# EDGAR Filing Document

**Accession Number:** 0001856236
**File Stem:** 0001193125-26-102445
**Filing Date:** 2026-3
**Character Count:** 512951
**Document Hash:** 70bc65846d05eb8dadbd0f8f3443f45b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-102445.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0001193125-26-102445

**CONFORMED SUBMISSION TYPE**: SC 13E3

**PUBLIC DOCUMENT COUNT**: 181

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**GROUP MEMBERS**: EWC VENTURES, LLC

**GROUP MEMBERS**: GA AIV-1 B INTERHOLDCO (EW), L.P.

**GROUP MEMBERS**: GA AIV-1 B INTERHOLDCO, L.P.

**GROUP MEMBERS**: GAP COINVESTMENTS CDA, L.P.

**GROUP MEMBERS**: GAP COINVESTMENTS III, LLC

**GROUP MEMBERS**: GAP COINVESTMENTS IV, LLC

**GROUP MEMBERS**: GAP COINVESTMENTS V, LLC

**GROUP MEMBERS**: GAPCO AIV HOLDINGS, L.P.

**GROUP MEMBERS**: GAPCO AIV INTERHOLDCO (EW), L.P.

**GROUP MEMBERS**: GENERAL ATLANTIC (SPV) GP, LLC

**GROUP MEMBERS**: GENERAL ATLANTIC GENPAR (EW), L.P.

**GROUP MEMBERS**: GENERAL ATLANTIC GENPAR, L.P.

**GROUP MEMBERS**: GENERAL ATLANTIC PARTNERS AIV (EW), L.P.

**GROUP MEMBERS**: GENERAL ATLANTIC PARTNERS AIV-1 A, L.P.

**GROUP MEMBERS**: GENERAL ATLANTIC PARTNERS AIV-1 B, L.P.

**GROUP MEMBERS**: GENERAL ATLANTIC, L.P.

**GROUP MEMBERS**: GLOW MERGER SUB 1, INC.

**GROUP MEMBERS**: GLOW MERGER SUB 2, LLC

**GROUP MEMBERS**: GLOW MIDCO, LLC

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** European Wax Center, Inc.
- **CENTRAL INDEX KEY:** 0001856236
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PERSONAL SERVICES [7200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 863150064
- **FISCAL YEAR END:** 0106

**FILING VALUES:**
- **FORM TYPE:** SC 13E3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93236
- **FILM NUMBER:** 26744508

**BUSINESS ADDRESS:**
- **STREET 1:** 5830 GRANITE PARKWAY, 3RD FLOOR
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75024
- **BUSINESS PHONE:** 469-264-8123

**MAIL ADDRESS:**
- **STREET 1:** 5830 GRANITE PARKWAY, 3RD FLOOR
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75024
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** European Wax Center, Inc.
- **CENTRAL INDEX KEY:** 0001856236
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PERSONAL SERVICES [7200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 863150064
- **FISCAL YEAR END:** 0106

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

**BUSINESS ADDRESS:**
- **STREET 1:** 5830 GRANITE PARKWAY, 3RD FLOOR
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75024
- **BUSINESS PHONE:** 469-264-8123

**MAIL ADDRESS:**
- **STREET 1:** 5830 GRANITE PARKWAY, 3RD FLOOR
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75024

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 13E-3** 

**RULE 13E-3 TRANSACTION STATEMENT UNDER** 

**SECTION 13(E) OF THE SECURITIES EXCHANGE ACT OF 1934** 

## European Wax Center, Inc.
**(Name of the Issuer)** 

**European Wax Center, Inc.** 

**EWC Ventures, LLC** 

**Glow Midco, LLC** 

**Glow Merger Sub 1, Inc.** 

**Glow Merger Sub 2, LLC** 

**General Atlantic, L.P.** 

**General Atlantic GenPar, L.P.** 

**GAP Coinvestments III, LLC** 

**GAP Coinvestments IV, LLC** 

**GAP Coinvestments V, LLC** 

**GAP Coinvestments CDA, L.P.** 

**General Atlantic Partners AIV-1 A, L.P.** 

**General Atlantic Partners AIV-1 B, L.P.** 

**General Atlantic (SPV) GP, LLC** 

**General Atlantic GenPar (EW), L.P.** 

**General Atlantic Partners AIV (EW), L.P.** 

**GAPCO AIV Holdings, L.P.** 

**GAPCO AIV Interholdco (EW), L.P.** 

**GA AIV-1 B Interholdco, L.P.** 

**GA AIV-1 B Interholdco (EW), L.P.** 

**(Names of Persons Filing Statement)** 

**Class A Common Stock, Par Value $0.00001 per share** 

**(Title of Class of Securities)** 

**Common Stock: 29882P106**

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

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| | |
|:---|:---|
| **European Wax Center, Inc.<br>EWC Ventures, LLC**<br> **5830 Granite Parkway, 3rd Floor<br>Plano, Texas 75024**<br> **Tel: (469) 264-8123** | **Glow Midco, LLC**<br> **Glow Merger Sub 1, Inc.**<br> **Glow Merger Sub 2, LLC**<br> **c/o General Atlantic Service Company, L.P.,**<br> **55 East 52nd Street, 32nd Floor**<br> **New York, NY 10055**<br> **Tel: (212) 715-4000** |

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**General Atlantic, L.P.** 

**General Atlantic GenPar, L.P.** 

**GAP Coinvestments III, LLC** 

**GAP Coinvestments IV, LLC** 

**GAP Coinvestments V, LLC** 

**GAP Coinvestments CDA, L.P.** 

**General Atlantic Partners AIV-1 A, L.P.** 

**General Atlantic Partners AIV-1 B, L.P.** 

**General Atlantic (SPV) GP, LLC** 

**General Atlantic GenPar (EW), L.P.** 

**General Atlantic Partners AIV (EW), L.P.** 

**GAPCO AIV Holdings, L.P.** 

**GAPCO AIV Interholdco (EW), L.P.** 

**GA AIV-1 B Interholdco, L.P.** 

**GA AIV-1 B Interholdco (EW), L.P.,** 

**55 East 52nd Street, 33rd Floor** 

**New York, NY 10055** 

**Tel: (212) 715-4000** 

**(Name, Address and Telephone Number of Person Authorized to Receive** 

**Notices and Communications on Behalf of the Persons Filing Statement)** 

***With copies to***

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| | |
|:---|:---|
| **Thomas Fraser<br>Ropes & Gray LLP**<br> **Prudential Tower**<br> **800 Boylston Street**<br> **Boston, Massachusetts 02199**<br> **(617) 951-7000** | **Matthew W. Abbott**<br> **Christopher J. Cummings**<br> **Cullen L. Sinclair**<br> **Paul, Weiss, Rifkind, Wharton & Garrison LLP**<br> **1285 Avenue of the Americas**<br> **New York, NY 10019**<br> **Tel: (212) 373-3000** |

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

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.** 

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**INTRODUCTION** 

This Rule 13e-3 Transaction Statement on Schedule 13E-3, together with the exhibits hereto (this "**Schedule 13E-3**" or "**Transaction Statement**"), is being filed with the Securities and Exchange Commission (the "**SEC**") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the "**Exchange Act**"), jointly by the following persons (each, a "**Filing Person**," and collectively, the "**Filing Persons**"): (i) European Wax Center, Inc. (the "**Company**"), a Delaware corporation, (ii) EWC Ventures, LLC, a Delaware limited liability company ("**Opco**"), (iii) Glow Midco, LLC, a Delaware limited liability company ("**Parent**"), (iv) Glow Merger Sub 1, Inc., a Delaware corporation and wholly owned subsidiary of Parent ("**Merger Sub Inc.**"), (v) Glow Merger Sub 2, LLC, a Delaware limited liability company and wholly owned subsidiary of Parent ("**Merger Sub LLC**," together with Merger Sub Inc. and Parent, the "**Buyer Parties**"), (vi) General Atlantic, L.P., a Delaware limited partnership, (vii) General Atlantic GenPar, L.P., a Delaware limited partnership, (viii) GAP Coinvestments III, LLC, a Delaware limited liability company, (ix) GAP Coinvestments IV, LLC, a Delaware limited liability company, (x) GAP Coinvestments V, LLC, a Delaware limited liability company, (xi) GAP Coinvestments CDA, L.P., a Delaware limited partnership, (xii) General Atlantic Partners AIV-1 A, L.P., a Delaware limited partnership, (xiii) General Atlantic Partners AIV-1 B, L.P., a Delaware limited partnership, (xiv) General Atlantic (SPV) GP, LLC, a Delaware limited liability company, (xv) General Atlantic GenPar (EW), L.P., a Delaware limited partnership, (xvi) General Atlantic Partners AIV (EW), L.P., a Delaware limited partnership, (xvii) GAPCO AIV Holdings, L.P., a Delaware limited partnership, (xviii) GAPCO AIV Interholdco (EW), L.P., a Delaware limited partnership, (xix) GA AIV-1 B Interholdco, L.P., a Delaware limited partnership, and (xx) GA AIV-1 B Interholdco (EW), L.P., a Delaware limited partnership (together with Filing Persons (vi) through (xix), "**General Atlantic**"). Parent, Merger Sub Inc., Merger Sub LLC and General Atlantic are Filing Persons of this Transaction Statement because they may be deemed to be affiliates of the Company under the SEC rules governing "going-private" transactions.

On February 9, 2026, the Company, Opco, Parent, Merger Sub Inc. and Merger Sub LLC entered into an Agreement and Plan of Merger (as amended, restated, supplemented or otherwise modified from time to time, the "**Merger Agreement**"), pursuant to which, subject to the satisfaction or waiver of certain conditions and on the terms set forth therein, (i) Merger Sub Inc. will merge with and into the Company, with the Company continuing as the surviving corporation (the "**Corporate Merger**") and (ii) Merger Sub LLC will merge with and into Opco, with Opco continuing as the surviving limited liability company (the "**LLC Merger**" and collectively with the Corporate Merger, the "**Mergers**"). Opco, as the surviving company of the LLC Merger, is sometimes referred to herein as the "**Surviving LLC**" and the Company, as the surviving corporation of the Corporate Merger, is sometimes referred to herein as the "**Surviving Corporation**". Concurrently with the filing of this Schedule 13E-3, the Company is filing with the SEC a preliminary Proxy Statement (the "**Proxy Statement**") under Regulation 14A of the Exchange Act, relating to a special meeting of the stockholders of the Company (the "**Special Meeting**") at which the stockholders of the Company will consider and vote upon a proposal to (i) approve and adopt the Merger Agreement and the transactions contemplated thereby, including the Mergers and (ii) a proposal to adjourn the Special Meeting, if necessary or appropriate, including adjournments to solicit additional proxies if there are insufficient votes at the time of the Special Meeting to adopt the Merger Agreement. The adoption of the Merger Agreement will require (i) the affirmative vote of the holders of a majority of all of the outstanding shares of Company Common Stock entitled to vote on the adoption of the merger agreement proposal (as discussed in the Proxy Statement) and (ii) the affirmative vote of a majority of the votes cast by the disinterested stockholders (as such term is defined in Section 144 of the General Corporation Law of the State of Delaware (the "**DGCL**")), which, for the avoidance of doubt, shall exclude any stockholder that is not an Unaffiliated Company Stockholder. The "**Unaffiliated Company Stockholders**" means the holders of shares of Company Common Stock, excluding those shares of Company Common Stock held, directly or indirectly, by or on behalf of (i) General Atlantic, its investment fund affiliates, its portfolio companies majority owned by such investment fund affiliates (with respect to which General Atlantic has the right to vote or direct the voting of such shares held by such portfolio companies) (collectively, "**General Atlantic Controlled Portfolio Companies**") (excluding any Company Common Stock held by a General Atlantic Controlled

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Portfolio Company (x) in trust, managed, brokerage, custodial, nominee or other customer accounts or (y) in mutual funds, open or closed end investment funds or other pooled investment vehicles (including limited partnerships and limited liability companies) sponsored, managed or advised or sub-advised by such General Atlantic Controlled Portfolio Company, in each case acquired and held in the ordinary course of the securities, commodities, derivatives, asset management, banking or similar businesses of any such General Atlantic Controlled Portfolio Company), (ii) any person that the Company has determined to be an "officer" of the Company within the meaning of Rule 16a-1(f) of the Exchange Act and (iii) those members of the Board of Directors of the Company who are not members of the Special Committee.

A copy of the Proxy Statement is attached hereto as Exhibit (a)(2)(i) and incorporated herein by reference. A copy of the Merger Agreement is attached hereto as Exhibit (d)(i) and is also included as Annex A to the preliminary Proxy Statement and incorporated herein by reference.

Under the terms of the Merger Agreement, and subject to the conditions thereof, at the effective time of the Corporate Merger (the "**Effective Time**"), (i) each share of the Company's Class A common stock, par value $0.00001 per share (the "**Class A Common Stock**") that is outstanding as of immediately prior to the Effective Time (other than Cancelled Company Class A Shares or Dissenting Company Shares) will be cancelled and extinguished and automatically converted into the right to receive cash in an amount equal to $5.80 per share of Class A Common Stock, without interest thereon (the "**Class A Per Share Price**"); (ii) each Cancelled Company Class A Share will be cancelled and extinguished without any conversion thereof or consideration paid therefor; (iii) each share of the Company's Class B common stock, par value $0.00001 per share (the "**Class B Common Stock**" and, together with the Class A Common Stock, the "**Company Common Stock**") that is outstanding as of immediately prior to the Effective Time (other than Cancelled Company Class B Shares or Dissenting Company Shares) will be cancelled and extinguished and automatically converted into the right to receive cash in an amount equal to $0.00001 per share of Class B Common Stock (the "**Class B Per Share Price**"); (iv) each Cancelled Company Class B Share will be cancelled and extinguished without any conversion thereof or consideration paid therefor; and (v) the shares contributed to Parent (or any direct or indirect parent company thereof) by the GA Stockholders pursuant to the Support Agreement (the "**GA Shares**") shall not be entitled to receive the Class A Per Share Price or the Class B Per Share Price and shall, immediately prior to the consummation of the transactions contemplated by the Merger Agreement (the "**Closing**"), be contributed, directly or indirectly, to Parent. "**Cancelled Company Class A Shares"** means each share of Class A Common Stock that is (A) held by the Company and its subsidiaries, including Opco (the "**Company Group**") as treasury stock or otherwise; (B) owned by the Buyer Parties (including the GA Shares); (C) owned by any direct or indirect wholly owned subsidiary of the Buyer Parties as of immediately prior to the Effective Time; or (D) corresponding to an Unvested Restricted Stock Award. "**Cancelled Company Class B Shares"** means each share of Class B Common Stock that is (A) held by the Company Group as treasury stock or otherwise; (B) owned by the Buyer Parties (including the GA Shares); or (C) owned by any direct or indirect wholly owned subsidiary of the Buyer Parties as of immediately prior to the Effective Time.

All shares of Company Common Stock that are issued and outstanding as of immediately prior to the Effective Time and held by Company stockholders who shall have neither voted in favor of the Transactions nor consented thereto in writing and who shall have (or for which the beneficial owner (as defined in Section 262(a) of the DGCL) shall have) properly and validly exercised their statutory rights of appraisal in respect of such shares of Company Common Stock in accordance with Section 262 of the DGCL (the "**Dissenting Company Shares**") will not be converted into, or represent the right to receive, the applicable Per Share Price. Holders of Dissenting Company Shares (or beneficial owners thereof) will be entitled to receive payment of the appraised value of such Dissenting Company Shares in accordance with the provisions of Section 262 of the DGCL (a copy of which is attached hereto as Exhibit (f)), except that all Dissenting Company Shares held by Company stockholders (or beneficial owners) who shall have failed to perfect or who shall have effectively withdrawn or lost their rights to appraisal of such Dissenting Company Shares pursuant to Section 262 of the DGCL will thereupon be deemed to have been converted into, and to have become exchangeable for, as of the Effective Time, the right to receive the applicable Per Share Price, without interest thereon, upon surrender of the

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Certificates or Uncertificated Shares that formerly evidenced such shares of Company Common Stock in the manner provided for in the Merger Agreement.

At the effective time of the LLC Merger (the "**LLC Merger Effective Time**"), (i) each common limited liability interest in Opco (the "**Opco Common Units**") outstanding immediately prior to the LLC Merger Effective Time (subject to certain exceptions, including each (a) Opco Common Unit that is (x) held by Opco or any of its subsidiaries in treasury or otherwise or (y) owned by the Buyer Parties or owned by any direct or indirect wholly owned subsidiary of the Buyer Parties as of immediately prior to the LLC Merger Effective Time (each, a "**Cancelled Opco Unit**") and (b) Opco Common Unit that is owned directly or indirectly by the Company (each, an "**Excluded Opco Unit**")) will be cancelled and extinguished and automatically converted into the right to receive cash in an amount equal to the excess of the Class A Per Share Price over the Class B Per Share Price, without interest thereon (the "**Opco Per Unit Price**"), (ii) each Cancelled Opco Unit will be cancelled and extinguished without any conversion thereof or consideration paid therefor, (iii) each Excluded Opco Unit shall be unaffected by the LLC Merger and shall remain outstanding as a common unit of the Surviving LLC held by the Company and (iv) Opco Common Units held by the GAPCO AIV Interholdco (EW), L.P. and General Atlantic Partners AIV (EW), L.P. shall not be entitled to receive the Opco Per Unit Price and shall, immediately prior to the Closing, be contributed, directly or indirectly, to Parent.

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. Pursuant to General Instruction F to Schedule 13E-3, the information contained in the Proxy Statement, including all annexes and appendices thereto, is incorporated in its entirety herein by reference, and the responses to each item in this Schedule 13E-3 are qualified in their entirety by the information contained in the Proxy Statement and the annexes and appendices thereto.

Capitalized terms used but not expressly defined in this Schedule 13E-3 shall have the respective meanings given to them in the Proxy Statement.

The information concerning the Company contained in, or incorporated by reference into, this Schedule 13E-3 and the Proxy Statement was supplied by the Company. Similarly, all information concerning each other Filing Person contained in, or incorporated by reference into this Schedule 13E-3 and the Proxy Statement was supplied by such Filing Person. No Filing Person, including the Company, is responsible for the accuracy of any information supplied by any other Filing Person.

While each of the Filing Persons acknowledges that the Mergers constitute a "going private" transaction for purposes of Rule 13e-3 under the Exchange Act, the filing of this Transaction Statement shall not be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that the Company is "controlled" by any Filing Person.

**Item 1.** **Summary Term Sheet** <br>

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

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

**Item 2.** **Subject Company Information** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name and Address. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"*PARTIES TO THE MERGERS*"

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

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*THE SPECIAL MEETING – Voting*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Market Price of Shares of Company Common Stock and Dividends"*

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Security Ownership of Certain Beneficial Owners and Management*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Trading Market and Price. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Market Price of Shares of Company Common Stock and Dividends*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dividends. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Market Price of Shares of Company Common Stock and Dividends*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Dividends*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prior Public Offerings. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY– Prior Public Offerings*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prior Stock Purchases. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Stock Repurchases*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Certain Transactions in the Shares of Company Common Stock*"

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

(a)–(c) Name and Address; Business and Background of Entities; Business and Background of Natural Persons. European Wax Center, Inc. is the subject company. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*PARTIES TO THE MERGERS*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY*"

"*OTHER IMPORTANT INFORMATION REGARDING THE BUYER FILING PARTIES*"

**Item 4.** **Terms of the Transaction** <br>

(a)(1) Material Terms. Tender Offers. Not Applicable.

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(a)(2) Material Terms. Mergers or Similar Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Position of the General Atlantic Filing Parties as to the Fairness of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

"*SPECIAL FACTORS – Plans for the Company and Opco After the Mergers*"

"*SPECIAL FACTORS – Certain Effects of the Mergers*"

"*SPECIAL FACTORS – Treatment of Company Equity Awards and Company Restricted Stock in the Mergers*"

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*SPECIAL FACTORS – Treatment of Company Shares and Company Equity Awards in the Mergers*"

"*SPECIAL FACTORS – Material U.S. Federal Income Tax Consequences of the Mergers*"

"*SPECIAL FACTORS – Financing of the Mergers*"

"*SPECIAL FACTORS – Limited Guarantee*"

"*SPECIAL FACTORS – Accounting Treatment*"

"*THE MERGER AGREEMENT*"

"*THE SPECIAL MEETING – Vote Required*"

*Annex A – Agreement and Plan of Merger* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Different Terms. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*SPECIAL FACTORS – Plans for the Company and Opco After the Mergers*"

"*SPECIAL FACTORS – Certain Effects of the Mergers*"

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*SPECIAL FACTORS – Financing of the Merg*ers"

"*SPECIAL FACTORS – Support Agreement*"

"*THE MERGER AGREEMENT – Employee Benefits*"

*Annex A – Agreement and Plan of Merger*

*Annex B – Support Agreement* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Appraisal Rights. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SPECIAL FACTORS – Appraisal Rights*"

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"*THE MERGER AGREEMENT – Merger Consideration*"

"*THE SPECIAL MEETING – Appraisal Rights*"

"*THE MERGERS (THE MERGER AGREEMENT PROPOSAL – PROPOSAL 1) – Appraisal Rights*"

*Annex A – Agreement and Plan of Merger* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Provisions for Unaffiliated Security Holders. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*PROVISIONS FOR UNAFFILIATED STOCKHOLDERS*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Eligibility for Listing or Trading. Not Applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*SPECIAL FACTORS – Exchange of Paired Interests in Connection with the Mergers*"

"*THE MERGER AGREEMENT*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY– Certain Transactions in the Shares of Company Common Stock*"

"*WHERE YOU CAN FIND MORE INFORMATION*"

*Annex A – Agreement and Plan of Merger* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Significant Corporate Events. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

"*SPECIAL FACTORS – Plans for the Company and Opco After the Mergers*"

"*SPECIAL FACTORS – Certain Effects of the Mergers*"

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*SPECIAL FACTORS – Exchange of Paired Interests in Connection with the Mergers*"

"*SPECIAL FACTORS – Financing of the Mergers*"

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"*SPECIAL FACTORS – Limited Guarantee*"

"*SPECIAL FACTORS – Support Agreement*"

"THE MERGER AGREEMENT"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Negotiations or Contacts. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

"*SPECIAL FACTORS – Plans for the Company and Opco After the Mergers*"

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*THE MERGER AGREEMENT*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Plans for the Company and Opco After the Mergers*"

"*SPECIAL FACTORS – Certain Effects of the Mergers*"

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*SPECIAL FACTORS – Intent of the Directors and Executive Officers to Vote in Favor of the Mergers*"

"*SPECIAL FACTORS – Intent of the General Atlantic Filing Parties to Vote in Favor of the Mergers*"

"*SPECIAL FACTORS – Exchange of Paired Interests in Connection with the Mergers*"

"*SPECIAL FACTORS – Financing of the Mergers*"

"*SPECIAL FACTORS – Limited Guarantee*"

"*SPECIAL FACTORS – Support Agreement*"

"*THE MERGER AGREEMENT*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Certain Transactions in the Shares of Company Common Stock*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Stockholders Agreement*"

"*WHERE YOU CAN FIND MORE INFORMATION*"

*Annex A – Agreement and Plan of Merger* 

*Annex B – Support Agreement* 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Use of Securities Acquired. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

------

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

"*SPECIAL FACTORS – Plans for the Company and Opco After the Mergers*"

"*SPECIAL FACTORS – Certain Effects of the Mergers*"

"*SPECIAL FACTORS – Exchange and Payment Procedures*"

"*THE MERGER AGREEMENT*"

"*DELISTING AND DEREGISTRATION OF COMMON STOCK*"

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:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Position of the General Atlantic Filing Parties as to the Fairness of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

"*SPECIAL FACTORS – Plans for the Company and Opco After the Mergers*"

"*SPECIAL FACTORS – Certain Effects of the Mergers*"

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*SPECIAL FACTORS – Intent of the Directors and Executive Officers to Vote in Favor of the Mergers*"

"*SPECIAL FACTORS – Intent of the General Atlantic Filing Parties to Vote in Favor of the Mergers*"

"*SPECIAL FACTORS – Financing of the Mergers*"

"*SPECIAL FACTORS – Limited Guarantee*"

"*SPECIAL FACTORS – Support Agreement*"

"*THE MERGER AGREEMENT*"

"*THE SPECIAL MEETING*"

"*DELISTING AND DEREGISTRATION OF COMMON STOCK*"

*Annex A – Agreement and Plan of Merger*

*Annex B – Support Agreement* 

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

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

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*SPECIAL FACTORS – Background of the Mergers*"

------

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Position of the General Atlantic Filing Parties as to the Fairness of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

"*SPECIAL FACTORS – Plans for the Company and Opco After the Mergers*"

"*SPECIAL FACTORS – Certain Effects of the Mergers*"

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

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Position of the General Atlantic Filing Parties as to the Fairness of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

"*SPECIAL FACTORS – Certain Effects on the Company if the Mergers are not Completed*"

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

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Opinion of the Special Committee's Financial Advisor*"

"*SPECIAL FACTORS – Position of the General Atlantic Filing Parties as to the Fairness of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

"*SPECIAL FACTORS – Plans for the Company and Opco After the Mergers*"

"*SPECIAL FACTORS – Certain Effects of the Mergers*"

*Annex C – Opinion of Moelis & Company LLC* 

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

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Position of the General Atlantic Filing Parties as to the Fairness of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

"*SPECIAL FACTORS – Plans for the Company and Opco After the Mergers*"

"*SPECIAL FACTORS – Certain Effects of the Mergers*"

------

"*SPECIAL FACTORS – Certain Effects on the Company if the Mergers are not Completed*"

"*SPECIAL FACTORS – Financing of the Mergers*"

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*SPECIAL FACTORS – Exchange of Paired Interests in Connection with the Mergers*"

"*SPECIAL FACTORS – Material U.S. Federal Income Tax Consequences of the Mergers*"

"*SPECIAL FACTORS – Fees and Expenses*"

"*SPECIAL FACTORS – Accounting Treatment*"

"*SPECIAL FACTORS – Exchange and Payment Procedures*"

"*THE MERGER AGREEMENT*"

"*DELISTING AND DEREGISTRATION OF COMMON STOCK*"

*Annex A – Agreement and Plan of Merger* 

**Item 8.** **Fairness of the Transaction** <br>

(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:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Opinion of the Special Committee's Financial Advisor*"

"*SPECIAL FACTORS – Position of the General Atlantic Filing Parties as to the Fairness of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*THE MERGER AGREEMENT*"

*Annex C – Opinion of Moelis & Company LLC* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Approval of Security Holders. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*THE MERGER AGREEMENT – Conditions to the Closing of the Mergers*"

"*THE SPECIAL MEETING – Record Date and Quorum*"

"*THE SPECIAL MEETING – Vote Required*"

"*THE SPECIAL MEETING – Voting Intentions of the Company's Directors and Executive Officers*"

"*THE SPECIAL MEETING – Voting*"

------

"*THE SPECIAL MEETING – How to Vote*"

"*THE SPECIAL MEETING – Proxies and Revocation*"

*Annex A – Agreement and Plan of Merger* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unaffiliated Representative. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Opinion of the Special Committee's Financial Advisor*"

"*SPECIAL FACTORS – Position of the General Atlantic Filing Parties as to the Fairness of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

"*PROVISIONS FOR UNAFFILIATED STOCKHOLDERS*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Approval of Directors. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Position of the General Atlantic Filing Parties as to the Fairness of the Mergers*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Other Offers. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Position of the General Atlantic Filing Parties as to the Fairness of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

"*THE MERGER AGREEMENT – Solicitation of Other Offers*"

"*THE MERGER AGREEMENT – Recommendation Changes*"

*Annex A – Agreement and Plan of Merger* 

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

(a)–(c) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal; Availability of Documents. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

------

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Opinion of the Special Committee's Financial Advisor*"

"*SPECIAL FACTORS – Position of the General Atlantic Filing Parties as to the Fairness of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

"*WHERE YOU CAN FIND MORE INFORMATION*"

*Annex C – Opinion of Moelis & Company LLC* 

**Item 10.** **Source and Amount of Funds or Other Consideration** <br>

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

"*SUMMARY TERM SHEET*"

"*SPECIAL FACTORS – Financing of the Mergers*"

"*SPECIAL FACTORS – Limited Guarantee*"

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*SPECIAL FACTORS – Exchange and Payment Procedures*"

"*THE MERGER AGREEMENT – Effect of the Mergers*"

"*THE MERGER AGREEMENT – Closing, Effective Time and LLC Merger Effective Time*"

"*THE MERGER AGREEMENT – Conduct of Business Pending the Mergers*"

"*THE MERGER AGREEMENT – Conditions to the Closing of the Mergers*"

*Annex A – Agreement and Plan of Merger* 

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

"*SPECIAL FACTORS – Fees and Expenses*"

"*THE MERGER AGREEMENT – Termination of the Merger Agreement*"

"*THE MERGER AGREEMENT – Termination Fees*"

"*THE MERGER AGREEMENT – Fees and Expenses*"

"*THE SPECIAL MEETING – Solicitation of Proxies; Payment of Solicitation Expenses*"

*Annex A – Agreement and Plan of Merger* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Borrowed Funds.

"*SPECIAL FACTORS – Financing of the Mergers*"

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities Ownership. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

------

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*SPECIAL FACTORS – Support Agreement*"

"*THE SPECIAL MEETING – Record Date and Quorum*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Security Ownership of Certain Beneficial Owners and Management*"

"*OTHER IMPORTANT INFORMATION REGARDING THE BUYER FILING PARTIES – General Atlantic Filing Parties*"

*Annex B – Support Agreement* 

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

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*SPECIAL FACTORS – Support Agreement*"

"*THE MERGER AGREEMENT*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY– Stock Repurchases*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Certain Transactions in the Shares of Company Common Stock*"

*Annex A – Agreement and Plan of Merger* 

*Annex B – Support Agreement* 

**Item 12.** **The Solicitation or Recommendation** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*SPECIAL FACTORS – Intent of the Directors and Executive Officers to Vote in Favor of the Mergers*"

"*SPECIAL FACTORS – Intent of the General Atlantic Filing Parties to Vote in Favor of the Mergers*"

"*SPECIAL FACTORS – Support Agreement*"

"*THE SPECIAL MEETING – Record Date and Quorum*"

"*THE SPECIAL MEETING – Voting Intentions of the Company's Directors and Executive Officers*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Directors and Executive Officers of the Company*"

------

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Security Ownership of Certain Beneficial Owners and Management*"

*Annex B – Support Agreement* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Recommendation of Others. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Position of the General Atlantic Filing Parties as to the Fairness of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the General Atlantic Filing Parties for the Mergers*"

**Item 13.** **Financial Statements** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial Information. The audited consolidated financial statements of the Company for the fiscal years ended January 3, 2026 and January 4, 2025 are incorporated herein by reference to the Company's Annual Report on Form 10–K for the fiscal year ended January 3, 2026 (the "**FY25 Form 10-K**"), filed on March 4, 2026 (see "Item 8. Financial Statements and Supplementary Data" beginning on page 59 of the FY25 Form 10-K).

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

"*SUMMARY TERM SHEET*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Book Value Per Share*"

"*OTHER IMPORTANT INFORMATION REGARDING THE COMPANY – Selected Historical Consolidated Financial Data*"

"*WHERE YOU CAN FIND MORE INFORMATION*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pro Forma Information. Not Applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Solicitations or Recommendations. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET*"

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Purpose and Reasons of the Company for the Mergers; Recommendation of the Board and the Special Committee; Fairness of the Mergers*"

"*SPECIAL FACTORS – Fees and Expenses*"

"*THE SPECIAL MEETING – Solicitation of Proxies; Payment of Solicitation Expenses*"

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Employees and Corporate Assets. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"*SUMMARY TERM SHEET"* 

"*QUESTIONS AND ANSWERS ABOUT THE PROPOSALS AND THE SPECIAL MEETING*"

"*SPECIAL FACTORS – Background of the Mergers*"

"*SPECIAL FACTORS – Interests of Executive Officers and Directors of the Company in the Mergers*"

"*THE SPECIAL MEETING*"

"*THE SPECIAL MEETING – Solicitation of Proxies; Payment of Solicitation Expenses*"

**Item 15.** **Additional Information** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Golden Parachute Compensation. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other Material Information. The entirety of the Proxy Statement, including all annexes and appendices thereto, is incorporated herein by reference.

**Item 16.** **Exhibits** <br>

The following exhibits are filed herewith:

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| (a)(2)(i) | [Preliminary Proxy Statement of European Wax Center, Inc. (included in the Schedule 14A filed on March 11, 2026, and incorporated herein by reference) (the "**Preliminary Proxy Statement**").](http://www.sec.gov/Archives/edgar/data/1856236/000119312526102359/d118454dprem14a.htm) |
| (a)(2)(ii) | [Form of Proxy Card (included in the Preliminary Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1856236/000119312526102359/d118454dprem14a.htm) |
| (a)(2)(iii) | [Letter to Stockholders (included in the Preliminary Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1856236/000119312526102359/d118454dprem14a.htm) |
| (a)(2)(iv) | [Notice of Special Meeting of Stockholders (included in the Preliminary Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1856236/000119312526102359/d118454dprem14a.htm) |
| (a)(2)(v) | [Current Report on Form 8–K, dated February 10, 2026 (included in Schedule 14A filed on February 10, 2026 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1856236/000119312526043662/d71794ddefa14a.htm) |
| (a)(2)(vi) | [Email to EWC Associates, dated February 10, 2026 (included in Schedule 14A filed on February 10, 2026 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1856236/000119312526044836/d100032ddefa14a.htm) |
| (a)(2)(vii) | [Email to Franchisees, dated February 10, 2026 (included in Schedule 14A filed on February 10, 2026 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1856236/000119312526044836/d100032ddefa14a.htm) |
| (a)(5)(i) | [Press Release, dated February 10, 2026 (incorporated by reference to Exhibit 99.1 to the Company's Form 8-K (filed February 10, 2026) (File No. 001–40714)).](http://www.sec.gov/Archives/edgar/data/1856236/000119312526043656/d71794dex991.htm) |
| (b)(i) | [Debt Commitment Letter, dated February 9, 2026, from HPS Investment Partners, LLC and accepted and agreed to by Glow Midco, LLC.](d51338dex99b1.htm) |
| (c)(i) | [Opinion of Moelis & Company LLC, dated February 9, 2026 (included as Annex C to the Preliminary Proxy Statement, and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1856236/000119312526102359/d118454dprem14a.htm#toc118454_19) |
| (c)(ii) | [The Presentation of Moelis & Company LLC to the Special Committee, dated December 23, 2025.](d51338dex99cii.htm) |
| (c)(iii) | [The Presentation of Moelis & Company LLC to the Special Committee, dated January 6, 2026.](d51338dex99ciii.htm) |
| (c)(iv) | [The Presentation of Moelis & Company LLC to the Special Committee, dated January 13, 2026.](d51338dex99civ.htm) |
| (c)(v) | [The Presentation of Moelis & Company LLC to the Special Committee, dated January 27, 2026.](d51338dex99cv.htm) |

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------

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| (c)(vi) | [The Presentation of Moelis & Company LLC to the Special Committee, dated February 9, 2026.](d51338dex99cvi.htm) |
| (d)(i) | [Agreement and Plan of Merger, dated February 9, 2026 by and among European Wax Center Inc., EWC Ventures, LLC, Glow Midco, LLC, Glow Merger Sub 1, Inc. and Glow Merger Sub 2, LLC (included as Annex A to the Preliminary Proxy Statement, and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1856236/000119312526102359/d118454dprem14a.htm#toc118454_17) |
| (d)(ii) | [Support Agreement, dated February 9, 2026, by and among European Wax Center, Inc., Glow Midco, LLC, and the stockholders party thereto (included as Annex B to the Preliminary Proxy Statement, and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1856236/000119312526102359/d118454dprem14a.htm#toc118454_18) |
| (d)(iii) | [Equity Commitment Letter, dated February 9, 2026, from General Atlantic Partners 100, L.P. and accepted and agreed to by Glow Midco, LLC.](d51338dex99diii.htm) |
| (f) | [Section 262 of the DGCL.](d51338dex99f.htm) |
| (g) | Not Applicable. |
| 107 | [Filing Fee Table.](d51338dexfilingfees.htm) |

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------

**SIGNATURES** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: March 11, 2026

---

| | |
|:---|:---|
| EUROPEAN WAX CENTER INC. | EUROPEAN WAX CENTER INC. |
| By: | /s/ Christopher Morris |
|  | Name: Christopher Morris |
|  | Title: Chief Executive Officer and Chairman |
| EWC VENTURES, LLC | EWC VENTURES, LLC |
| By: | /s/ Christopher Morris |
|  | Name: Christopher Morris |
|  | Title: Chief Executive Officer and Chairman |

---

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: March 11, 2026

---

| | |
|:---|:---|
| GLOW MIDCO, LLC | GLOW MIDCO, LLC |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |
| GLOW MERGER SUB 1, INC. | GLOW MERGER SUB 1, INC. |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |
| GLOW MERGER SUB 2, LLC. | GLOW MERGER SUB 2, LLC. |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |

---

------

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: March 11, 2026

---

| | |
|:---|:---|
| GENERAL ATLANTIC, L.P. | GENERAL ATLANTIC, L.P. |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |
| GENERAL ATLANTIC GENPAR, L.P. | GENERAL ATLANTIC GENPAR, L.P. |
| By: GENERAL ATLANTIC, L.P., its general partner | By: GENERAL ATLANTIC, L.P., its general partner |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |
| GAP COINVESTMENTS III, LLC | GAP COINVESTMENTS III, LLC |
| By: GENERAL ATLANTIC, L.P., its managing member | By: GENERAL ATLANTIC, L.P., its managing member |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |
| GAP COINVESTMENTS IV, LLC | GAP COINVESTMENTS IV, LLC |
| By: GENERAL ATLANTIC, L.P., its managing member | By: GENERAL ATLANTIC, L.P., its managing member |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |
| GAP COINVESTMENTS V, LLC | GAP COINVESTMENTS V, LLC |
| By: GENERAL ATLANTIC, L.P., its managing member | By: GENERAL ATLANTIC, L.P., its managing member |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |

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------

---

| | |
|:---|:---|
| GAP COINVESTMENTS CDA, L.P. | GAP COINVESTMENTS CDA, L.P. |
| By: | GENERAL ATLANTIC, L.P., its general partner |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |
| GENERAL ATLANTIC PARTNERS AIV–1 A, L.P. | GENERAL ATLANTIC PARTNERS AIV–1 A, L.P. |
| By: GENERAL ATLANTIC GENPAR, L.P., its general partner | By: GENERAL ATLANTIC GENPAR, L.P., its general partner |
| By: GENERAL ATLANTIC, L.P., its general partner | By: GENERAL ATLANTIC, L.P., its general partner |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |
| GENERAL ATLANTIC PARTNERS AIV–1 B, L.P. | GENERAL ATLANTIC PARTNERS AIV–1 B, L.P. |
| By: GENERAL ATLANTIC GENPAR, L.P., its general partner | By: GENERAL ATLANTIC GENPAR, L.P., its general partner |
| By: GENERAL ATLANTIC, L.P., its general partner | By: GENERAL ATLANTIC, L.P., its general partner |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |
| GENERAL ATLANTIC (SPV) GP, LLC | GENERAL ATLANTIC (SPV) GP, LLC |
| By: GENERAL ATLANTIC, L.P., its sole member | By: GENERAL ATLANTIC, L.P., its sole member |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |

---

------

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| | |
|:---|:---|
| GENERAL ATLANTIC GENPAR, (EW) L.P. | GENERAL ATLANTIC GENPAR, (EW) L.P. |
| By: GENERAL ATLANTIC GENPAR, L.P., its general partner | By: GENERAL ATLANTIC GENPAR, L.P., its general partner |
| By: | GENERAL ATLANTIC, L.P., its general partner |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |
| GENERAL ATLANTIC PARTNERS AIV (EW) L.P. | GENERAL ATLANTIC PARTNERS AIV (EW) L.P. |
| By: GENERAL ATLANTIC GENPAR, (EW) L.P., its general partner | By: GENERAL ATLANTIC GENPAR, (EW) L.P., its general partner |
| By: GENERAL ATLANTIC GENPAR, L.P., its general partner | By: GENERAL ATLANTIC GENPAR, L.P., its general partner |
| By: GENERAL ATLANTIC, L.P., its general partner | By: GENERAL ATLANTIC, L.P., its general partner |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |
| GAPCO AIV HOLDINGS, L.P. | GAPCO AIV HOLDINGS, L.P. |
| By: GENERAL ATLANTIC (SPV) GP, LLC, its general partner | By: GENERAL ATLANTIC (SPV) GP, LLC, its general partner |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |
| GAPCO AIV INTERHOLDCO (EW), L.P. | GAPCO AIV INTERHOLDCO (EW), L.P. |
| By: GENERAL ATLANTIC (SPV) GP, LLC, its general partner | By: GENERAL ATLANTIC (SPV) GP, LLC, its general partner |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |

---

------

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| | |
|:---|:---|
| GA AIV–1 B INTERHOLDCO, L.P. | GA AIV–1 B INTERHOLDCO, L.P. |
| By: GENERAL ATLANTIC GENPAR, L.P., | By: GENERAL ATLANTIC GENPAR, L.P., |
| its general partner | its general partner |
| By: GENERAL ATLANTIC, L.P., its general partner | By: GENERAL ATLANTIC, L.P., its general partner |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |
| GA AIV–1 B INTERHOLDCO (EW), L.P. | GA AIV–1 B INTERHOLDCO (EW), L.P. |
| By: GENERAL ATLANTIC (SPV) GP, LLC, | By: GENERAL ATLANTIC (SPV) GP, LLC, |
| its general partner | its general partner |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |

---

## Ex-99.(B)(1)

**Exhibit (b)(i)**

**HPS INVESTMENT PARTNERS, LLC** 

40 West 57th Street

New York, NY 10019

**CONFIDENTIAL** 

February 9, 2026

Glow Midco, LLC

c/o General Atlantic Service Company, L.P.

