DRAFT Preliminary Valuation Perspectives Project Bruce January 24, 2025

Executive Summary PROJECT BRUCE 2 DRAFT These materials include a preliminary review of the Management Projections and valuation perspectives in the context of the consortium’s non-binding proposal of $9.00 per share The 5-Year Management Projections over the 2024-2028E period showcase the following (pages 11-14): Revenue growth in excess of 12% on average, primarily related to the organic growth of stabilized houses, the ramp-up of the recently open houses and the contribution of the future pipeline Adjusted EBITDA margin is expected to almost double from ~12% in 2024E to ~22% in 2028E, including a $8MM absolute reduction in G&A over that period related to the implementation of EPR systems and efficiency initiatives (~$40MM of annual savings relative to a going-concern trajectory) Of note, Management has communicated to Morgan Stanley (and the buyer group) that 2024E and 2025E Adjusted EBITDA are tracking below the initial Management Projections: 2024 Adjusted EBITDA is revised to $140MM vs. $162MM (-$22MM) 2025 Adjusted EBITDA at ~$200MM (as per the Budget that is being finalized) vs. $228MM (-28MM). For reference, this compares to a Wall Street research analysts’ consensus estimate of $178MM There are areas of risk and opportunities associated with the Management Projections, as outlined on page 14 The current proposal reflects an 83% premium to unaffected share price (spot and 1-month average, as of December 18th, 2024), as well as 18.9x, 14.9x and 13.2x Adjusted EBITDA for 2024E, 2025 Consensus and 2025 Budget, respectively. Vail Resorts, a business that shares several characteristics with Bruce, trades at a 10.8x ‘25 EBITDA multiple. Further valuation considerations are summarized on page 15, with the corresponding detailed analytics on pages 16-29

Table of Contents PROJECT BRUCE 2 DRAFT 1 Discussion Backdrop 2 Preliminary Valuation Perspectives

DRAFT SECTION 1 4 Discussion Backdrop

Metric Current Date 12/19/2024 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% Aggregate Value (3) $2,646 Aggregate Value / 2024LE EBITDA (Public Guidance) (4) 140 18.9x Aggregate Value / 2025B EBITDA (Management Budget) (4) 200 13.2x Aggregate Value / 2026E EBITDA (Management Projections) (4) 275 9.6x Consortium Offer Reference Aggregate Value Build Common Shares (Class A & B) 194.1 RSU 1.3 PSU 0.6 SAR @ $5.59 Strike 2.3 FDSO(2) 198.3 Equity Value $1,785 Net Debt 857 Non-Controlling Interests 4 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 39.2MM 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 The current offer implies 18.9x, 13.2x and 9.6x on 2024LE, 2025B and 2026E EBITDA respectively (based on the Company’s Public Guidance (for ’24), the Management Budget (for ’25) and Management Projections (for ’26), each of which varies from consensus estimates as discussed further herein) 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"), Public Guidance per Management (“Public Guidance”), Management Budget per Management (“Management Budget”) Notes: Share price as of 12/18/2024, the last trading day prior to public announcement of the Consortium offer Share count as of 3Q’24; incl. 194.1MM common shares, 1.3MM RSUs, 0.6MM PSUs, 2.3MM SARs at $5.59 strike per Management Bridge from equity value to aggregate value includes net debt and non-controlling interest of $861MM as of 3Q’24 per Management 2024LE EBITDA per Public Guidance; 2025B EBITDA per Management Budget; 2026E EBITDA per Management Projections Summary of the Consortium’s Non-Binding Proposal

