# EDGAR Filing Document

**Accession Number:** 0001846510
**File Stem:** 0001140361-25-035726
**Filing Date:** 2025-9
**Character Count:** 391741
**Document Hash:** 869cf0f2746c24591923260769434761
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-035726.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001140361-25-035726

**CONFORMED SUBMISSION TYPE**: SC 13E3

**PUBLIC DOCUMENT COUNT**: 163

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**GROUP MEMBERS**: ANDREW CARNIE

**GROUP MEMBERS**: EH MERGERSUB INC.

**GROUP MEMBERS**: EH PARENT LLC

**GROUP MEMBERS**: GLOBAL JOINT VENTURE INVESTMENT PARTNERS LP

**GROUP MEMBERS**: NICK JONES

**GROUP MEMBERS**: OA3, LLC

**GROUP MEMBERS**: RICHARD CARING

**GROUP MEMBERS**: RON BURKLE

**GROUP MEMBERS**: TOM COLLINS

**GROUP MEMBERS**: YUCAIPA AMERICAN ALLIANCE (PARALLEL) FUND II, L.P.

**GROUP MEMBERS**: YUCAIPA AMERICAN ALLIANCE FUND II, L.P.

**GROUP MEMBERS**: YUCAIPA AMERICAN ALLIANCE III, L.P.

**GROUP MEMBERS**: YUCAIPA COMPANIES LLC

**GROUP MEMBERS**: YUCAIPA SOHO WORKS, INC.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Soho House & Co Inc.
- **CENTRAL INDEX KEY:** 0001846510
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0102

**FILING VALUES:**
- **FORM TYPE:** SC 13E3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93187
- **FILM NUMBER:** 251330910

**BUSINESS ADDRESS:**
- **STREET 1:** 515 W. 20TH STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011
- **BUSINESS PHONE:** (212) 627-9800

**MAIL ADDRESS:**
- **STREET 1:** 515 W. 20TH STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Membership Collective Group Inc.
- **DATE OF NAME CHANGE:** 20210217
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Soho House & Co Inc.
- **CENTRAL INDEX KEY:** 0001846510
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0102

**FILING VALUES:**
- **FORM TYPE:** SC 13E3

**BUSINESS ADDRESS:**
- **STREET 1:** 515 W. 20TH STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011
- **BUSINESS PHONE:** (212) 627-9800

**MAIL ADDRESS:**
- **STREET 1:** 515 W. 20TH STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Membership Collective Group Inc.
- **DATE OF NAME CHANGE:** 20210217

#### **TABLE OF CONTENTS**

### UNITED STATES <br>

### SECURITIES AND EXCHANGE COMMISSION<br>

#### WASHINGTON, D.C. 20549

### SCHEDULE 13E-3

#### RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(E)<br>

#### OF THE SECURITIES EXCHANGE ACT OF 1934

### SOHO HOUSE & CO INC.<br>

#### (Name of the Issuer)
Soho House & Co Inc.<br>

EH MergerSub Inc.<br>

EH Parent LLC<br>

The Yucaipa Companies LLC<br>

Yucaipa American Alliance (Parallel) Fund II, L.P.<br>

Yucaipa American Alliance Fund II, L.P.<br>

Yucaipa American Alliance III, L.P.<br>

Yucaipa Soho Works, Inc.<br>

Global Joint Venture Investment Partners LP<br>

OA3, LLC<br>

Ron Burkle<br>

Richard Caring<br>

Andrew Carnie<br>

Nick Jones<br>

Tom Collins <br>

**(Names of Persons Filing Statement)**

Class A Common Stock, par value $0.01 per share <br>

**(Title of Class of Securities)**

586001109 <br>

**(CUSIP Number of Class of Securities)**

---

| | |
|:---|:---|
| Soho House & Co Inc. <br>Richard Caring<br>Andrew Carnie<br>Nick Jones<br>Tom Collins<br>c/o 180 Strand<br>London, WC2R 1EA<br>United Kingdom<br>Tel: +44 (0) 207 8512 300 | EH MergerSub Inc.<br>EH Parent LLC<br>The Yucaipa Companies LLC<br>Yucaipa American Alliance (Parallel) Fund II, L.P.<br>Yucaipa American Alliance Fund II, L.P.<br>Yucaipa American Alliance III, L.P.<br>Yucaipa Soho Works, Inc.<br>Global Joint Venture Investment Partners LP<br>OA3, LLC<br>Ron Burkle<br>c/o The Yucaipa Companies<br>9130 West Sunset Boulevard<br>Los Angels, CA 90069<br>Tel: (310) 789-7200 |

---

#### (Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)<br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### With copies to:

---

| | | |
|:---|:---|:---|
| Samir A. Gandhi<br>John H. Butler<br>Ayo K. Badejo<br>Sidley Austin LLP<br>787 7th Ave<br>New York, NY 10019<br>Tel: (212) 839-5300 | Philip Richter<br>Alison McCormick<br>Fried, Frank, Harris, Shriver & Jacobson LLP<br>One New York Plaza<br>New York, NY 10004<br>Tel: (212) 859-8000 | Melissa A. DiVincenzo<br>Morris, Nichols, Arsht & <br>Tunnell LLP<br>1201 N Market Street, 16th Floor<br>Wilmington, DE 19801<br>Tel: (302) 658-9200 |

---

This statement is filed in connection with (check the appropriate box):

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| | |
|:---|:---|
| a. ☒ | The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.  |
| b. ☐ | The filing of a registration statement under the Securities Act of 1933.  |
| c. ☐ | A tender offer.  |
| d. ☐ | None of the above. |

---

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☒

Check the following box if the filing is a final amendment reporting the results of the transaction: ☐

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of this transaction, passed upon the merits or fairness of this transaction, or passed upon the adequacy or accuracy of the disclosure in this transaction statement on Schedule 13E-3. Any representation to the contrary is a criminal offense.** 

------

#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Item 1. Summary Term Sheet](#tITEM1) | &nbsp;&nbsp;[1](#tITEM1) |
| [Item 2. Subject Company Information](#tITEM2) | &nbsp;&nbsp;[1](#tITEM2) |
| [Item 3. Identity and Background of Filing Person](#tITEM3) | &nbsp;&nbsp;[1](#tITEM3) |
| [Item 4. Terms of the Transaction](#tITEM4) | &nbsp;&nbsp;[1](#tITEM4) |
| &nbsp;&nbsp;[Item 5. Past Contacts, Transactions, Negotiations and Agreements](#tITEM5) | &nbsp;&nbsp;[3](#tITEM5) |
| [Item 6. Purposes of the Transaction and Plans or Proposals](#tITEM6) | &nbsp;&nbsp;[5](#tITEM6) |
| [Item 7. Purposes, Alternatives, Reasons and Effects](#tITEM7) | &nbsp;&nbsp;[6](#tITEM7) |
| [Item 8. Fairness of the Transaction](#tITEM8) | &nbsp;&nbsp;[8](#tITEM8) |
| [Item 9. Reports, Opinions, Appraisals and Negotiations](#tITEM9) | &nbsp;&nbsp;[9](#tITEM9) |
| [Item 10. Source and Amounts of Funds or Other Consideration](#tITEM10) | &nbsp;&nbsp;[9](#tITEM10) |
| [Item 11. Interest in Securities of the Subject Company](#tITEM11) | [10](#tITEM11) |
| [Item 12. The Solicitation or Recommendation](#tITEM12) | [10](#tITEM12) |
| [Item 13. Financial Statements](#tITEM13) | [11](#tITEM13) |
| [Item 14. Persons/Assets Retained, Employed, Compensated or Used](#tITEM14) | [11](#tITEM14) |
| [Item 15. Additional Information](#tITEM15) | [11](#tITEM15) |
| [Item 16. Exhibits](#tITEM16) | [12](#tITEM16) |

---

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#### INTRODUCTION
This Transaction Statement on Schedule 13E-3 (this "**Transaction Statement**") is being filed with the U.S. Securities and Exchange Commission (the "**SEC**") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), jointly by the following persons (each, a "**Filing Person**," and collectively, the "**Filing Persons**"): (i) Soho House & Co Inc., a Delaware corporation ("**Soho House**") and the issuer of Soho House's Class A common stock, par value $0.01 per share (the "**Class A Common Stock** and, together with Soho House's Class B common stock, par value $0.01 per share, the "**Common Stock**"), that is the subject of the Rule 13e-3 transaction; (ii) EH Parent LLC, a Delaware limited liability company ("**Parent**"); (iii) EH MergerSub Inc., a Delaware corporation and wholly owned subsidiary of Parent ("**Merger Sub**" and, together with Parent, the "**Buyer Parties**"); (iv) The Yucaipa Companies LLC, a Delaware limited liability company ("**Yucaipa**"); (v) (a) Yucaipa American Alliance Fund II, L.P. ("**Fund II**"), (b) Yucaipa American Alliance (Parallel) Fund II, L.P. ("**Parallel Fund**"), (c) Yucaipa American Alliance III, L.P. ("**Alliance III**"), (d) Yucaipa Soho Works, Inc. ("**Soho Fund**" and, together with Fund II, Parallel Fund and Alliance III, the "**Yucaipa Funds**"), (e) Global Joint Venture Investment Partners LP ("**Global JV**") and (f) OA3, LLC ("**OA3**" and, together with the Yucaipa Funds and Global JV, the "**Yucaipa Filing Parties**"); (vi) Mr. Ron Burkle; (vii) Mr. Richard Caring; (viii) Mr. Andrew Carnie; (ix) Mr. Nick Jones; and (x) Mr. Tom Collins.

This Transaction Statement relates to the Agreement and Plan of Merger, dated August 15, 2025 (including all exhibits and documents attached thereto, and as it may be amended, supplemented or modified, from time to time, the "**Merger Agreement**"), by and among Soho House, Parent and Merger Sub. The Merger Agreement provides that, subject to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into Soho House (the "**Merger**"), with Soho House surviving the Merger.

Concurrently with the filing of this Transaction Statement, Soho House is filing a proxy statement (the "**Proxy Statement**") under Regulation 14A of the Exchange Act with the SEC, pursuant to which Soho House is soliciting proxies from Soho House's stockholders in connection with the Merger. The Proxy Statement is attached hereto as Exhibit 16(a)(2)(i). A copy of the Merger Agreement is attached to the Proxy Statement as Annex A and copies of certain of the other Transaction Agreements (as defined below) are attached to the Proxy Statement as Annexes B through I. As of the date hereof, the Proxy Statement is in preliminary form, and is subject to completion or amendment.

In connection with the Merger Agreement, on August 15, 2025, Soho House also entered into Rollover and Support Agreements with certain of its stockholders (the "**Reinvestment Stockholders**"), including the Yucaipa Filing Parties and Yucaipa's founder and Soho House's Executive Chairman and a member of the Board of Directors of Soho House (the "**Board**"), Mr. Ron Burkle; Mr. Nick Jones, Soho House's founder and a member of the Board; Mr. Richard Caring and Mr. Mark Ein, members of the Board; Mr. Andrew Carnie, Soho House's Chief Executive Officer; and Mr. Tom Collins, Soho House's Chief Operating Officer (these agreements, collectively, the "**Rollover and Support Agreements**"). Pursuant to the Rollover and Support Agreements, the Reinvestment Stockholders agreed to vote all of their shares of Common Stock in favor of the adoption and approval of the Merger Proposal (as defined in the Proxy Statement) and the approval of the Adjournment Proposal (as defined in the Proxy Statement) and against any other proposed action, agreement or transaction involving Soho House that would reasonably be expected to impede, interfere with, materially delay, materially postpone, materially adversely affect or prevent the consummation of the transactions contemplated by the Merger Agreement, subject to certain terms and conditions contained in the Rollover and Support Agreements. In addition, pursuant to the respective Rollover and Support Agreements and subject to the terms and conditions contained therein, certain shares of Common Stock held by each Reinvestment Stockholder (the "**Rollover Shares**") will remain outstanding and be unaffected by the Merger. In connection with the execution of the Merger Agreement, certain equity investors (the "**Equity Investors**") have delivered commitment letters (the "**Equity Commitment Letters**"), pursuant to which they have committed, subject to the terms and conditions thereof, to purchase shares of Merger Sub's common stock, par value $0.01 per share, at or prior to the Effective Time to fund a portion of the consideration to be paid to Soho House's stockholders in connection with the Merger (which shares will be converted into shares of Class A Common Stock in connection with the closing of the Merger).

At the effective time of the Merger (the "**Effective Time**"), each share of Common Stock issued and outstanding as of immediately prior to the Effective Time (subject to certain exceptions in the Merger Agreement, including with respect to the Rollover Shares held by the Reinvestment Stockholders, which will remain outstanding and be unaffected by the Merger) will be cancelled and extinguished and automatically converted into the right to receive

ii<br>

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#### **TABLE OF CONTENTS**
$9.00 in cash, without interest thereon and subject to applicable withholding taxes (the "**Per Share Price**"). Following the Merger, the Class A Common Stock will no longer be publicly traded, and Soho House's stockholders (other than the Reinvestment Stockholders) will cease to have any ownership interest in Soho House.

Following Soho House's receipt of an offer from a group of potential investors to acquire shares of Class A Common Stock to take Soho House private in December 2024, the Board formed a special committee (the "**Special Committee**") to evaluate and negotiate the potential transaction and provide a recommendation to the Board as to whether to approve any such transaction. In addition, the Board resolved not to proceed with any such transaction without the affirmative recommendation of the Special Committee. The Board determined that the Special Committee is composed solely of independent and disinterested members of the Board. The Special Committee, as more fully described in the Proxy Statement, evaluated the Merger with the assistance of its own independent financial and legal advisors and considered, evaluated and negotiated the Per Share Price and the other terms of the Transaction Agreements. After careful consideration, the Special Committee, pursuant to resolutions adopted at a meeting of the Special Committee held on August 15, 2025, unanimously: (1) determined that the Merger Agreement and the other Transaction Agreements and the transactions contemplated thereby are advisable, fair to and in the best interests of Soho House and the Unaffiliated Stockholders (as defined below); (2) recommended that the Board approve and declare advisable the Merger Agreement and the other Transaction Agreements and determine that the Merger Agreement and the other Transaction Agreements and the transactions contemplated thereby are fair to, and in the best interests of, Soho House and the Unaffiliated Stockholders; and (3) recommended that the Board submit the Merger Agreement and the other Transaction Agreements to Soho House's stockholders for their adoption and approval, and recommend that Soho House's stockholders vote in favor of the adoption of the Merger Agreement and approval of the other Transaction Agreements. The "**Unaffiliated Stockholders**" means the stockholders of Soho House other than (1) any of the Buyer Parties, the Equity Investors or any Subscription Investors (as defined in the Proxy Statement); (2) any of the Reinvestment Stockholders; (3) any members of the Board; (4) any person that Soho House has determined to be an "officer" of Soho House within the meaning of Rule 16a-1(f) of the Exchange Act and (5) any affiliates or associates (as defined pursuant to Section 12b-2 of the Exchange Act) of any of the persons described in subclauses (1) to (5). The "**Transaction Agreements**" means the Merger Agreement, the Rollover and Support Agreements, the Equity Commitment Letters, the Rollover Side Letters, the Regulatory Letter Agreement, the Debt Commitment Letters, the Yucaipa Fee Agreement, the MCR Side Letter, the Bruce Group Side Letter, the Letter Agreement between Mr. Ron Burkle and Mr. Nick Jones and the Voting Agreement (each, as defined in the Proxy Statement).

The Board, acting on the unanimous recommendation of the Special Committee, unanimously: (1) determined that the Merger Agreement and the other Transaction Agreements, and the consummation of the Merger and other transactions contemplated thereby, are fair to, and in the best interests of, Soho House and its stockholders, including the Unaffiliated Stockholders; (2) approved and declared advisable the Merger Agreement and the other Transaction Agreements and the transactions contemplated thereby; (3) directed that the adoption of the Merger Agreement and approval of the other Transaction Agreements be submitted to a vote of Soho House's stockholders; and (4) recommended that Soho House's stockholders vote in favor of the adoption of the Merger Agreement and approval of the other Transaction Agreements.

