1,846 1,946 2,046 2,054 2,154 2,254 2,342 2,456 2,571 2,546 2,684 2,821 (-) Net Debt (1) (840) (840) (840) (840) (840) (840) (840) (840) (840) (840) (840) (840) (840) (840) (840) (-) NCI (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) Equity Value 921 1,007 1,093 1,004 1,104 1,203 1,211 1,312 1,412 1,500 1,614 1,728 1,704 1,841 1,979 FDSO (MM) (2) 199 199 199 199 199 199 199 199 199 199 199 199 199 199 199 Implied Value per Share $4.64 $5.07 $5.51 $5.06 $5.56 $6.06 $6.10 $6.61 $7.11 $7.55 $8.13 $8.71 $8.58 $9.27 $9.97 Applied range of multiples is anchored around Vail’s trading multiples (given Vail has many shared characteristics with Company) Bottom end of range represents a premium to lease-heavy hospitality, 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 (given the composition of MAR / HLT’s revenue mix skewing more towards franchise / management fees) Costco remains aspirational peer Comparable Companies Analysis $MM, unless otherwise noted Comparable Companies Analysis 1 Source: Public Filings, Management Projections Notes: Draft balance sheet as of 4Q’24 Share count as of 4Q’24 and per management information; FDSO includes 194.2MM common shares, 1.2MM RSUs, 0.6MM PSUs, 2.5MM SARs (outstanding SARs include ~2.4MM at $4.00 High / Low shown on p. 3 strike price, ~2.3MM at $5.00 strike price, ~0.4MM at $6.05 strike price, ~0.8MM at $12.46 strike price) per Management PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 23 DRAFT

Applied Premium Range Low High Implied Share Price Low High Share Price Unaffected Share Price (3) $4.91 30% 60% $6.38 $7.86 Bottom Quartile 8% 17% Average 11% 33% Median 9% 35% Top Quartile 24% 60% Premium Paid 1-Day Prior Unaffected Bottom Quartile 13% 29% Average 28% 62% Median 23% 40% Top Quartile 37% 80% Premium Paid Announcement Date Target Acquiror Agg. Value 1-Day Prior Unaffected Mar-21 Extended Stay America Blackstone / Starwood 6,385 21% 21% Jul-19 Peak Resorts Vail Resorts 401 116% 116% Jun-19 Millennium & Copthorne Hotels City Developments 2,840 37% 151% Dec-18 Belmond LVMH 3,176 42% 124% Oct-17 Mantra Hotels Accor 1,200 23% 23% Jul-17 ClubCorp Holdings Apollo 2,169 31% 31% Apr-17 Intrawest Resorts KSL / Aspen Skiing Company 1,355 (6%) 40% May-16 Morgans Hotel Group SBE Entertainment 710 18% 69% Mar-15 Life Time Fitness Leonard Green / TPG 4,005 7% 73% Mar-12 Great Wolf Resorts Apollo 659 6% 87% Jul-07 Hilton Hotels Blackstone 26,500 40% 40% Jan-06 Fairmont Hotels & Resorts Kingdom Hotels / Colony Capital 3,900 3% 28% Nov-05 LaQuinta Corp. Blackstone 3,400 37% 37% Jun-05 Wyndham International Blackstone 3,240 19% 60% Mar-04 Extended Stay America Inc. Blackstone 3,100 24% 24% Source: Company filings, press releases, Capital IQ, Refinitv, Data Point Notes: Based on 10 precedent all-cash controlling shareholder take-privates for U.S.-listed companies Transactions paid for in foreign currency are converted to $USD using the exchange ratio on the date of announcement Precedent Transactions Analysis Select Cash-Only Public M&A Transactions in Similar Industries An evaluation of select precedent transactions have exhibited: Unaffected share price premiums of 40% (median) and 62% (average) Of note, these are for control transactions Controlling shareholder take-privates have a lower premiums of 33% (average) and 35% (median) 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) Precedent Transactions Analysis $ per Share, unless otherwise noted 2 Precedent Controlling Shareholder Take-Privates (1) 3. Share price as of December 18, 2024 (immediately prior to announcement of Consortium offer) PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 24 DRAFT