3 Month Avg ADTV (2) 19-Dec-24 9,246 25.4x 23-Dec-24 3,798 10.4x 25-Dec-24 2,939 8.1x 27-Dec-24 2,233 6.1x 31-Dec-24 1,710 4.7x 02-Jan-25 1,542 4.2x 06-Jan-25 1,295 3.6x 08-Jan-25 1,127 3.1x 10-Jan-25 1,069 2.9x 14-Jan-25 1,077 3.0x 16-Jan-25 975 2.7x 17-Jan-25 965 2.6x Trading Volumes Shares (000s) $4.50 $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 $8.00 18-Dec 24-Dec 30-Dec 5-Jan 11-Jan 17-Jan Source: Capital IQ (as of January 17, 2025) Notes: 1. The last trading day prior to public announcement of the Consortium offer Stock Performance Following the Consortium Offer Announcement Share Price Performance Since the Consortium Offer Announcement Since Unaffected Date (Market Close 12/18/2024) (1) 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 ~25.4x the 3-month average 1/17/25 $7.53 +53% since 12/18 close (~16% 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 Up Another 6% 12/18/24 $4.91 (Unaffected Price) 2. 3-month average ADTV as of 1/17/2025 PROJECT BRUCE DISCUSSION BACKDROP 6 DRAFT

0 Jul-21 Feb-22 Sep-22 Apr-23 Nov-23 Source: Capital IQ (as of January 17, 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 (5/31/2024) and the current assumed unaffected date (12/18/2024) Based on closing price (not intraday trading) 2 4 6 8 10 12 16 Jun-24 Jan-25 Stock Price Current vs. Current (1/17/2025) $7.53 - Unaffected Price (12/18/2024) (1) $4.91 53.4% 6M VWAP - Unaffected $5.36 40.6% Recent Unaffected Trading High (8/28/2024) (2)(3) $6.33 19.0% Recent Unaffected Trading Low (8/7/2024) (2)(3) $4.55 65.5% Historical Stock Price Performance Recent Unaffected Trading High of $6.33 and Low of $4.55 (1)(2) Current Price(4): $7.53 7/15/21: IPO 14 3Q21 - $12.07 1M VWAP - Unaffected $4.92 52.9% Missed EBITDA 3M VWAP - Unaffected $5.13 46.7% Missed EBITDA Estimates; Beat Revenue Estimates 2Q21 - $11.12 Missed EBITDA and Revenue Estimates FY2021 - $6.92 Missed EBITDA Estimates; Beat Revenue Estimates 2Q22 - $8.17 5/25/22: Thomas Allen becomes CFO Beat EBITDA Estimates; Missed Revenue Estimates 1Q23 - $7.43 2/7/24: GlassHouse releases short- sell report Missed EBITDA and Revenue Estimates 1Q22 - $8.45 11/16/22: Andrew Carnie succeeds Nick Jones as CEO Revenue Estimates 3Q22 - $4.75 Beat EBITDA and Revenue Estimates 2Q23 - $6.12 Beat Revised EBITDA and Revenue Estimates FY2022 - $7.40 Missed EBITDA and 3/8/23: MCG becomes SHCO 2/9/24: the Company releases press release announcing evaluation of 11/10/23: Tom strategic alternatives Collins becomes COO Beat EBITDA Estimates; Missed Revenue Estimates 3Q23 - $6.43 Share Price Performance $ / Sh Estimates; Beat Revenue Estimates 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 $7.53 represents +53% premium to unaffected, (16%) discount to offer price 4. As of January 17, 2025 PROJECT BRUCE DISCUSSION BACKDROP 7 DRAFT 12/28/22: Minimum price since IPO of $3.20