The Merger cannot be consummated without the affirmative vote of (1) the holders of shares of Common Stock representing a majority of the voting power of the outstanding Common Stock entitled to vote thereon and (2) the holders of shares of Common Stock representing a majority of the votes cast by the Unaffiliated Stockholders.

Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all annexes thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3.

iii<br>

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#### SCHEDULE 13E-3 ITEMS

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| | |
|:---|:---|
| **Item 1.**<br>| **Summary Term Sheet**  |

---

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;• "Summary Term Sheet"

&nbsp;&nbsp;&nbsp;&nbsp;• "Questions and Answers"

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| | |
|:---|:---|
| **Item 2.**<br>| **Subject Company Information**  |

---

(a) ***Name and address***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "The Parties to the Merger—Soho House"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Company Background"

(b) ***Securities***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "The Special Meeting—Record Date; Shares Entitled to Vote; Quorum"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Security Ownership of Certain Beneficial Owners and Management"

&nbsp;&nbsp;&nbsp;&nbsp;• "Glossary of Defined Terms—Class A Common Stock" and "Glossary of Defined Terms—Class B Common Stock"

(c) ***Trading market and price***. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Market Price of Class A Common Stock"

(d) ***Dividends***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Conduct of Business Pending the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Dividends"

(e) ***Prior public offerings***. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Prior Public Offerings"

(f) ***Prior stock purchases***. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Transactions in Common Stock"

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| | |
|:---|:---|
| **Item 3.**<br>| **Identity and Background of Filing Person**  |

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(a) — (c) ***Name and address; Business and background of entities; Business and background of natural persons***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "The Parties to the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding the Buyer Filing Parties"

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| | |
|:---|:---|
| **Item 4.**<br>| **Terms of the Transaction**  |

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(a) (1) ***Material terms. Tender offers***. Not applicable. 

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#### **TABLE OF CONTENTS**
(2) ***Material terms. Mergers or similar transactions***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Summary Term Sheet"

&nbsp;&nbsp;&nbsp;&nbsp;• "Questions and Answers"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Background of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Recommendation of the Special Committee and the Board; Reasons for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Plans for Soho House After the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Purposes and Reasons of the Buyer Filing Parties for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Benefits of the Merger for Unaffiliated Security Holders"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Detriments of the Merger for Unaffiliated Security Holders"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects of the Merger for the Buyer Filing Parties"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects on Soho House if the Merger Is Not Completed"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Interests of Certain Persons in the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Intent of the Reinvestment Stockholders to Vote in Favor of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Intent of Soho House's Other Directors and Executive Officers to Vote in Favor of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Accounting Treatment"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—U.S. Federal Income Tax Considerations of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Special Meeting—Votes Required"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement"

&nbsp;&nbsp;&nbsp;&nbsp;• "Other Transaction Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex A—Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;• Annex B—Form of Rollover and Support Agreement

&nbsp;&nbsp;&nbsp;&nbsp;• Annex C—Apollo Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex D—MCR Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex E—Form of Bruce Group Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex F—HoldCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex G—OpCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex H—Letter Agreement, dated as of August 15, 2025, by and between Ronald W. Burkle and Nick Jones

&nbsp;&nbsp;&nbsp;&nbsp;• Annex I—Form of Voting Agreement

(c) ***Different terms***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Purposes and Reasons of the Buyer Filing Parties for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Benefits of the Merger for Unaffiliated Security Holders"

2<br>

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&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Detriments of the Merger for Unaffiliated Security Holders"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects of the Merger for the Buyer Filing Parties"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects on Soho House if the Merger Is Not Completed"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Interests of Certain Persons in the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Intent of the Reinvestment Stockholders to Vote in Favor of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Intent of the Soho House's Other Directors and Executive Officers to Vote in Favor of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Financing of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Fees and Expenses"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Treatment of Outstanding Equity Awards"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Exchange and Payment Procedures"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Indemnification and Insurance"

&nbsp;&nbsp;&nbsp;&nbsp;• "Other Transaction Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex A—Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;• Annex B—Form of Rollover and Support Agreement

&nbsp;&nbsp;&nbsp;&nbsp;• Annex C—Apollo Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex D—MCR Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex E—Form of Bruce Group Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex F—HoldCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex G—OpCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex H—Letter Agreement, dated as of August 15, 2025, by and between Ronald W. Burkle and Nick Jones

&nbsp;&nbsp;&nbsp;&nbsp;• Annex I—Form of Voting Agreement

(d) ***Appraisal rights***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "The Special Meeting—Appraisal Rights"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Per Share Price"

&nbsp;&nbsp;&nbsp;&nbsp;• "Appraisal Rights"

(e) ***Provisions for unaffiliated security holders***. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Provisions for Unaffiliated Security Holders"

(f) ***Eligibility for listing or trading***. Not applicable. 

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| | |
|:---|:---|
| **Item 5.**<br>| **Past Contacts, Transactions, Negotiations and Agreements**  |

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(a) (1) — (2) ***Transactions***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Past Contracts, Transactions, Negotiations and Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Background of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Interests of Certain Persons in the Merger"

3<br>

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&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Fees and Expenses"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Transactions in Common Stock"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement"

&nbsp;&nbsp;&nbsp;&nbsp;• "Other Transaction Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex A—Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;• Annex B—Form of Rollover and Support Agreement

&nbsp;&nbsp;&nbsp;&nbsp;• Annex C—Apollo Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex D—MCR Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex E—Form of Bruce Group Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex F—HoldCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex G—OpCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex H—Letter Agreement, dated as of August 15, 2025, by and between Ronald W. Burkle and Nick Jones

&nbsp;&nbsp;&nbsp;&nbsp;• Annex I—Form of Voting Agreement

(b) — (c) ***Significant corporate events; Negotiations or contacts***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Background of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Interests of Certain Persons in the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Transactions in Common Stock"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Past Contracts, Transactions, Negotiations and Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement"

&nbsp;&nbsp;&nbsp;&nbsp;• "Other Transaction Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex A—Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;• Annex B—Form of Rollover and Support Agreement

&nbsp;&nbsp;&nbsp;&nbsp;• Annex C—Apollo Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex D—MCR Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex E—Form of Bruce Group Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex F—HoldCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex G—OpCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex H—Letter Agreement, dated as of August 15, 2025, by and between Ronald W. Burkle and Nick Jones

&nbsp;&nbsp;&nbsp;&nbsp;• Annex I—Form of Voting Agreement

(e) ***Agreements involving the subject company's securities***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Background of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Interests of Certain Persons in the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Intent of the Reinvestment Stockholders to Vote in Favor of the Merger"

4<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Intent of Soho House's Other Directors and Executive Officers to Vote in Favor of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Financing of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Fees and Expenses"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Past Contracts, Transactions, Negotiations and Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement"

&nbsp;&nbsp;&nbsp;&nbsp;• "Other Transaction Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex A—Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;• Annex B—Form of Rollover and Support Agreement

&nbsp;&nbsp;&nbsp;&nbsp;• Annex C—Apollo Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex D—MCR Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex E—Form of Bruce Group Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex F—HoldCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex G—OpCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex H—Letter Agreement, dated as of August 15, 2025, by and between Ronald W. Burkle and Nick Jones

&nbsp;&nbsp;&nbsp;&nbsp;• Annex I—Form of Voting Agreement

---

| | |
|:---|:---|
| **Item 6.**<br>| **Purposes of the Transaction and Plans or Proposals**  |

---

(b) ***Use of securities acquired***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Plans for Soho House After the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Purposes and Reasons of the Buyer Filing Parties for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects of the Merger for the Buyer Filing Parties"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects on Soho House if the Merger Is Not Completed"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Interests of Certain Persons in the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Financing of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Delisting of Class A Common Stock and Deregistration of Common Stock"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Effect of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Per Share Price"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Treatment of Outstanding Equity Awards"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Exchange and Payment Procedures"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex A—Agreement and Plan of Merger

(c) (1) — (8) ***Plans***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Background of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Recommendation of the Special Committee and the Board; Reasons for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

5<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Plans for Soho House After the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Purposes and Reasons of the Buyer Filing Parties for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects of the Merger for the Buyer Filing Parties"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects on Soho House if the Merger Is Not Completed"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Interests of Certain Persons in the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Financing of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Delisting of Class A Common Stock and Deregistration of Common Stock"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Effect of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Directors and Officers; Certificate of Incorporation; Bylaws"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Per Share Price"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Treatment of Outstanding Equity Awards"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Indemnification and Insurance"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Executive Officers and Directors"

&nbsp;&nbsp;&nbsp;&nbsp;• "Other Transaction Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex A—Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;• Annex B—Form of Rollover and Support Agreement

&nbsp;&nbsp;&nbsp;&nbsp;• Annex C—Apollo Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex D—MCR Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex E—Form of Bruce Group Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex F—HoldCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex G—OpCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex H—Letter Agreement, dated as of August 15, 2025, by and between Ronald W. Burkle and Nick Jones

&nbsp;&nbsp;&nbsp;&nbsp;• Annex I—Form of Voting Agreement

---

| | |
|:---|:---|
| **Item 7.**<br>| **Purposes, Alternatives, Reasons and Effects**  |

---

(a) ***Purposes***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Background of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Recommendation of the Special Committee and the Board; Reasons for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Plans for Soho House After the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Purposes and Reasons of the Buyer Filing Parties for the Merger"

(b) ***Alternatives***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Background of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Recommendation of the Special Committee and the Board; Reasons for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Opinion of Morgan Stanley to the Special Committee"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

6<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Purposes and Reasons of the Buyer Filing Parties for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex J—Opinion of Morgan Stanley

(c) ***Reasons***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Background of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Recommendation of the Special Committee and the Board; Reasons for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Opinion of Morgan Stanley to the Special Committee"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Plans for Soho House After the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Purposes and Reasons of the Buyer Filing Parties for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Unaudited Prospective Financial Information"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex J—Opinion of Morgan Stanley

(d) ***Effects***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Background of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Board"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Plans for Soho House After the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Purposes and Reasons of the Buyer Filing Parties for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Benefits of the Merger for Unaffiliated Security Holders"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Detriments of the Merger for Unaffiliated Security Holders"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects of the Merger for the Buyer Filing Parties"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects on Soho House if the Merger Is Not Completed"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Interests of Certain Persons in the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Accounting Treatment"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—U.S. Federal Income Tax Considerations of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Financing of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Delisting of Class A Common Stock and Deregistration of Common Stock"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Fees and Expenses"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Effect of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Directors and Officers; Certificate of Incorporation; Bylaws"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Per Share Price"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Treatment of Outstanding Equity Awards"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Indemnification and Insurance"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Executive Officers and Directors"

&nbsp;&nbsp;&nbsp;&nbsp;• "Appraisal Rights"

&nbsp;&nbsp;&nbsp;&nbsp;• "Other Transaction Agreements"

7<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;• Annex A—Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;• Annex B—Form of Rollover and Support Agreement

&nbsp;&nbsp;&nbsp;&nbsp;• Annex C—Apollo Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex D—MCR Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex E—Form of Bruce Group Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex F—HoldCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex G—OpCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex H—Letter Agreement, dated as of August 15, 2025, by and between Ronald W. Burkle and Nick Jones

&nbsp;&nbsp;&nbsp;&nbsp;• Annex I—Form of Voting Agreement

&nbsp;&nbsp;&nbsp;&nbsp;• Annex J—Opinion of Morgan Stanley

---

| | |
|:---|:---|
| **Item 8.**<br>| **Fairness of the Transaction**  |

---

(a) — (b) ***Fairness; Factors considered in determining fairness***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Background of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Recommendation of the Special Committee and the Board; Reasons for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Opinion of Morgan Stanley to the Special Committee"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Purposes and Reasons of the Buyer Filing Parties for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Interests of Certain Persons in the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Other Transaction Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex B—Form of Rollover and Support Agreement

&nbsp;&nbsp;&nbsp;&nbsp;• Annex C—Apollo Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex D—MCR Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex E—Form of Bruce Group Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex F—HoldCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex G—OpCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex H—Letter Agreement, dated as of August 15, 2025, by and between Ronald W. Burkle and Nick Jones

&nbsp;&nbsp;&nbsp;&nbsp;• Annex I—Form of Voting Agreement

&nbsp;&nbsp;&nbsp;&nbsp;• Annex J—Opinion of Morgan Stanley

(c) ***Approval of security holders***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Board"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Special Meeting—Votes Required"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Conditions to the Closing of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Proposal 1: The Merger Proposal"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex A—Agreement and Plan of Merger

8<br>

------

(d) ***Unaffiliated representative***. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Recommendation of the Special Committee and the Board; Reasons for the Merger"

(e) ***Approval of directors***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Recommendation of the Special Committee and the Board; Reasons for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

(f) ***Other offers***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Background of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Recommendation of the Special Committee and the Board; Reasons for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

---

| | |
|:---|:---|
| **Item 9.**<br>| **Reports, Opinions, Appraisals and Negotiations**  |

---

(a) — (b) ***Report, opinion or appraisal; Preparer and summary of the report, opinion or appraisal***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Recommendation of the Special Committee and the Board; Reasons for the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Opinion of Morgan Stanley to the Special Committee"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex J—Opinion of Morgan Stanley

(c) ***Availability of documents***. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Where You Can Find Additional Information"

The reports, opinions or appraisals referenced in this Item 9 will be made available for inspection and copying at the principal executive offices of Soho House during its regular business hours by any interested equity security holder of Soho House or representative who has been so designated in writing. The reports, opinions or appraisals referenced in this Item 9 will be transmitted by Soho House to any interested equity security holder of Soho House or representative who has been so designated in writing upon written request and at the expense of the requesting security holder.

---

| | |
|:---|:---|
| **Item 10.**<br>| **Source and Amounts of Funds or Other Consideration**  |

---

(a) — (b), (d) ***Source of funds; Conditions; Borrowed funds***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Financing of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Conditions to the Closing of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Other Covenants—Equity Financing"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Other Covenants—Debt Financing"

&nbsp;&nbsp;&nbsp;&nbsp;• "Other Transaction Agreements—Equity Commitment Letters"

&nbsp;&nbsp;&nbsp;&nbsp;• "Other Transaction Agreements—Debt Commitment Letters"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex A—Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;• Annex C—Apollo Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex D—MCR Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex E—Form of Bruce Group Equity Commitment Letter

9<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;• Annex F—HoldCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex G—OpCo Debt Commitment Letter

(c) ***Expenses***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Fees and Expenses"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Special Meeting—Solicitation of Proxies"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Termination Fees"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Merger Agreement—Fees and Expenses"

&nbsp;&nbsp;&nbsp;&nbsp;• "Other Transaction Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex A—Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;• Annex B—Form of Rollover and Support Agreement

&nbsp;&nbsp;&nbsp;&nbsp;• Annex C—Apollo Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex D—MCR Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex E—Form of Bruce Group Equity Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex F—HoldCo Debt Commitment Letter

&nbsp;&nbsp;&nbsp;&nbsp;• Annex G—OpCo Debt Commitment Letter

---

| | |
|:---|:---|
| **Item 11.**<br>| **Interest in Securities of the Subject Company**  |

---

(a) ***Securities ownership***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Interests of Certain Persons in the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Certain Effects of the Merger for the Buyer Filing Parties"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Security Ownership of Certain Beneficial Owners and Management"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding the Buyer Filing Parties"

(b) ***Securities transactions***. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Transactions in Common Stock"

---

| | |
|:---|:---|
| **Item 12.**<br>| **The Solicitation or Recommendation**  |

---

(d) ***Intent to tender or vote in a going-private transaction***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Intent of the Reinvestment Stockholders to Vote in Favor of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Intent of Soho House's Other Directors and Executive Officers to Vote in Favor of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Special Meeting—Shares Held by Soho House's Directors and Executive Officers"

&nbsp;&nbsp;&nbsp;&nbsp;• "Other Transaction Agreements—Rollover and Support Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex B—Form of Rollover and Support Agreement

(e) ***Recommendation of others***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Recommendation of the Special Committee and the Board; Reasons for the Merger"

10<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Intent of Soho House's Other Directors and Executive Officers to Vote in Favor of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Proposal 1: The Merger Proposal"

&nbsp;&nbsp;&nbsp;&nbsp;• "Proposal 2: The Adjournment Proposal"

---

| | |
|:---|:---|
| **Item 13.**<br>| **Financial Statements**  |

---

(a) ***Financial statements***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Selected Historical Consolidated Financial Data"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Book Value Per Share"

&nbsp;&nbsp;&nbsp;&nbsp;• "Important Information Regarding Soho House—Certain Financial and Other Information of Soho House"

&nbsp;&nbsp;&nbsp;&nbsp;• Annex K—Soho House's Annual Report on Form 10-K for the fiscal year ended December 29, 2024 (without exhibits)

&nbsp;&nbsp;&nbsp;&nbsp;• Annex L—Soho House's Quarterly Report on Form 10-Q for the fiscal quarter ended June 29, 2025 (without exhibits)

(b) ***Pro forma information***. Not applicable. 