55 East 52<sup>nd</sup> Street, 32<sup>nd</sup> Floor

New York, New York 10055

**<u>COMMITMENT LETTER</u>**

**<u>PROJECT GLOW</u>**

Ladies and Gentlemen:

You have advised HPS Investment Partners, LLC (acting on behalf of certain funds (or affiliates or subsidiaries of such funds) and/or accounts managed, advised or controlled by it or its affiliates or subsidiaries, "***HPS***", "**we**" or "**us**") that Glow Midco, LLC, a Delaware limited liability company ("***Buyer***" or "***you***") directly or indirectly controlled by affiliates of General Atlantic Service Company, L.P. (collectively with its investment affiliates and managed funds, the "***Sponsor***"), proposes to directly or indirectly acquire (the "***Acquisition***") all of the capital stock and other equity interests of European Wax Center, Inc., a Delaware corporation (the "***Target Corporation***") and EWC Ventures, LLC, a Delaware limited liability company (the "***Target LLC***" and, together with the Target Corporation, collectively, the "***Target***") and their business operations (collectively, the "***Acquired Business***"). The Acquisition will be effected pursuant to that certain Agreement and Plan of Merger, dated as of the date hereof (the "***Acquisition Agreement***"), by and between Buyer, Glow Merger Sub 1, Inc., a Delaware corporation ("***Corporate Merger Sub***"), Glow Merger Sub 2, LLC, a Delaware limited liability company ("***LLC Merger Sub***"), and the other parties thereto. In connection with the Acquisition, Corporate Merger Sub will merge with and into the Target Corporation, with the Target Corporation as the surviving entity (the "***Corporate Merger***") and LLC Merger Sub will merge with and into the Target LLC, with the Target LLC as the surviving entity (the "***LLC Merger***" and, together with the Corporate Merger, the "***Mergers***"), with Buyer directly or indirectly owning all of the capital stock and other equity interests of the Target and the Acquired Business after giving effect to the Mergers.

In connection with the Acquisition the Borrower intends to obtain a senior secured term loan facility of $74.0 million (the "***Term Facility***") on the terms described in the Summary of Term Facility Terms and Conditions attached as <u>Annex I</u> hereto (the "***Acquisition Term Sheet***").

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Acquisition Term Sheet or the Fee Letter, as the context may require; and this commitment letter, the Acquisition Term Sheet and the Acquisition Conditions Annex (as defined below) are referred to collectively as this "***Commitment Letter***".

The term "***Acquisition Transactions***" means the Acquisition, the Mergers, the entering into of this Commitment Letter, the entering into of the Term Facility, the initial borrowings thereunder and the use of proceeds thereof, and the payments of fees, commissions, costs, premiums and expenses in connection with each of the foregoing.

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1. <u>Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) HPS (in such capacity, the "***Committed Lender***") is pleased to advise you of its commitment, in accordance with the terms of this Commitment Letter, to provide the entire amount of the Term Facility on the Closing Date (such commitment, the "***Acquisition Commitment***"), subject only to the satisfaction (or waiver in writing by the Committed Lender) of the conditions set forth in <u>Annex II</u> hereto (the "***Acquisition Conditions Annex***").

2. <u>Titles and Roles</u>.

It is agreed that (i) HPS will act as the lead left arranger and bookrunner for the Term Facility, and, in consultation with you, will manage all aspects of the syndication (if any) of the Term Facility, and will, in such capacities, perform the duties and exercise the authority customarily associated with such roles (in such capacity, the "***Acquisition Lead Arranger***"), and (ii) HPS will act as administrative agent and collateral agent for the Term Facility (in such capacities, the "***Administrative Agent***").

It is understood and agreed that HPS will appear on the top "lead" left of the cover page of any offering or marketing materials for the Term Facility and will hold the leading roles and responsibilities conventionally understood to be associated with such name placement. It is further understood and agreed that no other advisors, agents, co-agents, managers, co-managers, arrangers, co-arrangers or bookrunners will be appointed, no other titles will be awarded and no compensation (other than compensation expressly contemplated by this Commitment Letter, the Annexes hereto or the Fee Letter (as defined below)) will be paid in connection with the Term Facility unless you and we shall so agree. Any such other agents (or their affiliates, as applicable) for the relevant Term Facility will be listed in an order determined by you in consultation with the Commitment Parties (as defined in the Fee Letter) in any marketing materials or other documentation.

3. <u>Syndication</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Acquisition Lead Arranger reserves the right, from the date hereof through the closing date of the Acquisition and the concurrent funding of the Term Facility (such date, the "***Closing Date***") to syndicate all or a portion of the Committed Lender's commitments hereunder with respect to the Term Facility to a group of banks, financial institutions and other institutional lenders identified by the Acquisition Lead Arranger and subject to your prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) (together with the Committed Lender, the "***Lender(s)***"); <u>provided</u> that (i) such syndication shall not be a condition to the Committed Lender's commitments hereunder nor relieve or release the Committed Lender of its obligations set forth herein (including its obligations to fund the Term Facility on the Closing Date in accordance with the terms and conditions set forth in this Commitment Letter), (ii) unless you specifically agree otherwise in writing, such syndication and assignment shall not become effective until the initial funding of the Term Facility on the Closing Date, (iii) unless you specifically agree otherwise in writing, the Committed Lender shall retain exclusive control over all rights and obligations with respect to its commitments in respect of the Term Facility, including all rights with respect to consents, modifications, supplements, waivers and amendments, until after the initial funding of the Term Facility on the Closing Date has occurred and (iv) you shall not be required to provide any assistance in connection with such syndication (unless otherwise agreed between us and you). The Acquisition Lead Arranger agrees not to syndicate the Term Facility to (i) competitors in the Acquired Business's line of business separately identified in writing by you or the Sponsor to us from time to time (and affiliates thereof that are either identified in writing or are reasonably identifiable by name) (other than a bona fide debt fund affiliate, except to the extent separately identified to us in accordance with this clause (i) or succeeding clause (ii)) (with no retroactive effect for any supplements in accordance with this clause

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(i) with respect to persons that have previously acquired and continue to hold an assignment or participation or that otherwise have entered into a trade to acquire an assignment or participation) and (ii) those banks, financial institutions and other lenders separately identified in writing by you or the Sponsor to us prior to the date hereof (together with such competitors and affiliates thereof under the foregoing clause (i), the "***Disqualified Lenders***"). Notwithstanding anything to the contrary herein, and for the avoidance of doubt, on and after the funding of the loans on the Closing Date, the Committed Lender shall be permitted to assign and/or participate its commitments and/or funded loans under the Term Facility in accordance with the assignment and participation provisions in the Definitive Loan Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary contained in this Commitment Letter, the Fee Letter or any other letter agreement or undertaking concerning the financing of the Acquisition Transactions, neither the commencement nor the completion of the syndication of the Term Facility, nor the receipt of any commitments in connection therewith shall constitute a condition to the commitments of the Committed Lender hereunder; it being agreed that the only conditions to the funding or availability of the Term Facility shall be the satisfaction (or waiver in writing by the Committed Lender) of the terms and conditions set forth in the Acquisition Conditions Annex.

4. <u>Information</u>. In connection with the Acquisition Commitment, you hereby represent and covenant that (to your knowledge with respect to information provided by or concerning the Acquired Business) (a) all written information (other than customary financial statement forecasts of the Borrower and other forward-looking information ("***Acquisition Projections***"), and information of a general economic or industry specific nature) that has been or will be made available to us by Buyer, the Borrower or any of their respective representatives on behalf of Buyer or the Borrower in connection with the Acquisition Transactions (the "***Acquisition Information***"), when taken as a whole, does not and will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in the light of the circumstances under which such statements are made, not materially misleading (in each case after giving effect to all supplements and updates thereto made in accordance with this Section 4 from time to time) and (b) the Acquisition Projections that have been or will be made available to us by Buyer, the Borrower or any of their respective representatives on behalf of Buyer or the Borrower in connection with the Acquisition Transactions have been and will be prepared in good faith based upon assumptions believed by you to be reasonable (at the time furnished); it being understood by the Committed Lender that projections by their nature are inherently uncertain and contingent and are not to be viewed as facts, and no assurances are being given that the results reflected in the Acquisition Projections will be achieved, that actual results may differ and that such differences may be material. You agree that if at any time prior to the Closing Date, you become aware that any of the representations in the preceding sentence would be incorrect in any material respect (to your knowledge with respect to the Acquired Business) if the Acquisition Information and the Acquisition Projections were being furnished, and such representations were being made, at such time, then you will (or with respect to the Acquisition Information and the Acquisition Projections relating to the Acquired Business, will use commercially reasonable efforts to) promptly upon obtaining knowledge thereof notify us and supplement, or cause to be supplemented, in all instances subject to, and not in contravention of, the terms of the Acquisition Agreement, the Acquisition Information and the Acquisition Projections so that such representations (with respect to the Acquisition Information and the Acquisition Projections relating to the Acquired Business, to your knowledge) will be correct at such time in all material respects. In issuing the Acquisition Commitment hereunder and in arranging and syndicating the Term Facility, you understand and agree that we are and will be using and relying on the Acquisition Information and the Acquisition Projections without independent verification thereof and we do not assume responsibility for the accuracy or completeness of the Acquisition Information or the Acquisition Projections. Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter or any other letter agreement or undertaking concerning the financing of the Acquisition Transaction, none of the making of any representation under this Section 4, the provision of any supplement thereto or the accuracy of any such representation or supplement shall constitute a condition to the Acquisition Commitment hereunder or the funding of the Term Facility on the Closing Date.

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5. <u>Compensation</u>.

As consideration for the commitments of the Committed Lender hereunder with respect to the Term Facility, the agreement of the Acquisition Lead Arranger to structure, arrange and syndicate, as applicable, the Term Facility, to provide advisory services in connection therewith and to provide the services set forth in the Fee Letter, you agree to pay, or cause to be paid, the fees set forth in the fee letter of even date herewith addressed to you (together with the annexes thereto, the "***Fee Letter***") on the terms and subject to the conditions set forth therein. Once paid, such fees shall not be refundable under any circumstances, except as otherwise contemplated by the Fee Letter.

6. <u>Conditions</u>.

Our commitments and agreements hereunder in respect of the Term Facility are subject only to the conditions set forth in the Acquisition Conditions Annex and upon satisfaction (or written waiver thereof by the Committed Lender) of such conditions, the initial funding of the Term Facility shall occur; it being understood that there are no conditions (implied or otherwise) to the commitments hereunder in respect of the Term Facility other than those that are expressly stated in the Acquisition Conditions Annex to be conditions to the closing of the Term Facility and the funding under the Term Facility on the Closing Date.

Notwithstanding anything in this Commitment Letter, the Fee Letter, the definitive documentation with regard to the Term Facility (the "***Definitive Loan Documentation***") or any other letter agreement or other undertaking concerning the financing of the Acquisition Transactions to the contrary, (i) the only representations, the making or accuracy of which shall be a condition to availability of the Term Facility on the Closing Date, shall be (A) such of the representations made by or on behalf of the Acquired Business in the Acquisition Agreement as are material to the interests of the Committed Lender, but only to the extent that you have (or your applicable affiliate has) the right to terminate, or not to consummate, your (or its) obligations under the Acquisition Agreement as a result of a breach of such representations, without any liability to you (or your applicable affiliates) (to such extent, the "***Acquisition Agreement Representations***") and (B) the Specified Representations (as defined below) (it being understood that the failure of any representation or warranty (other than the Acquisition Agreement Representations and the Specified Representations) to be true and correct in all material respects on the Closing Date will not constitute the failure of a condition precedent to funding under the Term Facility) and (ii) the terms of the Definitive Loan Documentation shall be in a form such that they do not impair availability of the Term Facility on the Closing Date if the conditions set forth in the Acquisition Conditions Annex are satisfied or waived (it being understood that, to the extent any collateral referred to in the Acquisition Term Sheet under the heading "Security" (other than liens that may be perfected by the filing of a financing statement under the Uniform Commercial Code, solely to the extent of perfection by such filing) is not or cannot be provided on the Closing Date without undue burden or expense or after your use of commercially reasonable efforts to do so, the provision of such Collateral (as defined below) (and the perfection of the security interest therein) shall not constitute a condition precedent to the availability of the Term Facility on the Closing Date and shall not affect the size of the Term Facility available on the Closing Date but shall be (i) except as set forth in the following <u>clause (ii)</u>, required to be provided within 90 days (or such longer time as may be agreed to by the Administrative Agent in its reasonable discretion) after the Closing Date pursuant to arrangements to be mutually agreed by the parties hereto acting reasonably) and (ii) in the case of any certificated equity interests (x) of the Borrower constituting Collateral, be required to be delivered to the Administrative Agent on or prior to the date that is five (5) business days following the Closing Date and

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(y) of any other person constituting Collateral, be required to be delivered to the Administrative Agent on or prior to the date that is fifteen (15) business days following the Closing Date (or, in each case of clauses (x) and (y), such longer time as may be agreed to by the Administrative Agent in its reasonable discretion). For purposes hereof, "***Specified Representations***" means the representations and warranties of the Borrower to be set forth in the Definitive Loan Documentation relating to organizational existence of the Borrower (after giving effect to the Acquisition); organizational power and authority (as to execution, delivery and performance of the Definitive Loan Documentation) of the Borrower, due authorization, execution, delivery and enforceability by the Borrower of the Definitive Loan Documentation, in each case, related to, the borrowing under, performance of, and granting of security interests in the collateral pursuant to, the Definitive Loan Documentation; solvency as of the Closing Date (after giving effect to the Acquisition Transactions) of the Borrower and its subsidiaries on a consolidated basis (such representation and warranty to be consistent with the solvency certificate in the form set forth in <u>Annex III</u> hereto); Federal Reserve margin regulations; the Investment Company Act; the use of the proceeds of borrowing under the Term Facility on the Closing Date not violating OFAC regulations, the PATRIOT Act, the FCPA and other applicable sanctions, anti-corruption and anti-money laundering laws; the incurrence of the loans to be made under the Term Facility and the granting of the security interests in the collateral to secure the Borrower's obligations under the Term Facility not conflicting with the organizational documents of the Borrower (after giving effect to the Acquisition Transactions); and, subject to permitted liens and the limitations set forth in the proviso in <u>clause</u> <u>(ii)</u> of the immediately preceding sentence and the Acquisition Term Sheet, creation, validity and perfection of security interests in the collateral. This paragraph, and the provisions contained herein, shall be referred to as the "***Certain Funds Provision***".

7. [<u>Reserved].</u>

8. <u>Indemnity and Expenses</u>.

To induce the Commitment Parties to enter into this Commitment Letter and the Fee Letter and to proceed with the documentation of the Term Facility, you agree (a) to indemnify and hold harmless the Commitment Parties, each of their successors and permitted assigns, and their respective affiliates and the principals, directors, officers, employees, representatives, agents and third party advisors of each of them (each, an "***Indemnified Person***") from and against any and all losses, disputes, claims, damages and liabilities of any kind or nature and (without duplication of fees and expenses described in clauses (b) and (c) below) reasonable and documented or invoiced out-of-pocket fees and expenses (but limited, in the case of legal fees and expenses, to the reasonable and documented or invoiced (in summary form) out-of-pocket legal expenses of a single counsel for all such Indemnified Persons, taken as a whole, and, if necessary, of a single local counsel in each appropriate material jurisdiction (which may include a single special counsel acting in multiple jurisdictions) for all such Indemnified Persons, taken as a whole, and, solely in the case of an actual conflict of interest, one additional counsel in each applicable material jurisdiction to the affected Indemnified Persons, taken as a whole), to which any such Indemnified Person may become subject to the extent arising out of, resulting from or in connection with this Commitment Letter (including the Acquisition Term Sheet), the Fee Letter, the Acquisition Transactions or any related transaction contemplated hereby, the Term Facility or any use or proposed use of the proceeds thereof or any claim, litigation, investigation or proceeding (including any inquiry or investigation) relating to any of the foregoing (any of the foregoing, a "***Proceeding***"), regardless of whether any such Indemnified Person is a party thereto, whether or not such Proceedings are brought by you, your equity holders, affiliates, creditors or any other third person, and to reimburse each such Indemnified Person upon demand for any such reasonable and documented or invoiced out-of-pocket fees and expenses incurred in connection with investigating, preparing to defend or defending, or providing evidence in any lawsuit, investigation, claim or other proceeding relating to any of the foregoing; <u>provided</u> that the foregoing indemnity will not, as to any Indemnified Person, apply to losses, disputes, claims, damages, liabilities or related expenses to the

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extent that they have resulted from (i) the willful misconduct, bad faith or gross negligence of such Indemnified Person or any of such Indemnified Person's controlled affiliates or any of its or their respective principals, directors, officers, employees, representatives, agents or advisors, in each case who are involved in the Acquisition Transactions (as determined by a court of competent jurisdiction in a final and non-appealable decision), (ii) a material breach of the obligations of such Indemnified Person or any of such Indemnified Person's controlled affiliates under this Commitment Letter (including the Acquisition Term Sheet), the Fee Letter or the Definitive Loan Documentation (as determined by a court of competent jurisdiction in a final and non-appealable decision), or (iii) disputes between and among Indemnified Persons to the extent such disputes do not arise from any act or omission of you or any of your affiliates (other than claims against an Indemnified Person acting in its capacity as an agent or arranger or similar role in respect of the Term Facility, unless such claims arise from the gross negligence, bad faith or willful misconduct of such Indemnified Person (as determined by a court of competent jurisdiction in a final and non-appealable decision)); and (b) to the extent the Closing Date occurs or, if the Closing Date does not occur, the Acquisition is consummated without the use of the Term Facility, to reimburse the Committed Lender from time to time, promptly upon presentation of a summary statement (and in any event, within 30 days of such presentation), for all reasonable and documented or invoiced (in summary form) out-of-pocket expenses (including expenses of the Committed Lender's consultants' fees (to the extent any such consultant has been retained with your prior written consent (such consent not to be unreasonably withheld, conditioned or delayed)), syndication expenses, disbursements and other charges, but limited, in the case of legal fees and expenses, to the reasonable and documented or invoiced (in summary form) out-of-pocket expenses of a single lead counsel to the Committed Lender identified in the Acquisition Term Sheet and of a single local counsel to the Committed Lender in each appropriate material jurisdiction (which may include a single special counsel acting in multiple jurisdictions) and of such other counsel retained with your prior written consent (such consent not to be unreasonably withheld, conditioned or delayed), except, in any case, allocated costs of in-house counsel), in each case incurred in connection with the Term Facility or the preparation, negotiation and enforcement of this Commitment Letter, the Fee Letter, the Definitive Loan Documentation and any security arrangements in connection therewith. The foregoing provisions in this paragraph shall be superseded, in each case to the extent covered thereby, by the applicable provisions contained in the Definitive Loan Documentation upon execution thereof and thereafter shall have no further force and effect.

Notwithstanding any other provision of this Commitment Letter or the Fee Letter, (i) no Indemnified Person nor any of their respective affiliates shall be liable for any damages arising from the use by others of information or other materials obtained through internet, electronic, telecommunications or other information transmission systems, except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any of such Indemnified Person's controlled affiliates or any of its or their respective principals, officers, directors, employees, agents, advisors or other representatives, in each case who are involved in or aware of the Acquisition Transactions, as determined by a final, non-appealable judgment of a court of competent jurisdiction and (ii) none of us, you, the Sponsor, the Acquired Business or any Indemnified Person shall be liable for any indirect, special, punitive or consequential damages (including, without limitation, any loss of profits, business or anticipated savings) in connection with this Commitment Letter, the Fee Letter or the Acquisition Transactions (including the Term Facility and the use of proceeds thereof), or with respect to any activities related to the Term Facility, including the preparation of this Commitment Letter, the Fee Letter and the Definitive Loan Documentation; <u>provided</u> that nothing in this sentence shall limit your indemnification obligations in respect of claims asserted by third parties as otherwise expressly set forth in this Section 8.

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You shall not be liable for any settlement of any Proceeding effected without your written consent (which consent shall not be unreasonably withheld, delayed or conditioned). If, however, any Proceeding is settled with your written consent or if there is a final and non-appealable judgment by a court of competent jurisdiction for the plaintiff in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the other provisions of this Section 8.

You shall not, without the prior written consent of any Indemnified Person (which consent shall not be unreasonably withheld, delayed or conditioned), effect any settlement of any pending or threatened Proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Person unless such settlement (i) includes an unconditional release of such Indemnified Person from all liability or claims that are the subject matter of such Proceedings, and (ii) does not include any statement as to or any admission of fault, culpability, wrongdoing or a failure to act by or on behalf of any Indemnified Person.

If the indemnifying party has reimbursed any Indemnified Person for any legal or other expenses in accordance with such request and there is a final and non-appealable determination by a court of competent jurisdiction that the Indemnified Person was not entitled to indemnification or contribution rights with respect to such payment pursuant to this <u>Section</u> <u>8</u>, then the Indemnified Person shall promptly refund such amount to the applicable indemnifying party.

9. <u>Confidentiality</u>.

This Commitment Letter is delivered to you upon the condition that, neither the existence of this Commitment Letter or the Fee Letter nor any of their contents shall be disclosed by you, directly or indirectly, to any other person, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the existence and contents of this Commitment Letter and the Fee Letter may be disclosed (i) as may be compelled in a legal, judicial or administrative proceeding or as otherwise required by law or regulation or as requested by a governmental authority, (ii) to the Sponsor and to your and the Sponsor's directors, officers, employees, affiliates, controlling persons, members, partners, equity holders, legal counsel, representatives, agents, accountants, auditors and advisors, in each case on a confidential basis, (iii) in connection with the enforcement of your rights hereunder or (iv) if we consent in writing to such proposed disclosure (such consent not to be unreasonably withheld, delayed or conditioned);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the existence and contents of this Commitment Letter and the existence of the Fee Letter (but not the contents of the Fee Letter) may be disclosed (i) in any confidential information memorandum or other syndication or other marketing materials in connection with the Term Facility, (ii) to the extent required by the applicable rules of any national securities exchange, or (iii) to the extent required by applicable federal securities laws, in connection with any Securities and Exchange Commission filings relating to the Acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the existence and contents of the Acquisition Term Sheet may be disclosed to (i) any Lender, Purchaser or participant, any potential Lender, Purchaser or participant or any equity investors, in each case on a confidential basis and (ii) any rating agency.

In addition, this Commitment Letter and the Fee Letter may be disclosed to the Target, the Acquired Business and their respective directors, officers, employees, affiliates, controlling persons, members, partners, equity holders, legal counsel, representatives, agents, accountants, auditors and advisors, in each case (but in the case of the Fee Letter, solely if the economic and other terms therein are redacted in a customary manner reasonably satisfactory to the Acquisition Lead Arranger) on a confidential and need-to-know basis. In addition, you may disclose the aggregate fee amount contained in the Fee Letter (including

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upfront fees and original issue discount) as part of the Projections, pro forma information or a generic disclosure of aggregate sources and uses related to fee amounts related to the Acquisition Transactions to the extent customary or required in offering and marketing materials for the Term Facility or in any public filing relating to the Acquisition Transactions. Further, you may disclose to the Borrower's auditors the Fee Letter and the contents thereof after the Closing Date on a confidential and need-to know basis for customary accounting purposes, including accounting for deferred financing costs. With respect to this Commitment Letter (but not the Fee Letter) restrictions in this paragraph and the immediately preceding paragraph shall cease to apply on the second anniversary of the date hereof.

The Commitment Parties and their affiliates will use all confidential information provided to them or such affiliates by or on behalf of you hereunder or in connection with the Acquisition and the related Acquisition Transactions solely for the purpose of providing the services which are the subject of this Commitment Letter and shall treat confidentially all such information and shall not publish, disclose or otherwise divulge such information; <u>provided</u> that nothing herein shall prevent the Commitment Parties and their affiliates from disclosing any such information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law or compulsory legal process based on the advice of counsel (in which case the Commitment Parties agree (except with respect to any audit or examination conducted by bank accountants or any regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law, to inform you promptly thereof prior to disclosure and to use commercially reasonable efforts to ensure that any such information disclosed is accorded confidential treatment), (b) upon the request or demand of any regulatory authority having or purporting to have jurisdiction over the Commitment Parties or any of their respective affiliates (in which case the Commitment Parties agree (except with respect to any audit or examination conducted by bank accountants or any regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law, to inform you promptly thereof prior to disclosure and to use commercially reasonable efforts to ensure that any such information disclosed is accorded confidential treatment), (c) to the extent that such information becomes publicly available other than by reason of improper disclosure by any Commitment Party or any of their affiliates or any related parties thereto in violation of any confidentiality obligations owing to you, Buyer, the Holdco Guarantor, the Sponsor, the Acquired Business or any of your or their respective affiliates (including those set forth in this paragraph), (d) to the extent that such information is received by such Commitment Party from a third party that is not, to such Commitment Party's knowledge, subject to contractual or fiduciary confidentiality obligations owing to you, the Holdco Guarantor, Buyer, the Sponsor, the Acquired Business or any of your or their respective affiliates or related parties, (e) to the extent that such information is independently developed by the Commitment Parties, their respective affiliates and/or their respective Representatives (as defined below), (f) to the Commitment Parties' affiliates and to the Commitment Parties' and their affiliates' respective directors, officers, employees, legal counsel, independent auditors, professionals and other experts or agents (collectively, the "***Representatives***") who need to know such information in connection with the Acquisition Transactions and who are informed of the confidential nature of such information and are or have been advised of their obligation to keep information of this type confidential (<u>provided</u> that the Commitment Parties shall be responsible for their affiliates' and their Representatives' compliance with this paragraph), (g) as explicitly set forth in the Fee Letter, (h) such confidential information as is necessary in connection with the enforcement of our rights under the Commitment Letter or Fee Letter, (i) to ratings agencies, (j) for purposes of establishing a "due diligence" defense or (k) to potential or prospective Lenders, Purchasers, participants or assignees and to any direct or indirect contractual counterparty to any swap or derivative transaction relating to you or any of your subsidiaries, financing sources for the Commitment Parties and their affiliates and related funds to obtain financing for the commitments hereunder, limited partners, credit insurers and reinsurers, in each case who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph); <u>provided</u> that the disclosure of any such information to any Lenders, Purchasers

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or prospective Lenders or Purchasers or participants or prospective participants, contractual counterparty, financing source, limited partner, credit insurer or reinsurer referred to above shall be made subject to the acknowledgment and acceptance by such Lender, Purchaser or prospective Lender or Purchaser or participant or prospective participant, contractual counterparty, financing source, limited partner, credit insurer or reinsurer that such information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and us, including, without limitation, as agreed in any confidential information memorandum or other syndication or other marketing materials) in accordance with our standard syndication processes or customary market standards for dissemination of such type of information. For the avoidance of doubt, in no event shall any disclosure of such information be made to any Disqualified Lender or any person known to be a Disqualified Purchaser. The Commitment Parties' and their affiliates', obligations under this paragraph shall automatically terminate upon the earlier of the Closing Date, in which case the provisions in this paragraph shall be superseded by the confidentiality provisions of the Definitive Loan Documentation, and (ii) the second anniversary of the date hereof.

Notwithstanding the foregoing, nothing in this Commitment Letter shall prohibit or restrict any party or its affiliates, employees, or agents from communicating about possible violations of law or regulation directly to any governmental agency or entity, any self-regulatory organization or any law enforcement authority to the extent such communication is protected under whistleblower provisions of the applicable laws or regulations.

10. <u>Other Services</u>.

You acknowledge and agree that we and/or our affiliates may be requested to provide additional services with respect to the Sponsor, Buyer, the Holdco Guarantor, the Borrower, the Issuer, the Acquired Business and/or their respective affiliates or other matters contemplated hereby. Any such services will be set out in and governed by a separate agreement(s) (containing terms relating, without limitation, to services, fees and indemnification) in form and substance satisfactory to the parties thereto. Nothing in this Commitment Letter is intended to obligate or commit us or any of our affiliates to provide any services other than as set out herein.

11. <u>Conflicts of Interest</u>.

None of us or our affiliates will use confidential information obtained from the Acquired Business, the Sponsor, you or your or their respective affiliates by virtue of the transactions contemplated hereby or their other relationships with you in connection with the performance by us and our affiliates of services for other persons. You also acknowledge that none of us or our affiliates has an obligation to use in connection with the transactions contemplated hereby, or to furnish or disclose to, or utilize to the benefit of, you, Buyer, the Sponsor or the Acquired Business (or any of your or their respective affiliates or representatives) confidential information obtained from other persons. You also acknowledge that we or our affiliates may be a full service securities firm and may from time to time effect transactions and other engagements, for our own or our affiliates' account or the account of customers, and hold positions in loans, securities or options on loans or securities of the Acquired Business and its affiliates and of other companies that may be the subject of or conflict with the transactions contemplated by this Commitment Letter, and you acknowledge that we and our affiliates may retain for our and our affiliates' own benefit remuneration for our and our affiliates' services, notwithstanding that a conflict of interest may exist or may arise from such other transaction or other engagement. You acknowledge that we or our affiliates may be providing financing or other services to parties whose interests may conflict with yours. You acknowledge that we and our affiliates operate under rules, policies and procedures, including independence policies and permanent and ad hoc information barriers between and within our and our affiliates' different divisions,

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directed to ensuring that (i) the individual directors, officers and employees involved in an assignment undertaken by a member of one of our (or our affiliates') divisions (including the engagement hereunder) are not influenced by any such conflicting interest or duty and (ii) that any confidential information held by a member of one of our (or our affiliates') divisions is not disclosed or made available to any other client.

In addition, in the ordinary course of these activities, certain of the Commitment Parties and their respective affiliates may actively engage in commodities trading or trade the debt and equity securities (or related derivative securities) and financial instruments (including bank loans and other obligations) of you, the Acquired Business and other companies which may be the subject of the arrangements contemplated by this letter for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities. Certain of the Commitment Parties or their affiliates may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of you, the Acquired Business or other companies which may be the subject of the arrangements contemplated by this Commitment Letter or engage in commodities trading with any thereof.

12. <u>No Fiduciary Relationship</u>.

13. <u>Governing Law; Miscellaneous</u>.

This Commitment Letter and the commitments hereunder shall not be assignable by any party hereto (other than by you, to the ultimate entity that is the Borrower, or another "shell" entity, in each case so long as such entity is newly formed under the laws of any jurisdiction within the United States of America and is, or will be, controlled by the Sponsor after giving effect to the Acquisition Transactions and shall (directly or through a wholly owned subsidiary) own the Acquired Business) without the prior written consent of each other party hereto (such consent not to be unreasonably withheld, delayed or conditioned (and any attempted assignment without such consent shall be null and void)). You also agree that the Committed Lender may, without the prior written consent of each other party hereto, at any time and from time to time assign all or any portion of its respective commitments hereunder to one or more of our affiliates, one or more of our respective funds, any of our separately managed accounts and/or any of our

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respective funds and accounts that are administered, advised or managed by us or our respective affiliates (<u>provided</u> that no such assignment shall release the Committed Lender from its commitments hereunder until the initial funding of the Term Facility on the Closing Date). Unless you otherwise consent in your sole discretion, the Committed Lender shall retain exclusive control over all rights and obligations with respect to its commitments in respect of the Term Facility including all rights with respect to consents, modifications, supplements, waivers and amendments, until the Closing Date.

This Commitment Letter and the Fee Letter constitute the entire contract among the parties relating to the subject matter hereof and supersede any other previous agreements and understandings, oral or written, relating to the subject matter hereof. This Commitment Letter and the commitments hereunder are intended to be solely for the benefit of the parties hereto (and Indemnified Persons) and are not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and Indemnified Persons to the extent expressly set forth herein). Subject to the limitations set forth in Section 3 above, the Commitment Parties reserve the right to employ the services of their affiliates or branches in providing services contemplated hereby and to allocate, in whole or in part, to their affiliates or branches certain fees payable to the Commitment Parties in such manner as the Commitment Parties and their affiliates or branches may agree in their sole discretion and, to the extent so employed, such affiliates and branches shall be entitled to the benefits and protections afforded to, and subject to the provisions governing the conduct of, the Commitment Parties hereunder.

This Commitment Letter may not be amended, or any provision hereof waived or modified except by an instrument in writing signed by us and you. This Commitment Letter may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile or other electronic image scan transmission (e.g., "PDF" or "tiff" via email) shall be effective as delivery of a manually executed counterpart of this Commitment Letter and any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. Headings are for convenience of reference only and shall not affect the construction of, or be taken into consideration when interpreting, this Commitment Letter. This Commitment Letter is intended to be for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, and may not be relied on by, any persons other than the parties hereto, the Lenders, the Purchasers and, with respect to the indemnification provided under Section 8, each Indemnified Person.

**THIS COMMITMENT LETTER AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATING TO THIS COMMITMENT LETTER (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE, AND AT LAW OR IN EQUITY) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK**; <u>provided</u> that, notwithstanding the foregoing, it is understood and agreed that (a) the interpretation of the definition of "Closing Date Material Adverse Effect" (as defined in Annex II) (and whether or not an Closing Date Material Adverse Effect has occurred), (b) the determination of the accuracy of any Acquisition Agreement Representation and whether as a result of any breach thereof you or your applicable affiliate has the right to terminate, or not to consummate, your (or its) obligations under the Acquisition Agreement as a result of a breach of such representations, without any liability to you (or your applicable affiliates) and (c) the determination of whether the Acquisition has been consummated in accordance with the terms of the Acquisition Agreement, in each case, shall be governed by and interpreted and construed in accordance with the laws of the State of Delaware, without giving effect to any conflict-of-laws or other rules that would result in the application of the laws of a different jurisdiction.

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EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE, AND AT LAW OR IN EQUITY) BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER OR THE FEE LETTER, ANY OF THE ACQUISITION TRANSACTIONS OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

Each of the parties hereto hereby submits to the exclusive jurisdiction of the federal and New York State courts located in New York County (and appellate courts thereof) in connection with any dispute related to this Commitment Letter, the Fee Letter, and any of the Acquisition Transactions or any of the matters contemplated hereby or thereby (whether based upon contract, tort or otherwise, and at law or in equity), and agree that service of any process, summons, notice or document by registered mail addressed to such person shall be effective service of process against such person for any suit, action or proceeding relating to any such dispute. Each of the parties hereto irrevocably and unconditionally waives any objection to the laying of such venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding has been brought in an inconvenient forum. Each of the parties hereto agrees that a final judgment in any such suit, action or proceeding may be enforced in any other jurisdiction by suit on the judgment or in any other manner provided by law.

14. <u>Patriot Act</u>.

We hereby notify you that pursuant to the requirements of the USA PATRIOT Improvement and Reauthorization Act of 2005 (Pub. L. 109-177 (signed into law March 9, 2006)), as amended and in effect from time to time (the "***Patriot Act***"), and of 31 C.F.R. § 1010.230 (as amended, the "***Beneficial Ownership Regulation***"), we and the other Lenders and Purchasers may be required to obtain, verify and record information that identifies Buyer and the Borrower, which information includes the name, address and tax identification number and other information regarding them that will allow us or such Lender or Purchaser to identify them in accordance with the Patriot Act and the Beneficial Ownership Regulation. This notice is given in accordance with the requirements of the Patriot Act and the Beneficial Ownership Regulation and is effective as to us and the other Lenders and Purchasers.

15. <u>Acceptance and Termination</u>.

Please indicate your acceptance of the terms of this Commitment Letter and the Fee Letter by returning to us executed counterparts of this Commitment Letter and the Fee Letter prior to 11:59 p.m., New York City time, on the date that is one (1) business day after the date hereof (the "***Deadline***"). This Commitment Letter and the commitments of the Committed Lender and the agreements of the Acquisition Lead Arranger shall expire automatically without further notice unless you accept this Commitment Letter and the Fee Letter, and we receive executed counterparts hereof and thereof prior to the Deadline. Upon the earliest to occur of (A) 11:59 p.m., New York City time, on the date that is five (5) Business Days (as defined in the Acquisition Agreement) after the Termination Date (as defined, and as may be extended in accordance with the first proviso in Section 8.1(c) of, the Acquisition Agreement as in effect on the date hereof), (B) the consummation of the Acquisition without the funding of the Term Facility, (C) the date of valid termination of the Acquisition Agreement in accordance with its terms, and (D) upon the delivery of a notice by the Borrower to the Acquisition Lead Arranger of such termination, the commitments of the Committed Lender and the agreements of the Acquisition Lead Arranger to provide the services described herein shall automatically terminate unless the Committed Lender and the Acquisition Lead Arranger (with respect to the Acquisition Commitment) shall, in their discretion, agree to an extension (such date, the "***Commitment Termination Date***").

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The compensation (as provided for in the Fee Letter), confidentiality, syndication (in accordance with the express terms hereof and thereof), indemnity and expenses, governing law, waiver of jury trial, forum and survival provisions in this Commitment Letter and the Fee Letter shall survive termination of any or all of the commitments of the Committed Lender hereunder; <u>provided</u> that, on the Closing Date, the obligations with respect to the confidentiality provisions and the indemnification provisions set forth herein shall automatically be superseded by the Definitive Loan Documentation to the extent covered thereby. The provisions under the heading "Conflicts of Interest" shall survive the execution and delivery of the Definitive Loan Documentation. You may terminate this Commitment Letter and/or all or any portion of the Term Facility (on a ratable basis hereunder) at any time subject to the terms of this paragraph.

[Signature Page Follows]

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We are pleased to have been given the opportunity to assist you in connection with the financing for the Acquisition Transactions.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
|  HPS INVESTMENT PARTNERS, LLC | HPS INVESTMENT PARTNERS, LLC |
| By: | /s/ Madelaine O'Connell |
| Name: | Madelaine O'Connell |
| Title: | Managing Director |

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SIGNATURE PAGE TO COMMITMENT LETTER (PROJECT GLOW)

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Accepted and agreed to as of the date first written above:

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| | |
|:---|:---|
|  GLOW MIDCO, LLC | GLOW MIDCO, LLC |
|  By: | /s/ Gordon Cruess |
|  Name: | Gordon Cruess |
|  Title: | Managing Director |

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SIGNATURE PAGE TO COMMITMENT LETTER (PROJECT GLOW)

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**<u>ANNEX I</u>**

**<u>SUMMARY OF TERM FACILITY</u>**

**<u>TERMS AND CONDITIONS</u>**

Terms used but not defined herein shall have the meanings provided elsewhere in the Commitment Letter to which this <u>Annex</u> <u>I</u> is attached.