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

PROJECT BRUCE DRAFT Shares Equity Value (MM) ($MM)(4) FDSO(3) 198.3 $1,785 Yucaipa / Ron Burkle 91.8 826 Richard Caring 41.5 374 Nick Jones 10.0 90 (-) Voting Group 143.3 $1,290 (-) Goldman Sachs 15.6 141 Total Equity ex Voting Group and GS 39.3 $354 Consortium Equity $350 Incremental Rollover Required $4 Free Float (Total) 50.7 50.7 - 26.1% 50.7 3.5% Total 194.1 52.6 141.5 100.0% 1,467.6 100.0% Of Which Estimated Gain / Loss $11.37 (34%) $7.52 0% $12.22 (38%) $6.68 13% $8.45 (11%) $8.45 (11%) $10.29 (27%) $8.49 (11%) $6.18 22% $6.50 16% $10.94 (31%) $14.00 (46%) $12.01 (37%) $6.00 26% $5.80 30% $5.47 38% $10.74 (30%) $6.14 23% $5.17 46% Investors Total Share Count Class A Class B % of Ownership Voting Rights % of Voting Rights Avg. Basis ($/sh) (2) vs Current (%) Yucaipa / Ron Burkle 91.8 0.2 91.6 47.3% 916.1 62.4% NA NA Richard Caring 41.5 0.4 41.1 21.4% 411.8 28.1% NA NA Nick Jones 10.0 1.3 8.8 5.2% 89.0 6.1% NA NA Voting Group (Total) 143.3 1.8 141.5 73.9% 1,416.9 96.5% NA NA Goldman Sachs 15.6 15.6 - 8.1% 15.6 1.1% NA NA Landsowne Partners 2.6 2.6 - 1.4% 2.6 0.2% Scoggin Capital Management 2.1 2.1 - 1.1% 2.1 0.1% Pelham Capital 1.9 1.9 - 1.0% 1.9 0.1% LPL Financial Corporation 1.2 1.2 - 0.6% 1.2 0.1% Carnie, Andrew (CEO) 0.9 0.9 - 0.5% 0.9 0.1% The Vanguard Group 0.8 0.8 - 0.4% 0.8 0.1% BlackRock 0.7 0.7 - 0.4% 0.7 0.1% Ein, Mark D. (Independent Director) 0.6 0.6 - 0.3% 0.6 0.0% Thematics Asset Management 0.5 0.5 - 0.3% 0.5 0.0% Geode Capital Management, LLC 0.4 0.4 - 0.2% 0.4 0.0% Raycliff Capital LLC 0.4 0.4 - 0.2% 0.4 0.0% Kuczmarski, Martin (Former COO) 0.3 0.3 - 0.2% 0.3 0.0% Neuberger Berman 0.3 0.3 - 0.2% 0.3 0.0% Millennium Management 0.3 0.3 - 0.1% 0.3 0.0% GSA Capital Partners 0.2 0.2 - 0.1% 0.2 0.0% State Street 0.2 0.2 - 0.1% 0.2 0.0% Nationwide Fund Advisors 0.2 0.2 - 0.1% 0.2 0.0% UBS Asset Management 0.2 0.2 - 0.1% 0.2 0.0% Banor Capital 0.1 0.1 - 0.1% 0.1 0.0% Others 21.2 21.2 - 10.9% 21.2 1.4% NA NA Dilutive Securities: RSU 1.3 1.3 - PSU 0.6 0.6 - SAR @ 5.59 Strike 2.3 2.3 - FDSO(3) 198.3 56.8 141.5 Source: Capital IQ, Company Management Notes: Ron Burkle / Yucaipa, Richard Caring, and Nick Jones 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 Equity Value calculated based on $9.00 price per Consortium offer NEOs as defined in the proxy 9 Equity Value Bridge Ownership and Voting Dynamics As of January 17, 2025 DISCUSSION BACKDROP 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) 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 (i.e. less than 10% of the outstanding if 65% rolls in) Shareholder Roster As of 1/17/25 (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) Source: Capital IQ, Company Management

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 12% Revenue Growth and 27% EBITDA Growth Over 2024-2028E 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 since revised its 2024LE revenue and EBITDA Public Guidance to $1,200MM and $140MM respectively (12% margin) 2025 Management Budget being finalized but initial indication from the Company shows $1,330MM - $1,340MM revenue and $200MM EBITDA (~15% margin based on mid point) 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 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 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% 11.7% 13.1% Source: Management Projections 2024 LE Adj. EBITDA (Public Guidance) (Management 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 ~65% 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 11.7% EBITDA margin (per ’24 Public Guidance) 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%