---

| | |
|:---|:---|
| **Item 14.**<br>| **Persons/Assets, Retained, Employed, Compensated or Used**  |

---

(a) — (b) ***Solicitations or recommendations; Employees and corporate assets***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: 

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Background of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Board"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Interests of Certain Persons in the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;• "Special Factors—Fees and Expenses"

&nbsp;&nbsp;&nbsp;&nbsp;• "The Special Meeting—Solicitation of Proxies"

---

| | |
|:---|:---|
| **Item 15.**<br>| **Additional Information**  |

---

(b) ***Golden Parachute Compensation***. Not applicable. 

(c) ***Other material information***. The information set forth in the Proxy Statement, including all annexes thereto, is incorporated herein by reference. 

11<br>

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| | |
|:---|:---|
| **Item 16.**<br>| **Exhibits**  |

---

The following exhibits are filed herewith:

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(i) Preliminary Proxy Statement of Soho House & Co Inc. (included in the Schedule 14A filed on September 22, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(ii) Form of Proxy Card (included in the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm#ny20055352x1_prem14a_400-proxycards_pg1)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(iii) Letter to Stockholders (included in the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm#ny20055352x1_prem14a_101-letter_pg1)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(iv) Notice of Special Meeting of Stockholders (included in the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm#ny20055352x1_prem14a_102-notice_pg1)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(v) Current Report on Form 8-K, dated August 18, 2025 (included in Schedule 14A filed on August 18, 2025 and incorporated herein by reference).](https://www.sec.gov/ix?doc=/Archives/edgar/data/1846510/000119312525182169/d921953d8k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(vi) Soliciting Materials (Letter from CEO to Stockholders) filed on Schedule 14A on August 18, 2025 (included in Schedule 14A filed on August 18, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000119312525182685/d73597ddefa14a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(vii) Soliciting Materials (Q&A for Members) filed on Schedule 14A on August 18, 2025 (included in Schedule 14A filed on August 18, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000119312525182768/d74541ddefa14a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(a)(2)(viii) Soliciting Materials (Letter from CEO) filed on Schedule 14A on August 18, 2025 (included in Schedule 14A filed on August 18, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000119312525182770/d74557ddefa14a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(b)(i) Senior Unsecured Facility Commitment Letter, dated August 15, 2025, by and among Soho House Holdings Limited, Goldman Sachs Asset Management, L.P., BSCH III Designated Activity Company, Apollo Capital Management, L.P. and Apollo Global Securities, LLC (included as Annex F to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm#tANNEXF)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(b)(ii) Senior Secured Facility Commitment Letter, dated August 15, 2025, by and between Soho House Bond Limited, Apollo Capital Management, L.P. and Apollo Global Securities, LLC (included as Annex G to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm#tANNEXG)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(c)(i) Opinion of Morgan Stanley & Co. LLC to the Special Committee of the Board of Directors of Soho House & Co Inc., dated August 15, 2025 (included as Annex J to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm#tANNEXJ)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(c)(ii) Presentation prepared by Morgan Stanley & Co. LLC, dated August 12, 2025, for the Board of Directors of Soho House & Co Inc.](ny20055352x2_ex16-cii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(c)(iii) Presentation prepared by Morgan Stanley & Co. LLC, dated August 12, 2025, for the Special Committee of the Board of Directors of Soho House & Co Inc.](ny20055352x2_ex16-ciii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(c)(iv) Preliminary Presentation Materials prepared by Morgan Stanley & Co. LLC, dated July 3, 2025, for the Special Committee of the Board of Directors of Soho House & Co Inc.](ny20055352x2_ex16-civ.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(c)(v) Preliminary Presentation Materials prepared by Morgan Stanley & Co. LLC, dated March 21, 2025, for the Special Committee of the Board of Directors of Soho House & Co Inc.](ny20055352x2_ex16-cv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(c)(vi) Preliminary Presentation Materials prepared by Morgan Stanley & Co. LLC, dated January 24, 2025, for the Special Committee of the Board of Directors of Soho House & Co Inc.](ny20055352x2_ex16-cvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(i) Agreement and Plan of Merger, dated as of August 15, 2025, by and among Soho House & Co Inc., EH MergerSub Inc. and EH Parent LLC (included as Annex A to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm#tANNEXA)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(ii) Form of Rollover and Support Agreement entered into with the Reinvestment Stockholders (included as Annex B to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm#tANNEXB)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(iii) Equity Commitment Letter, dated August 15, 2025, by and between EH MergerSub Inc. and Apollo Capital Management, L.P. (included as Annex C to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm#tANNEXC)

12<br>

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&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(iv) Equity Commitment Letter, dated August 15, 2025, by and among EH MergerSub Inc., MCR Hospitality Fund IV LP and MCR Hospitality Fund IV QP LP (included as Annex D to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm#tANNEXD)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(v) Form of Equity Commitment Letter entered into with the other Equity Investors (included as Annex E to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm#tANNEXE)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(vi) Stockholders' Agreement, dated as of July 19, 2021, among Yucaipa American Alliance Fund II, L.P., Yucaipa American Alliance (Parallel) Fund II, L.P. Richard Caring, Nick Jones and Membership Collective Group Inc. (incorporated by reference to Exhibit 2.1 to Soho House & Co Inc.'s Registration Statement on Form S-1 filed with the SEC on June 21, 2021).](https://www.sec.gov/Archives/edgar/data/1846510/000119312521194316/d89619dex21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(vii) Form of Voting Agreement to be entered into with the Reinvestment Stockholders and Equity Investors at closing (included as Annex I to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm#tANNEXI)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(d)(viii) Letter Agreement, dated as of August 15, 2025, by and between Ronald W. Burkle and Nick Jones (included as Annex H to the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1846510/000114036125035706/ny20055352x1_prem14a.htm#tANNEXH)

&nbsp;&nbsp;&nbsp;&nbsp;• [16(f) Section 262 of the General Corporation Law of the State of Delaware.](ny20055352x2_ex16-f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [107 Filing Fee Table.](ny20055352x2_ex-107.htm)

13<br>

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#### SIGNATURES
After due inquiry and to the best of the undersigned's knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: September 22, 2025

---

| | | |
|:---|:---|:---|
| **SOHO HOUSE & CO INC.** | **SOHO HOUSE & CO INC.** | **SOHO HOUSE & CO INC.** |
| By: | /s/ Andrew Carnie | /s/ Andrew Carnie |
|  | Name: | Andrew Carnie  |
|  | Title: | Chief Executive Officer  |
| **EH MERGERSUB INC.** | **EH MERGERSUB INC.** | **EH MERGERSUB INC.** |
| By: | /s/ Bradford Nugent | /s/ Bradford Nugent |
|  | Name: | Bradford Nugent |
|  | Title: | President |
| **EH PARENT LLC** | **EH PARENT LLC** | **EH PARENT LLC** |
| By: Yucaipa American Alliance Fund II, L.P., its sole member | By: Yucaipa American Alliance Fund II, L.P., its sole member | By: Yucaipa American Alliance Fund II, L.P., its sole member |
| By: Yucaipa American Alliance Fund II, LLC, its general partner | By: Yucaipa American Alliance Fund II, LLC, its general partner | By: Yucaipa American Alliance Fund II, LLC, its general partner |
| By: | /s/ Daniel Larsen | /s/ Daniel Larsen |
|  | Name: | Daniel Larsen |
|  | Title: | Assistant Vice President |
| **THE YUCAIPA COMPANIES LLC** | **THE YUCAIPA COMPANIES LLC** | **THE YUCAIPA COMPANIES LLC** |
| By: | /s/ Daniel Larsen | /s/ Daniel Larsen |
|  | Name: | Daniel Larsen |
|  | Title: | Assistant Vice President |
| **YUCAIPA AMERICAN ALLIANCE FUND II, L.P.** | **YUCAIPA AMERICAN ALLIANCE FUND II, L.P.** | **YUCAIPA AMERICAN ALLIANCE FUND II, L.P.** |
| By: | Yucaipa American Alliance Fund II, LLC, its general partner | Yucaipa American Alliance Fund II, LLC, its general partner |
| By: | /s/ Daniel Larsen | /s/ Daniel Larsen |
|  | Name: | Daniel Larsen |
|  | Title: | Assistant Vice President |
| **YUCAIPA AMERICAN ALLIANCE (PARALLEL) FUND II, L.P.** | **YUCAIPA AMERICAN ALLIANCE (PARALLEL) FUND II, L.P.** | **YUCAIPA AMERICAN ALLIANCE (PARALLEL) FUND II, L.P.** |
| By: | Yucaipa American Alliance Fund II, LLC, its general partner | Yucaipa American Alliance Fund II, LLC, its general partner |
| By: | /s/ Daniel Larsen | /s/ Daniel Larsen |
|  | Name: | Daniel Larsen |
|  | Title: | Assistant Vice President |

---

------

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **YUCAIPA AMERICAN ALLIANCE III, L.P.** | **YUCAIPA AMERICAN ALLIANCE III, L.P.** | **YUCAIPA AMERICAN ALLIANCE III, L.P.** |
| By: | Yucaipa American Alliance III, LLC, its general partner | Yucaipa American Alliance III, LLC, its general partner |
| By: | /s/ Daniel Larsen | /s/ Daniel Larsen |
|  | Name: | Daniel Larsen |
|  | Title: | Assistant Vice President |
| **YUCAIPA SOHO WORKS, INC.** | **YUCAIPA SOHO WORKS, INC.** | **YUCAIPA SOHO WORKS, INC.** |
| By: | Yucaipa American Alliance (Parallel) III, LP, its sole stockholder | Yucaipa American Alliance (Parallel) III, LP, its sole stockholder |
| By: | Yucaipa American Alliance III, LLC, its general partner | Yucaipa American Alliance III, LLC, its general partner |
| By: | /s/ Daniel Larsen | /s/ Daniel Larsen |
|  | Name: | Daniel Larsen |
|  | Title: | Assistant Vice President |
| **GLOBAL JOINT VENTURE INVESTMENT PARTNERS LP** | **GLOBAL JOINT VENTURE INVESTMENT PARTNERS LP** | **GLOBAL JOINT VENTURE INVESTMENT PARTNERS LP** |
| By: | Global Joint Venture Investment Partners, LLC, its general partner | Global Joint Venture Investment Partners, LLC, its general partner |
| By: | /s/ Daniel Larsen | /s/ Daniel Larsen |
|  | Name: | Daniel Larsen |
|  | Title: | Assistant Vice President |
| **OA3, LLC** | **OA3, LLC** | **OA3, LLC** |
| By: | /s/ Daniel Larsen | /s/ Daniel Larsen |
|  | Name: | Daniel Larsen |
|  | Title: | Assistant Vice President |

---

------

---

| |
|:---|
| **RON BURKLE** |
| /s/ Ron Burkle |
| **RICHARD CARING** |
| /s/ Richard Caring |
| **ANDREW CARNIE** |
| /s/ Andrew Carnie |
| **NICK JONES** |
| /s/ Nick Jones |
| **TOM COLLINS** |
| /s/ Tom Collins |

---

## Ex-16.(C)(Ii)

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**Exhibit 16(c)(ii)**<br>

![](ny20055352x2_ex16-ciislide1.jpg)

Fairness Opinion Presentation to the Board Project Bruce August 12, 2025

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![](ny20055352x2_ex16-ciislide2.jpg)

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

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![](ny20055352x2_ex16-ciislide3.jpg)

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

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![](ny20055352x2_ex16-ciislide4.jpg)

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

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![](ny20055352x2_ex16-ciislide5.jpg)

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

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![](ny20055352x2_ex16-ciislide6.jpg)

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

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![](ny20055352x2_ex16-ciislide7.jpg)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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APPENDIX 23 Supplemental Materials

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

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

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

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PROJECT BRUCE Legal Disclaimer© Morgan Stanley and/or certain of its affiliates. All rights reserved. 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. 27

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## Ex-16.(C)(Iii)

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**Exhibit 16(c)(iii)**<br>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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DRAFT APPENDIX 23 Supplemental Materials

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

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

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

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PROJECT BRUCE DRAFT Legal Disclaimer© Morgan Stanley and/or certain of its affiliates. All rights reserved. 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. 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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. 27

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## Ex-16.(C)(Iv)

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**Exhibit 16(c)(iv)**<br>

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DRAFT Fairness Opinion Presentation to the Special Committee Project Bruce July 3, 2025

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DRAFT SECTION 1 2 Discussion Backdrop

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Consortium Offer Reference Metric As of 1Q '25 Offer Price (Per Share) $9.00 Premium vs. Adj. Unaffected Share Price (%) (1) $5.20 73% Premium vs. Unaffected Share Price (%) (2) $4.91 83% Premium vs. Unaffected 1-Month VWAP (%) (2) $4.92 83% Premium vs. Unaffected 3M-VWAP (2) $5.13 75% Premium vs. Unaffected 6M-VWAP (2) $5.36 68% Premium vs. Recent Unaffected Trading High (6) $6.33 42% Premium vs. Recent Unaffected Trading Low (6) $4.55 98% Premium vs. Spot Price (7) $7.14 26% Aggregate Value Build Common Shares (Class A & B) 194.7 RSU 1.0 SAR 2.4 FDSO(3) 198.0 Equity Value $1,782 Net Debt 856 Non-Controlling Interests 3 Aggregate Value (4) $2,641 Aggregate Value / 2024A EBITDA (5) 132 20.0x Aggregate Value / 2025B EBITDA (Budget) (5) 200 13.2x Source: Public filings, Capital IQ, Company Budget per Management as approved for our use by the Special Committee (the "Budget"), Company Projections per Management as approved for our use by the Special Committee (the "Special Committee") of the Board of Directors of the Company (the "Projections"), Q1'25 balance sheet per Management Notes: Adjusted Unaffected Share Price ("Adjusted Unaffected Share Price") represents the unaffected price (share price as of 12/18/ 24, the last trading day prior to public announcement of the Consortium offer) increased by avg. peer performance since unaffected date, +6% (DHG excluded from peer avg. due to M&A speculations since announcement of strategic alternatives review) Unaffected share price ("Unaffected Share Price") defined as the Company's share price as of 12/18/2024, the last trading day prior to public announcement of the Consortium offer Share count as of 6/24/2025 per management incl. 194.7MM common shares, 1.0MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) Bridge from equity value to aggregate value includes net debt and non-controlling interest of $859MM as of Q1'25 per Management 2024A EBITDA per public company filings; 2025B EBITDA per Budget Recent unaffected trading period represents period between announcement of dissolution of the 2024 Special Committee (5/31/2024) and the unaffected date (12/18/2024) 7. Spot price as of June 24, 2025 PROJECT BRUCE DISCUSSION BACKDROP 3 DRAFT $9.00/Share Offer Represents a 13.2x 2025 EBITDA Multiple and 83% Premium to Unaffected Share Price On December 16, 2024, a group of investors led by Ashton Kutcher and Dan Rosensweig (the "Consortium") submitted a proposal to acquire all of the common shares of the Company not owned by the Voting Group (as defined on the next page) at $9.00/share and to lead a take-private of the Company with the Voting Group shareholders rolling into the transaction (implied new equity of $350MM from the Consortium with the Voting Group rolling all of its ownership) The proposal welcomed the Voting Group, Goldman Sachs, and other material shareholders to rollover their ownership stake in the Company in the transaction The letter specified as pre-conditions the approval of the transaction by a Special Committee and a vote of the majority of the minority Since the initial proposal, the SC tried to negotiate for a price increase to $9.25/share and ultimately was not able to get the bidder group to increase its price and the offer price per share was reconfirmed at $9/sh The funding of the deal has been finalized to include new equity investments from the Consortium, Apollo, and MCR for [$250MM], [$100MM], and [$100MM], respectively, and certain existing shareholders rolling all or some of their existing shares See next page for details The $9.00 per share offer represents a 13.2x 2025 EBITDA multiple and an 83% premium over the unaffected share price Summary of Proposal – Premiums and Implied Valuation Metrics $MM, unless per share data in USD Summary of the Proposal

