Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 169

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 169
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 of such persons, whether relative to the Consideration or otherwise. Moelis also did not express any opinion as to

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the fairness of the amount or nature of any equity or other financing conducted in connection with the Transactions or otherwise. Moelis’ opinion was based on the acquisition of all Targets collectively and did not represent an individual analysis of each separate acquisition that make up the Transactions. Moelis’ opinion was approved by a Moelis fairness opinion committee.

### Summary of Financial Analyses
The following is a summary of the material financial analyses presented by Moelis to the Board at its meeting held on December 17, 2024 in connection with its opinion. This summary describes the material analysis underlying Moelis’ opinion but does not purport to be a complete description of the analyses performed by Moelis in connection with its opinion.

Some of the summaries of financial analyses below include information presented in tabular format. To fully understand Moelis’ analyses, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the analyses. Considering the data described below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of Moelis’ analyses.

For the purposes of Moelis’ analysis:

“Total Enterprise Value,” which is also referred to as “TEV,” was generally calculated as the market value of the relevant company’s fully diluted equity based on its closing share price as of December 16, 2024, which is referred to as the “equity value,” (i) plus income taxes payable and uncertain tax position liabilities, if any (ii) plus debt, and (iii) less cash and cash equivalents (in each of the foregoing cases (i) through (iii), as of the relevant company’s most recently reported quarter end, adjusted for subsequent transactions and events).

“EBITDA” was generally calculated as the relevant company’s earnings before interest, taxes, depreciation and amortization, as adjusted to exclude one-time charges and benefits.

Selected Publicly Traded Companies Analyses

Moelis reviewed financial and stock market information of the selected publicly traded cannabis operators listed below. Financial data for the selected publicly traded companies was based on public filings and other publicly available information available as of December 16, 2024. When utilizing projected EBITDA for calendar year 2024 (“CY2024P EBITDA