$10.07 $6.54 $6.38 $6.75 $8.15 $5.50 $4.55 $11.88 $8.56 $7.86 $7.76 $10.53 $9.00 $6.33 $5.00 $5 2% $6.00 $6 22% $7.00 $7 43% $8.00 $8 63% $9.00 $9 83% $10.00 $10 104% $11.00 $11 124% $12.00 $12 144% $13.00 $13 165% Share Price Prem. to Unaffected Price (3) $4 (19%) Prem. to 1M Unaffected VWAP (3) (19%) 2% 22% 42% 62% 83% 103% 123% 144% 164% Equity Value ($MM) (4) 784 980 1,179 1,381 1,583 1,785 1,987 2,189 2,392 2,594 Aggregate Value ($MM) (1) 1,645 1,841 2,040 2,242 2,444 2,646 2,848 3,051 3,253 3,455 2024LE EBITDA Multiple (5) 11.8x 13.2x 14.6x 16.0x 17.5x 18.9x 20.3x 21.8x 23.2x 24.7x 2025B EBITDA Multiple (5) 8.2x 9.2x 10.2x 11.2x 12.2x 13.2x 14.2x 15.3x 16.3x 17.3x 8.1x 8.9x 9.6x 10.3x 11.1x 11.8x 12.6x Share count as of Q3’2024 and per management information, includes 194.1MM common shares, 1.3MM RSUs, 0.6MM PSUs, SARs based on strike price of $5.59 per Management Based on 2024LE EBITDA of $140MM per Public Guidance, and 2025B EBITDA of $200MM per Management Budget and 2026E EBITDA of $275MM per Management Projections 17.5% Stabilized EBITDA margin per Management 2026E EBITDA Multiple (5) 6.0x 6.7x 7.4x Source: Broker estimates, Capital IQ, Management Projections and information, Management Budget, public filings Notes: Bridge from equity value to aggregate value includes $861MM of net debt and non-controlling interest per Management 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) 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 Preliminary Valuation Summary Value Per Share Reference Statistics Valuation Methodologies Terminal EBITDA margin of 17.5% (6) $4.00 4 Average: $7.17 2 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) 3 Sum of the Parts Analysis (Multiples- Based) Segment-by-segment valuation based on applied 2025B EBITDA multiple (per Management Budget) Discounted Cash Flow Analysis CAPM-based WACC range of 12.1% – 13.4% Exit EBITDA multiple range of 10.5x – 11.5x Consortium Offer Price: $9.00 Analyst Price Target (3) Analyst Average: $7.17 B Unaffected: $4.91 (3) 1M VWAP: $4.92 $7.72 $6.97 $6.41 $5.51 1 • Comparable Companies Analysis 2025B EBITDA multiple range of 11x – 12x 2025E consensus forecasts EBITDAx range of 11x – 12x • Levered Cash Buyer Analysis Target IRR of 20%-25% LTM EBITDA multiple range of 10.5x – 11.5x Exit EBITDA margin of 17.5% (6) C Each 100bps change of EBITDA margin in the terminal year impacts the value per share shown by ~$0.70 PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 14 DRAFT

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 unaffected 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 $$55..5500 8/12/24 What Are Research Analyst Perspectives? Source: Bloomberg, analyst research reports (as of 12/18/2024) Note: $$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’s price target has not changed since latest report published in June 2024. 1. Based on unaffected date of December 18, 2024 (immediately prior to the announcement of the Consortium offer) PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 17 DRAFT