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Rolling-Shareholders & Unvested Securities 1,383 55% Consortium Equity 250 10% Apollo Equity 100 4% MCR Equity 100 4% Equity from New Investors 450 18% rolling equity value of $1,253MM(3) Unvested Dilutive Securities 4 0% Total Fully Diluted Equity Value 1,782 71% – Ron Burkle & Affiliates to roll 100% of Goldman Sachs Senior Secured Debt 665 26% current stake, equivalent to $826MM Transaction Costs (4) 74 3% – Richard Caring to roll [90%] of current stake, equivalent to [$336MM] (selling [$37MM], equivalent to [10%]) – Nick Jones to roll [100%] of his current Cash on Balance Sheet 24 1% Total Uses 2,521 100% investors including the Consortium, Apollo, and MCR The Consortium to invest [$350MM] in cash including [$100MM] from Apollo MCR, an investment firm active in the hospitality sector, to invest [$100MM] in cash Transaction Sources & Uses Funding Consists of Rolling Equity from Existing Shareholders and New Equity from Consortium, Apollo, and MCR Existing Shareholders Rolling Equity ($MM, unless otherwise noted) Transaction Sources & Uses Source: Management Information, Apollo Term Sheet (Balance sheet as of Q1'25) Notes: Other non-rolling Class A shareholders Total share count as of 6/24/2025 per management including dilutive securities, individual share counts per latest management information Calculated based on $9.00 per share Estimate of final transaction costs Total Shares % of Shareholders Outstanding(2) Capital % Voting Voting Group Total Equity Value(3) % of Shares Rolling Total Value of Rolling Equity Ron Burkle & Affiliates 91.8 46% 62% 826 100% 826 Richard Caring 41.5 21% 28% 374 90% 336 Nick Jones 10.0 5% 6% 90 100% 90 Total Voting Group 143.3 72% 97% 1,290 97% A 1,253 Other Class A Shareholders Goldman Sachs and Affiliates 15.6 8% 1% 141 89.5% B 126 Other (1) 33.8 17% 2% 304 - - Board Members ex. Voting Group Board Members ex. Voting Group 1.9 1% 0% 18 - - Total (Excluding Dilutive Securities) 194.7 99% 100% 1,752 1,379 Vested Dilutive Securities 2.9 1% n.a. 26 - - Unvested Dilutive Securities 0.4 0% n.a. 4 100% 4 Total Dilutive Securities 3.3 2% n.a. 30 n.a. 4 Total (Including Dilutive Securities) 198.0 100% 100% 1,782 1,383 A• The Voting Group, consisting of Ron Burkle & Affiliates, Richard Caring, and Nick Jones, owns 72.4% of the Company's economic interests and 96.5% of the Company's voting rights and is rolling a majority of their shares in the transaction resulting in an aggregate stake, equivalent to [$90MM] B• Goldman Sachs is the largest shareholder outside of the voting group, owning 7.9% of capital and 1.1% of voting rights and will roll [14.0MM] shares ([89.5%]) of its current stake, equivalent to equity value of [$126MM] (selling [$15MM], equivalent to [10.5%])(3) [$450]MM of cash will be invested by the new C ($MM, unless otherwise noted) Sources of Capital in Transaction ($MM) % of Total Uses of Capital in Transaction ($MM) % of Total Voting Group A 1,253 50% Equity Value (Excluding Dilutive Securities)(3) 1,752 70% Goldman Sachs and Affiliates B 126 5% Dilutive Securities(3) 30 1% S&U detail to be confirmed / updated when deal is finalized D• In addition, Apollo will refinance the Goldman Sachs senior secured debt with a private secured term loan ([$up to 685MM]) All other liabilities and debt will be assumed in the transaction Incremental equity from new investors may be raised between signing and closing – Any incremental capital raised will offer Goldman Sachs and Richard Caring the opportunity to sell down their current stakes Apollo Private Secured Term Loan(5) D 665 Total Sources 2,521 74% 5. Apollo private secured term loan illustratively shown to offset entire amount of outstanding Goldman Sachs senior secured debt PROJECT BRUCE DISCUSSION BACKDROP 4 DRAFT

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Comparing The Proposal Today vs. 12/19/24 Initial Public Announcement Source: Public Filings, Capital IQ (as of June 24, 2025), Projections, Budget Notes: 2024 & 2025 AV / EBITDA Multiples reflect aggregate value at offer price of $9 per share; December 2024 utilizes 2024E / 2025E EBITDA estimates from management of $140MM / $228MM and 3Q balance sheet (Budget for 2025 was not available at this time); June 2025 utilizes 2024A Company EBITDA of $132MM and 2025B Budget EBITDA estimate of $200MM and 1Q 2025 balance sheet; Projections for 2026 have not changed since initial receipt Consensus estimates as of June 24, 2025 includes fewer broker contributors than on December 18, 2024 (i.e. the current consensus estimates only include 2-3 contributors vs. 3-6 contributors on 12/18 (number of contributors depends on metric)) December 18, 2024 June 24, 2025 Change (12/18 vs. 6/24) Company Consensus EBITDA Estimates (2025E / 2026E) 2025E & 2026E Adj EBITDA (1) $187MM / $206MM 11.1x / 10.4x 17.9x / 16.3x 18.1x / 16.7x 7.8x / 8.0x $228MM / $275MM (2) $155MM / $180MM 10.0x / 9.5x 18.7x / 17.0x 18.2x / 16.9x 7.3x / 7.0x Vail Comparable Companies Trading Valuation Location-Based Membership Platforms (2025E / 2026E EBITDA Multiples) Hospit- ality Plat- forms Asset Light Lease (3) Heavy s $200MM / $275MM (13%) ▲ in Share Price (1.0x) / (0.9x) ▲ in Multiple +9% +0.8x / +0.7x +1% +0.1x / +0.2x +3% (0.5x) / (1.0x) (12%) / - (17%) / (13%) (2) 3. Lease Heavy average excludes DHG due to M&A speculation since announcement of strategic alternatives review PROJECT BRUCE DISCUSSION BACKDROP 5 DRAFT Offer Price Unchanged at $9/Sh, Company Forecasts Lowered, Most Peers Trading in Line Except for Vail Company Valuation at $9/Sh (AV / '24 EBITDA & AV / '25 EBITDA) (1) 18.9x / 11.6x 20.0x / 13.2x +1.1x / +1.6x 2024 Adj EBITDA (1) $140MM (Management Guidance) $132MM (Actual) (6%)

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Unaffected Share Price $4.91 All Peer Average Perf. (3) +6% Adj. Unaffected Share Price $5.20 $4.50 18-Dec 27-Jan 8-Mar 17-Apr 27-May $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 $8.00 $8.50 Notes: The last trading day prior to public announcement of the Consortium offer (12/18/2024) Location-Based Membership Platforms average includes Vail, Costco, Lifetime Fitness, Planet Fitness; Asset-Light average includes Marriott and Hilton; Lease-Heavy includes Melia (Dalata performance reflects unaffected performance prior to announcement of their strategic alternatives, not included in average); Peer average includes Vail, Costco, Lifetime Fitness, Planet Fitness, Marriott, Hilton, and Melia How Has the Market Reacted? Share Price Performance Since the Initial Consortium Offer Announcement Since Unaffected Date (Market Close 12/18/2024) (1) Source: Capital IQ (as of June 24, 2025) Upon the Company's reporting of an offer from a third-party Consortium at a price of $9 per share on third-quarter earnings call (12/19/2024), the stock jumped up +47%, closing at $7.22 The Company now trades at a +45% premium to Unaffected Share Price but (21%) discount to offer price Since the unaffected date, peers have traded up ~+6%, on average The Company's implied Adjusted Unaffected Share Price is $5.20 Peer Share Price Performance Since Unaffected Date to Current (1) Perf. Since Category (2) Unaffected Date Vail Resorts (MTN) (13%) Costco (COST) +4% Lifetime (LTH) +35% Planet Fitness (PLNT) +11% 6/24/25 $7.14 +45% vs. Unaffected Share Price (~21% discount to the $9 offer price) 1-Day Performance: $7.22 (+47% vs Unaffected Share Price; ~20% discount to the $9 offer price) Share Price Jumped 47% to $7.22 Immediately Following the Announcement and Now Trades at +45% Premium to Unaffected Share Price but (21%) Discount to $9 Offer Price 12/18/24 $4.91 (Unaffected Share Price) 1/29/25: Dan Loeb files 13D pushing the Soho House board to pursue a "fair" sales process (+12% price movement) 2/7/25: JTS Enterprises of Tampa files a schedule 13G 3/14/25: Company announces late annual 10K filing for 2024 5/9/25: Company announces Q1'2025 earnings 3/31/25: Company announces FY 2024 earnings Build to Adjusted Unaffected Share Price 24-Jun Location-Based Membership Platform Average +9% Marriott (MAR) (3%) Hilton (HLT) +6% Asset-Light Average +1% Melia Hotels (MEL) +3% Dalata Hotel Group (DHG) +4% Lease-Heavy Average(3) +3% All Peer Average(3) +6% Dalata announced strategic alternatives review on 3/6/25 – shown metrics based on share price prior to announcement 3. Dalata excluded from to average due to M&A speculation since announcement of strategic alternatives review PROJECT BRUCE DISCUSSION BACKDROP 6 DRAFT

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DRAFT SECTION 2 7 Valuation Perspectives

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Summary of Morgan Stanley Valuation Analysis Morgan Stanley has received and reviewed information regarding the Company, including reviewing the information provided in the dataroom, conducting information gathering sessions with the management team, and attending management meetings and information gathering sessions with the management team For its valuation analysis, Morgan Stanley has relied on the Budget for 2025 and Projections for 2026-2028. Both the Budget and Projections were prepared and provided by the management team and approved by the Special Committee for our use (see next page) Key Information Reviewed Projections Budget Asset-by-asset datatape with ownership type, asset KPIs (construction year, last renovation year, house opening year, features, location, % of ownership), operational KPIs (number of members, waitlist, membership price, number of visits per member, avg. spend per member), and financial KPIs (revenue, operating expenses, contribution profit, capex, corporate G&A) for the last 5 years Detailed pipeline of new house openings, including projected ramped up and stabilized operational and financial KPIs Historical financials Customer feedback surveys and focus group feedback PROJECT BRUCE VALUATION PERSPECTIVES 8 DRAFT Membership growth and profitability assumptions House maturation data Debt agreements Lease obligations JV agreements, management / operating agreements Research analyst commentary, reports, and forecasts

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Total Houses 26 27 33 40 42 45 48 55 62 66 12% 11% 11% Total Revenue 642 384 561 972 1,125 1,204 1,333 1,545 1,742 1,971 13% 13% 14% % Growth (40%) 46% 73% 16% 7% 11% 16% 13% 13% Adj. EBITDA(1) 18 (47) (24) 61 116 132 200 275 358 423 50% 44% 28% % Growth n.m. n.m. n.m. 90% 14% 52% 37% 30% 18% % Margin 3% n.m. n.m. 6% 10% 11% 15% 18% 21% 21% Unlevered Free Cash Flow(2) (50) 7 67 73 140 220 274 n.m. n.m. n.m. % Unlevered FCF Conversion n.m. n.m. 51% 37% 51% 61% 65% Levered Free Cash Flow(2) (81) (35) 18 33 96 175 227 n.m. n.m. n.m. CAGR / Change Historical Budget / Projections 2021A 2022A 2023A 2024A 2025B 2026E 2027E 2019A 2020A 2028E '19-'24 '24-'26 '25-'28 Net Debt / Adj. EBITDA 11.5x 6.9x 6.4x 4.4x 3.1x 2.0x 1.3x Historical Performance and Management's Projections 14% Revenue CAGR, 28% EBITDA CAGR, and Positive FCF Generation Expected Over 2025-2028E Projections calls for revenue growth at 14% CAGR from '25 – '28 – Combination of organic growth, maturation of recent openings, and new house openings Adjusted EBITDA forecasted to grow at 28% CAGR from '25 – '28, driven by margin expansion from 11% in 2024A FY to 21% in 2028E FY Free cash flow is expected to grow throughout the projection period Of note, the Company has consistently missed guidance, and consensus estimates since its IPO Source: Budget, Projections, Company Filings Notes: Adjusted EBITDA is operating profit / (loss) adding back D&A, foreign exchange gain / (loss), stock-based compensation, one off costs, plus the share of JV Adjusted EBITDA; it does not include add backs for preopening expenses, non-cash rent expense, and deferred registration fees Unlevered Free Cash Flow represents cash flow prior to adjustment for cash interest expense; Levered Free Cash Flow represents cash flow after adjusting for cash interest expense Financial Statistics & Trajectory $MM, unless otherwise noted PROJECT BRUCE VALUATION PERSPECTIVES 8 DRAFT

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Observations On Management's Forecast Plan Risks and Opportunities ~66% of the Company's debt matures in Mar-2027 (GS Senior Secure Notes, ~8.24%, of which 6.20% PIK)(1). Based on today's market environment, refinancing likely to be materially more expensive which is not reflected in the forecast 6 Street estimates reflect an outlook materially below management's forecast – this is true for 2025 and 2026, the furthest forecasted year by research; latest research analysts estimates for 2025FY and 2026FY EBITDA are 23% and 35% lower than management forecasts 2 The fixed costs associated with many of the company's leases implies the company has significant financial leverage beyond its corporate and asset level debt. Further, there are several meaningful leases that expire / reset during the forecast and there may not be certainty to the precision of the estimates employed in determining the terms of successor leases 5 Management projects that the margin profile of the company will almost double from 11.0% EBITDA margin (per FY 2024 reported earnings) to 21.5% by 2028. The forecasted margins materially exceed those historically achieved and its at-IPO guidance of 15% long-term EBITDA margin, though the Company is in process of implementing substantial cost efficiency initiatives 3 Company has historically had difficulty meeting its guidance (and street expectations); missed revenue and/or EBITDA consensus and its guidance numerous times since IPO. See next page 1 Model forecasts absolute G&A declines while the number of houses increases from 45 to 66, implying that substantial costs can be removed from the business while not impacting growth. The G&A decline is primarily driven by cost efficiency initiatives and new ERP systems in process of being implemented by the company 4 1. Blended rate per Projections; Company issued two tranches of senior secure notes, with $441MM Initial Notes issued at cash interest of 2.0192% / PIK interest of 6.1572% and $100MM Additional Notes issued at cash interest of 2.125% / PIK of 6.375% PROJECT BRUCE VALUATION PERSPECTIVES 10 DRAFT Notes:

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3/15/24 Issued 2024 EBITDA Guidance of $155MM - $165MM ($160MM Midpoint) 5/10/24 Adjusted 2024 EBITDA Guidance to $157MM - $165MM (~$161MM Midpoint) 8/9/24 Maintained 2024 EBITDA Guidance In addition to underperforming consensus estimates as outlined in the table on the right, the Company has also at times underperformed its public guidance (though some of the underperformance is attributable to out of period adjustments) 2024 FY EBITDA Guidance vs. Actuals Date Key Company Disclosures Current (6/24/2025) $7.14 - Adjusted Unaffected Share Price $5.20 37.4% Unaffected Share Price (12/18/2024) $4.91 45.4% 1M VWAP - Unaffected $4.92 45.0% 3M VWAP - Unaffected $5.13 39.1% 6M VWAP - Unaffected $5.36 33.3% Recent Unaffected Trading High (8/28/2024) (1)(2) $6.33 12.8% Recent Unaffected Trading Low (8/7/2024) (1)(2) $4.55 56.9% Current vs. The Company Has Missed Either Revenue or EBITDA Consensus 75% of the Time Since its IPO (5) Stock Price In 1Q 2025, the Company reported adjusted EBITDA of $47MM, which included $23MM of one-time proceeds from COVID-19 related insurance; Adjusted EBITDA excluding the one-time item was $24MM which was 15% lower than the Company's internal projection per Budget of $28MM and 20% lower than the consensus estimate of $30MM 0 Jul-21 May-22 Mar-23 Notes: Recent unaffected trading period represents period between announcement of dissolution of initial Special Committee (5/31/2024) and the current assumed unaffected date (12/18/2024) Based on closing price (not intraday trading) As of June 24, 2025 Reported Adjusted EBITDA of $47MM which included $23MM of one-time insurance proceeds related to COVID- 2 4 8 10 12 14 16 Jan-24 Nov-24 What Is the Company's Track Record of Meeting Estimates? Current Price(3): $7.14 Source: Capital IQ (as of June 24, 2025) 19, excluding the one-time item results in Adjusted EBITDA of $24MM, which was below consensus estimates PROJECT BRUCE VALUATION PERSPECTIVES 11 DRAFT Reflects the number of quarters management has missed either revenue or EBITDA estimates divided by the total number of quarters since IPO Reported 2024 EBITDA inclusive of total $9.0MM one-time adjustments (including $3.5MM out of period expenses related to Retail Inventory and Freight & Duty from 2022 & prior, $1.4MM out of period expense related to pre-paid rent from 2021, and $4.1MM expenses related to historical tax matters); excluding one-time adjustments, EBITDA would have been $140.9MM 7/15/21: IPO Missed EBITDA Estimates; Beat Revenue Estimates 3Q21 - $12.07 Missed EBITDA and Revenue Estimates FY2021 - $6.92 2Q22 - $8.17 Allen becomes CFO Beat EBITDA Estimates; Missed Revenue Estimates 1Q23 - $7.43 Missed EBITDA and Revenue Estimates 1Q22 - $8.45 Missed EBITDA Estimates; Beat 11/16/22: Andrew Carnie succeeds Nick Jones as CEO Revenue Estimates Missed EBITDA and Beat EBITDA and FY2022 - $7.40 Beat Revised EBITDA Revenue Estimates 3Q22 - $4.75 3/8/23: MCG becomes SHCO 2/9/24: the Company releases press release announcing evaluation of strategic alternatives Revenue Estimates 11/10/23: Tom Collins 2Q23 - $6.12 becomes COO 3Q23 - $6.43 Beat EBITDA and Revenue Estimates Estimates; Missed Revenue Estimates Beat EBITDA Estimates; Missed Revenue Estimates 3Q24 - $4.91 Reduced 2024 EBITDA Guidance to Beat EBITDA and Revenue Estimates 12/19/24 ~$140MM (-13% from previous 1Q24 - $5.13 midpoint) 6 Reported 2024 EBITDA of $132MM 3/31/25 (-18% vs. initial midpoint guidance, and -6% vs. latest guidance) (6) 5/25/22: Thomas Missed EBITDA and Revenue Estimates FY2023 - $5.75 12/19/24: the Company announces offer from a new third-party investor consortium @ $9.00 per share, unaffected share price of $4.91 5/31/24: the Company announces the Board dissolved the Special Committee, as the offer did not adequately reflect value of the Company 12/28/22: Minimum price since IPO of $3.20 1/29/25: Dan Loeb files 13D regarding sales process Jun-25 Missed EBITDA Estimates; Beat Revenue Estimates 4Q24 - $6.18 Missed EBITDA Estimates; Missed Revenue Estimates 1Q25 - $5.97(4) Share Price Performance $/ Sh Missed EBITDA Estimates; Beat Revenue Estimates 2Q21 - $11.12 Beat EBITDA and Revenue Estimates 2Q24 - $4.85 2/7/24: GlassHouse releases short-sell report

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$8.39 $5.64 $6.38 $6.03 $7.25 $5.50 $4.55 $10.04 $7.66 $7.86 $7.05 $9.53 $9.00 $6.33 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 $11.00 Share Price $3 $4 $5 $6 $7 $8 $9 $10 $11 Prem to Unaffected Share Price (39%) (19%) 2% 22% 43% 63% 83% 104% 124% Prem to Adj. Unaffected Share Price (42%) (23%) (4%) 15% 35% 54% 73% 92% 112% Equity Value ($Bn) (4) 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 Aggregate Value ($Bn) (1) 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 2024A EBITDA Multiple (5) 11.0x 12.4x 13.9x 15.5x 17.0x 18.5x 20.0x 21.5x 23.1x 2025B EBITDA Multiple (5) 7.2x 8.2x 9.2x 10.2x 11.2x 12.2x 13.2x 14.2x 15.2x 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 Unaff. VWAP: $4.92 A Based on 2024A EBITDA of $132MM per public company filings, and 2025B EBITDA of $200MM per Budget 17.5% Stabilized EBITDA margin per Management Source: Broker Estimates, Capital IQ, Budget, Projections, Public Filings Notes: Bridge from equity value to aggregate value includes $859MM of net debt and non-controlling interest per 1Q'25 balance sheet per Management Period between announcement of dissolution of initial Special Committee (5/31/2024) and the assumed unaffected date (12/18/2024) Unaffected date as of December 18, 2024 (immediately prior to announcement of Consortium offer) Share count as of 6/24/2025 per management incl. 194.7MM common shares, 1.0MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike Summary of Valuation Analyses and Reference Statistics Value Per Share, Balance Sheet Data as of Q1 '25 Reference Statistics Valuation Methodologies of 9.75x – 10.75x Terminal EBITDA margin of 17.5%(6) 4 Average: $7.17 2 3 Analyst Price Target(3) Analyst Average (Unaffected): $7.17 B Adjusted Price: $5.20 $6.91 $6.14 $4.47 $3.69 1 • • Levered Cash Buyer Analysis Target IRR of 20%-25% Exit EBITDA multiple range of 9.75x – 10.75x Exit EBITDA margin of 17.5% at 22.5% target IRR(6) C Each 100bps change of EBITDA margin in the terminal year impacts the value per share shown by ~$0.70 Unaffected Unaffected Share Share Price: $4.91 1M Unaffected VWAP: $4.92 • Comparable Companies Analysis 2025B EBITDA multiple range of 10.25x – 11.25x 2025E consensus forecasts EBITDAx range of 10.25x – 11.25x (for reference) Precedent Transaction Analysis Applied premium range of 30% – 60% to Unaffected Share Price (range informed by precedent transactions in relevant industries and controlling shareholder take-privates) Applied premium range of 30% – 60% to Adjusted Unaffected Share Price Sum of the Parts Analysis (Multiples- Based) Segment-by-segment valuation based on applied 2025B EBITDA multiple (per Budget) Discounted Cash Flow Analysis CAPM-based WACC range of 12.2% – 13.5% Exit EBITDA multiple range $8.32 price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) PROJECT BRUCE VALUATION PERSPECTIVES 12 DRAFT $6.76

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Implied Prem. @ $9 / Share (1) Unaffected Share Price $4.91 83.3% Adj. Unaffected Price $5.20 73.2% Stock Price 1M VWAP - Unaffected $4.92 82.8% 3M VWAP - Unaffected $5.13 75.3% 6M VWAP - Unaffected $5.36 68.0% 12M VWAP - Unaffected $5.52 63.0% Recent Unaffected Trading High (8/28/2024) (2)(3) $6.33 42.2% Recent Unaffected Trading Low (8/7/2024) (2)(3) $4.55 97.8% 5/31/23 $5.12 5 6 7 8 Nov-24 4 May-24 Jul-24 Sep-24 Source: Capital IQ (as of December 18, 2024) Notes: Based on Consortium offer price of $9.00 per share (announced on December 19, 2024) Represents period between announcement of dissolution of initial Special Committee (5/31/2024) and the current assumed unaffected date of December 18, 2024 (immediately prior to the announcement of the Consortium offer) Recent Unaffected Trading Performance Recent Unaffected Trading Performance High of $6.33 and Low of $4.55 (3) Share Price Performance(3) $/ Sh 12/18/24 $4.91 (4.1%) A Dec-24 8/7/24: Recent Unaffected Low of $4.55 8/28/24: Recent Unaffected High of $6.33 Since the unaffected date, peers have traded up ~+6%, on average, resulting in an implied Adjusted Unaffected Share Price of $5.20(2) 3. Based on closing price (not intraday trading) PROJECT BRUCE VALUATION PERSPECTIVES 13 DRAFT

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

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275 180 Management Consensus 1,333 1,286 Management Consensus 200 155 Management Consensus 1,545 1,400 Management Consensus Management's projections exhibit material differences from consensus broker estimates Wall Street consensus estimates suggest that research analysts expect much lower levels of revenue and EBITDA (and materially lower EBITDA margins) going forward for the business relative to management's forecasts – Consensus currently reflects 2-3 broker estimates due to limited coverage of the Company(1) What Do Research Analysts Forecast for the Company? Consensus Estimates for Company's Revenue and EBITDA(1)(2) Source: Capital IQ (as of June 24, 2025) , Company Filings Note: Consensus per CIQ as of June 24, 2025 (CIQ only includes 2-3 contributors in current estimates, number of contributors depends on the metric) 2025B figures based on Budget; 2026E figures based on Projections Reported Adjusted EBITDA of $47MM included $23MM of one-time insurance proceeds related to COVID-19, excluding the one-time item results in Adjusted EBITDA Q1 2025 Earnings Comparison ($MM, unless otherwise noted) Consensus Budget Est. per Adj. ▲ vs. Est. per Adj. ▲ Actuals Consensus Consensus Budget vs. Budget Revenue 283 284 (1%) 286 (1%) Adj. EBITDA(3) 24 30 (20%) 28 (15%) % Margin 9% 11% (207 bps) 10% (135 bps) B 2025E ($MM) 2026E ($MM) 15% EBITDA Margin 12% 18% EBITDA Margin 13% Revenue EBITDA ($47MM) / (4%) ($45MM) / (23%) ($144MM) / (9%) ($95MM) / (35%) (297bps) (495bps) of $24MM PROJECT BRUCE VALUATION PERSPECTIVES 15 DRAFT

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Exit EBITDA Multiple 9.25x 9.75x 10.25x 10.75x 11.25x 20.0% 22.5% $8.00 $7.38 $8.51 $7.85 $9.02 $8.32 $9.53 $8.78 $10.04 $9.25 25.0% $6.82 $7.25 $7.68 $8.11 $8.54 Target IRR 2026E 2027E 2028E Exit Entry (2,575) - - - - - Exit - - - - - 4,334 Transaction Costs - - - - - (74) Unlevered Cash Flow (2,575) 81 140 220 274 4,260 Unlevered IRR Unlevered MOIC 18.8% 1.9x (+) Net Debt Assumption / Issuance 856 - - - - - (-) Net Interest Expense - (31) (44) (95) (111) - (+) Debt Repayment - - - - - (941) Levered Free Cash Flow (1,719) 50 96 125 162 3,318 Levered IRR Levered MOIC 22.5% 2.2x Sensitivity Analysis – Exit EBITDA Multiple vs. Target IRR Implied Value per Share (2) Notes: Reflects 2Q-4Q 2025B EBITDA figures, which removes the impact of Q1 2025 reported EBITDA (net of COVID insurance proceeds) and assumes cash taxes, capex, change in NWC, JV Adjustment & Other per Projections with pro-rata removal for Q1 2025; net interest expense reflects Q2-Q4 2025 illustrative interest expense Balance sheet as of 1Q'25; net debt and NCI of $856MM and $3MM, respectively per Management; 194.7MM common shares, 1.0MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) Permitted Holder as defined in the indenture Illustrative cost of new debt of 11.0% (per Morgan Stanley Leveraged Finance desk) Estimate of final transaction costs Levered Cash Buyer Analysis Keeping Existing Debt In-Place Sources and Uses Assumptions Levered cash buyer analysis $MM, unless otherwise noted Sources $% Uses $% illustrative as of March 31, 2025 Sponsor Equity 1,719 67% Purchase and Rollover of Equity 1,645 64% Financial projections taken from Assumption of Net Debt 856 33% Assumption of Net Debt 856 33% • $423MM Scenario assumes that in-place EBITDA 176 275 358 423 423 Goldman Sachs notes can be (-) Cash Taxes (10) (15) (17) (20) assumed – implies that a Permitted (-) CapEx (73) (101) (108) (118) Holder is involved with transaction (3) (+/-) Change in NWC (3) (6) 1 3 (-) JV EBITDA Adjustment and Other (9) (13) (14) (14) Goldman Sachs notes have ~6.2% PIK interest, 2% cash interest Assumes Goldman Sachs notes are refinanced at maturity in 2027 with debt that has 11.0% cash interest (4); if debt was refinanced at the time of the transaction based on terms similar to the Apollo debt being considered, the implied value per share would be ~$0.13 lower on average Budget and Projections for 2025B – Transaction Costs(5) 74 3% 2028E Total Sources 2,575 100% Total Uses 2,575 100% Exit value calculated based on assumed exit LTM EBITDA multiple of Illustrative Returns Analysis 10.25x and exit LTM EBITDA of $MM, unless otherwise noted (1) Entry 2Q-4Q 2025B C Source: Public Filings, Projections, Budget , Apollo Term Sheet High / Low shown on p. 12 PROJECT BRUCE VALUATION PERSPECTIVES 16 DRAFT