Applied Range Implied Aggregate Value 20 25B EBITDA(4) Low Mid High Low Mid High House-Level Membership(1) 122 15.5x 16.5x 17.5x 1,887 2,009 2,130 In-House (Excluding Membership) - Owned 28 10.25x 11.25x 12.25x 283 311 338 In-House (Excluding Membership) - Leased 121 6.5x 7.5x 8.5x 785 905 1,026 House-Level Contribution Profit (Sum / Wtd Avg.) 270 10.9x 11.9x 12.9x 2,955 3,225 3,495 Other Segments (2) 78 6.5x 7.5x 8.5x 510 588 667 Total Contribution Profit 349 9.9x 10.9x 11.9x 3,465 3,813 4,162 Overhead and Central Costs (148) 9.9x 10.9x 11.9x (1,473) (1,621) (1,769) Total / Implied Aggregate Value 200 9.9x 10.9x 11.9x 1,992 2,192 2,392 Implied EBITDA Margin 15.0% Implied Value per Share (3) $5.79 $6.80 $7.81 Sum of the Parts Analysis Based on Management Budget (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: Management Budget Notes: Assumes House-Level membership margins consistent with In-House (Excluding Membership) – Leased margins per Management 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 Draft balance sheet as of 4Q’24 and share count per Management; FDSO includes 194.2MM common shares, 1.2MM RSUs, 0.6MM PSUs, 2.5MM SARs (outstanding SARs include ~2.4MM at $4.00 strike price, ~2.3MM at $5.00 strike price, ~0.4MM at $6.05 strike price, ~0.8MM at $12.46 strike price) per Management 4. 2025B EBITDA per Management Budget 3 High / Low shown on p. 3 PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 25 DRAFT

CAGR 2024LE 2025E 2026E 2027E 2028E ('24E-28E) House Membership Revenues 480 546 628 721 In-House Revenues 544 633 707 814 Other Segment Revenues 329 366 407 436 Total Revenue 1,203 1,353 1,545 1,742 1,971 13.1% % Growth (YoY) 12% 14% 13% 13% EBITDA 142 228 275 358 423 31.4% % Growth (YoY) 61% 20% 30% 18% % Margin 11.8% 16.9% 17.8% 20.6% 21.5% (-) Cash Taxes (14) (15) (17) (20) (-) CapEx (97) (101) (108) (118) (+/-) Change in NWC (4) (6) 1 3 (-) JV EBITDA Adjustment and Other (12) (13) (14) (14) Unlevered FCF 101 140 220 274 Management Projections (5-Year Forecast Model) (4) Present Value of Unlevered FCF (12.9% Discount Rate) 90 110 153 168 Implied Aggregate Value $2,848 (-) Net Debt (840) (-) NCI (3) Equity Value 2,006 (/) FDSO (MM) (3) 199 Implied Value per Share $10.10 Sum of Present Value of FCF $521 % of Implied Aggregate Value 18.3% Terminal Value Calculation $MM, unless otherwise noted Terminal NTM EBITDA (1) $369 EBITDA Multiple 10.25x Terminal Value 3,782 Present Value of Terminal Value $2,327 % of Implied Aggregate Value 81.7% Exit EBITDA Multiple 9.25x 9.75x 10.25x 10.75x 11.25x 11.5% $9.60 $10.21 $10.81 $11.41 $12.01 12.3% $9.25 $9.83 $10.42 $11.00 $11.59 12.9% $8.96 $9.53 $10.10 $10.67 $11.25 13.6% $8.68 $9.24 $9.80 $10.36 $10.92 14.1% $8.47 $9.02 $9.57 $10.12 $10.67 WACC Source: Management Projections Notes: 1. 2028E Revenue of $1,971MM grown by 7% with assumed 17.5% EBITDA margin (per Management) Sensitivity Analysis – Exit EBITDA Multiple vs. WACC Implied Value per Share (3) Discounted Cash Flow Analysis Valuation illustrative as of December 31, 2024 Financial projections taken from Management Projections for 2025E – 2028E No adjustments have been made to management projections Assumptions: Discount rate of 12.9% based on Company’s WACC Terminal value calculated based on assumed exit EBITDA multiple of 10.25x and exit EBITDA of $369MM(1) Terminal value assumed as of December 31, 2028 Discounted Cash Flow Build $MM, unless otherwise noted Draft balance sheet data as of 4Q’24 per management Share count per management; FDSO includes 194.2MM common shares, 1.2MM RSUs, 0.6MM PSUs, 2.5MM SARs (outstanding SARs include ~2.4MM at $4.00 strike price, ~2.3MM at $5.00 strike price, ~0.4MM at $6.05 strike price, ~0.8MM at $12.46 strike price) per Management A B A + B 4 Implied Share Price Build (2) $MM, unless otherwise noted High / Low shown on p. 3 4. 