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| | |
|:---|:---|
| <u>Borrower</u>: | The Buyer (the "***Borrower***"). |
| <u>Lead Arranger and Bookrunner</u>: | HPS Investment Partners, LLC ("***HPS***" or the "***Acquisition Lead Arranger***"). |
| <u>Lenders</u>: | A syndicate of banks, financial institutions and other entities, including the Acquisition Lead Arranger, arranged by the Acquisition Lead Arranger in consultation with and reasonably acceptable to the Borrower, but in each case excluding any Disqualified Lender (collectively, the "***Lenders***"). |
| <u>Administrative Agent and Collateral Agent</u>: | HPS (in its capacity as administrative agent, the "***Administrative Agent***" and, in its capacity as collateral agent, the "***Collateral Agent***"). |
| <u>Term Facility</u>: | A senior secured term loan facility in an aggregate principal amount of $74.0 million (the "***Term Facility***"). Loans made pursuant to the Term Facility are herein referred to as the "***Term Loans***". |
| <u>Definitive Documentation</u>: | Except as otherwise set forth herein, the definitive credit agreement, security agreements and other agreements and documentation with respect to the Term Facility (collectively, the "***Definitive Loan Documentation***") shall (i) contain terms that are consistent with the Commitment Letter, including this Acquisition Term Sheet, (ii) contain only those conditions to funding on the Closing Date that are expressly set forth on the Acquisition Conditions Annex, (iii) contain only those mandatory prepayments, representations and warranties, covenants and events of default that are expressly set forth or referred to in this Acquisition Term Sheet, (iv) with respect to matters not specified in the Commitment Letter or this Acquisition Term Sheet, take into consideration the specific nature of the business of the Borrower and its subsidiaries (including as to the Borrower's status as a holding company and as to business and financial accounting of the Borrower and operational and strategic requirements of the Borrower and its subsidiaries in light of their consolidated size, industries, practices and the Borrower's proposed business plan as reflected in the financial model provided to the Acquisition Lead Arranger prior to the date hereof (the "***Model***"), in each case, after giving effect to the transactions contemplated herein) and modifications to reflect changes in law, (v) be drafted by counsel to the Sponsor and negotiated in good faith and be based on a credit agreement agreed in writing between counsel to the Sponsor and counsel to the Acquisition Lead Arranger on or prior to the date hereof (the "***Documentation Precedent***") and (vi) include such |

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Annex I-1

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| | |
|:---|:---|
|  | modifications, as are reasonably acceptable to the Borrower, to accommodate the reasonable administrative, agency and operational requirements of the Administrative Agent (the standards set forth in clauses (i) through (vi) above, the "***Documentation Principles***"). |
| <u>Available Currency</u>: | The Term Facility will be available in United States dollars. |
| <u>Purpose</u>: | Proceeds of the Term Facility will be used by the Borrower on the Closing Date to finance a portion of the Acquisition and to pay fees, commissions, costs, premiums and expenses in connection therewith. |
| <u>Maturity Date</u>: | October 14, 2026. |
| <u>Availability</u>: | The Term Facility shall be available in a single drawing on the Closing Date. |
| <u>Amortization</u>: | None. |
| <u>Interest</u>: | At the Borrower's option, loans will bear interest from the date of borrowing based on the Base Rate (as defined in a customary manner) or Term SOFR (as defined in a customary manner) and all interest shall be paid in cash on the applicable interest payment date, as described below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Base Rate Option:* | Base Rate plus the applicable Interest Margin, calculated on the basis of the actual number of days elapsed in a year of 365/366 days and payable quarterly in arrears, commencing on the last day of the first full fiscal quarter following the Closing Date. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Term SOFR Option:* | Term SOFR for, at the Borrower's option, an interest period of 1, 3 or 6 months, plus the applicable Interest Margin; <u>provided</u> that Term SOFR shall be deemed to be not less than 1.00% per annum. Interest will be paid on the maturity date of the Term Facility and at the end of each such interest period and will be calculated on the basis of the actual number of days elapsed in a year of 360 days. |
| <u>Default Interest</u>: | Upon the occurrence and during the continuance of a bankruptcy or insolvency event of default or a payment event of default with respect to any principal, interest or other amounts under the Definitive Loan Documentation, the relevant overdue amount of principal of the loans shall bear interest at a rate of 2.00% *per annum* plus the rate otherwise applicable to such loans and any other overdue amount shall bear interest at a rate of 2.00% *per annum* plus the rate applicable to Base Rate loans, and, in each case, will be payable on demand. |
| <u>Interest Margins</u>: | The applicable "***Interest Margin***" with respect to the Term Facility will be the percentages set forth in the following table: |

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| | | |
|:---|:---|:---|
| **Applicable Dates** | **Base Rate** | **Term SOFR** |
|  On and prior to September 14, 2026 | 4.50% | 5.50% |
|  Thereafter | 5.50% | 6.50% |

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Annex I-2

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| | |
|:---|:---|
| <u>Mandatory Prepayments</u>: | The Term Facility shall be prepaid in an amount equal to: |
|  | (a) 100% of the net cash proceeds received by the Borrower or any of its subsidiaries from the non-ordinary course sale or other disposition of all or any part of the assets of the Borrower (including insurance and condemnation proceeds) in excess of an amount to be agreed, other than customary exceptions and exceptions consistent with the Documentation Principles; and |
|  | (b) 100% of the net cash proceeds received by the Borrower or any of its subsidiaries from the issuance of debt after the Closing Date (excluding debt permitted to be issued by the Definitive Loan Documentation but including, for the avoidance of doubt, the net cash proceeds of (i) any increase to the Existing WBS Facility and (ii) the WBS Term Notes). "Existing WBS Facility" shall mean the Series 2022-1 Notes issued pursuant to the Series 2022-1 Supplement to the Base Indenture, dated as of April 6, 2022, by and between the Issuer and Citibank, N.A., as Trustee. |
|  | There will be no prepayment premiums or penalties for mandatory prepayments. |
|  | All prepayments referred to in clauses (a) and (b) above are subject to permissibility under (i) local law (e.g., financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on up-streaming of cash intra-group and the fiduciary and statutory duties of the directors of the relevant subsidiaries) and (ii) material organizational document restrictions (including as a result of minority or joint venture ownership) not created in contemplation thereof. Notwithstanding the foregoing, mandatory prepayments made pursuant to clauses (a) and (b) above shall be limited to the extent that the Borrower determines, in consultation with the Administrative Agent, that such prepayment would result in adverse tax consequences to the Borrower or its affiliates or direct or indirect equity holders (including imposition of withholding taxes) related to the repatriation or upstreaming of funds or would be prohibited or restricted by applicable law or any material agreement not entered into in contemplation hereof. The non-application of any such prepayment amounts as a result of the foregoing provisions will not constitute an event of default and such amounts shall be available for working capital purposes of the Borrower and its subsidiaries. Nothing in this paragraph shall limit the obligation of the Borrower to repay the Term Facility in full on the maturity date thereof. |
| <u>Optional Prepayments</u>: | Optional prepayments will be permitted in whole or in part, with prior notice, and including accrued and unpaid interest, subject to limitations as to minimum amounts of prepayments, without premium or penalty. |
| <u>Application of Prepayments</u>: | Mandatory and optional prepayments of Term Loans shall be applied in the manner directed by the Borrower (or, in the absence of any such direction, in forward order of maturities). |
| <u>Guarantees</u>: | The Term Facility will be fully and unconditionally guaranteed by the direct parent of the Borrower (the "***Holdco Guarantor***" and, together with the Borrower, collectively, the "***Loan Parties***") |

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Annex I-3

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|:---|:---|
| <u>Security</u>: | The Term Facility will be secured on a first-priority basis (subject to exceptions and limitations to be agreed consistent with the Documentation Principles and the Certain Funds Provision) by perfected first priority pledges of all of the equity interest of the Borrower held by the Holdco Guarantor and all of the equity interests of the Borrower's direct domestic subsidiaries, and by perfected first priority security interests in substantially all owned tangible and intangible assets (including, without limitation, accounts receivable, inventory, equipment, general intangibles, intercompany notes, casualty insurance policies, investment property, intellectual property, equity interests in joint ventures and proceeds of the foregoing of the Loan Parties, wherever located, now or hereafter owned (collectively, the "***Collateral***"), except for customary excluded assets to be agreed in the Definitive Loan Documentation consistent with the Documentation Principles. |
|  | In addition, no actions shall be required to be taken to perfect a security interest in any asset located outside of the United States and no foreign law security or pledge agreements or foreign intellectual property filings or searches shall be required. |
| <u>Conditions to Initial Borrowings</u>: | Conditions precedent to the initial borrowings under the Term Facility will consist solely of those set forth in the Acquisition Conditions Annex. |
| <u>Representations and Warranties</u>: | The representations and warranties will apply to the Holdco Guarantor, the Borrower and its subsidiaries after giving effect to the Acquisition Transactions, will be subject to materiality levels and/or exceptions consistent with the Documentation Principles and reflected in the Definitive Loan Documentation, and will be limited to the following (subject to the Certain Funds Provision for purposes of the conditions precedent to the initial borrowing): |
|  | Accuracy and completeness of financial statements; no material adverse change; corporate existence; compliance with laws; corporate and/or limited liability existence, qualification, power and authority; enforceability of the Definitive Loan Documentation; no conflict with organization documents, law or contractual obligations; payment of taxes; no litigation; accuracy of disclosure as of the Closing Date; ownership of property; intellectual property; use of proceeds and Federal Reserve margin regulations; ERISA; Investment Company Act; material labor matters; capitalization of subsidiaries as of the Closing Date; environmental matters; solvency on a consolidated basis as of the Closing Date consistent with the solvency certificate attached as <u>Annex III</u> to the Commitment Letter; Patriot Act, FCPA, OFAC and other anti-terrorism, sanctions, anti-corruption and anti-money laundering law compliance; accuracy and completeness of any certificates evidencing beneficial interest delivered pursuant to FinCEN regulations; and creation and perfection of security interests (subject to permitted liens). |

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Annex I-4

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|:---|:---|
| <u>Affirmative Covenants</u>: | The affirmative covenants will apply to the Holdco Guarantor, the Borrower and its subsidiaries, will be subject to materiality levels and/or exceptions consistent with the Documentation Principles and reflected in the Definitive Loan Documentation, and will be limited to the following (subject to the Certain Funds Provision for purposes of the conditions precedent to the initial borrowings only): |
|  | Delivery of unaudited quarterly financial statements for the first three fiscal quarters of the relevant fiscal year and audited annual financial statements (which may be for a subsidiary of the Borrower along with unaudited consolidating information showing the differences between the Borrower and such subsidiary), in each case, together with customary MD&A; delivery of compliance certificates with delivery of required financial statements; delivery of all notices and other financial information required to be delivered by the issuer under the definitive documentation in respect of the Existing WBS Facility promptly following delivery to the trustee and/or purchasers thereunder (other than any notice solely with respect to the collateral under the Existing WBS Facility); notices of defaults and events of default under the Definitive Loan Documentation, material litigation and other events reasonably expected to result in a material adverse effect; annual budgets; maintenance of existence; compliance with laws and regulations (including, without limitation, (x) environmental matters, taxation and ERISA, in each case to the extent noncompliance is reasonably expected to result in a material adverse effect, and (y) Patriot Act, FCPA, OFAC and other anti-terrorism, sanctions, anticorruption and anti-money laundering laws); payment of taxes and other obligations; maintenance of customary insurance; customary evidence of property and liability insurance; maintenance of books and records; covenant to guarantee obligations and give security; right of the Administrative Agent to inspect property and books and records annually and following an event of default; changes in nature of business; changes in fiscal years; further assurances with respect to the Collateral; and use of proceeds. |
| <u>Negative Covenants</u>: | The negative covenants will apply to the Borrower and its subsidiaries (and with respect to the "holdco" covenant only, the Holdco Guarantor), will be subject to materiality levels, baskets and/or exceptions to be agreed consistent with the Documentation Principles and reflected in the Definitive Loan Documentation, and will be limited to the following (subject to the Certain Funds Provision for purposes of the conditions precedent for the initial borrowing only): limitation on dispositions of assets; limitation on mergers and investments (including loans and acquisitions); limitations on dividends, stock repurchases and redemptions, and prepayments of subordinated, junior lien and unsecured debt; limitation on the incurrence, issuance and/or assumption of indebtedness; limitation on liens; limitation on transactions with affiliates; limitation on fundamental changes; limitation on modification or waiver of organizational documents of the Borrower in any manner materially adverse to the Lenders; limitations on modification or waiver of the definitive documentation in respect of the Existing WBS Facility in a manner that is material and adverse to the Lenders (excluding any modification in connection with any refinancing of the Existing WBS Facility on market terms and any amendment to extend the maturity thereof); a "holdco" covenant applicable to the Borrower and certain intermediate holding companies to be mutually agreed; and an anti-short circuiting covenant to be mutually agreed. |

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Annex I-5

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| | |
|:---|:---|
| <u>Financial Covenant</u>: | Limited to maintenance of a total net leverage ratio of the Borrower and its subsidiaries (to be defined in a manner consistent with the Documentation Principles, and calculated net of unrestricted cash and cash equivalents of the Borrower and its subsidiaries), to be set at a single level to be mutually agreed, including customary "equity cure" provisions in a manner to be agreed, and to be tested as of the last day of each fiscal quarter, commencing with the last day of the first fiscal quarter ending after the Closing Date. |
| <u>Unrestricted Subsidiaries</u>: | The Definitive Loan Documentation will prohibit the Borrower from designating any existing or subsequently acquired or organized subsidiary as an "unrestricted subsidiary". |
| <u>Events of Default</u>: | Events of default will apply to the Holdco Guarantor, the Borrower and its subsidiaries, will be subject to materiality levels, default triggers, cure and grace periods and/or exceptions consistent with the Documentation Principles and reflected in the Definitive Loan Documentation, and will be limited to the following: |
|  | Nonpayment of principal, interest, fees or other amounts (with a five business day grace period for interest, fees and other amounts); failure of representations and warranties to be correct in any material respect when made; failure to perform negative covenants, the financial covenant and affirmative covenants to provide notices of default and events of default and maintain the Borrower's corporate existence; failure to perform other covenants subject to a 30-day cure period after the earlier to occur of the date on which a responsible officer of the Borrower becomes aware of such default and the date on which notice of such default from the Administrative Agent is received; cross defaults to continuing events of default under the Existing WBS Facility and other material indebtedness in excess of a threshold amount to be mutually agreed (the "<u>Threshold Amount</u>"); cross-acceleration to the Existing WBS Facility and other material indebtedness in excess of the Threshold Amount; loss of lien on material collateral; invalidity of loan documents; bankruptcy and insolvency events; customary ERISA events subject to a material adverse effect qualifier; material final and non-appealable monetary judgments; and Change of Control (to be defined in the Definitive Loan Documentation consistent with the Documentation Principles but, in any event, to include a trigger for a sale of all or substantially all of the assets of the Borrower and its subsidiaries, taken as a whole). |
| <u>Defaulting Lenders</u>: | The Definitive Loan Documentation shall contain customary provisions relating to "defaulting" Lenders (including provisions relating to the suspension of voting rights and rights to receive fees, and the termination or assignment of commitments and loans held by "defaulting" Lenders at par). |
| <u>Assignments and Participations</u>: | Following the funding of the Term Facility on the Closing Date, each Lender may assign all or, subject to minimum amounts to be agreed, a portion of its loans and commitments under the Term Facility. Assignments will require payment of an administrative fee to the Administrative Agent and the consents of the Administrative Agent and |

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Annex I-6

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| | |
|:---|:---|
|  | the Borrower, which consent shall not be unreasonably withheld, conditioned or delayed; <u>provided</u> that no consent of the Borrower shall be required for an assignment to an existing Lender or an affiliate of an existing Lender or a related fund of an existing Lender or during a payment or bankruptcy event of default; <u>provided</u>, <u>further</u>, that, the Borrower shall have deemed to have consented to any assignment unless it has objected thereto by delivering written notice to the Administrative Agent within ten (10) business days after receipt of a request to consent thereto. In addition, each Lender may sell participations in all or a portion of its loans and commitments under one or more of the Term Facility; <u>provided</u> that no purchaser of a participation shall have the right to exercise or to cause the selling Lender to exercise voting rights in respect of the Term Facility (except as to matters specifically set forth under (a) and (b) under "Voting" below with respect to which the unanimous vote of all Lenders (or all directly and adversely affected Lenders, if the participant is directly and adversely affected) is required). |
|  | Notwithstanding the foregoing, assignments (and, to the extent the Disqualified Lender list is made available to all Lenders, participations; <u>provided</u> that regardless of whether the Disqualified Lender list has been made available to all Lenders, no Lender may sell participations in Loans to Disqualified Lender without the consent of the Borrower solely to the extent the Disqualified Lender list has been made available to such Lender) shall not be permitted to Disqualified Lenders (the list of which may be updated from time to time after the Closing Date to include competitors and otherwise with the consent of the Administrative Agent and will remain on file with the Administrative Agent (but, in each case, with no retroactive effect with respect to persons that have previously acquired and continue to hold an assignment or participation or that otherwise have entered into a trade to acquire an assignment or participation)). Any assigning Lender shall, in connection with any potential assignment, provide to the Borrower a copy of its request (including the name of the prospective assignee) concurrently with its delivery of the same request to the Administrative Agent irrespective of whether or not an event of default relating to payment default or bankruptcy has occurred and is continuing. |
|  | The Borrower shall have customary rights and remedies in respect of any assignment or participation made to any Disqualified Lender in violation of the terms hereof. |
| <u>Expenses and Indemnification</u>: | All reasonable and documented or invoiced (in summary form) out-of-pocket expenses (but limited (i) in the case of legal fees and expenses, to reasonable and documented or invoiced legal fees and expenses of a single lead counsel to the Acquisition Lead Arranger, the Administrative Agent, the Collateral Agent, and the Lenders, taken as a whole, and of a single local counsel to such persons, taken as a whole, in each appropriate material jurisdiction (which may include a single special counsel acting in multiple jurisdictions), and, solely in the case of an actual conflict of interest, one additional counsel in each applicable material jurisdiction, and of such other counsel retained with the prior written consent of the Borrower (such consent not to be unreasonably withheld, conditioned or |

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Annex I-7

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| |
|:---|
| delayed) and (ii) in the case of consultants' fees, to the extent any such consultant has been retained with the prior written consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed)) of the Acquisition Lead Arranger, the Administrative Agent and the Collateral Agent incurred in connection with the syndication of the Term Facility and with the preparation, execution and delivery, administration, amendment, waiver or modification (including proposed amendments, waivers or modifications) of the Definitive Loan Documentation are, promptly upon presentation of a summary statement (and in any event within 30 days of such presentation), to be paid by the Borrower. In addition, all reasonable and documented out-of-pocket expenses (but limited, in the case of legal fees and expenses, to reasonable and documented or invoiced legal fees and expenses of a single lead counsel and, if necessary, a single local counsel in each appropriate material jurisdiction (which may include a single special counsel acting in multiple jurisdictions) for the Administrative Agent and the Lenders, taken as a whole, and, solely in the case of an actual conflict of interest, one additional counsel in each applicable material jurisdiction to the affected Lenders, taken as a whole) of the Administrative Agent, Collateral Agent, the Acquisition Lead Arranger and the Lenders for workout proceeding and enforcement costs associated with the Term Facility are to be paid by the Borrower. |
| The Borrower will indemnify the Lenders, the Acquisition Lead Arranger, the Administrative Agent and the Collateral Agent and their respective affiliates (each, an "***Indemnified Person***"), and hold them harmless from and against all reasonable and documented or invoiced out-of-pocket costs, expenses (but limited, in the case of legal fees and expenses, to reasonable and documented or invoiced (in summary form) legal fees and expenses of a single lead counsel for all such Indemnified Persons, taken as a whole, and, if necessary, of a single local counsel in each appropriate material jurisdiction (which may include a single special counsel acting in multiple jurisdictions) for all such Indemnified Persons, taken as a whole, and, solely in the case of an actual conflict of interest, one additional counsel in each applicable material jurisdiction to the affected Indemnified Persons, taken as a whole) and liabilities arising out of or relating to the Acquisition Transactions and any actual or proposed use of the proceeds of any loans made under the Term Facility; provided that no such person will be indemnified for costs, expenses or liabilities incurred solely by reason of (i) the gross negligence, bad faith or willful misconduct of such Indemnified Person or any of its controlled affiliates or any of its or their respective principals, directors, officers, employees, representatives, agents or advisors (as determined by a final, non-appealable judgment of a court of competent jurisdiction), (ii) a material breach of the Definitive Loan Documentation by such Indemnified Person or any of its affiliates when neither the Borrower nor any of its affiliates have breached their obligations thereunder in any material respect (as determined by a final non-appealable judgment of a court of competent jurisdiction) or (iii) any disputes solely among the Indemnified Persons to the extent not arising out of any act or omission of the Borrower or any of its subsidiaries (other than claims against the Acquisition Lead Arranger or any Administrative Agent in its capacity as such, unless such claims arise from the gross negligence, bad faith or willful misconduct of such Indemnified Person or |

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Annex I-8

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| | |
|:---|:---|
|  | any of its affiliates (as determined by a final, non-appealable judgment of a court of competent jurisdiction)). Notwithstanding the foregoing, the Borrower shall not be liable for any indemnification pursuant to any settlement made by any Indemnified Person effected without the Borrower's written consent (which consent shall not be unreasonably withheld, delayed or conditioned). |
|  | None of the parties hereto shall be liable for any indirect, special, punitive or consequential damages; <u>provided</u> that nothing in this paragraph shall limit the indemnification rights (to the extent expressly set forth herein) of any Indemnified Person in respect of claims asserted by third parties. |
| <u>Yield Protection, Taxes and Other Deductions</u>: | The Definitive Loan Documentation will contain yield protection provisions, customary for facilities of this nature; <u>provided</u> that requests for additional payments due to increased costs from market disruption shall be limited to circumstances for which it is the general policy or practice of such requesting Lender to demand such compensation in similar circumstances under comparable provisions of other similar agreements. All payments are to be free and clear of any present or future taxes, withholdings or other deductions whatsoever (other than income taxes in the jurisdiction of the Lender's applicable lending office). The Lenders will use commercially reasonable efforts to minimize to the extent possible any applicable taxes, and the Borrower will indemnify the Lenders and the Administrative Agent for such taxes paid by the Lenders and the Administrative Agent, as the case may be. |
| <u>Replacement of Lenders</u>: | The Borrower shall have the right to replace any Lender that (a) makes a claim with respect to certain contingencies, including those described in the immediately preceding provision, (b) refuses to consent to certain amendments or waivers of the Term Facility which require the consent of such Lender and which have been approved by the Required Lenders (as defined below) or (c) is a Defaulting Lender. |
| <u>Voting</u>: | Amendments, waivers and other modifications of the Definitive Loan Documentation will require the approval of Lenders holding more than 50% of the aggregate amount of loans and commitments under the Term Facility (the "***Required Lenders***"), except that: |
|  | (a) the consent of each Lender directly and adversely affected thereby will be required with respect to (i) increases in commitments of such Lender (it being understood that no amendment, modification, termination, waiver or consent with respect to any condition precedent, covenant or default shall constitute an increase in the commitment of any Lender), (ii) reductions of principal, interest (other than default interest) or fees, (iii) extensions of scheduled amortization, date of payment of interest or any fee or final maturity and (iv) modifications to the pro rata sharing and payment waterfall provisions; and |
|  | (b) the consent of 100% of the Lenders will be required with respect to (i) changes in voting thresholds and (ii) releases of liens on all or substantially all of the Collateral (other than in connection with any sale of Collateral permitted by the Definitive Loan Documentation). |

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Annex I-9

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|:---|:---|
|  | Notwithstanding anything to the contrary, (i) the consent of the Administrative Agent will be required to amend, modify or otherwise affect the rights and duties of the Administrative Agent under the Definitive Loan Documentation and (ii) the Definitive Loan Documentation shall include a "Serta" protection provision to be set forth therein. |
| <u>Governing Law and Forum</u>: | The laws of the State of New York; <u>provided</u> that, notwithstanding the foregoing, it is understood and agreed that (a) the interpretation of the definition of "Closing Date Material Adverse Effect" (and whether or not an Closing Date Material Adverse Effect has occurred), (b) the determination of the accuracy of any Acquisition Agreement Representation and whether as a result of any breach thereof the Borrower or the Borrower's applicable affiliate has the right to terminate the Borrower's or such affiliate's obligations under the Acquisition Agreement and (c) the determination of the accuracy of any Acquisition Agreement Representation and whether as a result of any breach thereof the Borrower or its applicable affiliate has the right to terminate, or not to consummate, the Borrower's (or its affiliate's) obligations under the Acquisition Agreement as a result of a breach of such representations, without any liability to the Borrower (or any of its applicable affiliates) and (c) the determination of whether the Acquisition has been consummated in accordance with the terms of the Acquisition Agreement, in each case, shall be governed by and interpreted and construed in accordance with the laws of the State of Delaware, without giving effect to any conflict-of-laws or other rules that would result in the application of the laws of a different jurisdiction. |
| <u>Counsel to the Acquisition Lead Arranger, the Administrative Agent, and the Collateral Agent</u>: | White & Case LLP |

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Annex I-10

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**<u>ANNEX II</u>**

**<u>CONDITIONS TO CLOSING OF TERM FACILITY</u>**

The commitments in respect of the Term Facility under the Commitment Letter to which this <u>Annex II</u> is attached are subject only to the conditions set forth below and subject in each case to the Certain Funds Provision. Terms used but not defined herein shall have the meanings provided elsewhere in the Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Acquisition shall have been or, substantially concurrently with the initial borrowings under the Term Facility shall be, consummated in accordance with the terms of the Acquisition Agreement, but without giving effect to any modifications, amendments or waivers or consents by Buyer that are materially adverse to the Committed Lender (in its capacity as such) without the consent of the Acquisition Lead Arranger, such consent not to be unreasonably withheld, delayed or conditioned; it being agreed that (a) a reduction in the purchase price under the Acquisition Agreement of equal to or less than 15% of the total acquisition consideration shall be deemed not to be materially adverse to the Committed Lender, (b) a reduction in the purchase price under the Acquisition Agreement in excess of 15% of the total acquisition consideration shall be deemed not to be materially adverse to the Committed Lender so long as such reduction is accompanied with a commensurate reduction (on a percentage basis) to the aggregate principal amount of the commitments under the Term Facility and (c) any change to the terms of the Acquisition Agreement that increases the cash consideration required to be paid by Buyer thereunder shall be deemed not to be materially adverse to the Committed Lender so long as such increase is not funded with additional indebtedness of the Borrower and its subsidiaries; <u>provided</u> that any working capital or purchase price adjustments contemplated by the Acquisition Agreement in effect as of the date hereof shall not be treated as reduction or increase in consideration for purposes of this paragraph. Notwithstanding the foregoing, the Acquisition Lead Arranger shall be deemed to have consented to any modification, amendment, waiver or consent unless the Commitment Party shall object in writing thereto within three (3) business days of receipt of written notice of such modification, amendment, waiver or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Acquisition Lead Arranger shall have received (a) audited consolidated balance sheets and related statements of income and cash flows of the Target for the three most recently completed fiscal years ended at least 90 days before the Closing Date and (b) unaudited consolidated balance sheets and related statements of income and cash flows of each of the Target for each subsequent fiscal quarter ended at least 45 days before the Closing Date; <u>provided</u> that filing of the required financial statements on form 10-K and/or form 10-Q, as applicable, by the Target will satisfy the foregoing applicable requirements (it being agreed that, as of the date hereof, the financial statements required for (x) clause (a) have been satisfied for the fiscal years ending December 31, 2022, January 6, 2024 and January 4, 2025 and (y) clause (b) have been satisfied for the fiscal quarters ending October 4, 2025, July 5, 2025 and April 5, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Lenders shall have received the Definitive Loan Documentation executed by the Loan Parties on the terms set forth in the Acquisition Term Sheet (subject to the Certain Funds Provision), and the Lenders shall have received customary opinions; closing certificates; customary evidence of authority with respect to any of the officers executing such Definitive Loan Documentation; and customary officer's certificates from any of the Holdco Guarantor's and the Borrower's officers executing such Definitive Loan Documentation; good standing certificates (to the extent applicable) from the Secretary of State or such other office of the Holdco Guarantor's and the Borrower's jurisdiction of organization; a customary borrowing request, which shall be delivered at least one (1) business day prior to the Closing Date; and a solvency certificate substantially in the form attached as <u>Annex III</u> to the Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each Lender shall have received at least three (3) Business Days (as defined in the Acquisition Agreement) prior to the Closing Date (a) all documentation and other information that is required by regulatory authorities under applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act and FinCEN regulations, and (b) to the extent the Borrower qualifies as a "legal entity" customer under the Beneficial Ownership Regulation, a beneficial ownership certification in relation to the Borrower, in each case, that has been reasonably requested by the Lenders at least ten (10) Business Days (as defined in the Acquisition Agreement) in advance of the Closing Date.

Annex II-1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Payment (upon the funding of the initial borrowings under the Term Facility) of fees and expenses due to the Committed Lender under the Commitment Letter and the Fee Letter required to be paid on the Closing Date in respect of the Term Facility, in the case of expenses, to the extent invoiced in reasonable detail at least three business days prior to the Closing Date (except as otherwise reasonably agreed by you).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No Closing Date Company Material Adverse Effect will have occurred after the date of the Acquisition Agreement. "***Closing Date Material Adverse Effect***" shall mean a "Company Material Adverse Effect" as defined in the Acquisition Agreement as of the date hereof without giving effect to any subsequent modifications of such definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The execution and delivery by the Holdco Guarantor and the Borrower to the Administrative Agent and the Collateral Agent of a customary security agreement with respect to the Term Facility, pursuant to which the Holdco Guarantor and the Borrower grant a lien on the Collateral in favor of the Collateral Agent to secure the obligations under the Term Facility and authorizes the Collateral Agent to file customary UCC-1 financing statements with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Acquisition Agreement Representations shall be true and correct to the extent required by the Certain Funds Provisions and the Specified Representations shall be true and correct in all material respects (or true and correct in all material respects as of a specified date, if earlier) as of the Closing Date *provided,* that any representation and warranty that is qualified as to "materiality," "Material Adverse Effect" or similar language shall be true and correct in all respects.

Annex II-2

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**<u>ANNEX III</u>**

**<u>FORM OF SOLVENCY CERTIFICATE</u>**

**[_____], 2026** 

This Solvency Certificate is being executed and delivered pursuant to Section [__] of that certain Credit Agreement, dated as of [_____], 2026 (the "***Credit Agreement***"; the terms defined therein being used herein as therein defined), among Glow Midco, LLC (the "***Borrower***"), the guarantors party thereto, the lenders party thereto and [•], as administrative agent and collateral agent.

I, [_____], a Responsible Officer of the Borrower, in such capacity and not in an individual capacity, hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I am generally familiar with the businesses and assets of the Borrower and its subsidiaries, on a consolidated basis, and am duly authorized to execute this Solvency Certificate on behalf of the Borrower pursuant to the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As of the date hereof and after giving effect to the Acquisition Transactions and the incurrence of the indebtedness and obligations being incurred in connection with the Credit Agreement and the Acquisition Transactions, (i) the sum of the liabilities (including contingent liabilities) of the Borrower and its subsidiaries, on a consolidated basis, does not exceed the present fair saleable value, on a going concern basis, of the present assets of the Borrower and its subsidiaries, on a consolidated basis; (ii) the capital of the Borrower and its subsidiaries, on a consolidated basis, is not unreasonably small in relation to the business of the Borrower and its subsidiaries, on a consolidated basis, contemplated as of the date hereof; and (iii) the Borrower and its subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts (including current obligations and contingent liabilities) beyond their ability to pay such debts as they mature in the ordinary course of business. For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

[Remainder of page intentionally left blank]

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IN WITNESS WHEREOF, I have executed this Solvency Certificate on the date first written above.

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|:---|:---|
| **GLOW MIDCO, LLC** | **GLOW MIDCO, LLC** |
| By: |  |
| Name: |  |
| Title: | [_____] |

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## Ex-99.(C)(Ii)

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Exhibit (c)(ii) PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Project Elegant Discussion Materials December 23, 2025 Content must not go below this line

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Executive Summary • At the request of the Special Committee, Elegant's CEO and CFO presented the Company's latest business plan and financial th forecast (the "Management LRP") to the Special Committee on Decembe, r 21 08 25 o The Board of Directors held a strategy session in October of 2025 as a part of their Q3 board meeting, during which Management presented on both quarterly earnings and the business' -fo rw goard strategy. This session included a high-level discussion of the business plan, which Management has continued to refine over the past several months to incorporate input from newly onboarded executives, including the recently hired COO and CDO o From a financial perspective, the Management LRP in light of the turnaround plan is largely consistent with the forecast presented at the prior Board of Directors meeting in October (see page 10 for a detailed summary of differences) • The Management LRP assumes Management successfully implements a turnaround in 2026 after the business has faced significant pressure over the past few years o After conducting research to assess areas of focus for operational improvements, Management has identified several key initiatives to address operational gaps and achieve topline growth potential, which were discussed at length with the Special th Committee during the December 18 meeting • Identified strategic initiatives include improving waxer training, optimizing scheduling, enhancing guest onboarding, investing in CRM infrastructure and providing ramping / mature center closure mitigation support o Management indicates that implementation of the strategic initiatives will be challenging • To assist the Special Committee in its review of the Management LRP, we have included benchmarking of several key data points in the Management LRP against equity research estimates for Elegant and a group of selected publicly traded companies • Moelis is continuing to conduct due diligence on Elegant, the Management LRP and the Company's tax receivable agreement, including submitting follow-up diligence requests and scheduling calls with Management and KPMG Content must not go below this line Confidential \| 1

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION December 2025 LRP Forecast Summary December 2025 LRP Forecast ($ in millions, except per share data) FY25 FY26 FY27 FY28 FY29 FY30 Beginning Center Count 1,067 1,046 1,047 1,087 1,127 1,167 (+) NCOs 12 25 45 45 45 45 (-) Closures (33) (24) (5) (5) (5) (5) Ending Center Count 1,046 1,047 1,087 1,127 1,167 1,207 % Growth (2.0%) 0.1% 3.8% 3.7% 3.5% 3.4% Total System-Wide Sales $947 $964 $1,017 $1,074 $1,139 $1,211 % Growth (0.4%) 1.7% 5.6% 5.6% 6.1% 6.3% SSS% 0.2% 3.6% 4.5% 3.9% 4.3% 4.6% Mature SSS% (0.8%) 2.3% 4.2% 2.5% 2.5% 2.5% Total Revenue $208 $215 $226 $240 $258 $276 % Growth (3.9%) 3.4% 5.1% 5.9% 7.7% 7.0% Gross Profit $154 $158 $167 $177 $190 $204 % Margin 74.0% 73.2% 73.8% 73.9% 73.7% 73.8% 1 Adj. EBITDA $74 $72 $79 $87 $97 $107 % Margin 35.6% 33.6% 34.9% 36.2% 37.6% 38.7% % Growth (1.7%) (2.4%) 9.1% 9.7% 11.8% 10.3% Adj. Net Income $18 $26 $19 $30 $45 $57 % Margin 8.5% 11.9% 8.5% 12.6% 17.4% 20.5% Total Shares Outstanding (mm) 54.506 57.018 59.465 61.918 64.330 66.701 EPS $0.23 $0.24 $0.20 $0.37 $0.58 $0.74 Adj. EPS $0.32 $0.45 $0.32 $0.49 $0.70 $0.85 Memo: Capital Expenditures $3 $4 $3 $3 $3 $3 Depreciation and Amortization 20 20 24 19 10 4 Change in Net Working Capital 4 (2) 3 7 12 16 Stock Based Compensation 7 10 10 10 11 11 Content must not go below this line Confidential \| 2 Source: Management December 2025 LRP Excel provided to Moelis on 12/19/2025 1. Reflects Adj. EBITDA post non-recurring investments and unburdened by stock-based compensation ("SBC"), consistent with Managem nt's e presentation of Adj. EBITDA

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Management LRP vs. Analyst Consensus Estimates While equity research analysts forecast recovery in Net NCOs in line with the Management LRP for ' E and ' E, the LRP targets a more aggressive SSS growth trajectory in ' E and beyond, implying upside to current consensus expectations Net New Center Openings ("NCOs") Same-Store Sales Growth ("SSS") (%) 1 1 1 . . . . . . . 1 . . . 1. . . (1) () A A A E E E 8E E E A A A E E E 8E E E Memo: Total Broker Estimates Memo: Total Broker Estimates 2 2 1 1–– 4 4 2 1–– Consensus Median (shading represents range of analyst estimates) Historical Figures Management December LRP Content must not Source: Management December 2025 LRP presentation provided to Moelis on 12/17/2025 and December 2025 LRP Excel provided to Moelis on 12/19/2025; Company filings, equity research go below this line as of 12/19/2025 Confidential \| 3 Note: Equity research brokers included are Guggenheim Securities, Truist Securities, Jefferies and Telsey Advisory Group

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Management LRP vs. Analyst Consensus Estimates (Cont'd) Consensus and Management LRP revenue estimates each underscore an expected return to top-line growth beginning in ' E, following decelerating and declining growth in the most recently reported annual results Revenue ($ in mm) Revenue Growth (%) 1 . . 8 . . . .1 . . 1 1 . 1 .8 1 (1.) 11 8 (.) (.) A A A E E E 8E E E A A A E E E 8E E E Memo: Total Broker Estimates Memo: Total Broker Estimates 5 5 2 1–– 5 5 2 1–– Consensus Median (shading represents range of analyst estimates) Historical Figures Management December LRP Content must not Source: Management December 2025 LRP presentation provided to Moelis on 12/17/2025 and December 2025 LRP Excel provided to Moelis on 12/19/2025; Company filings, equity research go below this line as of 12/19/2025 Confidential \| 4 Note: Equity research brokers included are Baird, Guggenheim Securities, Truist Securities, Jefferies and Telsey Advisory Group

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Management LRP vs. Analyst Consensus Estimates (Cont'd) Consensus and Management LRP estimates each point to EBITDA margin expansion between ' E and ' 8E, with an inflection in the Management LRP occurring between ' E and ' E amid phasing of investments for planned strategic initiatives 1 Adj. EBITDA ($ in mm) Adj. EBITDA Margin (%) 1 8. . . 88 . . .8 . . . 8 . . . 1 . A A A E E E 8E E E A A A E E E 8E E E Memo: Total Broker Estimates Memo: Total Broker Estimates 5 5 2 1–– 5 5 2 1–– Consensus Median (shading represents range of analyst estimates) Historical Figures Management December LRP Content must not Source: Management December 2025 LRP presentation provided to Moelis on 12/17/2025 and December 2025 LRP Excel provided to Moelis on 12/19/2025; Company filings, equity go below this line research as of 12/19/2025 Confidential \| 5 Note: Equity research brokers included are Baird, Guggenheim Securities, Truist Securities, Jefferies and Telsey Advisory Group 1. Elegant and consensus Adj. EBITDA figures are unburdened by SBC, consistent with Management's presentation of Adj. EBITDA

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Selected Publicly Traded Companies Revenue Growth Results and Estimates Historical Revenue Growth (FY23A – 25E) Beauty Elegant Franchise Models Median: 0.0% Median: 2.3% 23.3% 15.5% 14.5% 7.4% 4.8% 4.9% 3.5% 2.3% 0.9% 0.0% (0.3%) (1.4%) (2.0%) (2.0%) (2.8%) (2.9%) (5.8%) (10.0%) Elegant Elegant 1 Consensus Mgmt Net Le Projected veraRev ge enue Growth (FY25E – 27E) Elegant Beauty Franchise Models Median: 1.6% Median: 3.3% 17.7% 14.0% 11.1% 7.9% 6.1% 5.4% 5.0% 4.2% 3.3% 3.0% 2.4% 2.2% 1.6% 1.6% 1.4% 0.6% (0.1%) 2 Elegant Elegant 1 Consensus Mgmt (11.5%) Content must not Source: S&P Capital IQ as of 12/19/2025, Company filings, Company materials, Thomson Reuters consensus estimates go below this line Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's f , isca which l ye is aar b liga nsi eds with the calendar year end Confidential \| 6 1. Based on figures provided in EleganDece t's mber 2025 LRP presentation provided to Moelis on 12/17/2025 and December 2025 LRP Excel provided to Moelis on 12/19/2025 2. Denny's FY E– 27E revenue growth reflects FY24 – 26E revenue growth, as FY27E analyst estimates are not currently available

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Selected Publicly Traded Companies EBITDA 1 FY26E Adj. EBITDA Margin Elegant Beauty Franchise Models 42.5% Median: 15.2% Median: 24.0% 39.5% 35.5% 34.4% 33.6% 33.8% 32.5% 25.0% 24.0% 23.7% 22.0% 20.4% 18.1% 16.6% 15.2% 13.1% 12.4% 10.6% Elegant Elegant 2 Consensus Mgmt 1 Net Le FY27E v A edj ra. ge EBITDA Margin Beauty Elegant Franchise Models Median: 15.2% Median: 24.6% 43.5% 41.6% 35.9% 35.0% 34.9% 34.0% 33.3% 25.9% 24.6% 24.2% 22.2% 21.9% 18.2% 16.6% 15.2% 12.9% 12.0% 11.5% 3 Elegant Elegant 2 Consensus Mgmt Source: S&P Capital IQ as of 12/19/2025, Company filings, Company materials, Thomson Reuters consensus estimates Content must not Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's f , isca which l ye is aar b liga nsi eds with the calendar year end 1. Consensus Adj. EBITDA estimates are presented unburdened by SBC to align with Elegant's consensus and Management Adj. EBITDA estimates, which are not burdened by SBC; go below this line Management Adj. EBITDA figures are burdened by non-recurring investments included in the December 2025 LRP Confidential \| 7 2. Based on figures provided in EleganDece t's mber 2025 LRP presentation provided to Moelis on 12/17/2025 and December 2025 LRP Excel provided to Moelis on 12/19/2025 3. Denny's FY E EBITDA margin reflects FY E, as FY E analyst estimates are not currently available