Min 1,203 Max 1,251 CIQ Consensus 1,212 Management Expectation(3) 1,200 Δ (Mgmt vs. CIQ Consensus) (12) Date(1) 2024E JP Morgan 08/09/24 1,251 Citi Bank 11/24/24 1,224 Morgan Stanley 12/19/24 1,221 HSBC 06/14/24 1,219 Roth MKM 12/20/24 1,205 Bank of America 12/20/24 1,203 Min 1,281 Max 1,346 CIQ Consensus 1,316 Management Expectation(3) 1,335 Δ (Mgmt vs. CIQ Consensus) 19 Date(1) 2025E JP Morgan 08/09/24 1,346 HSBC 06/14/24 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 1,425 Management Expectation(3) 1,545 Δ (Mgmt vs. CIQ Consensus) 120 Date(1) 2026E Citi Bank 11/24/24 1,473 HSBC 06/14/24 1,462 Bank of America 12/20/24 1,376 Morgan Stanley 12/19/24 1,340 Min 200 Max 216 CIQ Consensus 206 Implied EBITDA Margin 14.5% Management Expectation(3) 275 Implied EBITDA Margin 17.8% Δ (Mgmt vs. CIQ Consensus) 69 Min 141 Max 229 CIQ Consensus 151 Implied EBITDA Margin 12.4% Management Expectation(3) 140 Implied EBITDA Margin 11.7% Δ (Mgmt vs. CIQ Consensus) (11) Min 165 Max 253 CIQ Consensus 178 Implied EBITDA Margin 13.5% Management Expectation(3) 200 Implied EBITDA Margin 15.0% Δ (Mgmt vs. CIQ Consensus) 22 ($MM) Date(1) 2024E ($MM) Date(1) 2025E ($MM) Date(1) 2026E Roth MKM 12/20/24 229 Roth MKM 12/20/24 253 Bank of America 12/20/24 216 JP Morgan 08/09/24 165 JP Morgan 08/09/24 207 Morgan Stanley 12/19/24 210 Morgan Stanley 12/19/24 161 Citi Bank 11/24/24 189 HSBC 06/14/24 210 HSBC 06/14/24 159 Morgan Stanley 12/19/24 187 Citi Bank 11/24/24 200 Citi Bank 11/24/24 154 HSBC 06/14/24 185 Bank of America 12/20/24 141 Bank of America 12/20/24 165 Management’s projections diverge from broker estimates and CIQ consensus Historically, Management missed either revenue or EBITDA consensus 70% of the time since IPO(4) In 2022, the Company achieved its full year revenue and EBITDA guidance (yet, the Company heavily revised / lowered the guidance over the course of the year) and missed guidance for both metrics in 2023. It has also revised down its guidance for FY 2024 upon 3Q'24 earnings release Wall street consensus estimates suggest that research analysts expect much lower levels of revenue and EBITDA (and materially lower EBITDA margin) going forward for the business relative to management's forecasts What Do Research Analysts Forecast for the Company? Detailed Consensus Estimates for Company’s Key Metrics(1)(2) 2024E Revenue ($MM) 2025E Revenue ($MM) 2026E Revenue ($MM) 2024E EBITDA 2025E EBITDA 2026E EBITDA Source: Broker reports, Capital IQ (as of January 17, 2025) Note: All research analyst estimates per the latest report with projection estimates; dates reflect date of latest report Consensus per CIQ as of January 17, 2025 (CIQ does not include all research analyst estimates as contributors, it depends on the metric) 2024LE figures based on Company’s Public Guidance; 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 B the total number of quarters since IPO PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 18 DRAFT

$8.33 $9.20 $11.28 $12.02 $6.75 $8.32 $9.00 $7.68 $5.81 $5.51 $5.00 $9.00 $13.00 FY 2024E FY 2025E FY 2026E Mgmt Budget (2025) / Adjusted Margin (2026 onwards) FY 2027E Management Projections Consensus Forecasts ($MM) NTM EBITDA (2025E) NTM EBITDA (2026E) NTM EBITDA (2027E) NTM EBITDA (2028E) Management Projections 228 275 358 423 % Margin 16.9% 17.8% 20.6% 21.5% 200 244 290 345 % Margin 15.0% 15.8% 16.7% 17.5% Consensus Forecasts 178 206 n.a. n.a. % Margin 13.5% 14.5% n.a. n.a. Illustrative Range of Potential Future Share Prices Over Time Based on Management Projections, 2025 Management Budget, Adjusted Projections at 17.5% Margin, and Consensus Estimates(1) Highly illustrative approach to determine where the stock could potentially trade over time based on applying an 11.0x NTM multiple to a range of EBITDA forecasts This reflects potential future share prices that have been discounted to present value using WACC of 12.8% Illustrative Future Share Prices (Discounted to Present Value) (1)(2) FY 2024E – FY 2027E Source: Management Projections, Management Budget, latest broker reports, balance sheet as of 3Q’24 per Management Notes: Build to implied share price assumes NTM EBITDAx of 11x, net debt and NCI of $857MM and $4MM, respectively, and FDSO includes 194.1MM common shares, 1.3MM RSUs, 0.6MM PSUs, 2.3MM SARs (dilution based on offer price of $9.00) over entire projection period per Management WACC informed discount rate of 12.8% to calculate the discounted aggregate value throughout projection period starting in 2025 2025B per Management Budget and assumes straight- line adjustment to reach 17.5% stabilized margin by 2028E, 17.5% stabilized EBITDA margin per A A Mgmt Budget (2025) / Adjusted Margin (2026 onwards)(3) 2025E EBITDA ($MM) 228 management PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 19 DRAFT 200 178 Management Management Consensus Projections Budget Forecasts