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Adj. EBITDA Margin at Exit (1) 21.5% 20.0% 19.0% 17.5% 17.0% 16.0% 15.0% 14.0% 13.0% 11.0% 9.75x ($0.63) ($1.06) ($1.92) ($2.35) ($3.21) ($3.64) 10.25x ($0.66) ($1.11) ($1.79) ($2.02) ($2.47) ($3.38) ($3.83) 10.75x ($0.69) ($1.17) ($2.12) ($2.59) ($3.54) ($4.02) Exit EBITDA Multiple $0.00 $7.85 $0.00 $8.32 $0.00 $8.78 ($3.07) $5.72 ($2.92) $5.39 ($2.78) $5.07 Sensitivity Analysis Based on Adj. EBITDA Margin and Exit Multiple Impact on Present Value per Share; Assumes Cost of Equity of 22.5% Source: Projections Note: The LTM EBITDA margin at exit is sensitized while all other years in projection period maintain the same margins as per Management Balance sheet as of 1Q'25; net debt and NCI of $856MM and $3MM, respectively per Management; 194.7MM common shares, 1.0MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) Every 1% Change in Stabilized Adj. EBITDA Margin at Exit Could Impact Value per Share by ~$0.50 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 Projections on the intrinsic 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 Target Communicated at IPO Note: The Company communicated a long-term Adj. EBITDA margin of 15% to the market at the time of its IPO; in 2023 and 2024, the Company achieved an 10% and 11% Adj. EBITDA margin, respectively 2028E Adj. EBITDA Margin per Projections 2024A Margin C Sensitivity Analysis to Projections' Target Adj. EBITDA Margin ($1.88) $6.91 Stabilized EBITDA Margin Per Management $6.52 ($1.70) $6.14 ($4.99) $3.80 ($4.75) $3.56 ($4.52) $3.33 $= Implied Value per Share High / Low shown on p. 12 PROJECT BRUCE VALUATION PERSPECTIVES 17 DRAFT

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Comparable Companies: Who Are the Right Peers for the Company? Peers Selected Include Location-Based Membership Platforms and/or Hospitality / Leisure Focus There are no perfect listed comps for the Company, but the selected peers reflect the companies with certain (but not all) features that are the most comparable to the Company's business model, including: Membership-like income with relatively predictable, resilient, and recurring cash flow Hospitality / leisure focused businesses Highly desirable consumer brands Substantial embedded growth potential Lease exposure, to the extent applicable Morgan Stanley evaluated the business model and financial profile of 31 companies to assess the most comparable peers… This list was narrowed down and 8 companies have been selected based on the features of the Company's business model, with two main categories: Location- Based Membership Platforms and Hospitality Platforms Lease-Heavy Hospitality Location-Based Membership Hospitality Platforms Asset-Light Operators Hospitality Platforms High Growth Consumer Lifestyle Brands EU Hospitality Timeshare Location-Based Membership Sports Teams Membership Leisure & Destination Events Asset-Light Operators Lease-Heavy Hospitality 1 PROJECT BRUCE VALUATION PERSPECTIVES 17 DRAFT

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Size 2024A Revenue 1,204 2,907 254,453 2,621 1,182 25,100 11,174 2,056 652 2025E Revenue 1,333 2,982 274,752 2,974 1,304 26,223 11,880 2,089 793 2024A EBITDA 132 848 11,522 677 488 4,981 3,429 353 159 2025E EBITDA 200 848 12,862 790 542 5,339 3,668 376 202 2.2x 3.6x 3.0x 3.1x 2.3x 1.6x Leverage ND / 2024A EBITDA (4) C 6.5x 2.6x (0.6x) Source: Capital IQ, Company Filings, Projections, Budget Notes: As of June 24, 2025 for peers 2024A figures based on public company filings; 2025B figures per Budget; 1Q'25 balance sheet figures MAR and HLT EBITDA margin not adjusted for cost reimbursement revenue Costco has negative net debt due to cash balance that exceeds debt Vail EBITDA, margin and leverage figures represent calendarized estimates Financial & Leverage Metrics (1) $MM, unless otherwise noted Assessing Financial and Leverage Profile (2) Company Location-Based Membership Platforms Hospitality Platforms Asset-Light Lease-Heavy Margin 2024A EBITDA Margin(3) A 11% 29% 5% 26% 41% 20% 31% 17% 24% 2025E EBITDA Margin(3) 15% 28% 5% 27% 42% 20% 31% 18% 25% Growth '24A-26E Revenue CAGR B 13.3% 3.1% 7.7% 12.4% 10.3% 5.2% 7.2% 2.0% 4.1% 44.5% '24A-26E EBITDA CAGR 14.5% 14.4% 2.7% 11.0% 11.6% 7.0% 7.6% 6.0% A • Costco stands out among peers as low margin business (~5%) while Planet Fitness is highest margin (~41%) due to franchise / royalty fees ‒ Rest of peers maintain margins in ~20-40% range B‒ The Company's estimated growth profile is generally higher than the peers with ~13% revenue and ~44% EBITDA CAGR, respectively C‒ The Company maintains higher leverage than peers on an absolute basis (6.5x) 1 Comparable Companies: How Does the Company Compare to Peers? (5) PROJECT BRUCE VALUATION PERSPECTIVES 17 DRAFT

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Size Market Capitalization ($Bn) 5.9 446.9 7.0 9.1 74.3 61.6 1.8 1.3 Aggregate Value ($Bn) 8.5 439.6 8.5 10.9 89.2 72.2 2.8 1.6 FY 2025E AV / EBITDA FY 2026E AV / EBITDA EBITDA Multiple 10.0x 34.2x 10.7x 20.0x 16.7x 19.7x 7.3x 7.8x 9.5x 31.0x 9.5x 17.9x 15.6x 18.2x 7.0x 7.5x Trading Valuation(1) $MM, unless otherwise noted Source: Capital IQ and Company Filings Notes: As of June 24, 2025 Vail EBITDA figures represent calendarized estimates Comparable Companies: Where Do the Company's Peers Trade? Assessing Trading Valuation of Peers Peer multiples have generally rebounded following April 2nd market sell-off yet most sit at levels below those exhibited earlier in the year Location-Based Membership Platforms Hospitality Platforms Asset-Light Lease-Heavy 1 3. Dalata share price represents unaffected price as of day before announcement of strategic alternatives 3/6/2025 PROJECT BRUCE VALUATION PERSPECTIVES 20 DRAFT (2) (3)

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&nbsp;&nbsp;&nbsp;&nbsp;2025E 2025B Low Mid High Low Mid High Applied EBITDAx 10.25x 10.75x 11.25x 10.25x 10.75x 11.25x EBITDA 155 155 155 200 200 200 Aggregate Value 1,589 1,667 1,744 2,054 2,154 2,254 (-) Net Debt (1) (856) (856) (856) (856) (856) (856) (-) NCI (3) (3) (3) (3) (3) (3) Equity Value 731 808 886 1,195 1,295 1,395 FDSO (MM) (2) 198 198 198 198 198 198 Implied Value per Share $3.69 $4.08 $4.47 Consensus Forecasts Budget & Projections $6.03 $6.54 $7.05 Implied Valuation for the Company Applied range of multiples is anchored around Vail's trading multiples (given Vail has many shared characteristics with Company) Bottom end of the range also 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 (exhibiting materially larger scale and lower leverage than the Company) Comparable Companies Analysis $MM, unless otherwise noted Comparable Companies Analysis 1 Source: Public Filings, Budget, Projections Notes: 1. Balance sheet as of 1Q'25 2. Share count as of 6/24/2025 and per management information; FDSO includes 194.7MM common shares, 1.0MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike High / Low shown on p. 12 price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) PROJECT BRUCE VALUATION PERSPECTIVES 21 DRAFT

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![](ny20055352x2_ex16-civslide22.jpg)

Share Price Unaffected Share Price $4.91 Applied Premium Range Low High 30% 60% 30% 60% Adj. Unaffected Share Price $5.20 Bottom Quartile 6% 17% Average 12% 33% Median 8% 35% Top Quartile 24% 60% Precedent Controlling Shareholder Take-Privates(1) Premium Paid Announcement Date 1-Day Prior Unaffected Notes: 1. Based on 10 precedent all-cash controlling shareholder take-privates for U.S.-listed companies Precedent Transactions Analysis Select Cash-Only Public M&A Transactions in Relevant Industries An evaluation of select precedent transactions have exhibited: Unaffected share price premiums of 40% (median) and 54% (average) Of note, these are for control transactions Controlling shareholder take-privates exhibit lower premiums of 33% (average) and 35% (median). See table below Based on a survey of all-cash transactions, controlling shareholder take-privates, and precedent take- privates in similar industries, an applied premium range of 30% - 60% is applied to Company's Unaffected Share Price to derive an implied share price of $6.38 - $7.86 Premiums Paid in Precedent Transactions In Relevant Industries $MM unless otherwise noted; Controlling Stake, Cash Only Transactions (2) Announcement Source: Company filings, Press Releases, Capital IQ, Refinitv, Data Point Precedent Transactions Analysis $ per Share, unless otherwise noted 2 Implied Share Price Low High $6.38 $7.86 $6.76 $8.32 High / Low shown on p. 12 2. Transactions paid for in foreign currency are converted to $USD using the exchange ratio on the date of announcement PROJECT BRUCE VALUATION PERSPECTIVES 22 DRAFT Bottom Quartile 7% 30% Average 26% 54% Median 22% 40% Top Quartile 37% 70% Premium Paid Date Target Acquiror Agg. Value 1-Day Prior Unaffected 10-Feb-25 Playa Hotels Hyatt Hotels 2,595 4% 40% 15-Mar-21 Extended Stay America Blackstone / Starwood 6,385 21% 21% 22-Jul-19 Peak Resorts Vail Resorts 401 116% 116% 7-Jun-19 Millennium & Copthorne Hotels City Developments 2,840 37% 51% 14-Dec-18 Belmond LVMH 3,176 42% 124% 12-Oct-17 Mantra Hotels Accor 1,200 23% 23% 10-Jul-17 ClubCorp Holdings Apollo 2,169 31% 31% 10-Apr-17 Intrawest Resorts KSL / Aspen Skiing Company 1,355 (6%) 40% 9-May-16 Morgans Hotel Group SBE Entertainment 710 18% 69% 16-Mar-15 Life Time Fitness Leonard Green / TPG 4,005 7% 73% 20-Apr-12 Great Wolf Resorts Apollo 659 6% 87% 3-Jul-07 Hilton Hotels Blackstone 26,500 40% 40% 30-Jan-06 Fairmont Hotels & Resorts Kingdom Hotels / Colony Capital 3,900 3% 28% 9-Nov-05 LaQuinta Corp. Blackstone 3,400 37% 37% 14-Jun-05 Wyndham International Blackstone 3,240 19% 60% 5-Mar-04 Extended Stay America Inc. Blackstone 3,100 24% 24%

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Total / Implied Aggregate Value 200 9.9x 10.9x 11.9x 1,975 2,175 2,375 Implied EBITDA Margin 15.0% Implied Value per Share (3) $5.64 $6.65 $7.66 2025B EBITDA(4) Applied Range Implied Aggregate Value Low Mid High Low Mid High House-Level Membership(1) 119 15.5x 16.5x 17.5x 1,839 1,958 2,077 In-House (Excluding Membership) - Owned 27 10.25x 11.25x 12.25x 278 305 332 In-House (Excluding Membership) - Leased 124 6.5x 7.5x 8.5x 808 932 1,056 House-Level Contribution Profit (Sum / Wtd Avg.) 270 10.8x 11.8x 12.8x 2,925 3,195 3,465 Other Segments (2) 78 6.5x 7.5x 8.5x 510 588 667 Total Contribution Profit 349 9.9x 10.9x 11.9x 3,435 3,784 4,132 Overhead and Central Costs (148) 9.9x 10.9x 11.9x (1,461) (1,609) (1,757) Sum of the Parts Analysis Based on 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) – Costco remains aspirational peer (exhibiting materially larger scale and lower leverage than the Company) Overhead and Central Costs valued at the blended multiple (calculated by % of EBITDA contribution) Sum of the Parts Analysis – Multiples-Based $MM, unless otherwise noted Source: Budget Notes: Assumes House-Level membership margins consistent with In-House (Excluding Membership) – Leased margins per Projections Includes Soho Home, Scorpios, Cities Without Homes, Cowshed, Soho Works, Restaurants, the Ned, the Line / Saguaro, IHDB, Soho Friends, Mumbai / Istanbul / Canouan management fees, group support revenue, and site support revenue Balance sheet as of 1Q'25 and share count per Management; net debt and NCI of $856MM and $3MM, respectively per Management; FDSO includes 194.7MM common shares, 1.0MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) 4. 2025B EBITDA per Budget 3 High / Low shown on p. 12 PROJECT BRUCE VALUATION PERSPECTIVES 23 DRAFT

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2024 1Q 2025 Terminal CAGR Year ('24E-28E) House Membership Revenues 113 371 546 628 721 In-House Revenues 112 414 633 707 814 Other Segment Revenues 58 266 366 407 436 Total Revenue 1,204 283 1,050 1,545 1,742 1,971 1,971 13.1% % Growth (YoY) n.a. n.a. 13% 13% - EBITDA 132 24 176 275 358 423 345 33.8% % Growth (YoY) n.a. n.a. 30% 18% % Margin 11.0% 8.5% 16.8% 17.8% 20.6% 21.5% 17.5% (-) Cash Taxes (3) (10) (15) (17) (20) (-) CapEx (24) (73) (101) (108) (118) (+/-) Change in NWC (1) (3) (6) 1 3 (-) JV EBITDA Adjustment and Other (3) (9) (13) (14) (14) Unlevered FCF (8) 81 140 220 274 207 Budget / Projections 2Q-4Q 2025B (4) 2026E 2027E 2028E Present Value of Unlevered FCF (12.9% Discount Rate) Sum of Present Value of FCF $503 % of Implied Aggregate Value 18.8% Terminal Value Calculation $MM, unless otherwise noted Terminal EBITDA (1) $345 EBITDA Multiple (5) 10.25x Terminal Value 3,535 (6) Memo: Implied Perpetual Growth Rate 7.0% Present Value of Terminal Value $2,177 % of Implied Aggregate Value 81.2% Implied Aggregate Value $2,680 (-) Net Debt (856) (-) NCI (3) Equity Value 1,822 (/) FDSO (MM) (3) 198.0 Implied Value per Share $9.20 Exit EBITDA Multiple 9.25x 9.75x 10.25x (5) 10.75x 11.25x 11.3% $8.79 $9.36 $9.92 $10.49 $11.06 12.2% $8.39 $8.94 $9.49 $10.04 $10.59 12.9% $8.13 $8.66 $9.20 $9.73 $10.27 13.5% $7.86 $8.39 $8.91 $9.44 $9.96 14.0% $7.66 $8.18 $8.69 $9.21 $9.72 WACC Source: Budget, Projections Discounted Cash Flow Analysis Cash flows discounted to March 31, 2025 Financial projections taken from Budget and Projections for 2025B – 2028E Assumptions: Discount rate of 12.9% based on Company's WACC Exit EBITDA assumes 2028E Revenue with assumed 17.5% EBITDA margin (per Management) Terminal value calculated based on assumed exit EBITDA multiple of 10.25x(5) and exit EBITDA of $345MM(1) Terminal value calculated as of December 31, 2028 Discounted Cash Flow Build $MM, unless otherwise noted Notes: Terminal year assumes stabilized EBITDA margin of 17.5% and Revenue consistent with 2028 FY; in the previous presentation given to the Special Committee on March 21, 2025, the terminal year total revenue and terminal EBITDA margin of the company that were projected by Management and given to Morgan Stanley were $369MM and 17.5%, which resulted in a value range of $9.24-$11.00 per share when performing the discounted cash flow analysis Balance sheet as of 1Q'25; net debt and NCI of $856MM and $3MM, respectively per Management FDSO per management includes 194.7MM common shares, 1.0MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) Reflects 2Q-4Q 2025B EBITDA figures, excludes the impact of Q1 2025 reported EBITDA (net of COVID insurance proceeds) and assumes cash taxes, capex, change in NWC, JV Adjustment & Other per Projections with pro-rata removal for Q1 2025 Derived from NTM trading multiples (spot, and historical averages) of comparable compagnies, taking into consideration similarities and differences in business models and growth profiles A B A + B 4 Implied Share Price Build (2) $MM, unless otherwise noted 72 110 153 168 High / Low shown on p. 12 Sensitivity Analysis – Exit EBITDA Multiple vs. WACC Implied Value per Share (3) 6. Implied perpetual growth rate is derived from the terminal unlevered free cash flow PROJECT BRUCE VALUATION PERSPECTIVES 24 DRAFT