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Management Initiative Forecasts The Management LRP assumes ~ . mm of investments in strategic initiatives in – ' ' E E , including investments in onboarding, CRM training, scheduling and center support. Management forecasts incremental System-Wide Sales ("SWS") from investments in strategic initiatives of mm and 11 mm in ' E and ' E System-Wide Sales ("SWS") % YoY 12.8% 6.3% (0.4%) (0.4%) 1.7% 5.6% Growth 11 1 8 11 1 11 A A A E E E Memo: Dollars per Transaction $63.68 $63.87 $64.96 1 Historical SWS Projected SWS Base NG and RG Projected Initiatives Incremental SWS Projected Total Net Margin 2027E Incremental SWS from Strategic Initiatives Incremental SWS Description: 2% 9% • Incremental Retained Guests represents additional SWS from Incremental Retained Guests improved existing guest retention (initiatives include investing in CRM infrastructure, training practices and scheduling protocol) Incremental New Guests • Incremental New Guests represents additional SWS captured from new $110mm guests (higher retention and attach rates from the baseline new guests) 53% 36% NCO Transactions • NCO Transactions reflects SWS associated with the expected 45 net center openings in ' E Other Initiatives • Other initiatives represents additional acquired SWS beginning in ' E Content must not go below this line Confidential \| 8 Source: Management Initiatives Build Excel provided to Moelis on 1 / / and "Var -i o Q3 us FY25 Digital Binder Excel provided to Moelis on 12/12/2025 1. Includes Incremental Retained Guests, Incremental New Guests, NCO Transactions and Other Initiatives Beyond 2027E

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Appendix Content must not go below this line Confidential \| 9

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION December 2025 LRP vs. October 2025 Strategy Meeting Forecast Comparison October 2025 Strategy Meeting Forecast December 2025 LRP Forecast Difference December 2025 LRP Forecast (Presentation) FY25 FY26 FY27 FY28 FY29 FY30 FY25 FY26 FY27 FY28 FY29 FY30 FY25 FY26 FY27 FY28 FY29 FY30 ($ in millions) Beginning Center Count 1,067 1,039 1,044 1,089 1,134 1,178 1,067 1,046 1,047 1,087 1,127 1,167 – +7 +3 (2) (7) (11) (+) NCOs 12 25 50 50 50 50 12 25 45 45 45 45 – – (5) (5) (5) (5) (-) Closures (40) (20) (5) (5) (6) (6) (33) (24) (5) (5) (5) (5) +7 (4) – – +1 +1 Ending Center Count 1,039 1,044 1,089 1,134 1,178 1,222 1,046 1,047 1,087 1,127 1,167 1,207 +7 +3 (2) (7) (11) (15) % Growth (2.6%) 0.5% 4.3% 4.1% 3.9% 3.7% (2.0%) 0.1% 3.8% 3.7% 3.5% 3.4% +0.6% (0.4%) (0.5%) (0.4%) (0.4%) (0.3%) Total System-Wide Sales $950 $955 $1,011 $1,082 $1,163 $1,251 $947 $964 $1,017 $1,074 $1,139 $1,211 ($3) +$9 +$6 ($8) ($24) ($40) % Growth (0.1%) 0.6% 5.8% 7.1% 7.4% 7.6% (0.4%) 1.7% 5.6% 5.6% 6.1% 6.3% (0.3%) +1.1% (0.2%) (1.5%) (1.3%) (1.3%) SSS% 0.3% 3.5% 4.4% 5.4% 5.8% 6.0% 0.2% 3.6% 4.5% 3.9% 4.3% 4.6% (0.1%) +0.1% +0.1% (1.5%) (1.5%) (1.4%) Mature SSS% (1.7%) 3.0% 4.0% 4.0% 4.0% 4.0% (0.8%) 2.3% 4.2% 2.5% 2.5% 2.5% +0.9% (0.7%) +0.2% (1.5%) (1.5%) (1.5%) EWC Revenue $209 $213 $226 $242 $259 $278 $208 $215 $226 $240 $258 $276 ($1) +$2 – ($2) ($1) ($2) % Growth (3.8%) 2.1% 6.1% 6.8% 7.1% 7.4% (3.9%) 3.4% 5.1% 5.9% 7.7% 7.0% (0.1%) +1.3% (1.0%) (0.9%) +0.6% (0.4%) Gross Profit $154 $158 $168 $180 $193 $208 $154 $158 $167 $177 $190 $204 – – ($1) ($3) ($3) ($4) % Margin 73.9% 74.1% 74.3% 74.5% 74.7% 74.9% 74.0% 73.2% 73.8% 73.9% 73.7% 73.8% +0.1% (0.9%) (0.5%) (0.6%) (1.0%) (1.1%) 1 $73 $70 $80 $87 $100 $112 $74 $72 $79 $87 $97 $107 +$1 +$2 ($1) – ($3) ($5) Adj. EBITDA % Margin 35.1% 32.6% 35.2% 36.0% 38.6% 40.2% 35.6% 33.6% 34.9% 36.2% 37.6% 38.7% +0.5% +1.0% (0.3%) +0.2% (1.0%) (1.5%) % Growth (3.1%) (5.0%) 14.6% 9.1% 15.1% 11.8% (1.7%) (2.4%) 9.1% 9.7% 11.8% 10.3% +1.4% +2.6% (5.5%) +0.6% (3.3%) (1.5%) Content must not go below this line Confidential \| 10 Source: Management December 2025 LRP Excel provided to Moelis on 12/19/2025 and October 2025 Strategy Meeting Presentation provided to Moelis on 12/12/2025 1. Reflects Adj. EBITDA post non-recurring investments and unburdened by stock-based compensation ("SBC"), consistent with Managem nt's e presentation of Adj. EBITDA

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Disclaimer This presentation has been prepared by Moelis & Company LLC ("Moelis") solely for the information and assistance of al tC he omm Spe ittci ee of the Board of Directors of the company codenamed "Elegant" (the "Company") in considering the matters referred to in t erihe als. se Thi ms at presentation is confidential and may not be disclosed (in whole or in part) or utilized for other purposes without the express prior written consent of Moelis. This presentation has been prepared based on information provided by the Company and/or from third party sources. Moelis assumed such information is complete and accurate in all material respects. Moelis has not independently verified such information (or assumed responsibility for the independent verification of such information). To the extent this presentation includes projections, forecasts or other forward-looking statements, Moelis has assumed that such information was reasonably prepared based on the best currently available estimates and judgments of the Company and/or other parties as to the future performance of the Company and/or such other parties. Moelis expresses no views as to the reasonableness of any such projections, forecasts or other forward-looking statements or the assumptions on which they are based. Moelis has not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, or otherwise) of the Company or any other party. Moelis' participation in any due diligence review is solely for purposes of supdv poir ce ting an id ts anaalysis. This presentation is based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, and Moelis assumes no obligation to update this presentation or correct any information herein. No company or transaction used in this presentation is identical to the Company or any potential transaction. The analyses set forth in this presentation do not purport to be appraisals and such analyses do not reflect Moelis' views of the prices at which businesses or securities actually d. may Beca beuse sol the analyses described in these materials (including the information used in such analyses) are inherently subject to uncertainty, Moelis does not assume responsibility if future results are materially different from those forecast. This presentation was designed for use by certain persons familiar with the business of the Company. This presentation is not intended to provide the sole basis for any decision on any transaction or strategic alternative and is not a recommendation with respect to any transaction or strategic alternative. This presentation does not address the Special Committee's underlying business decision to ex repl comm ore or end any transaction or strategic alternative or the relative merits of any transaction or strategic alternative as compared to any alternative business strategies or transactions that might be available to the Company. Nothing contained in this presentation should be construed as legal, regulatory, tax or accounting advice. Moelis and its affiliates are engaged globally in a wide range of investment banking and other activities for their own account and otherwise. Moelis and its affiliates may have advised, may seek to advise and may in the future advise in companies referred to in this presentation. Personnel of Moelis or such affiliates may make statements or provide advice that is contrary to information included in this presentation. The proprietary interests of Moelis or its affiliates may conflict with your interests. In addition, Moelis and its affiliates and their personnel may from time to time have positions in or effect transactions in securities referred to in this material (or derivatives of such securities), or serve as a director of companies referred to in this presentation. Content must not go below this line Confidential \| 11

## Ex-99.(C)(Iii)

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Exhibit (c)(iii) PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Project Elegant Discussion Materials January 6, 2025 Content must not go below this line

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Executive Summary • On December 18, 2025, Elegant's management team presented the Special Committee with their latest views on the business, including an updated financial forecast (the "Management LRP") and details on the Company's planned turnaround initiatives (the ativ es") "LRP Initi • During the meeting, management noted that successfully implementing the LRP Initiatives is subject to meaningful execution risk • Moelis has continued to conduct diligence on the Management LRP and the LRP Initiatives • On December 23, 2025, the Special Committee reviewed and discussed the Management LRP, including comparisons to the forecast shared by Management with the Board of Directors in October, equity research forecasts and expected growth rates and margins of selected publicly traded companies. The Special Committee and Moelis noted the high execution risk related to the Management LRP and the LRP Initiatives, including but not limited to the below factors: • Franchisees are critical to successfully executing on the LRP Initiatives; implementing the LRP Initiatives therefore requires buy-in from franchisees • Many of the LRP Initiatives are related to waxers, and changing waxer behavior can be challenging for many reasons, including but not limited to the fact that waxers are not employees of the Company • There are several proposed LRP Initiatives and management intends to implement them simultaneously, with full roll-out at the March franchisee conference • The Management LRP assumes that current negative business trends will stabilize and reverse • The LRP Initiatives focus on reversing the decline in unit volume, and management does not intend to pursue in the near to medium term other potential growth levers like new product introductions or international expansion that are not available or not attractive to the Company • Key members of the management team have recently been hired and their ability to execute remains unproven • The Special Committee instructed Moelis to work with management to sensitize the forecast with respect to achievement of the LRP Initiatives and the Management LRP. Management has prepared four illustrative sensitivity analyses for the Specials C rev omm iew:i ttee' 1. 50% Achievability: 50% achievement of the LRP Initiatives 2. 150% Achievability: 150% achievement of the LRP Initiatives 3. 6-Month Delay: 6-month delay of the realization of operational improvement from the LRP Initiatives 4. 12-Month Delay: 12-month delay of the realization of operational improvement from the LRP Initiatives • The primary purpose of today's meeting is for the Special Committee to provide feedback on the Management LRP vian tiesd the sensiti Content must not go below this line Confidential \| 1

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION 1. Management LRP Review Content must not go below this line Confidential \| 2

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Management LRP vs. Analyst Consensus Estimates While equity research analysts forecast recovery in Net NCOs in line with the Management LRP for ' E and ' E, the Management LRP targets a more aggressive SSS growth trajectory in ' E and beyond, implying upside to current consensus expectations Net New Center Openings ("NCOs") Same-Store Sales Growth ("SSS") (%) . . . . . . . . . . . . . . . . () . . . () () E E E E E E E E E E E E Memo: Total Broker Estimates Memo: Total Broker Estimates 2 2 1 1–– 4 4 2 1–– Historical Management October Strategic Consensus Median (shading represents Figures December LRP Planning Forecast range of analyst estimates) Content must not go below this line Source: Management LRP Excel provided to Moelis on 12/19/2025 and October 2025 Strategic Planning Board Materials; Company filings, equity research as of 12/26/2025 Confidential \| 3 Note: Equity research brokers included are Guggenheim Securities, Truist Securities, Jefferies and Telsey Advisory Group

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION LRP Initiatives Overview LRP Initiatives contribute ~21% of FY2030 SWS and drive a 5.0% Total SWS CAGR from FY2025–2030; absent these initiatives, SWS would decline at a (2.0%) CAGR $ in mm 2025 2026 2027 2028 2029 2030 LRP Initiatives Overview Centers 1 • Self-funded Initiatives New Centers 12 25 45 40 40 40 ➢ Incremental guest acquisition to be self- Closures (33) (24) (5) – – – funded within existing marketing fund Total Centers 1,046 1,047 1,087 1,127 1,167 1,207 % Change 0.1% 3.8% 3.7% 3.5% 3.4% • Guest Onboarding 2 Systemwide Sales ➢ Educating new guests and setting Base New Guests $102 $96 $91 $88 $86 $83 expectations to drive retention Incremental New Guests (FY26 Initiatives) 20 39 46 52 55 Consideration Push 10 15 17 19 19 1 • CRM Upgrade 3 Local Performance Marketing 3 6 8 10 11 2 $750k / 105% IRR Onboarding 8 18 22 24 25 ➢ Upgraded capabilities at company and FY2027-2030 Initiatives 0 1 14 31 52 franchisee level aimed at improving guest engagement and data insights Base Existing Guests $846 $829 $817 $800 $784 $771 NCO Transactions 0 10 40 69 100 4• Waxer Training Incremental Existing Guests (FY26 Initiatives) 19 58 66 73 77 ➢ Structured training to improve new waxer 3 CRM 6 18 20 22 23 $800k / 93% IRR effectiveness 4 Training 6 18 20 22 23 $1.35mm / 49% IRR Scheduling 6 23 27 29 31 5 $800k / 111% IRR FY2027-2030 Initiatives 0 2 20 43 73 5• Demand-based Scheduling ➢ New scheduling tools and policies to Total Base SWS $947 $925 $907 $888 $870 $855 ensure Orange/Red waxers are % Change (2.4%) (1.8%) (2.2%) (2.0%) (1.7%) available during high demand periods Total Initiatives SWS 0 39 100 146 200 257 NCOs SWS 0 0 10 40 69 100 • Extend a lifeline to underperforming Total SWS $947 $964 $1,017 $1,074 $1,139 $1,211 6 centers to stabilize net NCO trends % Change - Total SWS 1.7% 5.6% 5.6% 6.1% 6.3% % of Total SWS attributable to Initiatives 4.1% 9.8% 13.6% 17.6% 21.2% ➢ Preserve optimal locations and retain good operators Center Support $3.00mm / 29% IRR 6 Cash Investment / LRP 2 Yr IRR estimate ➢ Provide near-term NCO incentives Content must not go below this line Confidential \| 4 Source: Company Filings, Management LRP 1. Pre-Covid represents figures as of FYE 2019

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION LRP Initiatives – 2026 SSS Impact Management expects LRP Initiatives to drive SSS growth as early as 2Q26; implementation is expected to take anywhere between 4-18 months depending on the initiative Same Store Sales % Growth Mature Units Ramping Units Total Company Baseline Initiatives Total Baseline Initiatives Total Baseline Initiatives Total 1Q26E (1.8%) 0.1% (1.7%) 5.8% 0.1% 5.9% (0.5%) 0.1% (0.4%) 2Q26E (2.6%) 1.9% (0.7%) 6.4% 2.1% 8.5% (1.0%) 2.0% 1.0% 3Q26E (2.1%) 7.2% 5.0% 6.4% 7.8% 14.2% (0.6%) 7.3% 6.7% 4Q26E (1.7%) 7.6% 5.8% 6.5% 8.2% 14.7% (0.2%) 7.7% 7.5% '26 Total (2.1%) 4.1% 2.0% 6.3% 4.6% 10.8% (0.6%) 4.2% 3.6% SSS growth from LRP Initiatives is expected to ramp quickly in 2026, resulting in back-end weighted growth Content must not go below this line Confidential \| 5 Source: Management Strategic Initiatives Analysis build

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// PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION LRP Initiatives in Context Management expects that the LRP Initiatives will immediately result in a turnaround of key operational metrics, including AUV and SSS Elegant Unit Growth YoY 6.1% 7.2% 10.7% 10.6% 2.2% (2.0%) 0.1% 3.8% 3.7% 3.5% 3.4% Growth: n 1,207 1,167 1,127 1,087 1,067 1,046 1,047 1,044 944 853 796 750 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26E FY27E FY28E FY29E FY30E Elegant Average Unit Volume ("AUV") YoY (35.5%) 59.4% 3.5% (3.9%) (4.8%) (2.0%) 2.7% 3.3% 1.3% 1.9% 2.3% Growth: $1,000 $1,006 $983 $966 $964 $961 $951 $940 $915 $921 $897 $606 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26E FY27E FY28E FY29E FY30E Elegant Same Store Sales ("SSS") 10.3% 9.8% 6.7% 4.5% 4.6% 4.3% 3.9% 3.6% 2.9% 0.2% 0.2% (35.6%) FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26E FY27E FY28E FY29E FY30E Content must not go below this line Confidential \| 6 Source: Company Filings, Management LRP

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Considerations in Assessing Ability to Execute the LRP Initiatives • Elegant is operated primarily by independent franchisees, limiting corporate ability to mandate uniform operational change; franchisees will ultimately implement initiatives to improve customer experience and drive traffic Franchise structure • Turnaround initiatives require adoption at the individual center level, leading to variability in timing and consistency introduces execution complexity • Franchisees bear any economic cost and investment of time before franchise benefits are fully realized • Near-term margin pressure at the center level may limit willingness to implement and invest in certain initiatives • Franchisees retain direct ownership, incentivizing operational focus once improvements are evident Certain advantages of a • Local operators possess market-level knowledge that can support staffing and customer acquisition efforts franchise model • Capital-light business model • Center performance and underlying transaction growth highly dependent on availability, experience, and retention of licensed waxers Labor-intensive service • Hiring, scheduling, and compensation decisions are controlled by franchisees, not the company model heightens execution risk • Red and Orange waxer retention essential to customer acquisition and retention and operational stability • Labor constraints could limit throughput, reduce service consistency and blunt expected SSS uplift • COO has been in role for ~3 – 4 months New management team • CEO and CFO have been in their respective roles for ~1 year driving execution of • CIDO, CCO, and CDO are all recent 2025 hires initiatives • Management's ability to execute is unproven • No single initiative expected to drive a step-change in near-term financial performance Multiple initiatives are being executed • Turnaround success dependent on sustained execution across multiple initiatives simultaneously • Different franchisees have different problems; requires targeted approach • Financial impact dependent on meaningful changes around new customer acquisition and retention; waxer training, scheduling and retention, and center-level adoption, which takes time Turnaround impact may be gradual • Differences in site quality, local labor markets, and operator sophistication may create varied times to implement and bear results • Majority of initiatives not yet launched or are in early stages of implementation • Management is currently addressing "-low hanging fruit," including basic customer education and staffing efficiency topics, Timing is a risk ahead of broader rollout of LRP Initiatives at the March franchisee conference • Ability to successfully implement early initiatives to set the foundation for growth will dictate success of later initiatives Macro poses additional • The Management LRP assumes a stable macroeconomic environment; in a recession, discretionary services are likely to be negatively impacted, which could adversely impact the financial performance of Elegant risk Content must not go below this line Confidential \| 7

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Overview of EBITDA by Center Approximately half of Elegant's centers have EBITDA margins of less than 10%; success of the LRP Initiatives dependent on buy in from large portion of franchisees with limited profitability and resources 1 1 1 Centers At-Risk for Closure Centers by Profitability Margin Center Profitability by Type 2 Of the 1,053 centers with 47% of centers with <10% EBITDA margins 735 298 17 EBITDA data, ~29% have less than centers centers centers $20K of EBITDA 1,053 <0% 22% 14% 39% 25% 0-10% 25% 750 centers with 71% > $20K EBITDA 747 17% 94% 10-15% 15% 27% 16% 12% 15-20% 14% 11% 29% 303 centers with 29% < $20K EBITDA 12% 20%+ 24% 6% Mature Ramping NCO 20%+ 15-20% 10-15% ~60% of centers report EBITDA; the Company calculates an implied EBITDA for the remaining ~40% of centers based on average center expenses Content must not 0-10% <0% go below this line Source: Company provided materials Confidential \| 8 1. Based on YTD 2025 data as of mid-December 2. Includes 3 centers designated as having > $20K in EBITDA, without specified EBITDA dollar value

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION 2. Illustrative Forecast Sensitivities Content must not go below this line Confidential \| 9

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Overview of Illustrative Sensitivity Analyses to the Management LRP At the direction of the Special Committee, Management has prepared several illustrative sensitivity analyses to the Management LRP Summary of Illustrative Sensitivity Analyses • Reflects potential for execution risk of management's strategic initiatives, resulting in achievement of the benefit from strategic initiatives with no delay in timing 50% Achievability • Assumes 50% haircut to the system-wide-sales expected to be generated from the LRP Initiatives in each year of the 1 forecast and applies an EBITDA margin to system-wide-sales to calculate implied Adj. EBITDA • Reflects potential for outsized impact of management's strategic initiatives, resulting in achievement of the benefit from strategic initiatives with no delay in timing 150% Achievability • Assumes 50% increase to system-wide-sales expected to be generated from the LRP Initiatives in each year of the 1 forecast and applies an EBITDA margin to system-wide-sales to calculate implied Adj. EBITDA • Reflects potential for timing risk of management's strategic initiatives, resulting -m on in a th de lay in timing between initiative implementation and realization of benefit to the financial forecast • Assumes initiatives are launched on schedule with a 6-month delay in any related increase in transactions, and therefore 6-Month Delay system-wide-sales, expected to be generated from the LRP Initiatives; applies delay in transactions across-the-board in each year of forecast • Sensitivity analysis calculates system-wide-sales based on (i) the revised total transactions and (ii) the assumed dollars 1 per transaction and then applies an EBITDA margin to system-wide-sales to calculate implied Adj. EBITDA • Reflects potential for timing risk of management's strategic initiatives, resulting- min a onth delay in timing between initiative implementation and realization of benefit to the financial forecast • Assumes initiatives are launched on schedule with a 12-month delay in any related increase in transactions, and therefore 12-Month Delay system-wide-sales, expected to be generated from the initiatives; applies delay in transactions across-the-board in each year of forecast • Sensitivity analysis calculates system-wide-sales based on (i) the revised total transactions and (ii) the assumed dollars 1 per transaction and then applies an EBITDA margin to system-wide-sales to calculate implied Adj. EBITDA 1 Each case assumes the same EBITDA margin as a percentage of System-Wide-Sales Key Missing Items • Total revenue, gross margin and cost detail for each of the analyses • Base SSS % and mature SSS% for the 6-Month and 12-Month Delay Analyses • NCOs and total transactions for the 50% and 150% Achievability Analyses Content must not go below this line Confidential \| 10 Source: Management Strategic Initiatives Analysis build 1. Annual EBITDA margin as % of SWS of 7.83% (2025E), 7.51% (2026E), 7.77% (2027E), 8.07% (2028E), 8.51% (2029E) and 8.83% (2030E)

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Comparison of Sensitivities to the Management LRP 1 ($ in millions) FY25E FY26E FY27E FY28E FY29E FY30E CAGR Net NCOs Management LRP (21) 1 40 40 40 40 (21) 1 40 40 40 40 50% Achievability 150% Achievability (21) 1 40 40 40 40 (21) 1 40 40 40 40 6 Month Delay (21) 1 40 40 40 40 12 Month Delay System-Wide Sales $947 $964 $1,017 $1,074 $1,139 $1,211 5.0% Management LRP 947 944 967 1,001 1 ,039 1 ,083 2.7% 50% Achievability 150% Achievability 947 983 1,067 1,147 1 ,239 1,340 7.2% 947 948 997 1,058 1 ,117 1 ,187 4.6% 6 Month Delay 947 937 966 1 ,033 1,092 1,160 4.1% 12 Month Delay Same Store Sales (%) 0.2% 3.6% 4.5% 3.9% 4.3% 4.6% Management LRP 0.2% 1.5% 1.4% 1.9% 2.1% 2.5% 50% Achievability 0.2% 5.7% 7.4% 5.8% 6.2% 6.4% 150% Achievability 6 Month Delay 0.2% 1.9% 4.2% 4.4% 3.8% 4.5% 0.2% 0.7% 2.0% 5.3% 4.0% 4.5% 12 Month Delay Adj. EBITDA Management LRP $74 $72 $79 $87 $97 $107 7.6% 74 71 75 81 88 96 5.2% 50% Achievability 74 74 83 93 105 118 9.8% 150% Achievability 74 71 77 85 95 105 7.1% 6 Month Delay 12 Month Delay 74 70 75 83 93 102 6.7% Content must not go below this line Source: Management LRP and Board presentations Confidential \| 11 Note: The 50% and 150% Achievability cases build to EBITDA, while the 6- and 12-Month Delay cases build to net margin 1. CAGR percentage shows growth from FY25 – FY30E period

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Comparison of Sensitivities to the Management LRP (Cont'd) Systemwide Sales ($ in mm) Same Store Sales (%) $1,340 7.4% 6.2% 6.4% $1,239 5.8% 5.7% $1,211 5.3% $1,187 4.5% $1,147 $1,160 4.6% $1,139 4.3% 4.4% 4.5% 4.5% 3.6% 4.2% 4.0% $1,117 3.9% 3.8% $1,074 $1,083 $1,067 $1,092 2.9% $1,058 2.5% $1,017 2.1% $1,039 $1,033 1.9% 2.0% 1.9% $983 1.5% 1.4% $997 $1,001 $947 $964 $955 $951 $947 $967 $966 0.2% $947 0.7% $948 0.2% $947 0 0.2 .2% % $944 $947 0.2% 0.2% $937 0.2% FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E Historicals 150% Achievability Management LRP 6-Month Delay 12-Month Delay 50% Achievability Content must not go below this line Confidential \| 12 Source: Management LRP Excel provided to Moelis on 12/19/2025 and October 2025 Strategic Planning Board Materials

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Comparison of Sensitivities to the Management LRP (Cont'd) Adj. EBITDA ($ in mm) $118 $105 $107 $105 $102 $97 $96 $93 $95 $93 $87 $88 $83 $85 $83 $79 $81 $76 $76 $74 $74 $74 $72 $77 $74 $75 $75 $74 $74 $71 $70 $71 FY23A FY24A FY25E FY26E FY27E FY28E FY29E FY30E Historicals 150% Achievability Management LRP 6-Month Delay 12-Month Delay 50% Achievability Content must not go below this line Confidential \| 13 Source: Management LRP Excel provided to Moelis on 12/19/2025 and October 2025 Strategic Planning Board Materials

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Appendix Content must not go below this line Confidential \| 14

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Management LRP – 50% Achievability Sensitivity $ in mm FY25E FY26E FY27E FY28E FY29E FY30E Centers New Centers 12 25 45 40 40 40 Closures (33) (24) (5) – – – 1,207 Total Centers 1,046 1,047 1,087 1,127 1,167 % Change 0.1% 3.8% 3.7% 3.5% 3.4% Systemwide Sales Total Base SWS $947 $925 $907 $888 $870 $855 % Change (2.4%) (1.8%) (2.2%) (2.0%) (1.7%) Total Initiatives SWS – 20 50 73 100 128 NCOs SWS – – 10 40 69 100 Total SWS $947 $944 $967 $1,001 $1,039 $1,083 % Change (0.4%) 2.4% 3.5% 3.8% 4.2% Total EBITDA $74 $71 $75 $81 $88 $96 % Change (4.4%) 5.9% 7.5% 9.5% 8.2% % of SWS 7.8% 7.5% 7.8% 8.1% 8.5% 8.8% SSS % Change 0.2% 1.5% 1.4% 1.9% 2.1% 2.5% Mature SSS % Change 0.2% 1.1% 0.5% 0.3% 0.4% Content must not go below this line Confidential \| 15 Source: Company Filings, Management LRP

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Management LRP – 150% Achievability Sensitivity $ in mm FY25E FY26E FY27E FY28E FY29E FY30E Centers New Centers 12 25 45 40 40 40 Closures (33) (24) (5) – – – 1,207 Total Centers 1,046 1,047 1,087 1,127 1,167 % Change 0.1% 3.8% 3.7% 3.5% 3.4% Systemwide Sales Total Base SWS $947 $925 $907 $888 $870 $855 % Change (2.4%) (1.8%) (2.2%) (2.0%) (1.7%) Total Initiatives SWS – 59 150 220 300 385 NCOs SWS – – 10 40 69 100 Total SWS $947 $983 $1,067 $1,147 $1,239 $1,340 % Change 3.8% 8.5% 7.5% 8.0% 8.1% Total EBITDA $74 $74 $83 $93 $105 $118 % Change (0.4%) 12.2% 11.7% 13.9% 12.2% % of SWS 7.8% 7.5% 7.8% 8.1% 8.5% 8.8% SSS % Change 0.2% 5.7% 7.4% 5.8% 6.2% 6.4% Mature SSS % Change 4.4% 7.1% 4.4% 4.3% 4.2% Content must not go below this line Confidential \| 16 Source: Company Filings, Management LRP

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Management LRP – 6-Month Delay Sensitivity $ in mm FY25E FY26E FY27E FY28E FY29E FY30E Centers New Centers 12 25 45 40 40 40 Closures (33) (24) (5) – – – Total Centers 1,046 1,047 1,087 1,127 1,167 1,207 % Change 0.1% 3.8% 3.7% 3.5% 3.4% Systemwide Sales Base New Guests $102 $96 $91 $88 $86 $83 Incremental New Guests (FY26 Initiatives) 15 32 41 49 53 Consideration Push 10 15 17 19 19 Local Performance Marketing 3 6 8 10 11 Onboarding 3 11 17 20 23 FY2027-2030 Initiatives – 1 11 27 45 Base Existing Guests $846 $829 $817 $800 $784 $771 NCO Transactions – – 10 40 69 Incremental Existing Guests (FY26 Initiatives) 8 47 60 64 71 CRM 3 15 19 20 22 Training 3 15 19 20 22 Scheduling 3 18 23 25 28 FY2027-2030 Initiatives – 1 17 38 63 Total Base SWS $947 $925 $907 $888 $870 $855 % Change (2.4%) (1.8%) (2.2%) (2.0%) (1.7%) Total Initiatives SWS – 23 80 130 178 232 NCOs SWS – – 10 40 69 100 Total SWS $947 $948 $997 $1,058 $1,117 $1,187 % Change 0.0% 5.2% 6.1% 5.6% 6.2% Total EBITDA $74 $71 $77 $85 $95 $105 % Change (4.0%) 8.8% 10.2% 11.3% 10.2% % of SWS 7.8% 7.5% 7.8% 8.1% 8.5% 8.8% SSS % Change 0.2% 1.9% 4.2% 4.4% 3.8% 4.5% Mature SSS % Change 0.6% 3.8% 3.0% 2.0% 2.4% Content must not go below this line Confidential \| 17 Source: Company Filings, Management LRP

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Management LRP – 12-Month Delay Sensitivity $ in mm FY25E FY26E FY27E FY28E FY29E FY30E Centers New Centers 12 25 45 40 40 40 Closures (33) (24) (5) – – – Total Centers 1,046 1,047 1,087 1,127 1,167 1,207 % Change 0.1% 3.8% 3.7% 3.5% 3.4% Systemwide Sales Base New Guests $102 $96 $91 $88 $86 $83 Incremental New Guests (FY26 Initiatives) 12 29 43 51 54 Consideration Push 10 15 17 19 19 Local Performance Marketing 3 6 8 10 11 Onboarding – 8 18 22 24 FY2027-2030 Initiatives – – 1 14 32 Base Existing Guests $846 $829 $817 $800 $784 $771 NCO Transactions – – 10 40 69 Incremental Existing Guests (FY26 Initiatives) – 19 60 68 75 CRM – 6 18 20 23 Training – 6 18 20 23 Scheduling – 6 23 27 30 FY2027-2030 Initiatives – – 2 20 44 Total Base SWS $947 $925 $907 $888 $870 $855 % Change (2.4%) (1.8%) (2.2%) (2.0%) (1.7%) Total Initiatives SWS – 12 48 105 153 206 NCOs SWS – – 10 40 69 100 Total SWS $947 $937 $966 $1,033 $1,092 $1,160 % Change (1.1%) 3.1% 7.0% 5.7% 6.2% Total EBITDA $74 $70 $75 $83 $93 $102 % Change (5.1%) 6.6% 11.1% 11.5% 10.3% % of SWS 7.8% 7.5% 7.8% 8.1% 8.5% 8.8% SSS % Change 0.2% 0.7% 2.0% 5.3% 4.0% 4.5% Mature SSS % Change (0.5%) 1.7% 3.9% 2.1% 2.4% Content must not go below this line Confidential \| 18 Source: Company Filings, Management LRP

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Disclaimer This presentation has been prepared by Moelis & Company LLC ("Moelis") solely for the information and assistance al Cof omm theit tee Spe ofci the Board of Directors of the company codenamed "Elegant" (the "Company") in considering the matters referred to erial in t s. he Thise s mat presentation is confidential and may not be disclosed (in whole or in part) or utilized for other purposes without the express prior written consent of Moelis. This presentation has been prepared based on information provided by the Company and/or from third party sources. Moelis assumed such information is complete and accurate in all material respects. Moelis has not independently verified such information (or assumed responsibility for the independent verification of such information). To the extent this presentation includes projections, forecasts or other forward-looking statements, Moelis has assumed that such information was reasonably prepared based on the best currently available estimates and judgments of the Company and/or other parties as to the future performance of the Company and/or such other parties. Moelis expresses no views as to the reasonableness of any such projections, forecasts or other forward-looking statements or the assumptions on which they are based. Moelis has not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, or otherwise) of the Company or any other party. Moelis' participation in any due diligence review is solely for purposes of dvsup ice po anrtd ing an alits ysia s. This presentation is based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, and Moelis assumes no obligation to update this presentation or correct any information herein. No company or transaction used in this presentation is identical to the Company or any potential transaction. The analyses set forth in this presentation do not purport to be appraisals and such analyses do not reflect Moelis' views of the prices at which businesses or actual secu ly mritay ies be sold. Because the analyses described in these materials (including the information used in such analyses) are inherently subject to uncertainty, Moelis does not assume responsibility if future results are materially different from those forecast. This presentation was designed for use by certain persons familiar with the business of the Company. This presentation is not intended to provide the sole basis for any decision on any transaction or strategic alternative and is not a recommendation with respect to any transaction or strategic alternative. This presentation does not address the Special Committee's underlying business decision t o recomm explore end or any transaction or strategic alternative or the relative merits of any transaction or strategic alternative as compared to any alternative business strategies or transactions that might be available to the Company. Nothing contained in this presentation should be construed as legal, regulatory, tax or accounting advice. Moelis and its affiliates are engaged globally in a wide range of investment banking and other activities for their own account and otherwise. Moelis and its affiliates may have advised, may seek to advise and may in the future advise in companies referred to in this presentation. Personnel of Moelis or such affiliates may make statements or provide advice that is contrary to information included in this presentation. The proprietary interests of Moelis or its affiliates may conflict with your interests. In addition, Moelis and its affiliates and their personnel may from time to time have positions in or effect transactions in securities referred to in this material (or derivatives of such securities), or serve as a director of companies referred to in this presentation. Content must not go below this line Confidential \| 19

## Ex-99.(C)(Iv)

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Exhibit (c)(iv) PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Project Elegant Discussion Materials January 13, 2026 PRELIMINARY DRAFT SUBJECT TO SUBSTANTIAL REVISION AND REVIEW BY MOELIS VALUATION COMMITTEE Content must not go below this line

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION 1. Executive Summary Content must not go below this line Confidential \| 1

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Executive Summary • On November 13, 2025, General Atlantic ("GA") made an offer to the Company to acquire all of the outstanding shares t tha oft itE legan does not already own (the "ProposalT")he . Board of Directors of Elegant formed a Special Committee (the "Special Committee") to review the Proposal. The Special Committee subsequently engaged Moelis as financial advisor • On December 18, 2025, Management presented the Special Committee with its latest views on the business, including an updated financial forecast (the "Management Proposed LRP (100% Achievability)"), which is premised on the Company fully realizing a set around of turn initiatives (the "LRP Initiatives") • The Management Proposed LRP was not approved by the Board of Directors, and was only presented to the Special Committee. An earlier draft version was presented to the Board of Directors in October 2025, and the earlier draft version was also not approved by the Board • The Special Committee has reviewed the Management Proposed LRP (100% Achievability), and during the December 23, 2025 meeting of the Special Committee, noted that the Management Proposed LRP (100% Achievability) assumed Management would be able to successfully achieve the LRP Initiatives and execute on a series of initiatives on a timely basis • The Special Committee requested that Management prepare various scenarios on the achievement of the LRP Initiatives, including a scenario in which the Company achieved 50% of the LRP Initiatives (the "Management Proposed LRP (50% Achievability)") • On January 6, 2026, Moelis reviewed these scenarios provided by Management with the Special Committee. Following a robust discussion, the Special Committee instructed Moelis to use the Management Proposed LRP (50% Achievability) in conducting its analysis of the Proposal • Since our engagement, Moelis has held multiple diligence calls with Elegant Management covering the financial and business profile of the Company • Moelis has had several follow-up discussions with Management to diligence the Management Proposed LRP (50% Achievability), the Management Proposed LRP (100% Achievability) and the LRP Initiatives, including understanding the key drivers of the forecast and the differences versus the previous forecast that the Management team presented to the Board during the October Board meeting • To assist the Special Committee in its evaluation of the Proposal, Moelis has prepared materials covering the industry backdrop, other relevant contextual information and preliminary financial analyses • Our analyses remain subject to substantial revision based on any additional information received from the Company and changes in business or market conditions Content must not go below this line Confidential \| 2

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Illustrative Special Committee Roadmap and Considerations Phase 1 Phase 2 Phase 3 (if applicable) Fact Gathering Evaluation of the Proposal and Alternatives Negotiations Negotiate Reach Understand the Context Analysis Response with agreement Proposal Acquirer What is the SC's If decide not to reject, Is now the Acquirer perspective on the what is the best What are the key right time? Withdraws standalone plan? negotiating strategy? terms of the Proposal Proposal? What is the current market and industry Acquirer backdrop? How does the Becomes What information is Proposal compare What are the deal Unfriendly needed to evaluate vs. potential status terms to focus on? What outreach has the Proposal? quo value? already been conducted (if any)? SC to consider other What are the key alternatives, including What are the What are the right Has there been any process, timing and maintaining status quo practical next steps? inbound interest? tactical alternatives? considerations? Content must not go below this line Confidential \| 3

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION 2. Additional Context for Evaluating the Offer Content must not go below this line Confidential \| 4

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Additional Context for Evaluating the Offer SUBSTANTIAL REVISION Elegant Share Price Performance Overview As Elegant's key growth metrics have worsened, its stock price has declined meaningfully 1 Share price performance since IPO 160% Elegant Since IPO Trailing 52 Weeks Higher-Growth Franchise 140% High Low High Low Lower-Growth Franchise $33.05 $3.10 $7.45 $3.10 Beauty 120% 2 1 108.5% 100% 4 80% 3 79.5% 60% 40% 40.4% Offer Price: $5.25 5 24.5% 7 6 20% 8 16.7% $3.57 0% Aug-21 Dec-21 Apr-22 Sep-22 Jan-23 Jun-23 Oct-23 Feb-24 Jul-24 Nov-24 Mar-25 Aug-25 Dec-25 Summary of guidance and long-term growth communications 1 2Q21 Initiated FY21 guidance, communicating LT growth algorithm of HSD unit growth, HSD SSS growth, low double-digit EWC revenue growth and low to mid-teens adj EBITDA growth 2 1Q22 Initiated FY22 guidance with HSD SSS growth and 70-72 new center openings; reaffirmed LT growth algorithm 3 1Q23 Initiated FY23 guidance with MSD SSS growth and 95-100 new center openings; acknowledged mature center transaction volumes below LT growth algorithm 4 2Q23 Revised FY23 outlook, decreasing top & bottom line and SSS to 1.5-2.5%; increased new center openings to 98-100 5 2Q24 Revised FY24 guidance, decreasing SSS growth to (1.5%)-0.5% (previously 2.0-5.0%); sharply decreased new center openings to 27-32 6 1Q25 Initiated FY25 guidance with SSS growth of 0.0%-2.0% and net center closings of 28-50; 2025 labeled a transitional year 7 2Q25 Revised FY25 sales guidance down with SSS of 0.0%-1.0; reiterated Adj. EBITDA and NI guidance 8 3Q25 Reiterated FY25 guidance and noted 12 new centers will be opened and 35-40 existing centers will be closed in FY25 Content must not go below this line Source: Company Filings, S&P Capital IQ ("CapIQ") as of 01/05/2026, Wall Street Research Confidential \| 5 Note: Annotations #1-8 correspond to date of Elegant's For-m K 8 earnings releases 1. Share price represented as percentage of price at Elegant IPO