2024LE figures are based on latest Management estimate of $1,203MM for revenue and $142MM EBITDA PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 26 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% 11.8% $2.58 $12.11 $2.71 $12.82 $2.84 $13.52 $1.63 $0.98 $1.72 $1.03 $1.80 $1.08 $0.00 $9.53 $0.00 $10.10 $0.00 $10.67 ($0.33) ($0.98) ($0.34) ($1.03) ($0.36) ($1.08) ($1.63) $7.90 ($1.72) $8.39 ($1.80) $8.88 ($2.29) ($2.94) ($2.40) ($3.09) ($2.52) ($3.23) ($3.75) $5.78 ($3.93) $6.17 ($4.12) $6.55 10.0x 10.5x 11.0x Exit EBITDA Multiple Sensitivity Analysis Based on Adj. EBITDA Margin and Exit Multiple Impact on Present Value per Share; Assumes Discount Rate of 12.9% Source: Management Projections Note: The terminal year EBITDA margin is sensitized while all other years in projection period maintain the same margins as provided in Management Projections Draft balance sheet as of 4Q’24; net debt and NCI of $840MM and $3MM, respectively; share count includes 194.1MM common shares, 1.3MM RSUs, 0.6MM PSUs, ~2.5MM SARs (outstanding SARs include ~2.4MM at $4.00 strike price, ~2.3MM at $5.00 strike price, ~0.4MM at $6.05 strike price, Every 1% Change in Stabilized Adj. EBITDA Margin (in Terminal Year) Could Impact Value per Share by ~$0.70 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 Management Projections on the intrinsic value of the company Every 1% Change in Adj. EBITDA margin at exit could impact value by ~$0.70(2) Long-Term Adj. EBITDA Margin Note: The Company communicated a long- term Adj. EBITDA margin of 15% to the market at the time of its IPO; in 2023, the Company achieved an 11% Adj. EBITDA margin, and it is forecasting a ~12% margin in 2024 2028E Adj. EBITDA Margin per Management 4 Sensitivity Analysis to Management Projections’ Target Adj. EBITDA Margin ~0.8MM at $12.46 strike price) per Management Projections Management Target at IPO Estimates PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 27 DRAFT $ = Implied Value per Share Stabilized EBITDA Margin Per Current 2024LE Margin Per Management

DRAFT APPENDIX 28 Supplemental Materials

(20%) (15%) (10%) (5%) – 5% 10% 15% 24-Jan 6-Feb 19-Feb 4-Mar 17-Mar Vail Marriott Hilton S&P 500 Vail and Leisure / Hospitality Peers’ Trading Performance Since Initial “Activist Letter” As of March 18, 2025 Recent “Activist” Noise Around Vail Had Minimal Impact on Vail’s Trading Performance 1/27/25: Late Apex Partners issues letter to Vail Resorts calling for “transformational change” (stock jumped +6% but fell shortly after following broader sell-off) 3/17/25: Late Apex Partners issues second letter to Vail Resorts in response to Vail’s “unwillingness to address the proposed changes” (minimal impact on stock price) (4%) Source: Capital IQ (as of 3/18/2025) PROJECT BRUCE SUPPLEMENTAL MATERIALS 29 DRAFT (8%) (8%) (15%)

Legal Disclaimer © Morgan Stanley and/or certain of its affiliates. All rights reserved. PROJECT BRUCE 30 DRAFT We have prepared this document solely for informational purposes. You should not definitively rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction or otherwise. You and your directors, officers, employees, agents and affiliates must hold this document and any oral information provided in connection with this document in strict confidence and may not communicate, reproduce, distribute or disclose it to any other person, or refer to it publicly, in whole or in part at any time except with our prior written consent. If you are not the intended recipient of this document, please delete and destroy all copies immediately. We have prepared this document and the analyses contained in it based, in part, on certain assumptions and information obtained by us from the recipient, its directors, officers, employees, agents, affiliates and/or from other sources. Our use of such assumptions and information does not imply that we have independently verified or necessarily agree with any of such