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Adj. EBITDA Margin at Exit (1) 21.5% 20.0% 19.0% 17.5% 17.0% 16.0% 15.0% 14.0% 13.0% 11.0% $2.53 $11.19 $2.66 $11.86 $2.79 $12.52 $1.60 $0.96 $1.68 $1.01 $1.76 $1.06 $0.00 $8.66 $0.00 $9.20 $0.00 $9.73 ($0.32) ($0.96) ($0.34) ($1.01) ($0.35) ($1.06) ($1.60) $7.06 ($1.68) $7.52 ($1.76) $7.97 ($2.24) ($2.88) ($2.35) ($3.02) ($2.47) ($3.17) ($4.18) $4.48 ($4.40) $4.80 ($4.61) $5.12 9.75x 10.25x 10.75x Exit EBITDA Multiple Sensitivity Analysis Based on Adj. EBITDA Margin and Exit Multiple Impact on Present Value per Share; Assumes Discount Rate of 12.9% Source: Projections Note: The terminal year EBITDA margin is sensitized while all other years in projection period maintain the same margins as provided in Projections Balance sheet as of 1Q'25 and share count per Management; net debt and NCI of $856MM and $3MM, respectively; FDSO includes 194.7MM common shares, 1.0MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 Every 1% Change in Stabilized Adj. EBITDA Margin (in Terminal Year) Could Impact Value per Share by ~$0.70 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 Projections on the intrinsic value of the company Every 1% Change in Adj. EBITDA margin at exit could impact value by $0.70(2) 2028E Adj. EBITDA Margin per Projections 4 Sensitivity Analysis to Projections' Target Adj. EBITDA Margin strike price, 0.8MM at $12.46 strike price) Management PROJECT BRUCE VALUATION PERSPECTIVES 25 DRAFT $= Implied Value per Share Stabilized EBITDA Margin Per 2024A Margin Note: The Company communicated a long-term Adj. EBITDA margin of 15% to the market at the time of its IPO; in 2023 and 2024, the Company achieved an 10% and 11% Adj. EBITDA margin, respectively Long-Term Adj. EBITDA Margin Target Communicated at IPO

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DRAFT APPENDIX 26 Supplemental Materials

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![](ny20055352x2_ex16-civslide27.jpg)

AV / NTM EBITDAx Vail Location-Based Membership Platforms Asset-Light Lease-Heavy L90D Avg 9.2x 17.6x 16.8x 7.3x L1Y Avg. 10.2x 17.7x 17.6x 8.2x L3Y Avg. 11.4x 16.3x 16.1x 10.0x 5.0x 10.0x 15.0x 20.0x Jun-22 Dec-22 Vail Jun-25 Jun-23 Dec-23 Location-Based Membership Platforms Avg.(2) Jun-24 Asset-Light Avg(.3) Dec-24 Lease-Heavy Avg.(4) PROJECT BRUCE SUPPLEMENTAL MATERIALS 27 DRAFT Peer Trading Multiples Over Time Historical AV / NTM EBITDA (1) Last Three Years Sources: Company Filings, Capital IQ Notes: Market data as of 6/24/2025; balance sheet as of Q1'25 Location-Based Membership Platforms represents simple average of Vail, Costco, Lifetime Fitness, Planet Fitness Asset-Light represents simple average of Marriott and Hilton 4. Lease-Heavy represents Melia; DHG excluded from lease-heavy avg. due to M&A speculations since announcement of strategic alternatives review 7.4x 9.6x 18.1x 17.9x

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PROJECT BRUCE DRAFT Assumption Notes Low Base High Market Risk Premium (MRP) Morgan Stanley estimated market risk premium 6.0% 6.0% 6.0% Risk Free Rate (Rf) Spot rate 10-year U.S. Treasury as of 12/18/24 4.5% 4.5% 4.5% Predicted Beta Per Morgan Stanley Methodology 1.79 1.79 1.79 Sensitivity Adjustment +/- 1.0% from base (1.0%) 1.0% Cost of Equity (KE) Calculated using the Capital Asset Pricing Model 14.3% 15.3% 16.3% Pre-tax Cost of Debt (KD) Blended Rate Based on Current Capital Structure 11.0% 11.0% 11.0% Tax Rate (t) Stautory tax rate based on filings 21.0% 21.0% 21.0% Post-tax Cost of Debt (KD) 8.7% 8.7% 8.7% Debt / Total Capitalization Based on expected capital structure 36.1% 36.1% 36.1% Weighted Average Cost of Capital (WACC) KE \* E/(D+E) + KD \* (1-t) \* D/(D+E) 12.2% 12.9% 13.5% SUPPLEMENTAL MATERIALS 28 Company's Weighted Average Cost of Capital ("WACC") WACC Derivation Using a weighted average cost of debt of 11.0% (based on indicative new issue rates provided by Morgan Stanley's Leveraged Finance team) and a debt / total capitalization of 36.1% results in a WACC range of 12.2% to 13.5% Source: Capital IQ, Company Filings, Management Information

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DRAFT PROJECT BRUCE SUPPLEMENTAL MATERIALS Balance Sheet as of 1Q'25 Q1 2025 FDSO Build Based on Consortium's Offer Price $9.00 Shares Outstanding (MM) 194.7 RSU (MM) 1.0 PSU (MM) - SAR (MM) 2.4 Fully Diluted Shares Outstanding (MM)(1) 198.0 Market Cap Share Price ($) $9.00 Fully Diluted Shares Outstanding (MM) 198.0 Equity Market Cap ($MM) 1,782 Debt Maturity Rate 1Q'25 Balance ($MM) Senior Secured Notes Mar 2027 Initial Notes: 8.2%, Additional Notes: 8.5% 665 Unsecured Loans - Soho Works Limited Sep 2025 7.00% 30 Property Mortgage Loans - Term Loan Jun 2033 6.99% 140 Other Loans (2) Varies Varies 15 Financing Leases 79 Financing Obligation 77 Total Debt 1,006 Cash (150) Net Debt 856 NCI 3 Aggregate Value 2,641 29 Notes: Share count as of 6/24/2025 per management incl. 194.7MM common shares, 1.0MM RSUs, and 2.4MM SARs dilution per Management (2.3MM at $4.00 strike price, 2.1MM at $5.00 strike price, 0.4MM at $6.05 strike price, 0.8MM at $12.46 strike price) Other loans include Dean Street loan, Copenhagen loans, Greek Street loan, and Greek Government loan for 1Q'25 Company Capitalization Source: Public filings, Company Budget per Management as approved for our use by the Special Committee (the "Budget"), Company Projections per Management as approved for our use by the Special Committee (the "Special Committee") of the Board of Directors of the Company (the "Projections"), Q1'25 balance sheet per public filings

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PROJECT BRUCE DRAFT Legal Disclaimer© Morgan Stanley and/or certain of its affiliates. All rights reserved. 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. 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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. 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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. 30

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## Ex-16.(C)(V)

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**Exhibit 16(c)(v)**<br>

![](ny20055352x2_ex16-cvslide1.jpg)

DRAFT Preliminary Valuation Perspectives Project Bruce March 21, 2025

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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

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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

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DRAFT SECTION 1 4 Discussion Backdrop

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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

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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

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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

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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

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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

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DRAFT SECTION 2 10 Preliminary Valuation Perspectives

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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

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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

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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

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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%

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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

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$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

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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

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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

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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

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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

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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)

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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

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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

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&nbsp;&nbsp;&nbsp;&nbsp;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

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&nbsp;&nbsp;&nbsp;&nbsp;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

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![](ny20055352x2_ex16-cvslide26.jpg)

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

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![](ny20055352x2_ex16-cvslide27.jpg)

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

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DRAFT APPENDIX 28 Supplemental Materials

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(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%)

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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.

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## Ex-16.(C)(Vi)

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**Exhibit 16(c)(vi)**<br>

![](ny20055352x2_ex16-cvislide1.jpg)

DRAFT Preliminary Valuation Perspectives Project Bruce January 24, 2025

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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

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

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DRAFT SECTION 1 4 Discussion Backdrop

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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

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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

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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

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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

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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

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DRAFT SECTION 2 10 Preliminary Valuation Perspectives

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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

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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

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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

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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%

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$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

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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

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$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

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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

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$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

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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

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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

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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

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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)

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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)

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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

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&nbsp;&nbsp;&nbsp;&nbsp;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

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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

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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

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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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PROJECT BRUCE DRAFT Legal Disclaimer© Morgan Stanley and/or certain of its affiliates. All rights reserved. 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. 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## Ex-16.(F)

#### Exhibit 16(f)

Section 262 of the Delaware General Corporation Law

&nbsp;&nbsp;&nbsp;&nbsp;(a) Any stockholder of a corporation of this State who holds shares of stock on the date of the making of a demand pursuant to subsection (d) of this section with respect to such shares, who continuously holds such shares through the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, who has otherwise complied with subsection (d) of this section and who has neither voted in favor of the merger, consolidation, conversion, transfer, domestication or continuance nor consented thereto in writing pursuant to Sec. 228 of this title shall be entitled to an appraisal by the Court of Chancery of the fair value of the stockholder's shares of stock under the circumstances described in subsections (b) and (c) of this section. As used in this section, the word "stockholder" means a holder of record of stock in a corporation; the words "stock" and "share" mean and include what is ordinarily meant by those words; the words "depository receipt" mean a receipt or other instrument issued by a depository representing an interest in 1 or more shares, or fractions thereof, solely of stock of a corporation, which stock is deposited with the depository; the words "beneficial owner" mean a person who is the beneficial owner of shares of stock held either in voting trust or by a nominee on behalf of such person; and the word "person" means any individual, corporation, partnership, unincorporated association or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Appraisal rights shall be available for the shares of any class or series of stock of a constituent, converting, transferring, domesticating or continuing corporation in a merger, consolidation, conversion, transfer, domestication or continuance to be effected pursuant to Sec. 251 (other than a merger effected pursuant to Sec. 251(g) of this title), Sec. 252, Sec. 254, Sec. 255, Sec. 256, Sec. 257, Sec. 258, Sec. 263, Sec. 264, Sec. 266 or Sec. 390 of this title (other than, in each case and solely with respect to a converted or domesticated corporation, a merger, consolidation, conversion, transfer, domestication or continuance authorized pursuant to and in accordance with the provisions of Sec. 265 or Sec. 388 of this title):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Provided, however, that no appraisal rights under this section shall be available for the shares of any class or series of stock, which stock, or depository receipts in respect thereof, at the record date fixed to determine the stockholders entitled to receive notice of the meeting of stockholders, or at the record date fixed to determine the stockholders entitled to consent pursuant to Sec. 228 of this title, to act upon the agreement of merger or consolidation or the resolution providing for the conversion, transfer, domestication or continuance (or, in the case of a merger pursuant to Sec. 251(h) of this title, as of immediately prior to the execution of the agreement of merger), were either: (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders; and further provided that no appraisal rights shall be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the stockholders of the surviving corporation as provided in Sec. 251(f) of this title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding paragraph (b)(1) of this section, appraisal rights under this section shall be available for the shares of any class or series of stock of a constituent, converting, transferring, domesticating or continuing corporation if the holders thereof are required by the terms of an agreement of merger or consolidation, or by the terms of a resolution providing for conversion, transfer, domestication or continuance, pursuant to Sec. 251, Sec. 252, Sec. 254, Sec. 255, Sec. 256, Sec. 257, Sec. 258, Sec. 263, Sec. 264, Sec. 266 or Sec. 390 of this title to accept for such stock anything except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Shares of stock of the corporation surviving or resulting from such merger or consolidation, or of the converted entity or the entity resulting from a transfer, domestication or continuance if such entity is a corporation as a result of the conversion, transfer, domestication or continuance, or depository receipts in respect thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Shares of stock of any other corporation, or depository receipts in respect thereof, which shares of stock (or depository receipts in respect thereof) or depository receipts at the effective date of the merger, consolidation, conversion, transfer, domestication or continuance will be either listed on a national securities exchange or held of record by more than 2,000 holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Cash in lieu of fractional shares or fractional depository receipts described in the foregoing paragraphs (b)(2)a. and b. of this section; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Any combination of the shares of stock, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in the foregoing paragraphs (b)(2)a., b. and c. of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In the event all of the stock of a subsidiary Delaware corporation party to a merger effected under Sec. 253 or Sec. 267 of this title is not owned by the parent immediately prior to the merger, appraisal rights shall be available for the shares of the subsidiary Delaware corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Repealed.]