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Additional Context for Evaluating the Offer SUBSTANTIAL REVISION Elegant Trading Volume Dynamics Elegant's public float, average daily trading volume ("ADTV") and ADTV as a percentage of shares outstanding ("SO") are largely below those of the Selected Publicly Traded Companies, even when compared against other Selected Publicly Traded Companies with consolidated shareholder bases Public Float % of SO Beauty Lower-Growth Franchise Models Elegant Higher-Growth Franchise Models 100% % 100% % % % % 6% 1% 0% 82% % 5% 6 % 62% 36% Elegant 1 3-Month ADTV % of SO Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models 5.6% .8% 3.8% 3.5% 3.2% 3.1% 1. % 1. % 1. % 1.8% 1.5% 0. % 0.8% 0. % 0.8% 0. % Elegant 2 3-Month ADTV $mm Beauty Lower-Growth Franchise Models Elegant Higher-Growth Franchise Models 356.6 30 .6 2 .2 221. 182. 181. 1 5. 0.8 5 .6 2 .8 1 .3 1 .6 13.6 1.3 . 2.8 Elegant 3 Indicates Selected Publicly Traded Companies with a shareholder that holds at least 20%, indicating a consolidated shareholder base similar to Elegant Content must not Source: S&P Capital IQ as of 01/05/2026, Company Filings 1. SO reflects basic shares outstanding as of the most recent public filings one day, one week, one month, three months, one year and two years prior to 01/05/2026 go below this line 2. Average daily trading value calculated as average daily trading volume multiplied by 90-day VWAP as of 12/26/2025 Confidential \| 6 3. Of these, only Driven Brands has a controlling shareholder with ownership in excess of Elegant's largest shareholde grs, s' h wio thld Ro in ark owning 60%+ of Driven Brands based on Driven Brands proxy filing as of 04/10/2025

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Additional Context for Evaluating the Offer SUBSTANTIAL REVISION Historical Trading Multiples – TEV / NTM EBITDA 10-Year Historical TEV / NTM EBITDA Multiple 30.0x As Elegant's growth rates have decelerated, Elegant's multiple has decreased from multiples in line with MEDIAN higher-growth franchise companies to multiples commensurate with lower-growth franchise companies 10-Year 5-Year 3-Year 1-Year Current Papa John's 15.3x 14.2x 11.3x 10.1x 9.7x Higher-Growth Franchise Wendy's 14.5x 13.2x 11.9x 9.7x 9.1x Lower-Growth Franchise 25.0x Jack In The Box 10.9x 9.6x 8.6x 7.7x 8.6x Beauty Dine Brands 9.5x 8.4x 6.9x 6.2x 7.4x El Pollo Loco 8.3x 7.2x 6.8x 5.9x 5.7x Elegant Xponential Fitness 6.9x 6.9x 5.9x 5.6x 6.0x 1 COVID-19 Pandemic LG Franchise 10.2x 9.0x 7.8x 7.0x 8.0x 20.0x Wingstop 41.4x 45.6x 44.4x 32.3x 30.7x 17.3x Domino's 20.7x 20.4x 19.7x 19.3x 17.3x Planet Fitness 18.9x 18.7x 17.2x 18.3x 17.3x Yum! Brands 18.3x 18.3x 17.8x 17.7x 17.3x 15.0x Restaurant Brands 13.0x 13.1x 12.7x 11.9x 11.6x Driven Brands 10.7x 10.7x 8.8x 9.1x 8.2x HG Franchise 18.6x 18.5x 17.5x 18.0x 17.3x 10.0x Ulta 13.0x 12.5x 11.6x 12.4x 15.1x Bath & Body Works 7.6x 7.7x 7.6x 6.3x 6.5x 8.0x Sally Beauty 5.7x 5.0x 4.8x 4.3x 4.8x 6.9x 6.5x Beauty 7.6x 7.7x 7.6x 6.3x 6.5x 5.0x Elegant NA 13.3x 10.5x 7.5x 6.9x Historical trading data suggests that Elegant's multiple compression has coincided with similar valuation pressure across lower-growth franchise companies, 0.0x Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 including Wendy's and Jack in the Box. These companies have also experienced growth deceleration Elegant Consensus 1 YR 12.8% 7.6% 5.7% 3.3% 1.7% forward growth rate Content must not go below this line Confidential \| 7 Source: S&P Capital IQ as of 01/05/2026 1. As a result of lower traffic during the COVID-19 pandemic, EBITDA multiples for restaurants and other in-person franchise businesses were elevated through 2021

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Additional Context for Evaluating the Offer SUBSTANTIAL REVISION PubCo Cash Considerations Elegant OpCo's cash distributions to its shareholders have created an accumulation of cash at the PubCo, and the treatment of PubCo cash is not explicitly defined in the offer Overview of PubCo / OpCo Cash Elegant Contemplated Options for PubCo Cash • Under its structure as a partnership, when EWC Ventures, LLC (OpCo) generates • The Company has considered various options for the cash for Class A taxable net income, it is required to make distributions to all shareholders to pay shareholders, including a TRA buy-out, loan to OpCo, recapitalization distribution and reverse recapitalization distribution their respective tax obligations • Per the Limited Liability Company Agreement, OpCo's tax distributions are paid out o The Company stated in October 2025 materials presented to the Board of based on the highest applicable tax rate of its shareholders, which is currently 56% Directors that its goals include unlocking the "trapped" cash for OpCo use and / • As a result, OpCo shareholders are reimbursed assuming a tax rate of ~56%, or reducing the current and future balances of PubCo cash whereas European Wax Center, Inc. ("PubCo"), as -Corp a C , pays a blended federal and state tax rate of ~25%, creating an excess of 31% Option Description o This difference in rates results in excess cash at PubCo o As of Q3 2025, PubCo cash was $34.6mm, and Management expects PubCo PubCo contemplates a buy-out of the TRA liability of TRA Buy-out cash as of Q4 2025 to be $35.8mm select TRA holders • Class A shareholders are technically entitled to receive the PubCo cash PubCo loans excess cash to OpCo at a market o Of the Class A shares, GA and its affiliates own ~30%, leaving ~70% to other PubCo Loans to OpCo 1 interest rate in an arms-length transaction shareholders o Upon conversion of the Class B shares into Class A shares, the Class B Recapitalization PubCo invests excess cash into OpCo and receives shareholders would become entitled to receive a portion of the PubCo cash Distribution additional units in exchange 3 • GA has a consent right over any dividends • Moelis' financial analyses assume that PubCo cash is allocated to the Class A and PubCo invests excess cash into OpCo and receives the Class B as if converted because the Class B receives the same consideration as Reverse Recapitalization no units in exchange; OpCo recapitalizes to reduce the Class A in a sale Distribution total units outstanding, and pre-IPO owners forfeit existing units Illustrative Impact of PubCo Cash Per Share Amount Amount Based on Moelis' discussions with Management, the Company did not consider In millions, except per share value (Class A Shares) (All Shares) paying a dividend to Class A shareholders as one of the options to present in the October 2025 materials. Management noted that they wanted to avoid setting a PubCo Cash (Q4 2025E) $35.8 $35.8 precedent that the Company would continuously make future Class A Shares Outstanding 43.757 43.757 dividend payments to shareholders 2 Dilutive Securities 2.590 2.590 Class B Shares Outstanding – 10.628 To address the ongoing accumulation of trapped cash, the Company has considered (i) amending the Company's existing agreements to calculate tax (/) Fully Diluted Shares (mm) 46.348 56.976 distributions based on a lower tax rate (vs. current 56% rate), and (ii) having all Implied Equity Value / Share $0.77 $0.63 Class B unitholders convert to Class A to eliminate Elegant's current Up-C structure, based on the October 2025 Board materials Impact of PubCo Cash Per Share to Class A Shareholders: $0.14 / share Source: Materials provided by Elegant and the Company's tax advisor to Moelis, Company Filings Content must not 1. Based on 13.110mm Class A common shares held by GA and affiliates as of Elegant proxy filing as of 04/18/2025 2. Reflects in-the-money dilutive securities of 2.590mm (including options and restricted stock units) based on Management capitalization details as of 12/12/2025, 10-K financials as of go below this line 01/04/2025 and 10-Q financials as of 10/04/2025; based on Proposal price per share of $5.25 Confidential \| 8 3. Refers to dividends other than the dividends or distributions required to be made pursuant to the terms of outstanding preferred stock of the Company and certain other expressly permitted dividend distributions

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Additional Context for Evaluating the Offer SUBSTANTIAL REVISION Tax Receivable Agreement ("TRA") Change of Control Considerations A Change of Control ("CoC") would trigger an early termination payment to TRA holders CoC Summary Implications in an M&A Transaction GA Offer Price per Share $5.25 • In a change of control transaction (with a third-party buyer) under the Class A Basic Shares + Total Dilutive Securities 46.348 TRA, TRA holders would be entitled to receive an early termination Class B Shares 10.628 payment 1 FDSO 56.976 A Equity Value $299 o This early termination payment would equal the present value of 2 Net Debt (excl. TRA) 297 future payments that Elegant would be obligated to make under Implied Enterprise Value (excl. TRA) $596 the current TRA, based on the assumptions outlined below 3 2026E Adj. EBITDA $71 Implied TEV / 2026E EBITDA Multiple 8.4x o The present value of the future payments under a CoC is B TRA CoC Payment $178 calculated without regard as to whether the Company will be able Implied Enterprise Value (incl. TRA) $774 to actually use tax attributes and a discount rate equal to the lesser of (i) 6.50% and (ii) the current one-year SOFR + 100bps Implied TEV (Incl. TRA CoC Payment) / 2026E EBITDA Multiple 10.9x B A / Share Price Impact of CoC Payment $3.13 • In M&A transactions, TRA holders frequently do not receive the full Implied Share Price, GA Offer Price + CoC Impact $8.38 amount of the payments they are entitled to receive under the TRA, especially in cases where they are also large holders of common If full payment of the TRA Early Termination provision were required, a third equity party would need to pay an additional $3.13 per share (or an additional 2.5x of EBITDA) to match GA's initial offer of $5.25 per share Illustrative CoC Calculation • Elegant's tax advisors performed an illustrative CoC payments TRA Recipients of a calculation under an early termination scenario Change of Control Early Termination Payment • The analysis produced an estimated CoC payment of $178mm • Key assumptions included: GA and Affiliates o Early termination date of 01/01/2026 $178mm Founder Holdco o Per share price of $5.25 for unconverted units o Assumes Company will be able to utilize all tax attributes All Others o Discount rate equal to the lesser of (i) 6.50% and (ii) SOFR + 100bps based on TRA, resulting in an applied early termination rate of 4.68% for purposes of the calculation Content must not Source: Materials provided by Elegant and the Company's tax adviso to r Moelis, Company Filings go below this line 1. Fully Diluted Shares Outstanding include 43.757mm Class A shares, 2.590mm dilutive securities (including options and restricted stock units based on Proposal share price of $5.25) Confidential \| 9 and 10.628mm Class B shares based on Management capitalization details as of 12/12/2025 provided to Moelis 2. Net debt includes $375mm of total debt projected by Company for Q4 2025, less projected $42mm of cash and cash equivalents (excluding PubCo cash) for Q4 2025 3. FY '26E Adj. EBITDA based on Management Proposed LRP (50% Achievability)

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Additional Context for Evaluating the Offer SUBSTANTIAL REVISION Background on the Financial Projections Moelis conducted its financial analysis utilizing the Management Proposed LRP (50% Achievability) • Elegant's Management prepared a preliminary business plan and presented it to the Board of Directors during a strate ng iny Oc ses tosbio er of 2025 as a part of their Q3 Board meeting, during which Management presented on both quarterly earnings and the bu-s foin rw es as rd ' g so trategy (the "October Strategic Planning Forecast"). The October Strategic Planning Forecast was never formally approved by the Board of Dir ane dc th toers fi,nancial forecast was not discussed at length. Rather, the October session included a high-level discussion of the business plan, which Management continued to refine over the past several months to incorporate input from newly onboarded executives, including the recently hired COO and CDO • At the request of the Special Committee, Elegant's Management presented Management's updated financial forecast to thle C oSp me mciittaee on 12/18/25 (the Management Proposed LRP (100% Achievability)), after which Management provided the materials underlying this set of projections to Moelis on 12/19/2025 • The Management Proposed LRP (100% Achievability) assumes Management successfully implements a turnaround in 2026 after the business has faced significant pressure over the past few years. The Management Proposed LRP (100% Achievability) assumes that the Company will invest beginning in 2026 in initiatives which Elegant's Management has identified as core strategic areas. These investments iniinc tiatilude ves aimed at improving CRM, waxer training, onboarding, scheduling and ramping / mature center support o The initial impact of capital allocated to these strategic investments is expected to be partially offset by G&A savings included in the Management Proposed LRP (100% Achievability) o Management has also indicated that it has considered the possibility that it will need to withhold planned investments in order to maximize EBITDA and cash flows if certain of the strategic investments do not yield as strong of an impact on performance as projected o Management characterized the Management Proposed LRP (100% Achievability) as achievable and acknowledged that there are challenges Overview of inherent to executing the Management Proposed LRP (100% Achievability) and investing in the planned strategic initiatives Financial • After careful review of the Management Proposed LRP (100% Achievability), the Special Committee directed Management to prepare sensitivity Projections analysis on the potential impact of the LRP Initiatives • The Special Committee reviewed several sensitivity analyses at its meeting on January 6, 2026, and directed Moelis to conduct its financial analysis using the Management Proposed LRP (50% Achievability), which assumes the Company realizes 50% of the financial benefits from the LRP Initiatives. See next page for a summary of the key execution risks related to the LRP Initiatives • The Management Proposed LRP (50% Achievability) and Management Proposed LRP (100% Achievability) included several updates relative to the long-run financial plan shared with the Board of Directors in October 2025. In the case of the Management Proposed LRP (50% Achievability), these include an updated view on new center openings (revised down to 0 per year from 50 per year for FY '2 E throughta FY l SSS g '30E), rowto th (revised down to 2.5% in FY '30E from 6.0% in FY '30E) and Adj. EBITDA (revised down to 6mm in FY '30E from 11 02 E)mm in FY '3 o Management indicated that the updates to the Management Proposed LRP (50% Achievability) and Management Proposed LRP (100% Achievability) came after assessing that certain of the assumptions included in the October 2025 plan may ultimately be challenging to maintain at a similar level or rate over time (e.g., net new center openings, same-store sales growth) o Management also made updates to the source of funding for the investment into strategic initiatives, assuming that the investment will be funded through cost savings from G&A • The Management Proposed LRP (50% Achievability) and Management Proposed LRP (100% Achievability) do not include potential center acquisitions, and Management has indicated that it has no immediate plans to acquire franchisees o Management has indicated that the Company has a poor track record of profitably operating owned centers, as operating individual centers has not been a core focus of Management's time and attention. As of 10/0 /2025, the Company owned and operated 5 of 1,053s o tof taEl l le og ca an tit' ons Content must not go below this line Confidential \| 10

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Additional Context for Evaluating the Offer SUBSTANTIAL REVISION Considerations in Assessing Ability to Execute the LRP Initiatives • Elegant is operated primarily by independent franchisees, limiting corporate ability to mandate uniform operational change; franchisees will ultimately be responsible for implementing initiatives to improve customer experience and drive traffic Franchise structure • Turnaround initiatives require adoption at the individual center level, leading to variability in timing and consistency introduces execution complexity • Franchisees bear any economic cost and investment of time before franchise benefits are fully realized • Near-term margin pressure at the center level may limit willingness to implement and invest in certain initiatives • Franchisees retain direct ownership, incentivizing operational focus once improvements are evident Certain advantages • Local operators possess market-level knowledge that can support staffing and customer acquisition efforts of a franchise model • Capital-light business model • Center performance and underlying transaction growth highly dependent on availability, experience, and retention of licensed waxers Labor-intensive • Hiring, scheduling, and compensation decisions are controlled by franchisees, not the company service model heightens execution • Experienced waxer retention essential to customer acquisition and retention and operational stability risk • Labor constraints could limit throughput, reduce service consistency and blunt expected SSS uplift • COO has been in role for ~3 – 4 months New management • CEO and CFO have been in their respective roles for ~1 year team driving execution of • CIDO, CCO, and CDO are all recent 2025 hires initiatives • Management's ability to execute at the Company as a unit is unproven • No single initiative expected to drive a step-change in near-term financial performance Multiple initiatives are being executed • Turnaround success dependent on sustained execution across multiple initiatives simultaneously • Different franchisees have different problems; requires targeted approach • Financial impact dependent on meaningful changes around new customer acquisition and retention; waxer training, scheduling and retention, and center-level adoption, which takes time Turnaround impact • Differences in site quality, local labor markets, and operator sophistication may create varied times to implement and bear results may be gradual • Previous turnaround efforts by the Company have been unsuccessful in realizing the full scope of benefits initially expected, underscoring the risk inherent in any potential turnaround plan • Majority of initiatives not yet launched or are in early stages of implementation • Management is currently addressing "low -hanging fruit," including basic customer education and staffing efficiency topics, ahea of d Timing is a risk broader rollout of LRP Initiatives at the March franchisee conference • Ability to successfully implement early initiatives to set the foundation for growth will dictate success of later initiatives • Both the Management Proposed LRP (50% Achievability) and the Management Proposed LRP (100% Achievability) assume a stable Macro poses macroeconomic environment; in a recession, discretionary services would be negatively impacted, which would adversely impact the additional risk financial performance of Elegant Content must not go below this line Confidential \| 11

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION 3. Preliminary Financial Analysis Content must not go below this line Confidential \| 12

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Preliminary Financial Analysis SUBSTANTIAL REVISION Overview of Preliminary Financial Analysis Moelis performed its financial analysis using the Management Proposed LRP (50% Achievability) • The DCF analysis was performed using Elegant's Management Proposed LRP (50% Achievability) Adj. EBITDA, which was shared with Moelis as of 12/30/2025 o For reference, we also performed a DCF using Elegant Management Proposed LRP (100% Achievability) provided to Moelis as of 12/19/2025 • Moelis used the terminal multiple method to determine the terminal value; the terminal multiple range, based on reference to current Discounted Cash and historical EV / EBITDA (NTM) multiples for the applicable Selected Publicly Traded Companies, was applied to the applicable Flow ("DCF") terminal year EBITDA Analysis (Including Tax • Terminal year adjusted EBITDA represents FY '30E adjusted EBITDA Benefits) • Moelis conducted a separate NPV analysis of Elegant's tax attributes to value the Company's portion (15%) of savings from the 1 utilization of tax attributes, which is included in the implied per share value • The analysis utilizes projected Q4 2025 debt and cash balances of $375mm and $78mm (including estimated Q4 2025 PubCo cash balance of $36mm), respectively, per the latest Management estimates • Moelis' financial analysis assumes PubCo cash is allocated to the Class A and Class B as if converted • Moelis reviewed and analyzed certain financial information and market trading data related to companies whose operations Moelis believed to be generally relevant for Elegant's business segments for purposes of this analysis Selected Publicly Traded Companies • Moelis exercised its professional judgment in the selection of these companies Analysis • The selected reference ranges were applied to the Management Proposed LRP (50% Achievability) FY '26E Adj. EBITDA of $71mm • The Selected Precedent Transactions analysis focuses on TEV/LTM EBITDA multiples of the Selected Precedent Transactions Selected Precedent • The Selected Precedent Transactions analysis applied the range of multiples to Management Proposed LRP (50% Achievability) Transactions FY '25E Adj. EBITDA of mm Analysis • Does not reflect any impact from an Early Termination Payment under the Tax Receivable Agreement, which may be required in a change of control transaction with a third party and would lower the price per share Content must not Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025, Company filings, Equity research go below this line 1. Calculation of tax attribute value based on tax attribute utilization forecast prepared by the Company's tax adviso her M uasinnagg etment Proposed LRP (100% Achievability). Confidential \| 13 Management and the Company's tax advisor are working to update for the Management Proposed LRP (50% Achievability) ca h wse o, uldw h liike c ly decrease the value per share to the common shareholders shown in our financial analysis

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Preliminary Financial Analysis SUBSTANTIAL REVISION Preliminary Financial Analysis Summary Methodology Implied Price Per Share Commentary Current Proposal: (01/05/2025): $5.25 $3.57 Discounted Cash Flow ("DCF") Analysis • Terminal Multiple: 6.5x – 8.5x Management Proposed LRP (50% .63 . • WACC: 9.25% – 12.00% 1,2 Achievability) Including Tax Benefits Selected Publicly Traded • Multiple Range: 6.5x – 8.5x 2. 0 5.38 Companies Analysis 3 • 2026E Adj. EBITDA: $71mm 2 (TEV / FY2026E Adj. EBITDA) Selected Precedent • Multiple Range: 8.0x – 10.0x 5.21 . 5 Transactions Analysis 3 • 2025E Adj. EBITDA: $74mm 2 (FY2025E Adj. EBITDA) Discounted Cash Flow • Terminal Multiple: 6.5x – 8.5x Management Proposed 5.61 .11 LRP (100% Achievability) • WACC: 9.25% – 12.00% 1,2 Including Tax Benefits Leveraged Buyout • Exit Multiple Range: 6.5x – 8.5x Analysis ("LBO") 3.5 5.6 Management Proposed • Target IRR: 17.5% – 22.5% 2 LRP (50% Achievability) • 52-week high: 02/18/2025 52-Week High / Low 3.10 . 5 • 52-week low: 05/01/2025 Equity Research • Analyst share price targets from 5 brokers 15.00 .00 Price Targets ("PT") from November 2025 Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025, Company filings, Equity research Content must not Note: Valuation methodologies utilize projected Q4 2025 cash and debt balances; cash balance utilized includes estimated Q4 2025 PubCo cash balance of $35.8mm 1. Figures include the impact of the Company's realized tax benefits from tax attributes, net of required payments of of aca psh or ttiaoxn sa vings to TRA holders go below this line 2. If all of the PubCo cash was allocated to the Class A only, this would increase the implied high and low ends of the ranges for share prices for Class A shareholders by $0.14 – $0.15 Confidential \| 14 per share 3. Reflects Adj. EBITDA based on Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025 For Reference Only

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION 4. Strategic Alternatives Content must not go below this line Confidential \| 15

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Strategic Alternatives SUBSTANTIAL REVISION Summary of Potential Strategic Alternatives 1 2 Engage with GA Decline to Engage with GA • Allow Management to pursue current business plan, including implementation of LRP Initiatives • Commence negotiation with GA, seek best possible • Potential to recommend other strategic actions to the Overview terms for disinterested shareholders full Board for consideration, including but not limited to TRA termination or Class B conversion and Up-C structure collapse ✓ Allows Management to focus on execution of business plan ✓ Provides potential for liquidity to shareholders at a premium to the unaffected trading price ✓ Potential to restart discussions in future Benefits ✓ No exposure to execution risks of turnaround strategy ✓ Potential for share price appreciation if Management's turnaround plan is successful ? Execution risk of turnaround, which may be amplified ? Price and terms given public company quarterly reporting ? Management resources and potential for distraction requirements Considerations ? GA required level of diligence and financing to ? Future cost of capital and market conditions uncertain consummate transaction unclear ? GA willingness to engage in the future The Proposal states that GA is interested only in pursuing the Proposed Transaction and does not intend to sell its stake in the Company to any 1 third party . Per the Stockholders' Agreement, so long as GA owns 25% of the outstanding common stock, the Company is required to receive 2 the prior written consent of GA before entering or effectuating a change in control , among other rights. Although GA does not own a majority of the shares of the Company, GA's stated position in the Proposal and its rights under the Stockholders Agreement preclude the Company from consummating a sale transaction with a third party without the approval of GA 1. The Proposal also states that if GA determines "not to make a binding definitive proposal or the Special Committee d no ete t to rm ain pe ps rove the proposed transaction, such Content must not determination would not adversely affect GA's future relationship with the Company, and GA would intend to remain a -tes a rm sto lockh ng older." go below this line 2. Per the Stockholders' Agreement, Change in Control mea anns y transaction or series of related transactions (whether by merger, consolidation, recapitalization, liquidation or sale or transfer of equity securities or assets (including equity securities of Subsidiaries) or otherwise) as a result of which any Person or group, within the meaning of Section 13(d)(3) of the Confidential \| 16 Exchange Act (other than the Stockholders and their respective Affiliates, any group of which the foregoing are members and any other members of such a group), obtains ownership, directly or indirectly, of (i) equity securities of the Company that represent more than 50% of the total voting power of the outstanding capital stock of the Company or any applicable successor entity or (ii) all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis.

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Strategic Alternatives SUBSTANTIAL REVISION Summary of Offer: Premia and Implied Multiples Current Proposal ($ in mm, except per share) 1/5/2026 11/13/2025 Analysis at Various Prices Share Price $3.57 $5.25 $5.75 $6.25 $6.75 $7.25 $7.75 Market Capitalization $203 $299 $328 $357 $386 $416 $445 1 297 297 297 297 297 297 297 (+) Net Debt Enterprise Value $499 $596 $625 $654 $683 $712 $742 Implied Total Price Per Share Premium / (Discount) to: Statistic Current Share Price $3.57 - 47% 61% 75% 89% 103% 117% Share Price as of 11/13/2025 Proposal 3.90 (8%) 35% 47% 60% 73% 86% 99% Offer Price 5.25 (32%) - 10% 19% 29% 38% 48% 30-Day VWAP 3.80 (6%) 38% 51% 64% 78% 91% 104% 60-Day VWAP 3.76 (5%) 40% 53% 66% 79% 93% 106% 90-Day VWAP 3.86 (8%) 36% 49% 62% 75% 88% 101% 52-Week High (02/18/2025) 7.45 (52%) (30%) (23%) (16%) (9%) (3%) 4% 52-Week Low (05/01/2025) 3.10 15% 69% 85% 102% 118% 134% 150% Implied Multiples Statistic 2 $71 7.0x 8.4x 8.8x 9.2x 9.6x 10.0x 10.5x TEV / 2026E Adj. EBITDA 2 TEV / 2027E Adj. EBITDA 75 6.6x 7.9x 8.3x 8.7x 9.1x 9.5x 9.9x For Reference: 3 $71 9.9x 11.2x 11.6x 12.1x 12.5x 12.9x 13.3x TEV / 2026E Adj. EBITDA (incl. TRA liability) 3 TEV / 2027E Adj. EBITDA (incl. TRA liability) 75 9.3x 10.6x 11.0x 11.4x 11.8x 12.2x 12.6x Source: Capital IQ as of 01/05/2026, Proposal submitted 11/13/2025, Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, Management capitalization details as of Content must not 12/12/2025, TRA Support - Dec 2025 Financials provided to Moelis on 12/23/2025, Company filings 1. Reflects projected Q4 2025 debt and cash balances of $375mm and $78mm (including estimated Q4 2025 PubCo cash balance of $36mm), respectively, per the Management Proposed LRP go below this line (50% Achievability) Confidential \| 17 2. Reflects FY '26E and FY '2 E Adj. EBITDA based on Management Proposed LRP (50% Achievability) provided to Moelis on5 12/30/202 3. Enterprise value includes TRA liability of $201mm per the TRA Support - Dec 2025 Financials provided to Moelis on 12/23/2025

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION 5. Appendix Content must not go below this line Confidential \| 18

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION A. Discounted Cash Flow Analysis Content must not go below this line Confidential \| 19

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Discounted Cash Flow Analysis SUBSTANTIAL REVISION Methodology and Assumptions • Analysis used Adj. EBITDA and cash flow figures from Elegant's Management Proposed LRP (50% Achievability), which wa wit s s h Mo hare ed li s as of 12/30/2025 o Utilized a 5-year projection period from FY '26E through FY '30E o Assumes a transaction date of 12/31/2025 and utilizes projected Q4 2025E balance sheet information • Unlevered after-tax free cash flows through FY '30E and terminal value were discounted utilizing -tyh ee a rmid convention o Change in Net Working Capital ("NWC") does not include the impact of deferred tax assets ("DTAs") as the net pres e thnet tvaaxlu bee no effits associated with Elegant's tax attributes are accounted for separately based on the methodology described below Financial o Cash tax distribution to OpCo; calculated as 19.73% of Adjusted EBIT multiplied by the spread between the 56.00% OpCo reimbursement tax rate and the 25.79% Projections PubCo tax rate per the Company's tax advisor TRA Sup - p Doertc 2025 Financials provided to Moelis on 12/23/2025 o Utilized discount rate ranges of 9.25% to 12.00% derived from calculation of Weighted Average Cost of Capital • Treats stock-based compensation as a cash expense that reduces unlevered free cash flow for DCF purposes • Reflects a cash tax rate of 25. % representing the PubCo tax rate provided by Management and the Company's tax ad evliis sor to Mo • The net present value attributable to the tax benefits associated with Elegant's tax attributes, net of required TRA, fpoary me FY nt'2s6E through FY '66E were calculated separately and added to the standalone equity value of Elegant • Terminal financial results were informed by 2030E financial projections o Terminal Adj. EBITDA based on 2030E Adj. EBITDA o Assumed 2030E change in NWC and capex held constant o Assumed D&A is equal to capex o Cash tax rate of 25.79% held consistent with the projection period • Selected terminal Adj. EBITDA reference range of 6.5x – 8.5x was based on Moelis' professional judgement and informed by lo thw e f ingo:l o The range was informed by Lower Growth Franchise Model Selected Publicly Traded Companies given their more comparable growth profile to Elegant o Lower Growth Franchise Model Selected Publicly Traded Companies median FY '25E TEV / Adj. EBITDA multiple is . x an FY d a'2v5eE ra gTeEV / Adj. EBITDA multiple is 7.9x; median FY '26E TEV / AdE j. BITDA multiple is .6x and average FY '26E TEV / Adj. EBITDA multiple is . x ▪ Elegant does not have the same brand strength / recognition as certain Lower Growth Franchise Model Selected Publicly Traded Companies such as Wendy's and Papa Johns o Elegant's 1 -year average TEV / NTM EBITDA multiple is 7.5x and the median 1-year TEV / NTM EBITDA multiple of the Lower Growth Franchise Model Selected Publicly Traded Companies is 7.0x o Moelis also conducted a regression analysis on the 1-year revenue CAGR and TEV / EBITDA multiples of Elegant's selected pe ue pr wg hrio ch implied an Elegant Terminal FY '26E TEV / Adj. EBITDA multiple of 8.0x based on the Management Proposed LRP (50% Achievability) and 8.0x based uo sn and con as ne E ns legant FY '25E TEV / Adj. EBITDA multiple of 3.2x Value o In selecting the terminal Adj. EBITDA reference range, Moelis considered but placed less emphasis on the Selected Publicly Traded Higher-Growth Franchise Model Companies ▪ While these companies, like Elegant, also operate franchise locations in the consumer discretionary sector, the Selected Publicly Traded Higher-Growth Franchise Model Companies have recently demonstrated top-line growth rates in excess of those of Elegant, and are projected to continue growing at a rate in excess of the growth reflected in Elegant's Management Proposed LRP, underscoring differences in end markets, demand trends an ec d otrrda c ok f r execution o Moelis also considered but placed less emphasis on the Selected Publicly Traded Beauty Retailers ▪ These companies, like Elegant, serve similar end markets of consumers seeking self-care and cosmetic products and services. However, in Moelis' experience and professional judgment, the Selected Publicly Traded Beauty Retailers operate different business models focused on the retail sale of consumer goods, whereas the majority of Elegant's business focuses on delivering services ▪ The lower multiples that some of these companies have reflect the current challenges in the beauty end market, justifying a discount versus other consumer discretionary categories o Implied perpetuity growth rate of (0.3%) – 4.3% • Terminal value represents approximately 63% – 70% of the total DCF net present value Content must not go below this line Confidential \| 20 Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Discounted Cash Flow Analysis SUBSTANTIAL REVISION Management Proposed LRP (50% Achievability) Unlevered Free Cash Flow Projections ($ in millions, except per share data) 2026E 2027E 2028E 2029E 2030E Terminal Total Revenue $211 $215 $224 $235 $247 $247 % Revenue Growth 1.0% 2.1% 4.1% 5.2% 4.9% 1 Adjusted EBITDA $71 $75 $81 $88 $96 $96 % EBITDA Margin 33.7% 35.0% 36.1% 37.6% 38.7% 38.7% Less: Stock-Based Compensation ($10) ($10) ($10) ($11) ($11) ($11) Less: Depreciation & Amortization (20) (24) (19) (10) (4) (3) Adjusted EBIT $41 $41 $52 $68 $80 $82 Cash Tax Rate 26% 26% 26% 26% 26% 26% Less: Cash Taxes ($11) ($11) ($13) ($18) ($21) ($21) 2 Less: Cash Tax Distributions (2) (2) (3) (4) (5) (5) Plus: Depreciation & Amortization 20 24 19 10 4 3 3 Less: Change in NWC (2) (0) 1 (0) 1 1 Less: Capital Expenditures (4) (3) (3) (3) (3) (3) Unlevered Free Cash Flow $42 $50 $53 $54 $57 $57 Discounted Cash Flow Sensitivity Analysis (Incl. Tax Benefits) 4 Implied Enterprise Value ($ in mm) Implied Price Per Share Implied Perpetuity Growth Rate Terminal EBITDA Multiple Terminal EBITDA Multiple Terminal EBITDA Multiple 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 9.25% $5.69 $6.23 $6.75 $7.27 $7.79 9.25% $621 $652 $683 $714 $744 9.25% (0.3%) 0.4% 0.9% 1.4% 1.8% 9.94% 5.41 5.93 6.44 6.95 7.45 9.94% 605 635 665 695 724 9.94% 0.3% 1.0% 1.5% 2.0% 2.5% 10.63% 5.14 5.64 6.14 6.64 7.13 10.63% 590 619 647 676 705 10.63% 0.9% 1.6% 2.1% 2.6% 3.1% 11.31% 4.88 5.37 5.85 6.34 6.81 11.31% 575 603 631 659 687 11.31% 1.5% 2.2% 2.8% 3.2% 3.7% 12.00% 4.63 5.10 5.57 6.04 6.51 12.00% 560 587 614 641 669 12.00% 2.1% 2.8% 3.4% 3.9% 4.3% Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, TRA Support - Dec 2025 Financials provided to Moelis on 12/23/2025 Note: Implied Enterprise Value and Price Per Share include separate NPV analysis of Elegant's tax attributes to value thy's e Com porptiaonn (15%) of savings from the utilization of tax attributes Content must not 1. Unburdened by Stock-Based Compensation, consistent with Management's presentation of Adjusted EBITDA 2. Reflects cash tax distribution to OpCo; calculated as 19.73% of Adjusted EBIT multiplied by the spread between the 56.00% OpCo reimbursement tax rate and the 25.79% PubCo tax rate per the go below this line Company's tax advisor TRA Suppo-r t Dec 2025 Financials provided to Moelis on 12/23/2025 Confidential \| 21 3. Change in Net Working Capital excludes impacts from Deferred Tax Assets given tax attributes were valued separately 4. Assumes Q4 2025 debt balance of $375mm and cash balance of $78mm (including estimated Q4 2025 PubCo cash balance of $36mm) per the Management Proposed LRP (50% Achievability) WACC WACC WACC

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Discounted Cash Flow Analysis SUBSTANTIAL REVISION Tax Attribute Analysis Realized tax benefits based on materials provided by Elegant and the Company's tax advisor to Moelis Realized Tax Benefit Projections ('26–E '66E) ($ in millions, except per share data) 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Realized Tax Benefit $9.0 $10.2 $11.5 $13.0 $14.0 $16.6 $17.7 $18.6 $19.9 $21.3 (x) TRA Rate 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% TRA Payment $7.7 $8.7 $9.7 $11.1 $11.9 $14.1 $15.1 $15.8 $16.9 $18.1 Elegant TRA Benefit $1.4 $1.5 $1.7 $2.0 $2.1 $2.5 $2.7 $2.8 $3.0 $3.2 1 ($ in millions, except per share data) 2036E 2037E 2038E 2039E 2040E 2041E 2042E 2043E 2044E … 2066E Realized Tax Benefit $22.7 $21.9 $20.3 $8.0 $2.1 $0.6 $0.2 $0.1 $0.0 … $0.0 (x) TRA Rate 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% … 85.0% TRA Payment $19.3 $18.6 $17.2 $6.8 $1.8 $0.5 $0.1 $0.0 $0.0 … $0.0 Elegant TRA Benefit $3.4 $3.3 $3.0 $1.2 $0.3 $0.1 $0.0 $0.0 $0.0 … $0.0 2 Key Assumptions NPV of Tax Attribute Benefit • Tax Receivable Agreement: WACC o Realized Tax Benefit reflects projected tax savings associated with 9.25% 9.94% 10.63% 11.31% 12.00% tax attributes through 2066, based on materials provided to Moelis Total Value ($mm) $18.13 $17.40 $16.72 $16.08 $15.47 o The Company is required to pay an amount to the Elegant Pre-IPO Members generally equal to 85% of the cash tax savings realized Per Share ($) $0.32 $0.30 $0.29 $0.28 $0.27 through tax attributes, based on the TRA o Preliminary analysis applies an illustrative range of discount rates equal to the range applied to Elegant at the Company level Content must not go below this line Source: TRA Support - Dec 2025 Financials provided to Moelis on 12/23/2025 Confidential \| 22 1. Total realized tax benefit between 2044E and 2066E equal to ~$0.1mm 2. Per share values calculated based on total value divided by FDSO of 57.333mm; analysis assumes same discount rate as DCF analysis

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION B. Selected Publicly Traded Companies Analysis Content must not go below this line Confidential \| 23

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Selected Publicly Traded Companies Analysis SUBSTANTIAL REVISION Selected Publicly Traded Companies Rev Growth CAGR Margin Leverage ($ in mm, excl. per share data) % EV / Revenue EV / Adj. EBITDA Same Store Sales 01/05/2026 Share Enterprise 2 Yr Hist 2 Yr Fwd. EBITDA EBITDA Net Debt/ Business 1 Company Name Price Value FY25E FY26E FY25E FY26E FY23A-25E FY25-27E FY25E FY26E NTM EBITDA FY25E FY26E Franchised Lower-Growth Restaurant, Beauty and Wellness Franchise Models 2 $8.11 $4,681 2.2x 2.1x 8.7x 8.7x (0.3%) 2.2% 24.7% 24.0% 5.9x (4.1%) 1.1% 95.0% 39.87 2,075 1.0x 1.0x 10.4x 9.6x (1.4%) (0.1%) 9.6% 10.6% 3.4x (2.9%) 0.3% ~80.0% 2 18.98 1,922 1.3x 1.6x 6.9x 8.0x (5.8%) (12%) 19.0% 20.4% 6.6x (4.2%) (0.7%) 93.0% 34.57 1,614 1.8x 1.8x 7.5x 7.1x 3.5% 1.4% 24.2% 25.0% 5.1x (1.3%) 1.8% 90.7% 7.93 852 2.8x 2.8x 7.9x 7.1x (2.0%) 6.1% 35.5% 39.5% 3.0x 1.0% 1.7% 100.0% 10.53 377 0.8x 0.8x 5.8x 5.8x 2.3% 1.6% 13.3% 13.1% 0.8x (0.1%) 2.1% 65.1% Lower-Growth Franchise Models: High 2.8x 2.8x 10.4x 9.6x 3.5% 6.1% 35.5% 39.5% 6.6x 1.0% 2.1% 100.0% Lower-Growth Franchise Models: Mean 1.6x 1.7x 7.9x 7.7x (0.6%) (0.1%) 21.0% 22.1% 4.1x (1.9%) 1.0% 87.3% Lower-Growth Franchise Models: Median 1.6x 1.7x 7.7x 7.6x (0.9%) 1.5% 21.6% 22.2% 4.3x (2.1%) 1.4% 91.8% Lower-Growth Franchise Models: Low 0.8x 0.8x 5.8x 5.8x (5.8%) (11.5%) 9.6% 10.6% 0.8x (4.2%) (0.7%) 65.1% Beauty Retailers 2 $631.15 $28,568 2.3x 2.2x 15.4x 14.5x 4.8% 5.1% 15.1% 15.2% 0.2x 4.7% 3.1% NA 2 20.23 7,763 1.1x 1.1x 5.8x 6.1x (2.0%) 0.6% 18.8% 18.1% 3.1x (1.1%) NA NA 14.92 2,243 0.6x 0.6x 5.0x 4.8x 0.0% 1.6% 12.1% 12.4% 1.6x 0.3% 0.7% NA Beauty Retailers: High 2.3x 2.2x 15.4x 14.5x 4.8% 5.1% 18.8% 18.1% 3.1x 4.7% 3.1% NA Beauty Retailers: Mean 1.3x 1.3x 8.7x 8.5x 0.9% 2.4% 15.3% 15.2% 1.6x 1.3% 1.9% NA Beauty Retailers: Median 1.1x 1.1x 5.8x 6.1x 0.0% 1.6% 15.1% 15.2% 1.6x 0.3% 1.9% NA Beauty Retailers: Low 0.6x 0.6x 5.0x 4.8x (2.0%) 0.6% 12.1% 12.4% 0.2x (1.1%) 0.7% NA 3 Mgmt Proposed LRP (100% Achievability) $3.57 $499 2.4x 2.3x 6.7x 6.9x (2.9%) 4.2% 35.6% 33.6% 4.1x 0.2% 3.6% 3 Mgmt Proposed LRP (50% Achievability) $3.57 $499 2.4x 2.4x 6.7x 7.0x (2.9%) 1.6% 35.6% 33.7% 4.3x 0.2% 1.5% 4 Elegant Consensus $3.57 $510 2.4x 2.4x 7.2x 7.0x (2.8%) 2.4% 34.0% 34.6% 4.3x 0.4% 1.6% Source: Company filings, LSEG estimates, S&P Capital IQ as of 01/05/2026 Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's f , isca which l ye is aar b liga nsi eds with the calendar year end; estimates based on LSEG consensus estimates Note: Publicly traded companies selected based on exposure to discretionary consumer spending, at least 50% franchised units and market capitalization of $300mm – $50bn; to determine higher growth vs. lower growth allocation, Moelis considered whether the company had a greater than 5% revenue CAGR over the next 2 years and also applied professional judgment Content must not in considering other factors such as size and historical growth rates go below this line 1. Represents diluted enterprise value; options accounted for utilizing the Treasury Stock Method Confidential \| 24 2. Consensus Adj. EBITDA estimates are presented unburdened by SBC to align with Elegant's consensus and Management Adj. estEiB mIT ate DA s, which are not burdened by SBC 3. Based on figures provided in Elegant's Management Proposed LRP (100% Achievability) and Management Proposed LRP (50% iliAty) ch iaes i vanbdicated; utilizes projected Q4 2025 debt and cash balances of $375mm and $78mm (including estimated Q4 2025 PubCo cash balance of $36mm), respectively, per the Management Proposed LRP (50% Achievability) 4. Elegant's Enterprise Value reflects cash, debt, RSU and PSU balances as of /30/2025; represents consensus estimates f mrso om n T Reu hoters on a calendar year basis