assumptions or information, and we have assumed and relied upon the accuracy and completeness of such assumptions and information for purposes of this document. Neither we nor any of our affiliates, or our or their respective officers, employees or agents, make any representation or warranty, express or implied, in relation to the accuracy or completeness of the information contained in this document or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. We and our affiliates and our and their respective officers, employees and agents expressly disclaim any and all liability which may be based on this document and any errors therein or omissions therefrom. Neither we nor any of our affiliates, or our or their respective officers, employees or agents, make any representation or warranty, express or implied, that any transaction has been or may be effected on the terms or in the manner stated in this document, or as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any views or terms contained herein are preliminary only, and are based on financial, economic, market and other conditions prevailing as of the date of this document and are therefore subject to change. We undertake no obligation or responsibility to update any of the information contained in this document. Past performance does not guarantee or predict future performance. This document and the information contained herein do not constitute an offer to sell or the solicitation of an offer to buy any security, commodity or instrument or related derivative, nor do they constitute an offer or commitment to lend, syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or commit capital, or to participate in any trading strategies, and do not constitute legal, regulatory, accounting or tax advice to the recipient. We recommend that the recipient seek independent third party legal, regulatory, accounting and tax advice regarding the contents of this document. This document does not constitute and should not be considered as any form of financial opinion or recommendation by us or any of our affiliates. This document is not a research report and was not prepared by the research department of Morgan Stanley or any of its affiliates. Notwithstanding anything herein to the contrary, each recipient hereof (and their employees, representatives, and other agents) may disclose to any and all persons, without limitation of any kind from the commencement of discussions, the U.S. federal and state income tax treatment and tax structure of the proposed transaction and all materials of any kind (including opinions or other tax analyses) that are provided relating to the tax treatment and tax structure. For this purpose, "tax structure" is limited to facts relevant to the U.S. federal and state income tax treatment of the proposed transaction and does not include information relating to the identity of the parties, their affiliates, agents or advisors. This document is provided by Morgan Stanley & Co. LLC and/or certain of its affiliates or other applicable entities, which may include Morgan Stanley Realty Incorporated, Morgan Stanley Senior Funding, Inc., Morgan Stanley Bank, N.A., Morgan Stanley & Co. International plc, Morgan Stanley Securities Limited, Morgan Stanley Bank AG, Morgan Stanley MUFG Securities Co., Ltd., Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., Morgan Stanley Asia Limited, Morgan Stanley Australia Securities Limited, Morgan Stanley Australia Limited, Morgan Stanley Asia (Singapore) Pte., Morgan Stanley Services Limited, Morgan Stanley & Co. International plc Seoul Branch and/or Morgan Stanley Canada Limited. Unless governing law permits otherwise, you must contact an authorized Morgan Stanley entity in your jurisdiction regarding this document or any of the information contained herein.