Transaction Costs 30 1% Total Sources 2,726 100% Total Uses 2,726 100% $ % Sponsor Equity 1,869 69% Assumption of Debt 857 31% Sources and Uses $MM, unless otherwise noted Sources Entry 2025E 2026E 2027E 2028E Exit Entry (2,726) - - - - - Exit - - - - - 4,651 Transaction Costs - - - - - (50) Unlevered Cash Flow (2,726) 101 140 220 274 4,601 Unlevered IRR Unlevered MOIC 19.2% 2.0x (+) Debt Assumption / Issuance 857 - - - - - (-) Net Interest Expense - (41) (44) (107) (107) - (+) Debt Repayment - - - - - (953) Levered Free Cash Flow (1,869) 61 97 113 166 3,648 Levered IRR Levered MOIC 22.5% 2.2x Exit EBITDA Multiple 10.0x 10.5x 11.0x 11.5x 12.0x Notes: 1. Balance sheet as of 3Q’24; net debt and NCI of IRR 20.0% $9.02 $9.52 $10.03 $10.53 $11.03 $857MM and $4MM, respectively; share count includes 194.1MM common shares, 1.3MM RSUs, rget 22.5% $8.34 $8.80 $9.27 $9.73 $10.20 0.6MM PSUs, ~2.3MM SARs (dilution based on offer price) per Management Ta 25.0% $7.72 $8.15 $8.58 $9.01 $9.44 Uses $ % Purchase of Equity 1,839 67% Assumption of Debt 857 31% Illustrative Returns Analysis $MM, unless otherwise noted Permitted Holder as defined in the indenture Illustrative cost of new debt of 10.5% (per Morgan Levered Cash Buyer Analysis Scenario 1: 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 11x 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 10.5% cash interest (3) Sensitivity Analysis – Exit EBITDA Multiple vs. Target IRR Implied Value per Share (1) C High / Low shown on p. 15 Stanley Leveraged Finance desk) Source: Public Filings, Management Projections PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 20 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% 11.7% 10.5x ($0.67) ($1.14) ($2.06) ($2.53) ($3.45) ($3.92) 11.5x ($0.74) ($1.25) ($2.26) ($2.77) ($3.78) ($4.29) Exit EBITDA Multiple $0.00 $8.80 $0.00 $9.73 ($3.27) $6.46 ($2.99) $5.81 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 Balance sheet as of 3Q’24; net debt and NCI of $857MM and $4MM, respectively; share count includes 194.1MM common shares, 1.3MM RSUs, 0.6MM PSUs, ~2.3MM SARs (dilution based on offer 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 Public Guidance C Sensitivity Analysis to Management Projections’ Target Adj. EBITDA Margin ($2.01) $7.72 ($1.83) $6.97 ($4.97) $4.76 11.0x $0.00 ($0.71) ($1.19) ($1.92) ($2.16) ($2.65) ($3.13) ($3.62) ($4.10) ($4.75) $9.27 $7.35 $6.13 $4.52 ($4.53) $4.27 Stabilized EBITDA Margin Per $ = Implied Value per Share High / Low shown on p. 15 Projections Management Target at IPO Margin price) per Management PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 21 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 23 DRAFT