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Selected Publicly Traded Companies Analysis SUBSTANTIAL REVISION Selected Publicly Traded Companies (Cont'd) Rev Growth CAGR Margin Leverage ($ in mm, excl. per share data) % EV / Revenue EV / Adj. EBITDA Same Store Sales 01/05/2026 Share Enterprise 2 Yr Hist 2 Yr Fwd. EBITDA EBITDA Net Debt/ Business 1 Company Name Price Value FY25E FY26E FY25E FY26E FY23A-25E FY25-27E FY25E FY26E NTM EBITDA FY25E FY26E Franchised Higher-Growth Restaurant, Beauty and Wellness Franchise Models 2 $150.29 $52,865 6.5x 5.9x 18.0x 16.6x 7.4% 7.9% 35.9% 35.5% 3.5x 2.6% 2.4% 98.0% 66.74 45,557 4.9x 4.7x 15.5x 14.4x 15.5% 3.4% 31.4% 32.4% 4.4x 1.3% 2.5% 90.0% 2 411.44 18,632 3.8x 3.6x 17.3x 16.1x 4.9% 5.4% 21.9% 22.0% 4.3x 2.1% 2.2% 99.0% 105.38 10,403 7.9x 7.1x 19.0x 16.8x 14.5% 11.1% 41.7% 42.5% 3.1x 6.8% 6.2% 89.9% 257.82 8,095 11.6x 9.8x 34.2x 29.1x 23.2% 17.3% 33.9% 33.8% 4.1x 3.1% 3.5% 98.1% 14.98 4,103 2.2x 2.0x 9.1x 8.4x (10.0%) 14.0% 24.2% 23.7% 2.8x 1.1% 1.9% 96.3% Higher-Growth Franchise Models: High 11.6x 9.8x 34.2x 29.1x 23.2% 17.3% 41.7% 42.5% 4.4x 6.8% 6.2% 99.0% Higher-Growth Franchise Models: Mean 6.1x 5.5x 18.8x 16.9x 9.2% 9.9% 31.5% 31.7% 3.7x 2.8% 3.1% 95.2% Higher-Growth Franchise Models: Median 5.7x 5.3x 17.7x 16.4x 10.9% 9.5% 32.6% 33.1% 3.8x 2.4% 2.4% 97.2% Higher-Growth Franchise Models: Low 2.2x 2.0x 9.1x 8.4x (10.0%) 3.4% 21.9% 22.0% 2.8x 1.1% 1.9% 89.9% Mgmt Proposed LRP 3 (100% Achievability) $3.57 $499 2.4x 2.3x 6.7x 6.9x (2.9%) 4.2% 35.6% 33.6% 4.1x 0.2% 3.6% Mgmt Proposed LRP 3 (50% Achievability) $3.57 $499 2.4x 2.4x 6.7x 7.0x (2.9%) 1.6% 35.6% 33.7% 4.3x 0.2% 1.5% 4 Elegant Consensus $3.57 $510 2.4x 2.4x 7.2x 7.0x (2.8%) 2.4% 34.0% 34.6% 4.3x 0.4% 1.6% Source: Company filings, LSEG estimates, S&P Capital IQ as of 01/05/2026 Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's f , isca which l ye is aar b liga nsi eds with the calendar year end; estimates based on LSEG consensus estimates Note: Publicly traded companies selected based on exposure to discretionary consumer spending, at least 50% franchised units and market capitalization of $300mm – $50bn; to determine higher growth vs. lower growth allocation, Moelis considered whether the company had a greater than 5% revenue CAGR over the next 2 years and also applied Content must not professional judgment in considering other factors such as size and historical growth rates 1. Represents diluted enterprise value; options accounted for utilizing the Treasury Stock Method go below this line 2. Consensus Adj. EBITDA estimates are presented unburdened by SBC to align with Elegant's consensus and Management Adj. estEiB mIT ate DA s, which are not burdened by SBC Confidential \| 25 3. Based on figures provided in Elegant's Management Proposed LRP (100% Achievability) and Management Proposed LRP (50% iliAty) ch iaes i vanbdicated 4. Elegant's Enterprise Value reflects cash, debt, RSU and PSU balances as of /30/2025; represents consensus estimates f mrso om n T Reu hoters on a calendar year basis

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Selected Publicly Traded Companies Analysis SUBSTANTIAL REVISION Selected Publicly Traded Companies Forward Trading Multiples TEV / FY26E Revenue Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: 2.4x Median: 1.1x Median: 5.3x Median: 1.7x 9.8x 7.1x 5.9x 4.7x 3.6x 2.8x 2.4x 2.4x 2.3x 2.2x 2.0x 2.1x 1.8x 1.6x 1.1x 1.0x 0.8x 0.6x Elegant Elegant Elegant Mgmt Mgmt Consensus 1 1 (50%) (100%) FY26E $0.2 $0.2 $0.2 $13.0 $7.0 $3.8 $0.8 $1.5 $8.9 $9.7 $5.2 $2.1 $0.3 $2.2 $0.9 $1.2 $2.0 $0.5 Revenue ($ in bn) 2 TEV Net Lev / FY er 2age 6E EBITDA Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models 2 .1x Median: 7.0x Median: 16.4x Median: 6.1x Median: 7.6x 16.8x 16.6x 16.1x 1 .5x 1 . x .6x 8. x 8. x 8.0x .0x .0x .1x .1x 6. x 6.1x 5.8x .8x Elegant Elegant Elegant Mgmt Mgmt Consensus 1 1 (50%) (100%) FY26E $0.1 $0.1 $0.1 $2.0 $1.3 $0.5 $0.3 $0.6 $3.2 $1.2 $3.2 $0.5 $0.2 $0.5 $0.2 $0.1 $0.2 $0.1 EBITDA ($ in bn) Content must not Source: S&P Capital IQ as of 01/05/2026, Company filings, Company materials, LSEG consensus estimates Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's f , isca which l ye is aar b liga nsi eds with the calendar year end go below this line Note: Higher-Growth Franchise Models represents Higher-Growth Restaurant, Beauty and Wellness Franchise Models; Lower-Growth Franchise Models represents Lower-Growth Confidential \| 26 Restaurant, Beauty and Wellness Franchise Models 1. Based on figures provided in Elegant's Management Proposed LRP (100% Achievability) and Management Proposed LRP (50% iliAty) ch iaes i vanbdicated 2. Consensus Adj. EBITDA estimates are presented unburdened by SBC to align with Elegant's consensus and Management Adj. estEiB mIT ate DA s, which are not burdened by SBC

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Selected Publicly Traded Companies Analysis SUBSTANTIAL REVISION Selected Publicly Traded Companies Revenue Growth Results and Estimates Historical Revenue Growth (FY23A – 25E) Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: (2.9%) Median: 0.0% Median: 10.9% Median: (0.9%) 23.2% 15.5% 14.5% 7.4% 4.8% 4.9% 3.5% 2.3% 0.0% (0.3%) (1.4%) (2.0%) (2.0%) (2.8%) (2.9%) (2.9%) (5.8%) Elegant Elegant (10.0%) Elegant Mgmt Mgmt Consensus 1 1 2 (50%) (100%) P Net Le rojected veraRev ge enue Growth (FY25E – 26E) Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: 1.0% Median: 1.4% Median: 9.9% Median: 0.3% 17.9% 10.9% 10.2% 9.6% 6.5% 5.6% 3.9% 3.4% 3.1% 2.2% 1.4% 1.4% 1.0% 0.9% (0.9%) (1.7%) (2.0%) Elegant Elegant Elegant Mgmt Mgmt Consensus 1 1 (100%) (50%) (19.9%) 3 Source: S&P Capital IQ as of 01/05/2026, Company filings, Company materials, LSEG consensus estimates Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's f , isca which l ye is aar b liga nsi eds with the calendar year end Note: Higher-Growth Franchise Models represents Higher-Growth Restaurant, Beauty and Wellness Franchise Models; Lower-Growth Franchise Models represents Lower-Growth Content must not Restaurant, Beauty and Wellness Franchise Models 1. Based on figures provided in Elegant's Management Proposed LRP (100% Achievability) and Management Proposed LRP (50% iliAty) ch iaes i vanbdicated go below this line 2. Driven Brands historical revenue growth is impacted by the divestiture of its U.S. car wash business, which accounted for 16% of Driven Brands FY24 revenue, to Whistle Express Confidential \| 27 Car Wash on April 10, 2025 3. Jack in the Box's negative projected revenue growth is partially attributable to the divestiture of its Del Taco bu ich sine accoun ss, whted for ~21% of Jack in the Box's FY25 revenue The transaction was announced in October 2025 and completed on December 22, 2025, thus impacting the comparability of forward consensus estimates

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Selected Publicly Traded Companies Analysis SUBSTANTIAL REVISION Selected Publicly Traded Companies EBITDA Margin 1 FY26E Adj. EBITDA Margin Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: 33.7% Median: 15.2% Median: 33.1% Median: 22.2% 42.5% 39.5% 35.5% 34.6% 33.7% 33.8% 33.6% 32.4% 25.0% 24.0% 23.7% 22.0% 20.4% 18.1% 15.2% 13.1% 12.4% 10.6% Elegant Elegant Elegant Mgmt Mgmt Consensus 2 2 (50%) (100%) 1 FY Net Le 27E v A edj ra. ge EBITDA Margin Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: 35.0% Median: 15.1% Median: 33.7% Median: 23.0% 43.5% 41.6% 35.9% 35.0% 35.0% 34.9% 34.1% 33.2% 25.7% 24.6% 24.1% 22.2% 21.9% 18.2% 15.1% 12.9% 12.0% 11.5% Elegant Elegant Elegant Mgmt Mgmt Consensus 2 2 (50%) (100%) a Source: S&P Capital IQ as of 01/05/2026, Company filings, Company materials, LSEG consensus estimates Content must not Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's f , isca which l ye is aar b liga nsi eds with the calendar year end Note: Higher-Growth Franchise Models represents Higher-Growth Restaurant, Beauty and Wellness Franchise Models; Lower-Growth Franchise Models represents Lower-Growth go below this line Restaurant, Beauty and Wellness Franchise Models Confidential \| 28 1. Consensus Adj. EBITDA estimates are presented unburdened by SBC to align with Elegant's consensus and Management Adj. estEiB mIT ate DA s, which are not burdened by SBC; Management Adj. EBITDA figures are burdened by non-recurring investments included in Elegant's Management Proposed LRP (100%i A evab chility) 2. Based on figures provided in Elegant's Management Proposed LRP (100% Achievability) and Management Proposed LRP (50% iliAty) ch iaes i vanbdicated

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Selected Publicly Traded Companies Analysis SUBSTANTIAL REVISION Selected Publicly Traded Companies Debt Profile 1 Net Leverage Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: 4.3x Median: 1.6x Median: 3.8x Median: 4.3x 6.6x 5.9x 5.1x 4.4x 4.3x 4.3x 4.3x 4.1x 4.1x 3.5x 3.4x 3.1x 3.1x 3.0x 2.8x 1.6x 0.8x 0.2x Elegant Elegant Elegant Mgmt Mgmt 2 2 Consensus (50%) (100%) Source: S&P Capital IQ as of 01/05/2026, Company filings, Company materials, LSEG consensus estimates Content must not Note: FY represents Elegant's fiscal year, ending January ; all metrics p Elreegse annts's ted o fisca n l year basis, which is aligned with the calendar year end Note: Higher-Growth Franchise Models represents Higher-Growth Restaurant, Beauty and Wellness Franchise Models; Lower-Growth Franchise Models represents Lower-Growth go below this line Restaurant, Beauty and Wellness Franchise Models Confidential \| 29 1. Calculated as Net Debt / NTM EBITDA 2. Based on figures provided in Elegant's Management Proposed LRP (100% Achievability) and Management Proposed LRP (50% iliAty) ch iaes i vanbdicated

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Selected Publicly Traded Companies Analysis SUBSTANTIAL REVISION Selected Publicly Traded Companies Regression Analysis The below regression represents the relationship between 1-year forward revenue growth (FY25-26E) and EV / FY26E EBITDA multiples of the Selected Publicly Traded Companies 1-year forward revenue growth (FY25-26E) vs. EV / FY26E EBITDA multiple 30x R² = 0.7092 Wingstop 25x 20x Yum! Brands Domino's Planet Fitness Ulta 15x Restaurant Brands Papa Johns Elegant Implied Multiple 10x Driven Brands Wendy's Revenue Implied Growth Multiple Xponential Fitness Dine Brands Management Proposed LRP (3.9%) 3.2x El Pollo Loco (50% Achievability) FY25E Bath & 5x Body Consensus Works 0.9% 8.0x Sally Beauty FY26E Management Proposed LRP 1.0% 8.0x (50% Achievability) FY26E – -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% If Elegant repeats its FY25E revenue growth performance next Content must not year, it could experience even further multiple contraction go below this line Source: S&P Capital IQ as of 01/05/2026, Company filings, Company materials provided to Moelis, LSEG consensus estimates Confidential \| 30 Note: Jack In The Box excluded from regression due to recent divestiture of its Del Taco business, which accounted for 21% of 2025E revenue and thus impacted the comparability of forward revenue growth

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION C. Selected Precedent Transactions Analysis Content must not go below this line Confidential \| 31

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Selected Precedent Transactions Analysis SUBSTANTIAL REVISION Selected Precedent Transactions Ann. TEV TEV / Date Acquirer Target ($ in mm) LTM EBITDA LTM Revenue 1 Restaurant and Multi-Unit Wellness Franchised Models – Lower-Growth 11/3/25 TriArtisan Denny's $620 8.0x 1.4x 2 10/16/25 Yadav Enterprises Del Taco Restaurants 115 5.9x NA 12/6/21 Jack in the Box Del Taco Restaurants 575 9.4x 1.1x 4/11/19 MTY Food Group Papa Murphy's Holdings 190 8.5x 1.5x 11/5/18 Durational Capital & TJC Bojangles 754 10.3x 1.4x 8/2/18 Focus Brands Jamba 198 13.5x 2.5x 3/23/17 Oak Hill Capital Checkers Drive-In 525 11.0x NA 5/25/16 MTY Food Group Kahala Brands Ltd 300 10.1x NA High - All Lower-Growth Transactions 13.5x 2.5x Mean - All Lower-Growth Transactions 9.6x 1.6x Median - All Lower-Growth Transactions 9.8x 1.4x Low - All Lower-Growth Transactions 5.9x 1.1x High - Recent Turnaround Transactions 8.5x 1.5x Mean - Recent Turnaround Transactions 7.5x 1.4x Median - Recent Turnaround Transactions 8.0x 1.4x Low - Recent Turnaround Transactions 5.9x 1.4x Source: Company filings and publicly disclosed news sources Note: Excludes transactions representing the purchase of franchisee locations Note: "Recent Turnaround Transactions" reflect transactions since 201 in which the target was acquired amidst public ds iscl of ousu ndre erperformance, financial distress or an explicit Content must not plan for operational revitalization. Recent Turnaround Transactions include TriArtisan's acquisition of Denny's, Yadav Enterprises' acquisition of Del Taco and MTY Food Group's acquisition of Papa Murphy's Holdings go below this line 1. Represents Selected Precedent Transactions completed in the last 10 years, with a TEV of $100mm - $1,500mm, with a business model in the restaurant, beauty or wellness Confidential \| 32 industries and greater than 50% franchised units; Lower-Growth reflects targets with growth rates of <5% 2. Del Taco 3Q25 LTM Adj. EBITDA reflects the average of ER estimates

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Selected Precedent Transactions Analysis SUBSTANTIAL REVISION Selected Precedent Transactions Ann. TEV TEV / Date Acquirer Target ($ in mm) LTM EBITDA LTM Revenue Non-Franchise Multi-Unit Wellness, Fitness and Beauty 7/10/25 Ulta SpaceNK $407 NA 1.7x 9/25/24 L Catterton Solidcore 650 13.0x 4.3x 1 9/10/24 Pure Gym Blink 121 10.7x 1.0x 6/21/23 LLCP SEV Laser 260 20.0x NA 12/12/19 Pure Gym Fitness World 459 7.2x 2.0x 11/3/17 Leonard Green & Partners (LGP) Pure Gym 785 8.4x 3.0x 2/11/16 OMERS Private Equity Forefront Dermatology 450 15.0x NA High 20.0x 4.3x Mean 12.4x 2.4x Median 11.9x 2.0x Low 7.2x 1.0x 2 Restaurant and Multi-Unit Wellness Franchised Models – Higher-Growth 10/27/25 Basic Fit Clever Fit $204 13.6x 3.9x 9/4/25 Rhone Freddy's 700 12.7x NA 4/15/25 LGP Crunch Fitness 1,500 15.0x 2.4x 3/21/25 Roark Capital Group Dave's Hot Chicken 1,000 NA 1.6x 8/9/22 Mty Franchising BBQ Holdings 205 10.1x 0.8x 11/15/21 Restaurant Brands Int'l Firehouse Subs 1,000 20.0x NA 5/9/16 JAB Krispy Kreme 1,350 18.3x 2.6x High 20.0x 3.9x Mean 15.0x 2.3x Median 14.3x 2.4x Low 10.1x 0.8x Content must not Source: Company filings and publicly disclosed news sources Note: Excludes transactions representing the purchase of franchisee locations go below this line 1. Blink's EBITDA multiple reflects RR Adj. EBITDA Confidential \| 33 2. Represents Selected Precedent Transactions completed in the last 10 years, with a TEV of $100mm - $1,500mm, with a business model in the restaurant, beauty or wellness industries and greater than 50% franchised units; Higher-Growth reflects targets with growth rates of >5%

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION D. Discounted Cash Flow Analysis (For Reference Only) Content must not go below this line Confidential \| 34

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Discounted Cash Flow Analysis – For Reference Only SUBSTANTIAL REVISION DCF Analysis – Management Proposed LRP (100% Achievability) Unlevered Free Cash Flow Projections ($ in millions, except per share data) 2026E 2027E 2028E 2029E 2030E Terminal Total Revenue $215 $226 $240 $258 $276 $276 % Revenue Growth 3.4% 5.1% 5.9% 7.7% 7.0% 1 Adjusted EBITDA $72 $79 $87 $97 $107 $107 % EBITDA Margin 33.6% 34.9% 36.2% 37.6% 38.7% 38.7% Less: Stock-Based Compensation ($10) ($10) ($10) ($11) ($11) ($11) Less: Depreciation & Amortization (20) (24) (19) (10) (4) (3) Adjusted EBIT $42 $45 $58 $77 $91 $93 Cash Tax Rate 26% 26% 26% 26% 26% 26% Less: Cash Taxes ($11) ($12) ($15) ($20) ($24) ($24) 2 Less: Cash Tax Distributions (3) (3) (3) (5) (5) (5) Plus: Depreciation & Amortization 20 24 19 10 4 3 3 Less: Change in NWC (2) (0) 1 (0) 1 1 Less: Capital Expenditures (4) (3) (3) (3) (3) (3) Unlevered Free Cash Flow $43 $52 $57 $59 $65 $64 Discounted Cash Flow Sensitivity Analysis (Incl. Tax Benefits) 4 Implied Enterprise Value ($ in mm) Implied Price Per Share Implied Perpetuity Growth Rate Terminal EBITDA Multiple Terminal EBITDA Multiple Terminal EBITDA Multiple 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 9.25% $6.78 $7.36 $7.95 $8.53 $9.11 9.25% $685 $719 $753 $788 $822 9.25% (0.4%) 0.2% 0.8% 1.3% 1.7% 9.94% 6.48 7.04 7.61 8.17 8.74 9.94% 667 700 733 767 800 9.94% 0.2% 0.8% 1.4% 1.9% 2.3% 10.63% 6.18 6.73 7.28 7.83 8.37 10.63% 649 682 714 746 779 10.63% 0.8% 1.5% 2.0% 2.5% 3.0% 11.31% 5.89 6.43 6.96 7.49 8.02 11.31% 633 664 695 727 758 11.31% 1.4% 2.1% 2.6% 3.1% 3.6% 12.00% 5.61 6.14 6.66 7.17 7.69 12.00% 617 647 677 708 738 12.00% 2.0% 2.7% 3.2% 3.7% 4.2% Source: Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025, TRA Support - Dec 2025 Financials provided to Moelis on 12/23/2025 Note: Implied Enterprise Value and Price Per Share include separate NPV analysis of Elegant's tax attributes to value thy's e Com porptiaonn (15%) of savings from the utilization of tax attributes Content must not 1. Unburdened by Stock-Based Compensation, consistent with Management's presentation of Adjusted EBITDA 2. Reflects cash tax distribution to OpCo; calculated as 19.73% of Adjusted EBIT multiplied by the spread between the 56.00% OpCo reimbursement tax rate and the 25.79% PubCo tax rate per the go below this line Company's tax advisor TRA Suppo-r t Dec 2025 Financials provided to Moelis on 12/23/2025 Confidential \| 35 3. Change in Net Working Capital excludes impacts from Deferred Tax Assets given tax attributes were valued separately 4. Assumes Q4 2025 debt balance of $375mm and cash balance of $78mm (including estimated Q4 2025 PubCo cash balance of $36mm) per the Management Proposed LRP (100% Achievability) WACC WACC WACC

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION E. Leverage Buyout Analysis (For Reference Only) Content must not go below this line Confidential \| 36

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Leveraged Buyout Analysis – For Reference Only SUBSTANTIAL REVISION Methodology and Assumptions ▪ Assumes range of 6.5x – 8.5x exit multiple on 2030E Adj. EBITDA of $96mm and an IRR target range of 17.5% – 22.5% to imply a purchase price ⎯ Implied total equity purchase price assumes Q4 2025 Management Proposed LRP (50% Achievability) debt balance of $375mm and a cash balance of $78mm Purchase Assumptions ⎯ Assumes TRA is extinguished at close of transaction without payment; does not include impact of TRA payments or early termination payment ▪ Transaction fees equivalent to ~$15mm (2.5% of purchase price) ▪ Assumes transaction date of 12/31/25 and uses Q4 2025E balance sheet information provided by Elegant Management ▪ 5.50x total leverage with remainder of purchase price funded by sponsor equity ⎯ Revolver at S + 450 with a 1.00% SOFR floor and a 50bps commitment fee • Unfunded at close of transaction Financing Assumptions ⎯ 5.50x Bank Debt at S + 450 with a 1.00% SOFR floor and 2.00% OID discount ▪ Leverage based off of $71 million of 2026E Adj. EBITDA ▪ Given above assumptions, resulting equity contribution from the sponsor of ~40% ▪ Management Proposed LRP (50% Achievability) for 2026E – 2030E provided to Moelis on 12/30/2025 ⎯ Analysis uses a 5-year projection period, from December 31, 2026 to December 31, 2030 ⎯ Assumes transaction date of 12/31/25 and uses projected 12/31/25E balance sheet information Operating ⎯ Tax rate based on effective PubCo tax rate of 25.79% per Elegant Management Assumptions ⎯ Stock-based compensation is treated as a cash expense for LBO purposes ▪ Assumes minimum cash of $25 million ▪ Interest income on cash balance assumed based on beginning cash balance and the 1-month forward SOFR curve Content must not go below this line Confidential \| 37 Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Leveraged Buyout Analysis – For Reference Only SUBSTANTIAL REVISION Leverage Buyout Analysis Illustrative Sources & Uses Levered Free Cash Flow & Returns Analysis For the Year Ending December 31, Sources $% Uses $% ($ in millions, except per share data) 2026E 2027E 2028E 2029E 2030E 1,2 Revolver Purch. Price 596 92.0% – – Total Revenue $211 $215 $224 $235 $247 Debt 390 60.3% Min Cash 25 3.9% % Growth 1.0% 2.1% 4.1% 5.2% 4.9% Equity 257 39.7% Fin. Fees 15 2.3% 3 Adjusted EBITDA $71 $75 $81 $88 $96 Txn. Fees 12 1.8% % Growth (4.4%) 5.9% 7.5% 9.5% 8.2% Total Sources $647 100.0% Total Uses $647 100.0% % Margin 33.7% 35.0% 36.1% 37.6% 38.7% Less: Stock-Based Compensation ($10) ($10) ($10) ($11) ($11) 2 Purchase Enterprise Value / Price Per Share Less: Interest Expense (29) (26) (25) (25) (24) 4 Less: Cash Taxes (5) (5) (7) (11) (14) Less: CapEx (4) (3) (3) (3) (3) 5-Year Target IRR 5 Less: Δ in Net Working Capital (2) (0) 1 (0) 1 17.5% 20.0% 22.5% Cash Flow Available for Debt Paydown $21 $31 $36 $39 $45 Memo: 1-Month Forward SOFR Curve 3.4% 3.1% 3.3% 3.5% 3.7% 6.5x $536 / $4.21 $517 / $3.88 $500 / $3.59 Pro Forma Leverage 7.5x $579 / $4.95 $556 / $4.55 $535 / $4.20 Total Debt $370 $338 $327 $313 $293 Total Net Debt 345 313 302 288 268 8.5x $621 / $5.69 $594 / $5.22 $570 / $4.80 Total Debt / Adj. EBITDA 5.2x 4.5x 4.1x 3.5x 3.1x Net Debt / Adj. EBITDA 4.9x 4.2x 3.7x 3.3x 2.8x 5-Year Target IRR Adj. EBITDA / Interest Expense 2.4x 2.8x 3.2x 3.6x 4.0x Pro Forma Leverage 17.5% 20.0% 22.5% LTM Adj. EBITDA $71 $75 $81 $88 $96 5.25x $573 / $4.85 $549 / $4.43 $527 / $4.06 (x) Exit Multiple 7.5x 7.5x 7.5x 7.5x 7.5x Exit Value $532 $564 $606 $663 $717 5.50x $579 / $4.95 $556 / $4.55 $535 / $4.20 Less: Net Debt (345) (313) (302) (288) (268) 6 Plus: Cumulative Dividends – – 25 50 75 5.75x $584 / $5.05 $562 / $4.67 $543 / $4.33 Exit Equity Value to Sponsor ($257) $187 $250 $329 $425 $524 IRR NM NM 8.5% 13.6% 15.8% MOIC 0.7x 1.0x 1.3x 1.7x 2.0x Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025 1. Assumes purchase price per share of $5.25 (per the Proposal) Content must not 2. Assumes Q4 2025 debt balance of $375mm and cash balance of $78mm (including estimated Q4 2025 PubCo cash balance of $36mm) per the Management Proposed LRP (50% Achievability) 3. Unburdened by SBC, consistent with Management's presentation of Adjusted EBITDA go below this line 4. Cash taxes reflect the 30% interest deductibility limitation under IRC Section 163(j) of the Tax Cuts and Jobs Act Confidential \| 38 5. Change in Net Working Capital excludes impacts from Deferred Tax Assets 6. Assumes cash dividend payments to the equity holder of $25mm in 2028E, 2029E and 2030E respectively Leverage Exit Multiple

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION F. Sensitivity Analysis Content must not go below this line Confidential \| 39

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Sensitivity Analysis – For Reference Only SUBSTANTIAL REVISION Overview of Illustrative Sensitivity Analyses to the Management Proposed LRP (100% Achievability) At the direction of the Special Committee, Management has prepared several illustrative sensitivity analyses Summary of Illustrative Sensitivity Analyses • Reflects potential for timing risk of Management's strategic initiatives, resulting in a -mon12 th delay in timing between initiative implementation and realization of benefit to the financial forecast • Assumes initiatives are launched on schedule with a 12-month delay in any related increase in transactions, and therefore system-wide-sales, expected to be generated from the initiatives; applies delay in transactions 12-Month Delay across-the-board in each year of forecast • Sensitivity analysis calculates system-wide-sales based on (i) the revised total transactions and (ii) the assumed dollars per transaction and then applies an EBITDA margin to system-wide-sales to calculate 1 implied Adj. EBITDA • Reflects potential for timing risk of Management's strategic initiatives, resulting -im n a onth 6delay in timing between initiative implementation and realization of benefit to the financial forecast • Assumes initiatives are launched on schedule with a 6-month delay in any related increase in transactions, and therefore system-wide-sales, expected to be generated from the LRP Initiatives; applies delay in 6-Month Delay transactions across-the-board in each year of forecast • Sensitivity analysis calculates system-wide-sales based on (i) the revised total transactions and (ii) the assumed dollars per transaction and then applies an EBITDA margin to system-wide-sales to calculate 1 implied Adj. EBITDA • Reflects the preliminary forecast Management presented to the Elegant Board of Directors in October 2025 as part of the Strategic Planning meeting • Management indicated that the forecast was a preliminary "beta" draft of the LRP and was not meant to be October Board Strategic viewed as "final". The forecast was never formally approved or discussed in detail by the Elegant Board of Planning Forecast Directors • Management continued to refine the forecast as they gained additional visibility into 2026. After assessing that certain of the assumptions may ultimately be challenging to maintain over time (e.g., net new center openings, same-store sales growth), Management decided to update the forecast 1 The 12-Month and 6-Month Delay sensitivities assume the same EBITDA margin as a percentage of System-Wide-Sales Content must not go below this line Confidential \| 40 Source: Management Strategic Initiatives Analysis build, October 2025 Strategic Planning Board Materials 1. Annual EBITDA margin as % of SWS of 7.83% (2025E), 7.51% (2026E), 7.77% (2027E), 8.07% (2028E), 8.51% (2029E) and 8.83% (2030E)

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Sensitivity Analysis – For Reference Only SUBSTANTIAL REVISION Illustrative Sensitivity Analysis Overview At the request of the Special Committee, Management prepared sensitivity cases; Moelis also conducted an illustrative DCF analysis using the EBITDA from the October Board Strategic Planning Forecast for reference only Sensitivity Analysis Cases Overview • Management Proposed LRP (12-Month Delay): reflects the Management Proposed LRP with the LRP Initiatives achieved 12 months later, per Management's sensitivity analysis • Management Proposed LRP (6-Month Delay): reflects the Management Proposed LRP with the LRP Initiatives achieved 6 months later, per Management's sensitivity analysis • October Board Strategic Planning Forecast: reflects the preliminary forecast Management presented to the Elegant Board of Directors in October 2025 as part of the Elegant Strategic Planning meeting; the forecast was never formally approved or discussed in detail by the Elegant Board of Directors 1 2 Adjusted EBITDA Illustrative Discounted Cash Flow Valuation Proposal: $5.25 12-Month Delay 6-Month Delay October Board Strategic Planning Forecast 112 12-Month Delay 5.1 8.53 100 105 102 5 8 6-Month Delay 5. 0 8.8 3 80 85 83 1 October Board 3 5 Strategic 5. 8 .61 0 Planning Forecast 0 2025E 2026E 202 E 2028E 202 E 2030E Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025, October 2025 Content must not Strategic Planning Board Materials, TRA Support - Dec 2025 Financials provided to Moelis on 12/23/2025 Note: Discounted Cash Flow Analyses utilize Adjusted EBITDA figures from each respective case outlined; all other discounted cash flow figures reflect data from the December 2025 Management go below this line Proposed LRP provided to Moelis on 12/19/2025 Confidential \| 41 1. Unburdened by Stock-Based Compensation, consistent with Management's presentation of Adjusted EBITDA 2. Assumes Q4 2025 debt balance of $375mm and cash balance of $78mm (including estimated Q4 2025 PubCo cash balance of $36mm) per the Management Proposed LRP (50% Achievability)

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Sensitivity Analysis – For Reference Only SUBSTANTIAL REVISION DCF Analysis – Management Proposed LRP (12-Month Delay) EBITDA forecast assumes Management realizes planned strategic LRP Initiatives 12 months later Unlevered Free Cash Flow Projections ($ in millions, except per share data) 2026E 2027E 2028E 2029E 2030E Terminal 1 Adjusted EBITDA $70 $75 $83 $93 $102 $102 Less: Stock-Based Compensation ($10) ($10) ($10) ($11) ($11) ($11) Less: Depreciation & Amortization (20) (24) (19) (10) (4) (3) Adjusted EBIT $40 $41 $54 $73 $87 $89 Cash Tax Rate 26% 26% 26% 26% 26% 26% Less: Cash Taxes ($10) ($11) ($14) ($19) ($22) ($23) 2 Less: Cash Tax Distributions (2) (2) (3) (4) (5) (5) Plus: Depreciation & Amortization 20 24 19 10 4 3 3 Less: Change in NWC (2) (0) 1 (0) 1 1 Less: Capital Expenditures (4) (3) (3) (3) (3) (3) Unlevered Free Cash Flow $42 $49 $54 $57 $62 $61 Discounted Cash Flow Sensitivity Analysis (Incl. Tax Benefits) 4 Implied Enterprise Value ($ in mm) Implied Price Per Share Implied Perpetuity Growth Rate Terminal EBITDA Multiple Terminal EBITDA Multiple Terminal EBITDA Multiple 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 9.25% $6.30 $6.86 $7.42 $7.98 $8.53 9.25% $656 $689 $722 $755 $788 9.25% (0.3%) 0.3% 0.8% 1.3% 1.8% 9.94% 6.00 6.55 7.09 7.63 8.17 9.94% 639 671 703 735 767 9.94% 0.3% 0.9% 1.5% 1.9% 2.4% 10.63% 623 653 684 715 746 10.63% 5.71 6.25 6.78 7.30 7.83 10.63% 0.9% 1.5% 2.1% 2.6% 3.0% 11.31% 606 636 666 696 726 11.31% 5.44 5.95 6.47 6.98 7.49 11.31% 1.5% 2.1% 2.7% 3.2% 3.6% 12.00% 5.17 5.67 6.18 6.67 7.17 12.00% 591 620 649 678 707 12.00% 2.1% 2.7% 3.3% 3.8% 4.2% Source: Management's LRP Initiatives Build sensitivity analysis provided to Moelis on 12/30/2 M0a2n5a, gement Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025, TRA Support - Dec 2025 Financials provided to Moelis on 12/23/2025 Note: Utilizes Adjusted EBITDA figures from Management's LRP initiatives achievability sensitivity analysis; all other fi eg flu erct es darta from the December 2025 LRP provided to Moelis on 12/19/2025; Implied Enterprise Value and Price Per Share include separate NPV analysis of Elegant's tax attributes to value the Com portipoann (y's 15%) of savings from the utilization of tax attributes Content must not 1. Unburdened by Stock-Based Compensation, consistent with Management's presentation of Adjusted EBITDA 2. Reflects cash tax distribution to OpCo; calculated as 19.73% of Adjusted EBIT multiplied by the spread between the 56.00% OpCo reimbursement tax rate and the 25.79% PubCo tax rate per the go below this line Company's tax advisor TRA Suppo-r t Dec 2025 Financials provided to Moelis on 12/23/2025 Confidential \| 42 3. Change in Net Working Capital excludes impacts from Deferred Tax Assets given tax attributes were valued separately 4. Assumes Q4 2025 debt balance of $375mm and cash balance of $78mm (including estimated Q4 2025 PubCo cash balance of $36mm) per the Management Proposed LRP (50% Achievability) WACC WACC WACC

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Sensitivity Analysis – For Reference Only SUBSTANTIAL REVISION DCF Analysis – Management Proposed LRP (6-Month Delay) EBITDA forecast assumes Management realizes planned strategic LRP Initiatives 6 months later Unlevered Free Cash Flow Projections ($ in millions, except per share data) 2026E 2027E 2028E 2029E 2030E Terminal 1 Adjusted EBITDA $71 $77 $85 $95 $105 $105 Less: Stock-Based Compensation ($10) ($10) ($10) ($11) ($11) ($11) Less: Depreciation & Amortization (20) (24) (19) (10) (4) (3) Adjusted EBIT $41 $44 $56 $75 $89 $91 Cash Tax Rate 26% 26% 26% 26% 26% 26% Less: Cash Taxes ($11) ($11) ($15) ($19) ($23) ($24) 2 Less: Cash Tax Distributions (2) (3) (3) (4) (5) (5) Plus: Depreciation & Amortization 20 24 19 10 4 3 3 Less: Change in NWC (2) (0) 1 (0) 1 1 Less: Capital Expenditures (4) (3) (3) (3) (3) (3) Unlevered Free Cash Flow $42 $51 $56 $58 $63 $63 Discounted Cash Flow Sensitivity Analysis (Incl. Tax Benefits) 4 Implied Enterprise Value ($ in mm) Implied Price Per Share Implied Perpetuity Growth Rate Terminal EBITDA Multiple Terminal EBITDA Multiple Terminal EBITDA Multiple 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 9.25% $6.55 $7.12 $7.69 $8.27 $8.84 9.25% $671 $705 $738 $772 $806 9.25% (0.4%) 0.3% 0.8% 1.3% 1.7% 9.94% 6.25 6.81 7.36 7.91 8.47 9.94% 654 686 719 751 784 9.94% 0.2% 0.9% 1.4% 1.9% 2.4% 10.63% 637 668 700 731 763 10.63% 5.96 6.50 7.04 7.57 8.11 10.63% 0.8% 1.5% 2.0% 2.5% 3.0% 11.31% 620 651 682 712 743 11.31% 5.67 6.20 6.73 7.25 7.77 11.31% 1.4% 2.1% 2.6% 3.1% 3.6% 12.00% 5.40 5.91 6.43 6.93 7.44 12.00% 604 634 664 694 723 12.00% 2.0% 2.7% 3.3% 3.8% 4.2% Source: Management's LRP Initiatives Build sensitivity analysis provided to Moelis on 12/30/2025, Management Proposed LRPA (ch 10 ie0va % bility) provided to Moelis on 12/19/2025, TRA Support - Dec 2025 Financials provided to Moelis on 12/23/2025 Note: Utilizes Adjusted EBITDA figures from Management's LRP initiatives achievability sensitivity analysis; all other fi eg flu erct es darta from the December 2025 LRP provided to Moelis on 12/1 /2025; Implied Enterprise Value and Price Per Share include separate NPV analysis of Elegant's tax attributes he to Com valupea tny's portion (15%) of savings from the utilization of tax attributes Content must not 1. Unburdened by Stock-Based Compensation, consistent with Management's presentation of Adjusted EBITDA 2. Reflects cash tax distribution to OpCo; calculated as 19.73% of Adjusted EBIT multiplied by the spread between the 56.00% OpCo reimbursement tax rate and the 25.79% PubCo tax rate per go below this line the Company's tax advisor TRA Suppo - rDec t 2025 Financials provided to Moelis on 12/23/2025 Confidential \| 43 3. Change in Net Working Capital excludes impacts from Deferred Tax Assets given tax attributes were valued separately 4. Assumes Q4 2025 debt balance of $375mm and cash balance of $78mm (including estimated Q4 2025 PubCo cash balance of $36mm) per the Management Proposed LRP (50% Achievability) WACC WACC WACC