&nbsp;&nbsp;&nbsp;&nbsp;(c) Any corporation may provide in its certificate of incorporation that appraisal rights under this section shall be available for the shares of any class or series of its stock as a result of an amendment to its certificate of incorporation, any merger or consolidation in which the corporation is a constituent corporation, the sale of all or substantially all of the assets of the corporation or a conversion effected pursuant to Sec. 266 of this title or a transfer, domestication or continuance effected pursuant to Sec. 390 of this title. If the certificate of incorporation contains such a provision, the provisions of this section, including those set forth in subsections (d), (e), and (g) of this section, shall apply as nearly as is practicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Appraisal rights shall be perfected as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If a proposed merger, consolidation, conversion, transfer, domestication or continuance for which appraisal rights are provided under this section is to be submitted for approval at a meeting of stockholders, the corporation, not less than 20 days prior to the meeting, shall notify each of its stockholders who was such on the record date for notice of such meeting (or such members who received notice in accordance with Sec. 255(c) of this title) with respect to shares for which appraisal rights are available pursuant to subsection (b) or (c) of this section that appraisal rights are available for any or all of the shares of the constituent corporations or the converting, transferring, domesticating or continuing corporation, and shall include in such notice either a copy of this section (and, if 1 of the constituent corporations or the converting corporation is a nonstock corporation, a copy of Sec. 114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section (and, Sec. 114 of this title, if applicable) may be accessed without subscription or cost. Each stockholder electing to demand the appraisal of such stockholder's shares shall deliver to the corporation, before the taking of the vote on the merger, consolidation, conversion, transfer, domestication or continuance, a written demand for appraisal of such stockholder's shares; provided that a demand may be delivered to the corporation by electronic transmission if directed to an information processing system (if any) expressly designated for that purpose in such notice. Such demand will be sufficient if it reasonably informs the corporation of the identity of the stockholder and that the stockholder intends thereby to demand the appraisal of such stockholder's shares. A proxy or vote against the merger, consolidation, conversion, transfer, domestication or continuance shall not constitute such a demand. A stockholder electing to take such action must do so by a separate written demand as herein provided. Within 10 days after the effective date of such merger, consolidation, conversion, transfer, domestication or continuance, the surviving, resulting or converted entity shall notify each stockholder of each constituent or converting, transferring, domesticating or continuing corporation who has complied with this subsection and has not voted in favor of or consented to the merger, consolidation, conversion, transfer, domestication or continuance, and any beneficial owner who has demanded appraisal under paragraph (d)(3) of this section, of the date that the merger, consolidation or conversion has become effective; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the merger, consolidation, conversion, transfer, domestication or continuance was approved pursuant to Sec. 228, Sec. 251(h), Sec. 253, or Sec. 267 of this title, then either a constituent, converting, transferring, domesticating or continuing corporation before the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, or the surviving, resulting or converted entity within 10 days after such effective date, shall notify each stockholder of any class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation who is entitled to appraisal rights of the approval of the merger, consolidation, conversion, transfer, domestication or continuance and that appraisal rights are available for any or all shares of such class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation, and shall include in such notice either a copy of this section (and, if 1 of the constituent corporations or the converting, transferring, domesticating or continuing corporation is a nonstock corporation, a copy of Sec. 114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section (and Sec. 114 of this title, if applicable) may be accessed without subscription or cost. Such notice may, and, if given on or after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, shall, also notify such stockholders of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance. Any stockholder entitled to appraisal rights may, within 20 days after the date of giving such notice or, in the case of a merger approved pursuant to Sec. 251(h) of this title, within the later of the consummation of the offer contemplated by Sec. 251(h) of this title and 20 days after the date of giving such notice, demand in writing from the surviving, resulting or converted entity the appraisal of such holder's shares; provided that a demand may be delivered to such entity by electronic transmission if directed to an information processing system (if any) expressly designated for that purpose in such notice. Such demand will be sufficient if it reasonably informs such entity of the identity of the stockholder and that the stockholder intends thereby to demand the appraisal of such holder's shares. If such notice did not notify stockholders of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, either (i) each such constituent corporation or the converting, transferring, domesticating or continuing corporation shall send a second notice before the effective date of the merger, consolidation, conversion, transfer, domestication or continuance notifying each of the holders of any class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation that are entitled to appraisal rights of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance or (ii) the surviving, resulting or converted entity shall send such a second notice to all such holders on or within 10 days after such effective date; provided, however, that if such second notice is sent more than 20 days following the sending of the first notice or, in the case of a merger approved pursuant to Sec. 251(h) of this title, later than the later of the consummation of the offer contemplated by Sec. 251(h) of this title and 20 days following the sending of the first notice, such second notice need only be sent to each stockholder who is entitled to appraisal rights and who has demanded appraisal of such holder's shares in accordance with this subsection and any beneficial owner who has demanded appraisal under paragraph (d)(3) of this section. An affidavit of the secretary or assistant secretary or of the transfer agent of the corporation or entity that is required to give either notice that such notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein. For purposes of determining the stockholders entitled to receive either notice, each constituent corporation or the converting, transferring, domesticating or continuing corporation may fix, in advance, a record date that shall be not more than 10 days prior to the date the notice is given, provided, that if the notice is given on or after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, the record date shall be such effective date. If no record date is fixed and the notice is given prior to the effective date, the record date shall be the close of business on the day next preceding the day on which the notice is given.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Notwithstanding subsection (a) of this section (but subject to this paragraph (d)(3)), a beneficial owner may, in such person's name, demand in writing an appraisal of such beneficial owner's shares in accordance with either paragraph (d)(1) or (2) of this section, as applicable; provided that (i) such beneficial owner continuously owns such shares through the effective date of the merger, consolidation, conversion, transfer, domestication or continuance and otherwise satisfies the requirements applicable to a stockholder under the first sentence of subsection (a) of this section and (ii) the demand made by such beneficial owner reasonably identifies the holder of record of the shares for which the demand is made, is accompanied by documentary evidence of such beneficial owner's beneficial ownership of stock and a statement that such documentary evidence is a true and correct copy of what it purports to be, and provides an address at which such beneficial owner consents to receive notices given by the surviving, resulting or converted entity hereunder and to be set forth on the verified list required by subsection (f) of this section.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Within 120 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, the surviving, resulting or converted entity, or any person who has complied with subsections (a) and (d) of this section and who is otherwise entitled to appraisal rights, may commence an appraisal proceeding by filing a petition in the Court of Chancery demanding a determination of the value of the stock of all such stockholders. Notwithstanding the foregoing, at any time within 60 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, any person entitled to appraisal rights who has not commenced an appraisal proceeding or joined that proceeding as a named party shall have the right to withdraw such person's demand for appraisal and to accept the terms offered upon the merger, consolidation, conversion, transfer, domestication or continuance. Within 120 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, any person who has complied with the requirements of subsections (a) and (d) of this section, upon request given in writing (or by electronic transmission directed to an information processing system (if any) expressly designated for that purpose in the notice of appraisal), shall be entitled to receive from the surviving, resulting or converted entity a statement setting forth the aggregate number of shares not voted in favor of the merger, consolidation, conversion, transfer, domestication or continuance (or, in the case of a merger approved pursuant to Sec. 251(h) of this title, the aggregate number of shares (other than any excluded stock (as defined in Sec. 251(h)(6)d. of this title)) that were the subject of, and were not tendered into, and accepted for purchase or exchange in, the offer referred to in Sec. 251(h)(2) of this title)), and, in either case, with respect to which demands for appraisal have been received and the aggregate number of stockholders or beneficial owners holding or owning such shares (provided that, where a beneficial owner makes a demand pursuant to paragraph (d)(3) of this section, the record holder of such shares shall not be considered a separate stockholder holding such shares for purposes of such aggregate number). Such statement shall be given to the person within 10 days after such person's request for such a statement is received by the surviving, resulting or converted entity or within 10 days after expiration of the period for delivery of demands for appraisal under subsection (d) of this section, whichever is later.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the filing of any such petition by any person other than the surviving, resulting or converted entity, service of a copy thereof shall be made upon such entity, which shall within 20 days after such service file in the office of the Register in Chancery in which the petition was filed a duly verified list containing the names and addresses of all persons who have demanded appraisal for their shares and with whom agreements as to the value of their shares have not been reached by such entity. If the petition shall be filed by the surviving, resulting or converted entity, the petition shall be accompanied by such a duly verified list. The Register in Chancery, if so ordered by the Court, shall give notice of the time and place fixed for the hearing of such petition by registered or certified mail to the surviving, resulting or converted entity and to the persons shown on the list at the addresses therein stated. The forms of the notices by mail and by publication shall be approved by the Court, and the costs thereof shall be borne by the surviving, resulting or converted entity.

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&nbsp;&nbsp;&nbsp;&nbsp;(g) At the hearing on such petition, the Court shall determine the persons who have complied with this section and who have become entitled to appraisal rights. The Court may require the persons who have demanded an appraisal for their shares and who hold stock represented by certificates to submit their certificates of stock to the Register in Chancery for notation thereon of the pendency of the appraisal proceedings; and if any person fails to comply with such direction, the Court may dismiss the proceedings as to such person. If immediately before the merger, consolidation, conversion, transfer, domestication or continuance the shares of the class or series of stock of the constituent, converting, transferring, domesticating or continuing corporation as to which appraisal rights are available were listed on a national securities exchange, the Court shall dismiss the proceedings as to all holders of such shares who are otherwise entitled to appraisal rights unless (1) the total number of shares entitled to appraisal exceeds 1% of the outstanding shares of the class or series eligible for appraisal, (2) the value of the consideration provided in the merger, consolidation, conversion, transfer, domestication or continuance for such total number of shares exceeds $1 million, or (3) the merger was approved pursuant to Sec. 253 or Sec. 267 of this title.

&nbsp;&nbsp;&nbsp;&nbsp;(h) After the Court determines the persons entitled to an appraisal, the appraisal proceeding shall be conducted in accordance with the rules of the Court of Chancery, including any rules specifically governing appraisal proceedings. Through such proceeding the Court shall determine the fair value of the shares exclusive of any element of value arising from the accomplishment or expectation of the merger, consolidation, conversion, transfer, domestication or continuance, together with interest, if any, to be paid upon the amount determined to be the fair value. In determining such fair value, the Court shall take into account all relevant factors. Unless the Court in its discretion determines otherwise for good cause shown, and except as provided in this subsection, interest from the effective date of the merger, consolidation, conversion, transfer, domestication or continuance through the date of payment of the judgment shall be compounded quarterly and shall accrue at 5% over the Federal Reserve discount rate (including any surcharge) as established from time to time during the period between the effective date of the merger, consolidation or conversion and the date of payment of the judgment. At any time before the entry of judgment in the proceedings, the surviving, resulting or converted entity may pay to each person entitled to appraisal an amount in cash, in which case interest shall accrue thereafter as provided herein only upon the sum of (1) the difference, if any, between the amount so paid and the fair value of the shares as determined by the Court, and (2) interest theretofore accrued, unless paid at that time. Upon application by the surviving, resulting or converted entity or by any person entitled to participate in the appraisal proceeding, the Court may, in its discretion, proceed to trial upon the appraisal prior to the final determination of the persons entitled to an appraisal. Any person whose name appears on the list filed by the surviving, resulting or converted entity pursuant to subsection (f) of this section may participate fully in all proceedings until it is finally determined that such person is not entitled to appraisal rights under this section.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Court shall direct the payment of the fair value of the shares, together with interest, if any, by the surviving, resulting or converted entity to the persons entitled thereto. Payment shall be so made to each such person upon such terms and conditions as the Court may order. The Court's decree may be enforced as other decrees in the Court of Chancery may be enforced, whether such surviving, resulting or converted entity be an entity of this State or of any state.

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&nbsp;&nbsp;&nbsp;&nbsp;(j) The costs of the proceeding may be determined by the Court and taxed upon the parties as the Court deems equitable in the circumstances. Upon application of a person whose name appears on the list filed by the surviving, resulting or converted entity pursuant to subsection (f) of this section who participated in the proceeding and incurred expenses in connection therewith, the Court may order all or a portion of such expenses, including, without limitation, reasonable attorney's fees and the fees and expenses of experts, to be charged pro rata against the value of all the shares entitled to an appraisal not dismissed pursuant to subsection (k) of this section or subject to such an award pursuant to a reservation of jurisdiction under subsection (k) of this section.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Subject to the remainder of this subsection, from and after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, no person who has demanded appraisal rights with respect to some or all of such person's shares as provided in subsection (d) of this section shall be entitled to vote such shares for any purpose or to receive payment of dividends or other distributions on such shares (except dividends or other distributions payable to stockholders of record at a date which is prior to the effective date of the merger, consolidation, conversion, transfer, domestication or continuance). If a person who has made a demand for an appraisal in accordance with this section shall deliver to the surviving, resulting or converted entity a written withdrawal of such person's demand for an appraisal in respect of some or all of such person's shares in accordance with subsection (e) of this section, either within 60 days after such effective date or thereafter with the written approval of the corporation, then the right of such person to an appraisal of the shares subject to the withdrawal shall cease. Notwithstanding the foregoing, an appraisal proceeding in the Court of Chancery shall not be dismissed as to any person without the approval of the Court, and such approval may be conditioned upon such terms as the Court deems just, including without limitation, a reservation of jurisdiction for any application to the Court made under subsection (j) of this section; provided, however that this provision shall not affect the right of any person who has not commenced an appraisal proceeding or joined that proceeding as a named party to withdraw such person's demand for appraisal and to accept the terms offered upon the merger, consolidation, conversion, transfer, domestication or continuance within 60 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, as set forth in subsection (e) of this section. If a petition for an appraisal is not filed within the time provided in subsection (e) of this section, the right to appraisal with respect to all shares shall cease.

(*l*) The shares or other equity interests of the surviving, resulting or converted entity to which the shares of stock subject to appraisal under this section would have otherwise converted but for an appraisal demand made in accordance with this section shall have the status of authorized but not outstanding shares of stock or other equity interests of the surviving, resulting or converted entity, unless and until the person that has demanded appraisal is no longer entitled to appraisal pursuant to this section.

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## Ex-Filing

?xml version='1.0' encoding='ASCII'?

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#### Exhibit 107

#### Calculation of Filing Fee Tables

#### Schedule 13E-3
(Form Type)

#### Soho House & Co Inc.

#### EH MergerSub Inc.

#### EH Parent LLC

#### The Yucaipa Companies LLC

#### Yucaipa American Alliance (Parallel) Fund II, L.P.

#### Yucaipa American Alliance Fund II, L.P.

#### Yucaipa American Alliance III, L.P.

#### Yucaipa Soho Works, Inc.

#### Global Joint Venture Investment Partners LP

#### OA3, LLC

#### Ron Burkle

#### Richard Caring

#### Andrew Carnie

#### Nick Jones

#### Tom Collins
(Name of Registrant and Name of Persons Filing Statement)

#### Table 1: Transaction Valuation

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| | | | |
|:---|:---|:---|:---|
| | **Proposed Maximum<br> Aggregate Value of<br> Transaction** | **Fee**<br> **Rate** | **Amount of<br> Filing Fee** |
|  Fees to be Paid | $380531070 <sup>(1)</sup> | 0.0001531 | $58259.31 <sup>(2)</sup> |
|  Fees Previously Paid | $0 |  | $0 |
|  **Total Transaction Valuation** | $380531070 |  |  |
|  **Total Fees Due for Filing** |  |  | $58259.31 |
|  **Total Fees Previously Paid** |  |  | - |
|  **Total Fee Offsets** |  |  | $58259.31 |
|  **Net Fee Due** |  |  | $0 |

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#### Table 2: Fee Offset Claims and Sources

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registrant**<br> **or Filer**<br> **Name** | **Form or**<br> **Filing Type** | **File**<br> **Number** | **Initial**<br> **Filing**<br> **Date** | **Filing Date** | **Fee**<br> **Offset**<br> **Claimed** |
| **Fee Offset Claims** |  | Schedule 14A | 001-40605 | September 22, 2025 |  | $58259.31 |
| **Fee Offset Sources** | Soho House & Co Inc. | Schedule 14A | 001-40605 |  | September 22, 2025 | <br> $58259.31 <sup>(3)</sup> |

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Capitalized terms used below but not defined herein have the meanings assigned to such terms in the Agreement and Plan of Merger, dated as of August 15, 2025 (the "<u>Merger Agreement</u>"), by and among Soho House & Co Inc. (the "<u>Company</u>"), EH Parent LLC and EH MergerSub Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Aggregate number of securities to which transaction applies: As of August 4, 2025, the maximum number of securities of the Company to which this transaction applies is estimated to be 42,281,230, which consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 36,278,929 shares of the Company's Class A common stock, par value $0.01 per share (the " <u>Class A Common Stock</u> "), entitled to receive the maximum payable per share merger consideration of $9.00 (which excludes any Owned Company Shares and Rollover Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 4,113,833 shares of the Company's Class B common stock, par value $0.01 per share (the " <u>Class B Common Stock</u> " and, together with the Class A Common Stock, the " <u>Common Stock</u> "), entitled to receive the maximum payable per share
 merger consideration of $9.00 (which excludes any Rollover Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 1,363,134 shares of Class A Common Stock underlying 3,433,644 outstanding stock appreciation rights that are vested in accordance with their terms, which stock
 appreciation rights may be entitled to receive the maximum payable per share merger consideration of $9.00 minus any applicable base price (which excludes certain outstanding stock appreciation rights that are subject to Support
 Agreements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 411,934 shares of Class A Common Stock underlying outstanding restricted stock units that will vest on or before January 31, 2026, entitled to receive the maximum
 payable per share merger consideration of $9.00 (which excludes certain shares of Class A Common Stock underlying outstanding restricted stock units that are subject to Support Agreements); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 113,400 shares of Class A Common Stock underlying non-employee director unvested restricted stock units, entitled to receive the maximum payable per share merger
 consideration of $9.00 (which excludes certain shares of Class A Common Stock underlying unvested restricted stock units subject to Support Agreements).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): Estimated solely for the purposes of calculating the filing fee, as of August 4, 2025, the underlying value of the transaction was calculated based on the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the product of 36,278,929 shares of Class A Common Stock and the maximum payable per share merger consideration of $9.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the product of 4,113,833 shares of Class B Common Stock and the maximum payable per share merger consideration of $9.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the product of 1,363,134 shares of Class A Common Stock underlying outstanding stock appreciation rights and the maximum payable per share merger consideration of
 $9.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the product of 411,934 shares of Class A Common Stock underlying outstanding restricted stock units that will vest on or before January 31, 2026 and the maximum
 payable per share merger consideration of $9.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the product of 113,400 shares of Class A Common Stock underlying non-employee director unvested restricted stock units and the maximum payable per share merger
 consideration of $9.00.

In accordance with Section 14(g) of the Securities Exchange Act of 1934, as amended, the filing fee was determined by multiplying the sum calculated in the preceding sentence by 0.00015310.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company previously paid $58,259.31 upon the filing of its Schedule 14A on September 22, 2025 in connection with the transaction reported hereby.

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