Size 2024E Revenue 1,200 2,929 254,453 2,607 1,165 25,055 11,163 2,023 656 2025E Revenue 1,335 3,053 272,638 2,889 1,277 26,604 12,030 2,080 713 2024E EBITDA 140 854 11,522 674 477 4,949 3,400 336 179 2025E EBITDA 200 872 12,812 750 541 5,353 3,672 340 189 ND / 2024E EBITDA (4) 6.1x 2.8x (0.5x) 2.3x 3.8x 2.8x 2.8x 2.5x 1.3x Leverage Financial & Leverage Metrics (1) $MM, unless otherwise noted Source: Capital IQ, Company Filings, Management Projections, Management Budget Notes: As of January 17, 2025 for peers 2024LE figures based on Company’s Public Guidance; 2025B figures per Management Budget 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% 30% 27% 2024E EBITDA Margin(3) 12% 20% 17% 5% A 42% 29% 26% 31% 27% 2025E EBITDA Margin(3) 15% 20% 16% 5% Growth 13.5% 10.8% 10.3% 8.5% '24E-26E Revenue CAGR 4.3% 7.1% 6.1% 2.7% 4.9% B 40.2% '24E-26E EBITDA CAGR 4.9% 10.3% 11.3% 14.4% 7.4% 8.7% 5.3% (0.1%) 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 ~40% EBITDA CAGR, respectively The Company maintains higher leverage than peers on absolute basis (6.1x) C‒ 1 Comparable Companies: How Does the Company Compare to Peers? PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 23 DRAFT (5)

EBITDA Multiple 36.0x 22.4x 18.5x 20.8x FY 2024E AV / EBITDA 11.0x 11.4x 7.3x 7.5x 32.4x FY 2025E AV / EBITDA 19.7x 17.1x 19.3x 10.8x 10.3x 7.3x 7.1x 29.6x FY 2026E AV / EBITDA 17.1x 16.1x 17.6x 10.3x 9.2x 7.4x 6.8x Size Market Capitalization ($Bn) 6.7 420.9 6.2 8.8 77.9 61.0 1.5 1.1 Aggregate Value ($Bn) 9.4 414.9 7.7 10.7 91.8 70.7 2.5 1.3 Trading Valuation(1) $MM, unless otherwise noted Source: Capital IQ and Company Filings Notes: 1. As of January 17, 2025 Comparable Companies: Where Do the Company’s Peers Trade? (Cont’d) Assessing Trading Valuation of Peers Peers’ trading multiples have increased over the last year, except for Vail, due to idiosyncrasies related to the company / sector Location-Based Membership Platforms Hospitality Platforms Asset-Light Lease-Heavy 1 2. Vail EBITDA figures represent calendarized estimates PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 24 DRAFT (2)

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 11.0x 11.5x 12.0x 10.0x 10.5x 11.0x 11.0x 11.5x 12.0x 11.0x 11.5x 12.0x 10.0x 10.5x 11.0x EBITDA 178 178 178 206 206 206 200 200 200 228 228 228 275 275 275 Aggregate Value 1,955 2,044 2,132 2,065 2,168 2,271 2,200 2,300 2,400 2,513 2,628 2,742 2,753 2,890 3,028 (-) Net Debt (1) (857) (857) (857) (857) (857) (857) (857) (857) (857) (857) (857) (857) (857) (857) (857) (-) NCI (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) Equity Value 1,093 1,182 1,271 1,203 1,306 1,410 1,339 1,439 1,539 1,652 1,766 1,881 1,891 2,029 2,167 FDSO (MM) (2) 198 198 198 198 198 198 198 198 198 198 198 198 198 198 198 Implied Value per Share $5.51 $5.96 $6.41 $6.07 $6.59 $7.11 $6.75 $7.25 $7.76 $8.33 $8.91 $9.48 $9.54 $10.23 $10.92 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: Reported balance sheet as of 3Q’24 Share count as of 3Q’24 and per management information; FDSO includes 194.1MM common shares, 1.3MM RSUs, 0.6MM PSUs, 2.3MM SARs (dilution based on offer price of $9.00) per High / Low shown on p. 15 Management PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 25 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 26 DRAFT