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Sensitivity Analysis – For Reference Only SUBSTANTIAL REVISION DCF Analysis – October Strategic Planning Forecast Unlevered Free Cash Flow Projections ($ in millions, except per share data) 2026E 2027E 2028E 2029E 2030E Terminal Total Revenue $213 $226 $242 $259 $278 $278 % Revenue Growth 2.1% 6.1% 6.8% 7.1% 7.4% 1 Adjusted EBITDA $70 $80 $87 $100 $112 $112 % EBITDA Margin 32.6% 35.2% 36.0% 38.6% 40.2% 40.2% Less: Stock-Based Compensation ($10) ($10) ($10) ($11) ($11) ($11) Less: Depreciation & Amortization (20) (24) (19) (10) (4) (3) Adjusted EBIT $40 $46 $58 $80 $96 $98 Cash Tax Rate 26% 26% 26% 26% 26% 26% Less: Cash Taxes ($10) ($12) ($15) ($21) ($25) ($25) 2 Less: Cash Tax Distributions (2) (3) (3) (5) (6) (6) Plus: Depreciation & Amortization 20 24 19 10 4 3 3 Less: Change in NWC (2) (0) 1 (0) 1 1 Less: Capital Expenditures (4) (3) (3) (3) (3) (3) Unlevered Free Cash Flow $42 $53 $57 $62 $68 $68 Discounted Cash Flow Sensitivity Analysis (Incl. Tax Benefits) 4 Implied Enterprise Value ($ in mm) Implied Price Per Share Implied Perpetuity Growth Rate Terminal EBITDA Multiple Terminal EBITDA Multiple Terminal EBITDA Multiple 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 9.25% $7.19 $7.80 $8.41 $9.02 $9.61 9.25% $709 $745 $781 $817 $853 9.25% (0.4%) 0.2% 0.7% 1.2% 1.7% 9.94% 6.87 7.46 8.05 8.65 9.23 9.94% 690 725 760 795 829 9.94% 0.2% 0.8% 1.4% 1.9% 2.3% 10.63% 6.56 7.14 7.71 8.29 8.86 10.63% 672 706 740 773 807 10.63% 0.8% 1.4% 2.0% 2.5% 2.9% 11.31% 655 687 720 753 786 11.31% 6.27 6.83 7.38 7.94 8.49 11.31% 1.4% 2.0% 2.6% 3.1% 3.5% 12.00% 638 670 701 733 765 12.00% 5.98 6.52 7.06 7.60 8.14 12.00% 1.9% 2.6% 3.2% 3.7% 4.1% Source: October 2025 Strategic Planning Board Materials, Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025, TRA Support - Dec 2025 Financials provided to Moelis on 12/23/2025 Note: Utilizes Adjusted EBITDA figures from the October 2025 Strategic Planning Board Materials; all other figures reflect data from the December 2025 LRP provided to Moelis on 12/19/2025; Implied Enterprise Value and Price Per Share include separate NPV analysis of Elegant's tax attributes to value the Compan y's (15% po) o rtif osa n vings from the utilization of tax attributes Content must not 1. Unburdened by Stock-Based Compensation, consistent with Management's presentation of Adjusted EBITDA 2. Reflects cash tax distribution to OpCo; calculated as 19.73% of Adjusted EBIT multiplied by the spread between the 56.00% OpCo reimbursement tax rate and the 25.79% PubCo tax rate per the go below this line Company's tax advisor TRA Suppo-r t Dec 2025 Financials provided to Moelis on 12/23/2025 Confidential \| 44 3. Change in Net Working Capital excludes impacts from Deferred Tax Assets given tax attributes were valued separately 4. Assumes Q4 2025 debt balance of $375mm and cash balance of $78mm (including estimated Q4 2025 PubCo cash balance of $36mm) per the Management Proposed LRP (50% Achievability) WACC WACC WACC

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION G. Summary of Management Financial Projections Content must not go below this line Confidential \| 45

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Summary of Management Financial Projections SUBSTANTIAL REVISION Management Proposed LRP (50% Achievability) Forecast Summary ($ in millions, except per share data) FY26 FY27 FY28 FY29 FY30 Total System-Wide Sales $944 $967 $1,001 $1,039 $1,083 % Growth (0.4%) 2.4% 3.5% 3.8% 4.2% SSS% 1.5% 1.4% 1.9% 2.1% 2.5% Mature SSS% 0.2% 1.1% 0.5% 0.3% 0.4% Total Revenue $211 $215 $224 $235 $247 % Growth 1.0% 2.1% 4.1% 5.2% 4.9% Gross Profit $154 $159 $165 $174 $182 % Margin 73.2% 73.8% 73.9% 73.8% 73.8% 1 Adj. EBITDA $71 $75 $81 $88 $96 % Margin 33.7% 35.0% 36.1% 37.6% 38.7% % Growth (4.4%) 5.9% 7.5% 9.5% 8.2% Memo: Capital Expenditures $4 $3 $3 $3 $3 Depreciation and Amortization 20 24 19 10 4 Change in Net Working Capital (2) (0) 1 (0) 1 Stock Based Compensation 10 10 10 11 11 Content must not go below this line Confidential \| 46 Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025 1. Reflects Adj. EBITDA post non-recurring investments and unburdened by stock-based compensation ("SBC"), consistent with Managem nt's e presentation of Adj. EBITDA

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Summary of Management Financial Projections SUBSTANTIAL REVISION Management Proposed LRP (100% Achievability) Forecast Summary ($ in millions, except per share data) FY26 FY27 FY28 FY29 FY30 Total System-Wide Sales $964 $1,017 $1,074 $1,139 $1,211 % Growth 1.7% 5.6% 5.6% 6.1% 6.3% SSS% 3.6% 4.5% 3.9% 4.3% 4.6% Mature SSS% 2.3% 4.2% 2.5% 2.5% 2.5% Total Revenue $215 $226 $240 $258 $276 % Growth 3.4% 5.1% 5.9% 7.7% 7.0% Gross Profit $158 $167 $177 $190 $204 % Margin 73.2% 73.8% 73.9% 73.7% 73.8% 1 Adj. EBITDA $72 $79 $87 $97 $107 % Margin 33.6% 34.9% 36.2% 37.6% 38.7% % Growth (2.4%) 9.1% 9.7% 11.8% 10.3% Memo: Capital Expenditures $4 $3 $3 $3 $3 Depreciation and Amortization 20 24 19 10 4 Change in Net Working Capital (2) (0) 1 (0) 1 Stock Based Compensation 10 10 10 11 11 Content must not go below this line Confidential \| 47 Source: Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025 1. Reflects Adj. EBITDA post non-recurring investments and unburdened by stock-based compensation ("SBC"), consistent with Managem nt's e presentation of Adj. EBITDA

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION H. Additional Elegant Information Content must not go below this line Confidential \| 48

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Additional Elegant Information SUBSTANTIAL REVISION Equity Capitalization Details Capitalization – Elegant Management Information In millions, except share price data Build to Fully Diluted Shares Outstanding Current Price Offer Share Price in USD (01/05/2026) $3.57 $5.25 Class A Shares Outstanding 43.757 43.757 Class B Shares Outstanding 10.628 10.628 Basic Shares Outstanding 54.386 54.386 (+) Shares from Other Dilutive Securities 2.370 2.590 Fully Diluted Shares Outstanding 56.756 56.976 Other Dilutive Securities Detail Outstanding Strike Price $3.57 $5.25 Options - Effective as of 08/18/25 0.195 $4.66 - 0.022 Options - Effective as of 08/18/25 0.135 9.00 - - Options - Effective as of 08/18/25 0.135 12.00 - - Options - Effective as of 03/31/25 0.130 3.95 - 0.032 Options - Effective as of 03/31/25 0.095 9.00 - - Options - Effective as of 03/31/25 0.095 12.00 - - Options - Effective as of 01/08/25 0.425 12.00 - - Options - Effective as of 01/08/25 0.800 6.41 - - Options - Effective as of 01/08/25 0.425 9.00 - - Options - Effective as of 08/05/21 0.013 11.61 - - Options - Effective as of 03/21/25 0.220 3.99 - 0.053 Options - Effective as of 03/21/25 0.180 9.00 - - Options - Effective as of 03/21/25 0.180 12.00 - - Options - Effective as of 08/14/25 0.150 4.69 - 0.016 Options - Effective as of 08/14/25 0.100 9.00 - - Options - Effective as of 08/14/25 0.100 12.00 - - Options - Effective as of 04/07/25 0.213 9.00 - - Options - Effective as of 04/07/25 0.310 3.51 0.005 0.103 Options - Effective as of 04/07/25 0.213 12.00 - - Warrants 1 0.365 6.24 - - Warrants 2 0.365 9.00 - - Warrants 3 0.500 12.00 - - Warrants 4 0.750 17.00 - - Warrants 5 0.750 19.00 - - RSUs 2.362 – 2.362 2.362 1 Other 0.003 – 0.003 0.003 Total 2.370 2.590 Content must not go below this line Source: Elegant Management Confidential \| 49 Note: Warrants represent securities issued to Dolabra Holdings LLC as of 12/27/2024, in consideration for provision of professional services by Dolabra to Elegant 1. "Other" includes time -based units and 2.0x and 2.5x units as of 01/04/2025

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Additional Elegant Information SUBSTANTIAL REVISION Capital Structure Detail Capital Structure Detail Outstanding Proj. Outs. Debt / Adj. EBITDA Interest ($ in millions) as of Q3 2025 2025E LTM 2025E Maturity Rate 1 $39 $42 Cash and Cash Equivalents 35 36 PubCo Cash 40 40 RCF Credit Facility Capacity Total Liquidity $114 $118 Elegant Debt 2 Senior notes due 2027 $378 $379 4.8x 5.1x 2027 5.50% Total Elegant Debt $378 $379 4.8x 5.1x Total Elegant Net Debt $305 $301 3.8x 4.1x Elegant Credit Statistics LTM 2025E 2026E Net Debt / Adj. EBITDA 3.8x 4.1x 4.3x Net Debt / Adj. EBITDA - Capex 4.0x 4.3x 4.5x Adj. EBITDA / Interest Expense 3.0x 2.8x 2.7x Metrics LTM 2025E 2026E Adj. EBITDA $79 $74 $71 Capex 2 3 4 Interest Exp. 26 26 26 Content must not go below this line Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/19/2025 Confidential \| 50 1. Excludes $6.5mm of restricted cash, which is held in a separate account and used for debt service payments including interest and principal repayments 2. Anticipated repayment date is March 2027; Series 2022-1 Class A-1 Legal Final Maturity Date is March 2052

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Additional Elegant Information SUBSTANTIAL REVISION Selected Precedent TRA Obligation Buyout Transactions ($ in millions) Premium / (Discount) Premium / (Discount) TRA Balance Sheet of Payment vs. Premium / (Discount) of Payment vs. Transaction Liability (as of last Present Value of TRA Obligation Balance Sheet of Payment vs. Future Present Value of 1 Company Date filing date) Future TRA Payments Future TRA Payments Buyout Amount Liability TRA Payments Future TRA Payments 11/5/2025 $419 $692 Not disclosed $186 (56%) (73%) -- 2 3 10/19/2025 0.2 6 Not disclosed 4 NM (27%) -- 8/4/2025 5 Not disclosed Not disclosed Not disclosed NA -- -- 4 6/12/2025 -- 21 Not disclosed -- NA (100%) -- 5/30/2025 2 Not disclosed Not disclosed 8 282% -- -- 11/6/2024 29 614 Not disclosed 73 151% (88%) -- 5/29/2024 0.4 Not disclosed Not disclosed 0.4 (6%) -- -- 12/29/2023 - 5 6 640 1,400 650 627 (0%) (54%) (2%) 2/28/2024 7 8 8 8/22/2023 323 256 Not disclosed 115 (55%) (55%) -- 12/6/2022 161 161 Not disclosed 58 (64%) (64%) -- Unconverted unit value Unconverted unit value 5/31/2022 396 396 Not disclosed 500 -- not disclosed not disclosed 16 Unconverted unit value Unconverted unit value 12/31/2021 288 Not disclosed Not disclosed 570 -- not disclosed not disclosed 9 12/31/2021 162 192 162 100 (38%) (48%) (38%) 8/10/2020 294 Not disclosed Not disclosed 474 61% -- -- 11 10 7/31/2020 175 1,800 1,222 850 385% (53%) (30%) 11,15 12 1/1/2020 107 Not disclosed 468 344 221% -- (26%) 13 14 8/22/2019 265 517 Not disclosed 200 (24%) (61%) -- Source: Company filings, Delaware Chancery Court Mean 71% (62%) (24%) Note: Each of the above transactions involved a different set of facts, circumstances and considerations 1. Represents liability per latest full quarter prior to transaction date Median (3%) (58%) (28%) 2. Represents "probable" TRA liability (the total TRA payment obligation, if there is sufficient taxable income to recognize all TRA attributes, was $155.7mm) 3. Represents the product of the Company's share price as of the last market close prior10. to Reported liability shown including valuation allowance the transaction (10/17/2025) and the 0.403mm shares of Class A Common Stock issued to 11. As stated in Delaware Chancery Court Ruling; represents median of the TRA Parties stated range 4. During the quarter ended 03/31/2025, NetPower's TRA liability of $21.3 million was 12. Included in "Due to affiliates" on balance sheet reduced to zero based on the determination that it was not more likely than not that its 13. As of June 30, 2019, per Clarivate 6-K filing announcing the buyout of its deferred tax assets subject to the TRA would be realized. On 05/12/2025, NetPower TRA obligation delivered notice of its intent to terminate the TRA, which was finalized on 06/12/2025 14. Assumed to be undiscounted Content must not 5. Excludes current portion of liability; represents a discounted value 15. Represents the median of the 234 million TRA units as disclosed in the 6. Includes current portion of liability Delaware Chancery Court multiplied by the range of per unit values of go below this line 7. Assumed to be undiscounted each TRA unit of $0.00 - $4.00, as disclosed in the Delaware Chancery Confidential \| 51 8. Represents discount of 115 million TRA obligation buyout relative to Blackstone's TRA Court ruling rights of $256 million 16. Related to exchanges of partnership units during the year ended 9. Included within "accumulated other comprehensive income" on balance sheet December 31, 2021

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & Additional Elegant Information SUBSTANTIAL REVISION M&A Impacts on Tax Receivable Agreements TRA liabilities are often fully or partially conceded in M&A situations, particularly when the TRA beneficiaries retain significant financial ownership in the Company % of Deals by TRA Concession Amount Select M&A Transactions Involving TRAs ($ in millions) TRAs fully or partially conceded 1 (excl. amendments) Date Target Acquirer TEV TRA Payable Concession % Aug-25 Aris Water Western Midstream Partners $2,000 $183 56% May-25 e2open Wisetech Global 2,100 102 48% 2 Amendment Feb-25 Bridge Investment Group Apollo 1,500 74 Jan-25 Enfusion Clearwater Analytics 1,500 126 76% 4 Dec-24 Vacasa Casago 128 – 100% 3 Sep-24 CompoSecure Resolute Holdings 372 44 Amendment 4 Aug-24 Stronghold Bitfarms 125 – 100% 34% 34% Jun-24 PowerSchool Holdings Bain Capital 5,600 450 100% Apr-24 Snap One Holding Corp. Resideo Technologies 1,400 81 100% Dec-23 HireRight General Atlantic, Stone Point 1,650 211 – Nov-23 Fathom Core Industrial 7,000 26 100% Nov-23 Hostess Brands Smucker's 5,600 124 32% Aug-23 Focus Financial Partners CD&R 7,000 225 – Aug-23 SciPlay Light & Wonder 422 64 – Nov-23 Sculptor Capital rithm 720 173 – Jun-23 Diversey solenis 4,600 200 100% Apr-23 WWE Endeavor 9,300 993 – Mar-23 signifyhealth CVSHealth 8,000 59 91% Mar-23 EVO globalpayments 4,000 183 – 10% Feb-23 paya nuvei 1,300 19 – 4 Feb-23 Weber Inc. BDT Capital Partners 3,700 – 100% 21% May-22 Redbox Entertainment Chicken Soup f/t Soul Ent. 320 154 100% May-22 Switch DigitalBridge Inv. Mgmt 11,000 1,196 94% Nov-21 McAfee Buyer Consortium 14,000 392 99% TRA Concession Amount Sep-21 GreenSky Goldman Sachs 2,240 308 100% Aug-21 Vine Energy Chesapeake Energy 2,200 7 100% 0% Jan-21 Change Healthcare United Healthcare 13,000 331 – Dec-20 Pluralsight Vista Equity Partners 3,500 417 70% 0 - 50% Oct-20 Parsley Energy Pioneer Natural Resources 7,600 164 – Oct-20 American Renal Assoc. Nautic Partners 853 2 – 50 - 99% Jan-20 The Habit Restaurants YUM! Brands 438 83 40% 100% Source: Q1 2023 to Q3 2025 Houlihan Lokey Insights – Tax Receivable Agreements Market Updates, Company Filings Note: "TRA Payable" represents the latest TRA liability reported in each company's public filings prior to the transancticeossi n; o"Co n %" reflects the difference between the TRA Payable amount and the TRA payment amount paid to TRA holders for the termination of each TRA as applicable, divided by the TRA Payable amount Content must not 1. Transactions indicated as "Amendments" for "Concession %" are not included in the calculation or total number of "% b o y Tf RA Dea Con ls cession Amount" go below this line 2. As part of the transaction, Bridge Investment Group's TRA was inherited by Apollo, with future payment calculations Ato h oth ldee T rs Rto be calculated based on Apollo's consolidated group tax liability Confidential \| 52 3. As part of the transaction, CompoSecure's TRA was amended to waive the change of control acceleration which would h da ave s a a rp ep su lielt of the transaction with Resolute Holdings, and to increase the discount rate applicable to any future early termination payments 4. Reflects transactions in which the target company recorded no TRA liability in the most recent filings before each transaction, and where the TRA was waived in full

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Disclaimer This presentation has been prepared by Moelis & Company LLC ("Moelis") solely for the information and assistance of al tC he omm Spe ittci ee of the Board of Directors of the company codenamed "Elegant" (the "Company") in considering the matters referred to in t erihe als. se Thi ms at presentation is confidential and may not be disclosed (in whole or in part) or utilized for other purposes without the express prior written consent of Moelis. This presentation has been prepared based on information provided by the Company and/or from third party sources. Moelis assumed such information is complete and accurate in all material respects. Moelis has not independently verified such information (or assumed responsibility for the independent verification of such information). To the extent this presentation includes projections, forecasts or other forward-looking statements, Moelis has assumed that such information was reasonably prepared based on the best currently available estimates and judgments of the Company and/or other parties as to the future performance of the Company and/or such other parties. Moelis expresses no views as to the reasonableness of any such projections, forecasts or other forward-looking statements or the assumptions on which they are based. Moelis has not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, or otherwise) of the Company or any other party. Moelis' participation in any due diligence review is solely for purposes of supdv poir ce ting an id ts anaalysis. This presentation is based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, and Moelis assumes no obligation to update this presentation or correct any information herein. No company or transaction used in this presentation is identical to the Company or any potential transaction. The analyses set forth in this presentation do not purport to be appraisals and such analyses do not reflect Moelis' views of the prices at which businesses or securities actually d. may Beca beuse sol the analyses described in these materials (including the information used in such analyses) are inherently subject to uncertainty, Moelis does not assume responsibility if future results are materially different from those forecast. This presentation was designed for use by certain persons familiar with the business of the Company. This presentation is not intended to provide the sole basis for any decision on any transaction or strategic alternative and is not a recommendation with respect to any transaction or strategic alternative. This presentation does not address the Special Committee's underlying business decision to ex repl comm ore or end any transaction or strategic alternative or the relative merits of any transaction or strategic alternative as compared to any alternative business strategies or transactions that might be available to the Company. Nothing contained in this presentation should be construed as legal, regulatory, tax or accounting advice. Moelis and its affiliates are engaged globally in a wide range of investment banking and other activities for their own account and otherwise. Moelis and its affiliates may have advised, may seek to advise and may in the future advise in companies referred to in this presentation. Personnel of Moelis or such affiliates may make statements or provide advice that is contrary to information included in this presentation. The proprietary interests of Moelis or its affiliates may conflict with your interests. In addition, Moelis and its affiliates and their personnel may from time to time have positions in or effect transactions in securities referred to in this material (or derivatives of such securities), or serve as a director of companies referred to in this presentation. Content must not go below this line Confidential \| 53

## Ex-99.(C)(V)

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Exhibit (c)(v) PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Project Elegant Discussion Materials January 27, 2026 Content must not go below this line

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Executive Summary • In October 2025, Elegant's management presented two sets of materials to Elegant's Board of Directors: o One was an ordinary course quarterly presentation prepared for and presented to Elegant's Board of Directors with key updates on recent performance o The second was a separate presentation outlining Elegant's strategic plan (the "October 2025 Strategic Planning Materials"), which included an overview of Elegant management's then-current views on the strategic landscape, value creation goals and strategic priorities • The October 2025 Strategic Planning materials included a preliminary financial forecast through FY '30E, which was reviewed but not approved by Elegant's Board of Directors o The preliminary financial forecast included the impact of potential strategic initiatives which management planned to deploy across its franchise network to strengthen Elegant's financial performance and create value for shareholders • The October 2025 Strategic Planning Materials included two analyses that showed potential value creation for shareholders as a result of strategic initiatives o The first analysis (the "Future Share Price Analysis") presented an illustrative path to a ~$15 per-share price, which was predicated on Elegant achieving certain organic growth targets for net NCO growth, same-store sales growth, adj. EBITDA margin, and adj. EBITDA multiple by 2028E o The second analysis (the "M&A Center Analysis") presented potential value creation for shareholders via corporate center acquisitions • Since presenting the October 2025 Strategic Planning Materials, Management has continued to review and refine its financial forecast including the strategic initiatives, and, after assessing the execution risk associated with the achievability of the strategic initiatives presented in the October 2025 Strategic Planning Materials, shared a revised view on the forecast in December in the form of the Management Proposed LRP (100% Achievability), which was presented to the th Special Committee on December 18 . The Management Proposed LRP (100% Achievability) included downwardly revised sales and EBITDA estimates in certain years of the forecast period amid implementation of the strategic initiatives (the "LRP Initiatives") rd • During a subsequent meeting on December 23 , after noting that the Management Proposed LRP (100% Achievability) assumed management would be able to successfully achieve the LRP Initiatives and execute on a series of initiatives on a timely basis, the Special Committee requested that management prepare various scenarios on the achievement of the LRP Initiatives, including a scenario in which the Company achieved 50% of the LRP Initiatives (the "Management Proposed LRP (50% Achievability)") th • On January 6 , Moelis reviewed these scenarios provided by management with the Special Committee. The Special Committee directed Moelis to use the Management Proposed LRP (50% Achievability) in conducting its analysis of General Atlantic's proposal to acquired all of the outstanding shares of Class A Common Stock and all of the outstanding common units of Elegant Ventures, LLC not held by General Atlantic or Elegant • In order to assist the Special Committee as it considers a potential sale and to support it in negotiations with General Atlantic, Moelis has reviewed the above referenced value creation analyses from the October 2025 Strategic Planning Materials o The Future Share Price Analysis assumes a successful implementation of strategic initiatives across a national franchisee base that Elegant does not directly control, including the re-ignition of mature Same-Store Sales ("SSS") growth well in excess of what the Company has achieved in recent years and the continued expansion in the number of centers despite the fact that 20% of the company's centers are at risk of closure and lenders have expressed hesitancy to lend to Elegant franchisees for new locations o The Future Share Price Analysis also assumes that the Company's EBITDA multiple increases by more than 90%, from ~7.0x to 13.5x o The M&A Center Analysis assumes the Company is able to successfully acquire and operate franchise locations (which, per management, it struggles to do today; only 5 of the Company's approximately 1,000 centers are currently Company operated). Furthermore, General Atlantic has expressed hesitancy in pursuing M&A, preferring to focus on organic growth opportunities o Should management successfully implement the strategic initiatives included in the LRP, there is potential for meaningful value creation and future multiple expansion; however, it is unclear if management will be able to achieve the targets necessary to deliver the outcomes identified in the value creation analyses Content must not go below this line Confidential \| 1 Source: October 2025 Strategic Planning Materials, Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION 1. Management's Future Share Price Analysis (October 2025) Content must not go below this line Confidential \| 2

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Observations on Management's Future Share Price Analysis There are certain targets which would need to be achieved in order to realize the illustrative value creation from organic growth as described in the October 2025 Strategic Planning Materials I Return to Growth in Mature SSS In order to achieve a $15 per share target, management, through independent franchisees, would need to turn around its current negative SSS growth trend in mature centers and recover to a level beyond what it has achieved in recent years and above the 2026E median total SSS rate of the lower-growth and high-growth selected publicly traded companies • Post-Covid, Elegant initially realized strong growth in total SSS of 6.7% and 10.3% in FY '21A and FY '22A, respectively, before slowing to 2.9% and 0.2% in FY '23A and FY '24A, respectively. Excluding the impact of ramping new centers (i.e., new centers still scaling), mature SSS growth was 0.8% and (2.9%) in FY '23A and FY '24A, respectively • More recently, total SSS growth has continued to decline, exacerbated by (i) the newly opened centers from FY '21A – FY '24A continuing to age through their growth cycles, turning from ramping centers to mature centers, and (ii) fewer new centers being opened by franchisees leading to fewer ramping centers in the mix. Additionally, management noted in the Q3 Board Meeting materials, which were presented concurrently with the October 2025 Strategic Planning Materials, that Elegant has been experiencing declining transaction volume among mature centers, leading to lower mature center SSS growth. The drivers of the decline in mature center transaction volume were noted as being "within the control of the network" but primarily from franchisee owned activities o As a result, total SSS growth in Q3 '25A fell to 0.2%, with mature SSS growth of (1.7%). Management expects to exit FY '25E with 0.2% total SSS growth, based on the Management LRPs, and (1.8%) mature SSS growth, based on a call with management on 01/26/2026 • Per the Management LRP, management believes it will be able to recover total and mature SSS growth through investment in the LRP Initiatives. Management forecasts that mature SSS will recover to 2.3% in FY '26E and grow to 2.5% by FY '28E; however, the baseline business without LRP Initiatives shows a continued negative trend in mature SSS growth of (1.8%) and (1.8%) in FY '26E and FY '28E, respectively. Additionally, management noted that they anticipate a slow ramp in Q1 and Q2 of 2026 as the LRP Initiatives are implemented • Selected Publicly Traded Companies with Low-Growth Franchise Models expect a median total SSS growth of (2.1%) and 1.4% in FY '25E and FY '26E, respectively, whereas High-Growth Franchise Models expect a median total SSS growth of 2.4% and 2.4% in FY '25E and FY '26E, respectively • The organic growth value creation analysis within the October 2025 Strategic Planning Materials implies Elegant can achieve share prices above $15 once mature SSS growth meets or exceeds ~5.0% with at least ~30 average net NCOs per year, or meets or exceeds ~4.0% with at least ~40 average net NCOs per year Revitalize Net NCO Growth II In order to achieve a $15 per share target, management, through independent franchisees, would need to be able to improve profitability among struggling centers, prevent future closures, resolve current financing / brand issues franchisees are facing and successfully incentivize them to continue to open new centers • Pre-Covid, Elegant experienced a period of rapid NCO growth with an average of ~75 net NCOs annually from FY '10A through FY '19A. During Covid, Elegant realized significantly lower net NCOs of 46 and 57 in FY '20A and FY '21A, respectively • Post-Covid, Elegant realized significant NCO growth with peak net NCOs of 91 and 100 in FY '22A and FY '23A, respectively • More recently, management has seen much weaker figures with 23 net NCOs in FY '24A and 21 net closures expected for full year FY '25E • Of Elegant's 1,053 active centers as of October, 47% of total centers have Adj. EBITDA margins below 10% with 22% of total centers experiencing negative adj. EBITDA. Management noted that profitability challenges remain in ~200 centers and franchisees are still reluctant to build, taking a "wait and see" approach instead with several networks citing capital constraints as the reason they are unable to expand (in these circumstances, the territory the franchisee was obligated to open new centers within will be returned) • Management identified two main goals in the Q3 Board Meeting materials to promote NCOs, including (i) to "fill the pipeline" for growth in FY '26E and beyond and (ii) to implement a closure mitigation strategy to support struggling centers and reduce future closures. It may be difficult for management to convince franchisees to open new centers without first resolving profitability issues. Additionally, management will need to overcome challenges associated with lenders expressing hesitancy to finance new locations, as well as capital constraints franchises are experiencing from lack of profitability • The organic growth value creation analysis within the October 2025 Strategic Planning Materials implies Elegant can achieve share prices above $15 once average NCOs per year meet or exceed ~30 with at least ~5.0% mature SSS growth, or meet or exceed ~40 with at least ~4.0% mature SSS growth • In the LRPs, management forecasts that its LRP Initiatives will promote a return to growth in FY '26E with 1 net NCO, growing to 40 net NCOs in FY '28E Content must not go below this line Confidential \| 3 Source: Public filings, October 2025 Strategic Planning Materials, Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Observations on Management's Future Share Price Analysis (Cont'd) There are certain targets which would need to be achieved in order to realize the illustrative value creation from organic growth as described in the October 2025 Strategic Planning Materials Achieve Future EBITDA Multiple Re-rating III In order to achieve a $15 per share target, management, through independent franchisees, would need to achieve mature SSS and net NCO expansion that catalyzes top and bottom-line growth and prompts a re-rating of the TEV / EBITDA multiple to levels not seen since early 2024 • During its Post-Covid high-growth period, Elegant was trading at a higher multiple than it is at present: Elegant's current TEV / NTM EBITDA multiple has compressed to 6.9x from a median of 13.3x over the last five-year period, 10.5x over the last three-year period and 7.5x over the last 12 months • Elegant last traded at a 13.5x multiple or higher in February 2024, coming off a year when Elegant was generating ~100 annual NCOs and revenue growth of 6.5%+, with consensus 1-year forward revenue growth of ~6.7% at the time. Since then, growth has declined, and Elegant's management has been replaced • Using an illustrative regression analysis Moelis prepared analyzing the correlation between 2026E revenue growth and TEV / EBITDA multiples, a 13.5x EBITDA multiple would imply revenue growth of ~6.6%. Assuming management achieves the Management Proposed LRP (50% Achievability) revenue growth target of 2.1% in FY '27E and 4.1% in FY '28E, the implied multiples would be 9.1x and 11.0x, respectively, for each period o Elegant's multiple may be lower than implied by the illustrative regression analysis given beauty services are considered more discretionary in nature compared to the businesses of the Selected Publicly Traded Companies such as the Lower-Growth and Higher-Growth Franchise Model Companies; quick-service restaurants, for instance, can be viewed as providing a more recession resistant and necessary consumer service o Additionally, the labor structure of beauty service companies such as Elegant is complex and demands more specialized employees than those of the Selected Publicly Traded Lower-Growth and Higher-Growth Franchise Model Companies • As Elegant's growth has decelerated, Elegant's multiple has decreased from multiples in line with Higher-Growth Franchise Model Companies to multiples commensurate with Lower-Growth Franchise Model Companies • Selected Publicly Traded Companies with Low-Growth Franchise Models currently trade at a median TEV / FY '26E EBITDA multiple of 7.6x with a 3-year median TEV / NTM EBITDA multiple of 7.8x, whereas High-Growth Franchise Models currently trade at a median TEV / FY '26E EBITDA multiple of 16.4x with a 3-year median TEV / NTM EBITDA multiple of 17.5x The $15 per share FY '28E objective in the October 2025 Strategic Planning Materials does not incorporate discounting to present value. If this $15 per share objective incorporated discounting, it would produce a lower present value per-share objective in today's dollars Content must not go below this line Confidential \| 4 Source: October 2025 Strategic Planning Materials, Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Considerations in Assessing Ability to Execute the LRP Initiatives • Elegant is operated primarily by independent franchisees, limiting corporate ability to mandate uniform operational change; franchisees will ultimately be responsible for implementing initiatives to improve customer experience and drive traffic Franchise structure • Turnaround initiatives require adoption at the individual center level, leading to variability in timing and consistency introduces execution complexity • Franchisees bear any economic cost and investment of time before franchise benefits are fully realized • Near-term margin pressure at the center level may limit willingness to implement and invest in certain initiatives • Franchisees retain direct ownership, incentivizing operational focus once improvements are evident Certain advantages • Local operators possess market-level knowledge that can support staffing and customer acquisition efforts of a franchise model • Capital-light business model • Center performance and underlying transaction growth highly dependent on availability, experience, and retention of licensed waxers Labor-intensive • Hiring, scheduling, and compensation decisions are controlled by franchisees, not the company service model heightens execution • Experienced waxer retention essential to customer acquisition and retention and operational stability risk • Labor constraints could limit throughput, reduce service consistency and blunt expected SSS uplift • COO has been in role for ~3 – 4 months New management • CEO and CFO have been in their respective roles for ~1 year team driving execution of • CIDO, CCO, and CDO are all recent 2025 hires initiatives • Management's ability to execute as a unit is unproven • No single initiative expected to drive a step-change in near-term financial performance Multiple initiatives are being executed • Turnaround success dependent on sustained execution across multiple initiatives simultaneously • Different franchisees have different problems; requires targeted approach by center • Financial impact dependent on meaningful changes around new customer acquisition and retention, waxer training, scheduling and retention, and center-level adoption, which changes take time Turnaround impact • Differences in site quality, local labor markets, and operator sophistication may create varied times to implement and bear results may be gradual • Previous turnaround efforts by the Company have been unsuccessful in realizing the full scope of benefits initially expected, underscoring the risk inherent in any potential turnaround plan • Majority of initiatives are not yet launched or are in early stages of implementation • Management is currently addressing "low-hanging fruit," including basic customer education and staffing efficiency topics, ahead of Timing is a risk broader rollout of LRP Initiatives at the March franchisee conference • Ability to successfully implement early initiatives to set the foundation for growth will impact success of later initiatives • Both the Management Proposed LRP (50% Achievability) and the Management Proposed LRP (100% Achievability), presented in Macro poses the Company's revised long-term plan on 12/18/2025, assume a stable macroeconomic environment; in a less stable macroeconomic environment, discretionary services would be negatively impacted, which would adversely impact the financial additional risk performance of Elegant regardless of the success of the LRP Initiatives Content must not go below this line Confidential \| 5

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION I Return to Growth in Same Store Sales The Management LRPs forecast an inflection in FY '26E same store sales growth Elegant Same Store Sales Growth Total Same Store Sales Growth 10.3% 5.4% 5.8% 6.0% 3.6% 4.5% 4.3% 4.6% 3.9% 3.5% 2.9% 0.3% 4.4% 2.1% 1.9% 2.5% 1.4% 0.2% 1.5% 0.2% 0.2% 22A 23A 24A 25E 26E 27E 28E 29E 30E Mature Same Store Sales Growth 8.7% Management expects to exit Q4 '25E trending 4.2% 4.0% 4.0% at (3.3%) mature SSS growth, based on a call 3.0% 4.0% 2.5% 2.5% with management on 01/18/2026 4.0% 2.3% 2.5% 1.1% 0.8% 0.5% 0.2% 0.3% 0.4% 22A 23A 24A 25E 26E 27E 28E 29E 30E (1.7%) (2.9%) (1.8%) (1.8%) Management Proposed LRP Management Proposed LRP October Strategic Historical Figures (50% Achievability) (100% Achievability) Planning Forecast Content must not go below this line Source: October 2025 Strategic Planning Materials, Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, Management Proposed LRP (100% Achievability) Confidential \| 6 provided to Moelis on 12/19/2025, Q3 FY25 Digital Binder provided to Moelis on 12/12/2025, Company filings, LSEG estimates, S&P Capital IQ as of 01/05/2026 Note: Historical figures are rounded

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION I Return to Growth in Same Store Sales (Cont'd) Elegant's recent total same store sales growth has been more in-line with that of the Selected Publicly Traded Lower-Growth Franchise Model Companies than that of the Higher-Growth Franchise Model Companies Selected Publicly Traded Franchise Model Companies - Total Same Store Sales Growth 2024A Total Same Store Sales Growth Elegant Lower-Growth Franchise Models Higher-Growth Franchise Models Median: 0.1% Median: 2.8% Median: 0.2% 19.9% 7.0% 5.0% 2.8% 3.2% 2.3% 1.5% 1.3% 0.2% NA NA NA (1.3%) (1.0%) (3.1%) October 2025 Elegant Elegant (4.2%) Elegant Strategic Mgmt Mgmt Actual Planning (100%) (50%) 2025E Total Same Store Sales Growth Elegant Lower-Growth Franchise Models Higher-Growth Franchise Models Median: 2.4% Median: 0.3% Median: (2.1%) 6.8% 3.1% 2.6% 2.1% 1.3% 1.1% 1.0% 0.4% 0.3% 0.2% 0.2% (0.1%) (1.3%) (2.9%) (4.1%) (4.2%) October 2025 Elegant Elegant Elegant Strategic Mgmt Mgmt Consensus Planning (100%) (50%) 2026E Total Same Store Sales Growth Elegant Lower-Growth Franchise Models Higher-Growth Franchise Models Median: 2.6% Median: 1.4% Median: 2.4% 6.2% 3.6% 3.5% 3.5% 2.5% 2.4% 2.2% 2.1% 1.9% 1.6% 1.8% 1.7% 1.5% 1.1% 0.3% (0.7%) Elegant October 2025 Elegant Elegant Mgmt Strategic Mgmt Consensus Content must not (100%) Planning (50%) go below this line Confidential \| 7 Source: Company filings, LSEG estimates, S&P Capital IQ as of 01/05/2026

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION II Revitalize Net NCO Growth – Historical & Projected Net NCOs Elegant's net NCOs are expected to remain below historical peak net NCOs over the forecast period Net NCOs 100 97 94 91 89 79 76 76 67 57 52 46 45 45 44 44 38 40 40 40 40 23 5 1 11A 12A 13A 14A 15A 16A 17A 18A 19A 20A 21A 22A 23A 24A 25E 26E 27E 28E 29E 30E (21) (28) Historical Figures Management LRPs October Strategic Planning Forecast Content must not go below this line Confidential \| 8 Source: October 2025 Strategic Planning Materials, Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025, Company filings

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION II Revitalize Net NCO Growth – Overview of EBITDA by Center Approximately half of Elegant's centers have EBITDA margins of less than 10%; success of the LRP Initiatives dependent on buy-in from large portion of franchisees with limited profitability and resources 1 1 1 Centers At-Risk for Closure Centers by Profitability Margin Center Profitability by Type 2 Of the 1,053 centers with 47% of centers with <10% EBITDA margins 735 298 17 EBITDA data, ~29% have less than centers centers centers $20K of EBITDA 1,053 <0% 22% 14% 39% 25% 0-10% 25% 750 centers with 71% > $20K EBITDA 747 17% 94% 10-15% 15% 27% 16% 12% 15-20% 14% 11% 29% 303 centers with 29% < $20K EBITDA 12% 20%+ 24% 6% Mature Ramping NCO 20%+ 15-20% 10-15% ~60% of centers report EBITDA; the Company calculates an implied EBITDA for the remaining ~40% of centers based on average center expenses Content must not 0-10% <0% go below this line Source: Company provided materials Confidential \| 9 1. Based on YTD 2025 data as of mid-December 2. Includes 3 centers designated as having > $20K in EBITDA, without specified EBITDA dollar value