2025B EBITDA(4) Low Mid High Low Mid High House-Level Membership(1) 122 17.0x 18.0x 19.0x 2,067 2,188 2,310 In-House (Excluding Membership) - Owned 28 11.0x 12.0x 13.0x 306 333 361 In-House (Excluding Membership) - Leased 122 7.0x 8.0x 9.0x 854 976 1,098 House-Level Contribution Profit (Sum / Wtd Avg.) 271 11.9x 12.9x 13.9x 3,226 3,498 3,769 Other Segments (2) 78 7.0x 8.0x 9.0x 548 627 705 Total Contribution Profit 350 10.8x 11.8x 12.8x 3,775 4,124 4,474 Overhead and Central Costs (150) 10.8x 11.8x 12.8x (1,616) (1,766) (1,915) Total / Implied Aggregate Value 200 10.8x 11.8x 12.8x 2,159 2,359 2,559 Implied EBITDA Margin 15.0% Implied Value per Share (3) $6.54 $7.55 $8.56 Applied Range Implied Aggregate Value 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 Balance sheet as of 3Q’23 and share count per Management; FDSO includes FDSO includes 194.1MM common shares, 1.3MM RSUs, 0.6MM PSUs, 2.3MM SARs (dilution based on offer price of $9.00) per Management 4. 2025B EBITDA per Management Budget 3 High / Low shown on p. 15 PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 27 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 1,200 1,353 1,545 1,742 1,971 13.2% % Growth (YoY) 13% 14% 13% 13% EBITDA 140 228 275 358 423 31.8% % Growth (YoY) 63% 20% 30% 18% % Margin 11.7% 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 (12.8% Discount Rate) 90 110 153 169 Implied Aggregate Value $3,034 (-) Net Debt (857) (-) NCI (4) Equity Value 2,173 (/) FDSO (MM) (3) 198 Implied Value per Share $10.96 Exit EBITDA Multiple 10.5x 11.0x 11.5x 10.0x 12.0x 11.3% $10.50 $11.10 $11.71 $12.31 $12.92 12.1% $10.11 $10.70 $11.29 $11.88 $12.47 12.8% $9.80 $10.38 $10.96 $11.53 $12.11 13.4% $9.51 $10.07 $10.63 $11.19 $11.76 13.9% $9.28 $9.83 $10.38 $10.94 $11.49 WACC Sum of Present Value of FCF $523 % of Implied Aggregate Value 17.2% Terminal Value Calculation $MM, unless otherwise noted Terminal NTM EBITDA (1) $369 EBITDA Multiple 11.0x Terminal Value 4,059 Present Value of Terminal Value $2,511 % of Implied Aggregate Value 82.8% Source: Management Projections 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 12.8% based on Company’s WACC Terminal value calculated based on assumed exit EBITDA multiple of 11.0x and exit EBITDA of $369MM (1) Terminal value assumed as of December 31, 2028 Discounted Cash Flow Build $MM, unless otherwise noted Notes: 2028E Revenue of $1,971MM grown by 7% with assumed 17.5% EBITDA margin (per Management) Balance sheet data as of 3Q’24 per public filings and management 3. Share count per management and public filings; FDSO includes 194.1MM common shares, 1.3MM RSUs, 0.6MM PSUs, 2.3MM SARs (dilution based on offer price of $9.00) per Management A B A + B 4 Implied Share Price Build (2) $MM, unless otherwise noted High / Low shown on p. 15 4. 2024LE figures are based on the Company’s Public Guidance of $1,200MM for revenue and $140MM EBITDA as of December 19, 2024 PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 28 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% 11.7% $2.73 $13.11 $2.86 $13.82 $2.99 $14.52 $1.73 $1.04 $1.81 $1.09 $1.89 $1.13 $0.00 $10.38 $0.00 $10.96 $0.00 $11.53 ($0.35) ($1.04) ($0.36) ($1.09) ($0.38) ($1.13) ($1.73) $8.65 ($1.81) $9.15 ($1.89) $9.64 ($2.42) ($3.11) ($2.53) ($3.26) ($2.65) ($3.40) ($4.03) $6.35 ($4.22) $6.74 ($4.41) $7.12 10.5x 11.0x 11.5x 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: 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 Balance sheet as of 3Q’24; net debt and NCI of $857MM and $4MM, respectively; share count includes 194.1MM common shares, 1.3MM RSUs, 0.6MM PSUs, ~2.3MM SARs (dilution based on offer 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 Current 2024LE Public Guidance 4 Sensitivity Analysis to Management Projections’ Target Adj. EBITDA Margin price) per Management Projections Management Target at IPO Margin PROJECT BRUCE PRELIMINARY VALUATION PERSPECTIVES 29 DRAFT $ = Implied Value per Share Stabilized EBITDA Margin Per

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