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION III Future EBITDA Multiple Re-rating – TEV / NTM EBITDA Trading Multiples 10-Year Historical TEV / NTM EBITDA Multiple 30.0x As Elegant's growth rates have decelerated, Elegant's EBITDA multiple has decreased from multiples in line with MEDIAN higher-growth franchise companies to multiples commensurate with lower-growth franchise companies 10-Year 5-Year 3-Year 1-Year Current Papa John's 15.3x 14.2x 11.3x 10.1x 9.7x Higher-Growth Franchise Wendy's 14.5x 13.2x 11.9x 9.7x 9.1x Lower-Growth Franchise 25.0x Jack In The Box 10.9x 9.6x 8.6x 7.7x 8.6x Beauty Dine Brands 9.5x 8.4x 6.9x 6.2x 7.4x El Pollo Loco 8.3x 7.2x 6.8x 5.9x 5.7x Elegant Xponential Fitness 6.9x 6.9x 5.9x 5.6x 6.0x 1 COVID-19 Pandemic LG Franchise 10.2x 9.0x 7.8x 7.0x 8.0x 20.0x Wingstop 41.4x 45.6x 44.4x 32.3x 30.7x 17.3x Domino's 20.7x 20.4x 19.7x 19.3x 17.3x Planet Fitness 18.9x 18.7x 17.2x 18.3x 17.3x Yum! Brands 18.3x 18.3x 17.8x 17.7x 17.3x 15.0x Restaurant Brands 13.0x 13.1x 12.7x 11.9x 11.6x Driven Brands 10.7x 10.7x 8.8x 9.1x 8.2x HG Franchise 18.6x 18.5x 17.5x 18.0x 17.3x 10.0x Ulta 13.0x 12.5x 11.6x 12.4x 15.1x Bath & Body Works 7.6x 7.7x 7.6x 6.3x 6.5x 8.0x Sally Beauty 5.7x 5.0x 4.8x 4.3x 4.8x 6.9x 6.5x Beauty 7.6x 7.7x 7.6x 6.3x 6.5x 5.0x Elegant NA 13.3x 10.5x 7.5x 6.9x Historical trading data suggests that Elegant's multiple compression has coincided with similar valuation pressure across lower-growth franchise companies, 0.0x Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 including Wendy's and Jack in the Box. These companies have also experienced growth deceleration Elegant Consensus 1 YR 12.8% 7.6% 5.7% 3.3% 1.7% forward growth rate Content must not go below this line Confidential \| 10 Source: S&P Capital IQ as of 01/05/2026 1. As a result of lower traffic during the COVID-19 pandemic, EBITDA multiples for restaurants and other in-person franchise businesses were elevated through 2021

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION III Future EBITDA Multiple Re-rating – 2026E TEV / EBITDA Multiples Elegant's TEV / FY '26E EBITDA multiple is below the median of Selected Publicly Traded Lower-Growth and Higher Growth Franchise Model Companies 1 Net Leverage TEV / FY '26E EBITDA Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: 7.0x Median: 6.1x Median: 16.4x Median: 7.6x 29.1x 16.8x 16.6x Management's 16.1x assumption in Future 14.5x 14.4x Share Price Analysis 13.5x 9.6x 8.7x 8.4x 8.0x 7.1x 7.1x 7.0x 7.0x 6.9x 6.1x 5.8x 4.8x Elegant Elegant Elegant Mgmt Mgmt Consensus 2 2 (50%) (100%) FY26E $0.1 $0.1 $0.1 $2.0 $1.3 $0.5 $0.3 $0.6 $3.2 $1.2 $3.2 $0.5 $0.2 $0.5 $0.2 $0.1 $0.2 $0.1 EBITDA ($ in bn) Source: S&P Capital IQ as of 01/05/2026, Company filings, Company materials, LSEG consensus estimates Content must not Note: FY represents Elegant's fiscal year, ending January 4; all metrics presented on Elegant's fiscal year basis, which is aligned with the calendar year end Note: Publicly traded companies selected based on exposure to discretionary consumer spending, at least 50% franchised units and market capitalization of $300mm – $50bn; to go below this line determine higher growth vs. lower growth allocation, Moelis considered whether the company had a greater than 5% revenue CAGR over the next 2 years and also applied Confidential \| 11 professional judgment in considering other factors such as size and historical growth rates 1. Consensus Adj. EBITDA estimates are presented unburdened by SBC to align with Elegant's consensus and management Adj. EBITDA estimates, which are not burdened by SBC 2. Based on figures provided in Elegant's Management Proposed LRP (100% Achievability) and Management Proposed LRP (50% Achievability) as indicated

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION III Future EBITDA Multiple Re-rating – Regression Analysis The below regression represents the relationship between 1-year forward revenue growth (FY '25E – FY '26E) and EV / FY '26E EBITDA multiples of the Selected Publicly Traded Companies 1-year forward revenue growth (FY '25E – FY '26E) vs. EV / FY '26E EBITDA multiple 30x R² = 0.7092 A 13.5x multiple implies revenue growth of ~6.6%. Assuming Wingstop management achieves the revenue growth targets of 2.1% in FY '27E and 4.1% in FY '28E from the Management Proposed LRP (50% Achievability), the implied multiples would be 9.1x and 11.0x, respectively, based on the 1-year forward revenue 25x growth regression analysis 20x At its current ~7.0x multiple, Elegant trades at a discount to the multiple Yum! Brands implied by the illustrative regression Domino's analysis, which may reflect investor Planet Fitness perception of beauty services companies Ulta as being more discretionary and less 15x Restaurant Brands recession-resistant relative to the Selected Publicly Traded Companies Papa Johns Elegant Implied Multiple 10x Driven Brands Wendy's Revenue Implied Growth Multiple Xponential Fitness Dine Brands Management Proposed LRP (3.9%) 3.2x El Pollo Loco (50% Achievability) FY25E Bath & 5x Body Consensus Works 0.9% 8.0x Sally Beauty FY26E Management Proposed LRP 1.0% 8.0x (50% Achievability) FY26E – -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% If Elegant repeats its FY '25E revenue growth performance Content must not next year, it could experience even further multiple contraction go below this line Source: S&P Capital IQ as of 01/05/2026, Company filings, Company materials provided to Moelis, LSEG consensus estimates Confidential \| 12 Note: Jack In The Box excluded from regression due to recent divestiture of its Del Taco business, which accounted for 21% of 2025E revenue and thus impacted the comparability of forward revenue growth

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION 2. Management's M&A Center Analysis (October 2025) Content must not go below this line Confidential \| 13

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Observations on Management's M&A Center Analysis I Ignition of Corporate Center Acquisition Engine In order to achieve the identified shareholder value creation from corporate center acquisitions, management would need to successfully acquire and operate corporate centers at levels which have not historically been demonstrated by the Company • In its history as a public company, Elegant has not demonstrated the ability to scale the number of corporate centers it operates • On 10/04/2025, Elegant reported that it operated 5 of its 1,053 centers nation-wide as corporate centers, with the balance comprising franchised locations. This was the same number of corporate centers reported in Elegant's S-1 filing as of 07/13/2021 • The October 2025 Strategic Planning materials included an illustrative potential value creation scenario which demonstrated the impact of 70 acquired corporate centers from FY '26E through FY '30E, with between 10 and 20 acquisitions occurring per year • In addition, the value creation analysis assumes that EBITDA at the acquired corporate centers will grow over time o Management has not historically demonstrated success in operating corporate centers o Management has also indicated that the five centers it owned as of 10/04/2025 have struggled historically, and that operating corporate centers has not been a core focus of management's time and attention • The October 2025 Strategic Planning Materials further assume that management will be able to acquire corporate centers and realize multiple arbitrage with the EBITDA acquired being re-rated to a higher multiple, in-line with their assumption for the overall TEV / adj. EBITDA multiple of the Company • The October 2025 Strategic Planning Materials do not state any source of funding for the corporate center acquisitions • The Management LRPs do not assume any corporate center acquisitions, and instead focus on an organic growth strategy with investment in LRP Initiatives • General Atlantic has also previously stated that it plans to underwrite only organic growth plans and initiatives for Elegant Content must not go below this line Confidential \| 14 Source: October 2025 Strategic Planning Materials, Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025, Company Filings

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Appendix Content must not go below this line Confidential \| 15

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Management Proposed LRP (50% Achievability) Forecast Summary ($ in millions, except per share data) FY26 FY27 FY28 FY29 FY30 Total System-Wide Sales $944 $967 $1,001 $1,039 $1,083 % Growth (0.4%) 2.4% 3.5% 3.8% 4.2% SSS% 1.5% 1.4% 1.9% 2.1% 2.5% Mature SSS% 0.2% 1.1% 0.5% 0.3% 0.4% Total Revenue $211 $215 $224 $235 $247 % Growth 1.0% 2.1% 4.1% 5.2% 4.9% Gross Profit $154 $159 $165 $174 $182 % Margin 73.2% 73.8% 73.9% 73.8% 73.8% 1 Adj. EBITDA $71 $75 $81 $88 $96 % Margin 33.7% 35.0% 36.1% 37.6% 38.7% % Growth (4.4%) 5.9% 7.5% 9.5% 8.2% Memo: Capital Expenditures $4 $3 $3 $3 $3 Depreciation and Amortization 20 24 19 10 4 Change in Net Working Capital (2) (0) 1 (0) 1 Stock Based Compensation 10 10 10 11 11 Content must not go below this line Confidential \| 16 Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025 1. Reflects Adj. EBITDA post non-recurring investments and unburdened by stock-based compensation ("SBC"), consistent with Management's presentation of Adj. EBITDA

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Management Proposed LRP (100% Achievability) Forecast Summary ($ in millions, except per share data) FY26 FY27 FY28 FY29 FY30 Total System-Wide Sales $964 $1,017 $1,074 $1,139 $1,211 % Growth 1.7% 5.6% 5.6% 6.1% 6.3% SSS% 3.6% 4.5% 3.9% 4.3% 4.6% Mature SSS% 2.3% 4.2% 2.5% 2.5% 2.5% Total Revenue $215 $226 $240 $258 $276 % Growth 3.4% 5.1% 5.9% 7.7% 7.0% Gross Profit $158 $167 $177 $190 $204 % Margin 73.2% 73.8% 73.9% 73.7% 73.8% 1 Adj. EBITDA $72 $79 $87 $97 $107 % Margin 33.6% 34.9% 36.2% 37.6% 38.7% % Growth (2.4%) 9.1% 9.7% 11.8% 10.3% Memo: Capital Expenditures $4 $3 $3 $3 $3 Depreciation and Amortization 20 24 19 10 4 Change in Net Working Capital (2) (0) 1 (0) 1 Stock Based Compensation 10 10 10 11 11 Content must not go below this line Confidential \| 17 Source: Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025 1. Reflects Adj. EBITDA post non-recurring investments and unburdened by stock-based compensation ("SBC"), consistent with Management's presentation of Adj. EBITDA

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION October 2025 Strategic Planning Forecast Summary ($ in millions, except per share data) FY26 FY27 FY28 FY29 FY30 Total System-Wide Sales $955 $1,011 $1,082 $1,163 $1,251 % Growth 0.6% 5.8% 7.1% 7.4% 7.6% SSS% 3.5% 4.4% 5.4% 5.8% 6.0% Mature SSS% 3.0% 4.0% 4.0% 4.0% 4.0% Total Revenue $213 $226 $242 $259 $278 % Growth 2.1% 6.1% 6.8% 7.1% 7.4% Gross Profit $158 $168 $180 $193 $208 % Margin 74.1% 74.3% 74.5% 74.7% 74.9% 1 Adj. EBITDA $70 $80 $87 $100 $112 % Margin 32.6% 35.2% 36.0% 38.6% 40.2% % Growth (5.0%) 14.6% 9.1% 15.1% 11.8% Content must not go below this line Confidential \| 18 Source: October 2025 Strategic Planning Materials 1. Reflects Adj. EBITDA post non-recurring investments and unburdened by stock-based compensation ("SBC"), consistent with Management's presentation of Adj. EBITDA

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PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION Disclaimer This presentation has been prepared by Moelis & Company LLC ("Moelis") solely for the information and assistance of the Special Committee of the Board of Directors of the company codenamed "Elegant" (the "Company") in considering the matters referred to in these materials. This presentation is confidential and may not be disclosed (in whole or in part) or utilized for other purposes without the express prior written consent of Moelis. This presentation has been prepared based on information provided by the Company and/or from third party sources. Moelis assumed such information is complete and accurate in all material respects. Moelis has not independently verified such information (or assumed responsibility for the independent verification of such information). To the extent this presentation includes projections, forecasts or other forward-looking statements, Moelis has assumed that such information was reasonably prepared based on the best currently available estimates and judgments of the Company and/or other parties as to the future performance of the Company and/or such other parties. Moelis expresses no views as to the reasonableness of any such projections, forecasts or other forward-looking statements or the assumptions on which they are based. Moelis has not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, or otherwise) of the Company or any other party. Moelis' participation in any due diligence review is solely for purposes of supporting its advice and analysis. This presentation is based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, and Moelis assumes no obligation to update this presentation or correct any information herein. No company or transaction used in this presentation is identical to the Company or any potential transaction. The analyses set forth in this presentation do not purport to be appraisals and such analyses do not reflect Moelis' views of the prices at which businesses or securities actually may be sold. Because the analyses described in these materials (including the information used in such analyses) are inherently subject to uncertainty, Moelis does not assume responsibility if future results are materially different from those forecast. This presentation was designed for use by certain persons familiar with the business of the Company. This presentation is not intended to provide the sole basis for any decision on any transaction or strategic alternative and is not a recommendation with respect to any transaction or strategic alternative. This presentation does not address the Special Committee's underlying business decision to explore or recommend any transaction or strategic alternative or the relative merits of any transaction or strategic alternative as compared to any alternative business strategies or transactions that might be available to the Company. Nothing contained in this presentation should be construed as legal, regulatory, tax or accounting advice. Moelis and its affiliates are engaged globally in a wide range of investment banking and other activities for their own account and otherwise. Moelis and its affiliates may have advised, may seek to advise and may in the future advise in companies referred to in this presentation. Personnel of Moelis or such affiliates may make statements or provide advice that is contrary to information included in this presentation. The proprietary interests of Moelis or its affiliates may conflict with your interests. In addition, Moelis and its affiliates and their personnel may from time to time have positions in or effect transactions in securities referred to in this material (or derivatives of such securities), or serve as a director of companies referred to in this presentation. Content must not go below this line Confidential \| 19

## Ex-99.(C)(Vi)

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Exhibit (c)(vi) Project Elegant Discussion Materials February 9, 2026 Content must not go below this line

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1. Executive Summary Content must not go below this line Confidential \| 1

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Summary of the Proposed Transaction Overview of Proposed Transaction Market and Proposed Transaction Metrics @ Current Proposed ($ in mm, except per share data) 02/06/2026 Transaction • An acquisition of all the outstanding shares of Class A common stock (the "Class A Common Stock") and all the Proposed Share Price $4.03 $5.80 outstanding common units of EWC Ventures, LLC (the "EWC Transaction Ventures Units") not held by GA or Elegant (the "Proposed % Premium to Current – 44% Transaction") % Premium to 30-Day VWAP 2% 47% Fully Diluted Shares Outstanding 56.754 57.008 • $5.80 per share in cash, implying a 44% and 47% premium to Equity Value $229 $331 the closing share price and 30-day VWAP as of 02/06/2026, respectively, and a 10% premium to the $5.25 price per share Plus: Debt 386 386 Consideration included in GA's initial proposal as of 11/13/2025 (the "Initial Less: Cash & Equivalents (76) (76) Proposal") Total Enterprise Value $539 $641 • Offer price is inclusive of PubCo cash Implied Transaction Multiples • Proposal includes the assumption of all indebtedness and liabilities of the Company Current Offer • GA has provided commitment letters for equity and debt Elegant Mgmt. Projections Statistic Multiples Multiples Financing financing to fund the purchase price 1 TEV / 2025E Adj. EBITDA $73 7.4x 8.8x • GA has indicated that it intends to pursue a Whole Business 2 TEV / 2026E Adj. EBITDA 71 7.5x 9.0x Securitization financing ("WBS") between signing and closing 2 TEV / 2027E Adj. EBITDA 75 7.2x 8.5x Majority-of- • An affirmative vote of the holders of a majority of the Elegant Consensus Est. the-Minority outstanding shares of Elegant Common Stock held by the Shareholder Unaffiliated Company Stockholders is required to adopt the TEV / 2025E Adj. EBITDA $73 7.4x 8.8x Vote Proposed Transaction TEV / 2026E Adj. EBITDA 74 7.3x 8.7x TEV / 2027E Adj. EBITDA 77 7.0x 8.4x Content must not go below this line Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, Equity research, LSEG estimates, S&P Capital IQ as of 02/06/2026 Confidential \| 2 1. Reflects Adj. EBITDA per Elegant Management guidance provided to Moelis on 02/08/2026 2. Reflects Adj. EBITDA based on Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025

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Illustrative Special Committee Roadmap and Considerations Phase 1 Phase 2 Phase 3 Fact Gathering Evaluation of the Proposal and Alternatives Negotiations Negotiate Reach Understand the Context Analysis Response with agreement Proposal Acquirer What is the SC's If decide not to reject, Is now the Acquirer perspective on the what is the best What are the key right time? Withdraws standalone plan? negotiating strategy? terms of the Proposal Proposal? What is the current market and industry Acquirer backdrop? How does the Becomes What information is Proposal compare What are the deal Unfriendly needed to evaluate vs. potential status terms to focus on? What outreach has the Proposal? quo value? already been conducted (if any)? SC to consider other What are the key alternatives, including What are the What are the right Has there been any process, timing and maintaining status quo practical next steps? inbound interest? tactical alternatives? considerations? Content must not go below this line Confidential \| 3

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2. Financial Analysis Content must not go below this line Confidential \| 4

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Financial Analysis Overview of Financial Analysis Moelis performed its financial analysis using the Management Proposed LRP (50% Achievability) • The DCF analysis was performed using Elegant's Management Proposed LRP (50% Achievability) Adj. EBITDA, which was originally shared with Moelis on 12/30/2025 and further finalized by Management on 02/07/2026 o For reference, we also performed a DCF using Elegant Management Proposed LRP (100% Achievability) provided to Moelis as of 12/19/2025 • Moelis used the terminal multiple method to determine the terminal value; the terminal multiple range, based on reference to current Discounted Cash and historical EV / EBITDA (NTM) multiples for the applicable Selected Publicly Traded Companies, was applied to the applicable Flow ("DCF") terminal year EBITDA Analysis (Including Tax • Terminal year adjusted EBITDA represents FY '30E adjusted EBITDA Benefits) • Moelis conducted a separate NPV analysis of Elegant's tax attributes to value the Company's portion (15%) of savings from the 1 utilization of tax attributes, which is included in the implied per share value • The analysis utilizes Q4 2025 debt and cash balances of $386mm and $76mm (including estimated Q4 2025 PubCo cash balance of $34mm), respectively, per Management guidance • Moelis' financial analysis assumes PubCo cash is allocated to the Class A and Class B as if converted • Moelis reviewed and analyzed certain financial information and market trading data related to companies whose operations Moelis believed to be generally relevant for Elegant's business segments for purposes of this analysis Selected Publicly Traded Companies • Moelis exercised its professional judgment in the selection of these companies Analysis • The selected reference ranges were applied to the Management Proposed LRP (50% Achievability) FY '26E Adj. EBITDA of $71mm • The Selected Precedent Transactions analysis focuses on TEV / LTM EBITDA multiples of the Selected Precedent Transactions Selected Precedent • The Selected Precedent Transactions analysis applied the range of multiples to FY '25E Adj. EBITDA of $73mm per Elegant Transactions Management guidance provided to Moelis on 02/08/2026 Analysis • Does not reflect any impact from an Early Termination Payment under the Tax Receivable Agreement, which may be required in a change of control transaction with a third party and would lower the price per share Content must not go below this line Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025, Company Confidential \| 5 filings, Equity research 1. Calculation of tax attribute value based on tax attribute utilization forecast prepared by the Company's tax adviso her M uasinnagg etment Proposed LRP (50% Achievability)

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Financial Analysis Financial Analysis Summary Methodology Implied Price Per Share Commentary Current Proposal: (02/06/2026): $5.80 $4.03 Discounted Cash Flow ("DCF") Analysis • Terminal Multiple: 6.5x – 8.5x Management Proposed LRP (50% $. 6 $7.65 • WACC: 9.25% – 12.00% 1,2 Achievability) Including Tax Benefits Selected Publicly Traded • Multiple Range: 6.5x – 8.5x $2.73 $5.23 Companies Analysis 3 • 2026E Adj. EBITDA: $71mm 2 (TEV / FY2026E Adj. EBITDA) Selected Precedent • Multiple Range: 8.0x – 10.0x $. 5 $7.36 Transactions Analysis 4 • 2025E Adj. EBITDA: $73mm 2 (FY2025E Adj. EBITDA) Discounted Cash Flow • Terminal Multiple: 6.5x – 8.5x Management Proposed $5.3 $. LRP (100% Achievability) • WACC: 9.25% – 12.00% 1,2 Including Tax Benefits Leveraged Buyout • Exit Multiple Range: 6.5x – 8.5x Analysis ("LBO") $3. 0 $5.7 Management Proposed • Target IRR: 17.5% – 22.5% 2 LRP (50% Achievability) • 52-week high: 02/18/2025 52-Week High / Low $3.10 $7. 5 • 52-week low: 05/01/2025 Equity Research • Analyst share price targets from 6 brokers $15.00 $3.75 Price Targets ("PT") from January 2026 Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025, Company filings, Equity research Content must not Note: Valuation methodologies utilize Q4 2025 cash and debt balances; cash balance includes Q4 2025 PubCo cash balance of $34mm per Management 1. Figures include the impact of the Company's realized tax benefits from tax attributes, net of required payments of of aca psh or ttiaoxn sa vings to TRA holders go below this line 2. If all of the PubCo cash was allocated to the Class A only, this would increase the implied high and low ends of the ranges for share prices for Class A shareholders by ~$0.13 per share Confidential \| 6 3. Reflects Adj. EBITDA based on Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025 4. Reflects Adj. EBITDA per Elegant Management guidance provided to Moelis on 02/08/2026 For Reference Only

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Financial Analysis Financial Analysis Comparison Summary Methodology Prior Materials (01/13/2026) Current Materials (02/09/2026) Delta Discounted Cash Flow ("DCF") Management LRP (50% Achievability) $4.63 – $7.79 $4.46 – $7.65 ($0.17) / ($0.14) 1 Including Tax Benefits) Selected Publicly Traded Companies Analysis $2.90 – $5.38 $2.73 – $5.23 ($0.17) / ($0.15) (TEV / FY2026E Adj. EBITDA) Selected Precedent Transactions Analysis $5.21 – $7.75 $4.85 – $7.36 ($0.36) / ($0.39) (FY2025E Adj. EBITDA) Management LRP (100% Achievability) Including $5.61 – $9.11 $5.38 – $8.89 ($0.23) / ($0.22) 1 Tax Benefits Leveraged Buyout ("LBO") Analysis $3.59 – $5.69 $3.80 – $5.79 +$0.21 / +$0.10 Management LRP (100% Achievability) 52-Week High / Low $3.10 – $7.45 $3.10 – $7.45 – Equity Research $4.00 – $15.00 $3.75 – $15.00 ($0.25) / – Price Targets ("PT") Memo: ($2mm) Cash Balance (Q4 2025) $78mm $76mm Drives increase in per share value +$11mm Debt Balance (Q4 2025) $375mm $386mm Drives decrease in per share value Content must not Source: Management LRP (50% Achievability) provided to Moelis on 12/30/2025, Management LRP (100% Achievability) provided to Moelis on 12/19/2025, Company filings, Equity go below this line research; 2025E P&L estimates per Elegant Management guidance provided to Moelis on 02/08/2026 Note: Valuation methodologies utilize Q4 2025 cash and debt balances; cash balance includes estimated Q4 2025 PubCo cash balance of $3 mm; "Prior Draft" 01 of /05/2026 and "Current Confidential \| 7 Draft" of 02/06/2026 reflect dates of th pre ice updates for the draft materials, respectively 1. Figures include the impact of the Company's realized tax benefits from tax attributes, net of required payments of of aca psh or ttiaoxn sa vings to TRA holders For Reference Only

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Financial Analysis Elegant FY '25E Performance Summary Elegant Management provided updated preliminary FY 2025 results to Moelis on 02/08/2026 Elegant FY '25E Performance Overview Elegant Management Commentary Mgmt. LRP Mgmt. Guidance • The Company experienced reduced total product 1 2 ($ in millions) (12/30/2025) (02/08/2026) Beat / (Miss) revenue as a result of incremental wax flooring concessions in December Revenue $208.4 $206.6 ($1.8) • System-wide-sales fell short of Management's target % Growth (3.9%) (4.8%) (83bps) driven by softer transactions, which led to subsequent lower royalty revenue and product revenue Less: Cost of Revenue ($54.2) ($53.8) $0.4 • Pricing momentum softened with lower service DPU in December as a result of a change in mix, including Gross Profit $154.2 $152.8 ($1.4) lower Brazilian services as a % of total, and reduced benefit from earlier price increases % Margin 74.0% 73.9% (8bps) • The lower-than-expected total revenue translated into a shortfall in EBITDA Less: Total OpEx ($80.0) ($79.6) $0.4 Adj. EBITDA $74.2 $73.2 ($1.0) % Margin 35.6% 35.4% (17bps) Content must not go below this line Source: Management guidance provided to Moelis on 02/08/2026, Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025 Confidential \| 8 1. Figures per Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025 2. Figures per Elegant Management guidance provided to Moelis on 02/08/2026

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3. Appendix Content must not go below this line Confidential \| 9

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A. Discounted Cash Flow Analysis Content must not go below this line Confidential \| 10

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Discounted Cash Flow Analysis Methodology and Assumptions • Analysis used Adj. EBITDA and cash flow figures from Elegant's Management Proposed LRP (50% Achievability), which was shared with Moelis as of 12/30/2025 o Utilized a 5-year projection period from FY '26E through FY '30E o Assumes a transaction date of 12/31/2025 and utilizes Q4 FY2025 balance sheet information per Management guidance • Unlevered after-tax free cash flows through FY '30E and terminal value were discounted utilizing -tyhe ea rm con id vention o Change in Net Working Capital ("NWC") does not include the impact of deferred tax assets ("DTAs") as the net present value of the tax benefits associated with Elegant's tax attributes are accounted for separately based on the methodology described below o Cash tax distribution to OpCo; calculated as 19.73% of Adjusted EBIT multiplied by the spread between the 56.00% OpCo Financial reimbursement tax rate and the 25.7 % PubCo tax rate per the Company's tax advisor TRA –S FY25 upporLRP t 50% Case Projections provided to Moelis on 02/05/2026 o Utilized discount rate ranges of 9.25% to 12.00% derived from calculation of Weighted Average Cost of Capital • Treats stock-based compensation as a cash expense that reduces unlevered free cash flow for DCF purposes • Treats capex associated with Elegant's strategic partnership with Dolabra as a cash expense that reduces unlevered free cash flow for DCF purposes • Reflects a cash tax rate of 25.7 % representing the PubCo tax rate provided by Management and the Company's tax advisor to Moelis • The net present value attributable to the tax benefits associated with Elegant's tax attributes, net of required TRA, fpa or yments FY '26E through FY '66E were calculated separately and added to the standalone equity value of Elegant Content must not go below this line Confidential \| 11 Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025

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Discounted Cash Flow Analysis Methodology and Assumptions (Cont'd) • Terminal financial results were informed by 2030E financial projections o Terminal Adj. EBITDA based on 2030E Adj. EBITDA o Assumed 2030E change in NWC and capex held constant, assumed D&A is equal to capex o Cash tax rate of 25.79% held consistent with the projection period • Selected terminal Adj. EBITDA reference range of 6.5x – 8.5x was based on Moelis' professional judgment and informed by th oe wing foll: o Observed trading metrics of the Lower Growth Franchise Model Selected Publicly Traded Companies given their more comparable growth profile to Elegant ▪ Lower Growth Franchise Model Selected Publicly Traded Companies median and average FY '26E TEV / Adj. EBITDA multi pl ane d is .0x 7.8x, respectively ▪ Elegant does not have the same brand strength, recognition and scale as certain Lower Growth Franchise Model Selected Publicly Traded Companies such as Wendy's and Papa Johns. Excluding Wendy's and Papa John's, the median and average FY '26E TEV / A dj. EBITDA multiple for the remaining Lower Growth Franchise Model Selected Publicly Traded Companies is 7.4x and 7.3x, respectively o Elegant's 1-year median TEV / NTM EBITDA multiple is 7.3x and the median 1-year TEV / NTM EBITDA multiple of the Lower Growth Franchise Model Selected Publicly Traded Companies is 7.0x. The median 1-year TEV / NTM EBITDA multiple of the Lower Growth Franchise Model Selected Publicly Traded Companies excluding Papa John's and Wendy's is 6.1x o Moelis generally focused on the Lower Growth Franchise Model Selected Publicly Traded Companies and not the Higher Growth Franchise Model Selected Publicly Traded Companies because of the strong observed relationship between revenue growth and TEV / EBITDA multiple ▪ Moelis conducted a regression analysis on the 1-year revenue CAGR and TEV / EBITDA multiples of the Selected Publicly Traded Companies which implied a TEV / Adj. EBITDA of 8.3x based on Wall Street consensus FY 2026E revenue growth (and a TEV / Adj. EBITDA Terminal multiple of 3.0x based on FY '25E revenue growth and . x based on Management Proposed LRP (50% Achievability) FY 'e 26E revenu 1 Value growth) ▪ There are several incremental factors which would justify a lower multiple for Elegant than what would otherwise be implied by the regression analysis, including but not limited to i) the Company is more exposed to discretionary spending than many of the other Selected Publicly Traded Companies, the majority of which are fast food restaurants which are perceived to be less exposed to discretionary spending ii) the brand strength of some of the Selected Publicly Traded Companies relative to Elegant and iii) challenges in the beauty services market, including around the ability to drive traffic and to attract and retain skilled labor o Moelis considered but placed less emphasis on the Selected Publicly Traded Beauty Retailers ▪ These companies, like Elegant, serve similar end markets of consumers seeking self-care and cosmetic products and services. However, in Moelis' experience and professional judgment, the Selected Publicly Traded Beauty Retailers operate different business models focused on the retail sale of consumer goods with brand diversification, whereas the majority of Elegant's business focuses on g sdel ingl ive erin branded services ▪ The lower multiples that some of these companies have reflect the current challenges in the beauty end market, justifying a discount versus other consumer discretionary categories o Moelis considered but did not rely on the Selected Publicly Traded Higher-Growth Franchise Model Companies ▪ While these companies, like Elegant, also operate franchise locations in the consumer discretionary sector, the Selected Publicly Traded Higher-Growth Franchise Model Companies have recently demonstrated top-line growth rates in excess of those of Elegant, and are projected to continue growing at a rate in excess of the growth reflected in Elegant's Management Proposed LRP, underscoring differences in demand trends and track record of execution o Implied perpetuity growth rate of (0.3%) – 4.3% Content must not • Terminal value represents approximately 63% – 70% of the total DCF net present value go below this line Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025 Confidential \| 12 1. Management provided an updated view of preliminary FY '25E results on 02/0 /2026 with revenue of $206.6mm ((. %) he YoY M)a, nvs. agetment Proposed LRP (50% Achievability) revenue estimate of $211.2mm ((3. %) YoY). FY '25E revenue growth of (. %) would imply a multiple o ed f 2o.2 n t x b hea sregression; the implied FY '26E revenue growth for the Management Proposed LRP (50% Achievability) would be 2.2% when calculated with the preliminary FY '25 d e resti sum lts, ate implying a multiple of 9.3x

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Discounted Cash Flow Analysis Management Proposed LRP (50% Achievability) Unlevered Free Cash Flow Projections ($ in millions, except per share data) 2026E 2027E 2028E 2029E 2030E Terminal Total Revenue $211 $215 $224 $235 $247 $247 1 % Revenue Growth 2.2% 1.9% 3.8% 5.3% 5.0% 2 Adjusted EBITDA $71 $75 $81 $88 $96 $96 % EBITDA Margin 33.8% 34.8% 36.3% 37.6% 39.0% 39.0% Less: Stock-Based Compensation ($10) ($10) ($10) ($11) ($11) ($11) Less: Depreciation & Amortization (20) (24) (19) (10) (4) (3) Adjusted EBIT $42 $41 $52 $68 $81 $83 Cash Tax Rate 26% 26% 26% 26% 26% 26% Less: Cash Taxes ($11) ($11) ($13) ($18) ($21) ($21) 3 Less: Cash Tax Distributions (2) (2) (3) (4) (5) (5) Plus: Depreciation & Amortization 20 24 19 10 4 3 4 Less: Change in NWC (4) 1 1 0 1 1 Less: Capital Expenditures (4) (3) (3) (3) (3) (3) Unlevered Free Cash Flow $41 $51 $53 $54 $58 $57 Discounted Cash Flow Sensitivity Analysis (Incl. Tax Benefits) 5 Implied Enterprise Value ($ in mm) Implied Price Per Share Implied Perpetuity Growth Rate Terminal EBITDA Multiple Terminal EBITDA Multiple Terminal EBITDA Multiple 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 9.25% $5.53 $6.07 $6.60 $7.13 $7.65 9.25% $625 $656 $687 $718 $749 9.25% (0.3%) 0.3% 0.9% 1.4% 1.8% 9.94% 5.25 5.77 6.29 6.80 7.31 9.94% 609 639 669 699 729 9.94% 0.3% 1.0% 1.5% 2.0% 2.4% 10.63% 4.98 5.48 5.99 6.49 6.98 10.63% 593 622 651 680 710 10.63% 0.9% 1.6% 2.1% 2.6% 3.0% 11.31% 4.72 5.20 5.69 6.18 6.66 11.31% 578 606 634 663 691 11.31% 1.5% 2.2% 2.7% 3.2% 3.7% 12.00% 4.46 4.94 5.41 5.88 6.36 12.00% 563 591 618 645 673 12.00% 2.1% 2.8% 3.3% 3.8% 4.3% Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025, TRA Support - FY25 LRP 50% Case provided to Moelis on 02/05/2026 Note: Implied enterprise value and price per share include separate NPV analyses of Elegant's tax attributes to value thy's e Com porptiaonn (15%) of savings from the utilization of tax attributes 1. 2026E revenue growth reflects 2025E revenue per Elegant Management guidance provided to Moelis on 02/08/2026 Content must not 2. Unburdened by Stock-Based Compensation, consistent with Management's presentation of Adjusted EBITDA 3. Reflects cash tax distribution to OpCo; calculated as 19.73% of Adjusted EBIT multiplied by the spread between the 56.00% OpCo reimbursement tax rate and the 25.79% PubCo tax rate go below this line per the Company's tax advisor TRA Supp-o Frt Y25 LRP 50% Case provided to Moelis on 02/05/2026 Confidential \| 13 4. Change in Net Working Capital excludes impacts from Deferred Tax Assets given tax attributes were valued separately 5. Assumes Q4 2025 debt balance of $386mm and cash balance of $76mm (including estimated Q4 2025 PubCo cash balance of $34mm) per Management guidance WACC WACC WACC

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Discounted Cash Flow Analysis Tax Attribute Analysis – Management Proposed LRP (50% Achievability) Realized tax benefits based on materials provided by Elegant and the Company's tax advisor to Moelis Realized Tax Benefit Projections ('26–E '66E) ($ in millions, except per share data) 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Realized Tax Benefit $8.9 $9.5 $10.7 $11.7 $13.0 $14.5 $15.7 $16.4 $17.6 $18.9 (x) TRA Rate 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% TRA Payment $7.6 $8.1 $9.1 $9.9 $11.1 $12.3 $13.3 $14.0 $14.9 $16.0 Elegant TRA Benefit $1.3 $1.4 $1.6 $1.8 $2.0 $2.2 $2.4 $2.5 $2.6 $2.8 1 ($ in millions, except per share data) 2036E 2037E 2038E 2039E 2040E 2041E 2042E 2043E 2044E … 2066E Realized Tax Benefit $20.0 $19.7 $18.1 $18.6 $11.1 $2.4 $0.6 $0.2 $0.0 … $0.0 (x) TRA Rate 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% … 85.0% TRA Payment $17.0 $16.8 $15.4 $15.8 $9.4 $2.1 $0.5 $0.1 $0.0 … $0.0 Elegant TRA Benefit $3.0 $3.0 $2.7 $2.8 $1.7 $0.4 $0.1 $0.0 $0.0 … $0.0 2 Key Assumptions NPV of Tax Attribute Benefit • Tax Receivable Agreement: WACC o Realized Tax Benefit reflects projected tax savings associated with 9.25% 9.94% 10.63% 11.31% 12.00% tax attributes through 2066, based on materials provided to Moelis Total Value ($mm) $17.39 $16.66 $15.97 $15.33 $14.73 o The Company is required to pay an amount to the Elegant Pre-IPO Members generally equal to 85% of the cash tax savings realized Per Share ($) $0.30 $0.29 $0.28 $0.27 $0.26 through tax attributes, based on the TRA o Analysis applies an illustrative range of discount rates equal to the range applied to Elegant at the Company level Content must not go below this line Source: TRA Support - FY25 LRP 50% Case provided to Moelis on 02/05/2026 Confidential \| 14 1. Total Elegant TRA Benefit between 2044E and 2066E equal to ~$0.01mm 2. Analysis assumes same discount rate as DCF analysis

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B. Selected Publicly Traded Companies Analysis Content must not go below this line Confidential \| 15

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Selected Publicly Traded Companies Analysis Methodologies & Assumptions Analysis reflects implied enterprise value to EBITDA multiples based on trading multiples of the selected publicly traded companies deemed generally relevant by Moelis in certain respects to Elegant • Moelis selected the publicly traded companies for Elegant based on the following criteria: o Franchisor business models with at least 50% franchised units o Exposure to discretionary consumer spending o Market Capitalization of $300mm to $50bn • Moelis considered publicly traded companies in the discretionary restaurant services and wellness services (i.e., fitness) industry with at least 50% of units operating under a franchise model to be the most relevant o Companies exposed to discretionary consumer services and beauty, health and wellness trends are exposed to similar consumer dynamics as Elegant o Companies with over 50% franchised units have similar operating characteristics as Elegant (e.g., asset light) o Over % of Elegant's units are franchised o Moelis considered that beauty service companies like Elegant face unique business model challenges compared to restaurant services • The labor structure of beauty service companies is more complex and demands more specialized employees • Beauty services are considered more discretionary in nature compared to restaurants, which can be viewed as more of a value play and necessity o Additionally, Moelis considered that brand recognition and scale within the restaurant and wellness services industry serves as a significant competitive moat and drives awareness and subsequent traffic • Moelis also considered publicly traded companies that operate as beauty retailers are also considered to be relevant to Elegant, but less so than franchise business models o Beauty retailers are exposed to similar consumer dynamics as beauty, health and wellness retailers regarding importance of driving traffic and discretionary income dynamics o However, beauty retailers differ from franchise models in two major ways • Beauty retailers operate as corporate-owned stores, not as franchised stores, and therefore operate under different operating characteristics (e.g., asset light) • Beauty retailers sell branded goods instead of a service, making them less susceptible to labor market dynamics than a service business Content must not go below this line Confidential \| 16 Source: Company filings, LSEG estimates, S&P Capital IQ as of 02/06/2026

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Selected Publicly Traded Companies Analysis Methodologies & Assumptions (Cont'd) Analysis reflects implied enterprise value to EBITDA multiples based on trading multiples of the selected publicly traded companies deemed generally relevant by Moelis in certain respects to Elegant • Both franchise service businesses and beauty retailers have public trading multiples that are highly informed by their respective projected growth rates o To determine whether a company should be considered higher growth vs. lower growth, Moelis considered: (i) whether the Company is expected to have a greater than 5% revenue CAGR over the next two years and (ii) other factors as deemed appropriate, including size and historical growth rates • For example, RBI was classified as a Higher Growth Selected Publicly Traded Company; although it is only expected to grow at a rate of 3.5%, it has grown at a high growth rate historically, has strong international growth and is growing off a large base of ~$9.4bn in revenue • Xponential Fitness was classified as a Lower Growth Selected Publicly Traded Company; although it is expected to grow at a rate of 6.1%, it is recovering from lower growth with a historical revenue CAGR of (2.0%) • Driven Brands was classified as a Higher Growth Selected Publicly Traded Company; although its historical growth rate is (9.9%), this metric was negatively impacted by the divestiture of its U.S. car wash business in April 2025 (16% of FY24 revenue); it is expected to grow at a rate of 10.1% o Lower Growth Franchise Models trade at a median TEV / 2026E Adj. EBITDA multiple of 8.0x • Given Elegant's historical and projected growth profile, Moelis considered the -grow lowerth franchise models to be more relevant and didn't rely on the higher-growth bucket to determine the multiple range • While Elegant is a recognizable brand, Moelis considered the superior brand strength and scale of Wendy's and Papa e Joh dete nsr mwini hing l the multiple range. Excluding Wendy's and Papa Johns, the median TEV / 2026E Adj. EBITDA multiple for the remaining Low Fr era nG cr ho isw eth M odel Selected Publicly Traded Companies is 7.4x • Further, Moelis considered that a discount to restaurant and fitness service companies may be warranted due to challenges across the beauty services space o A regression analysis comparing the selected publicly traded company set's TEV / 2026E Adj. EBITDA multi-pl year e an rev d enue C 1 AGR from 2025E – 1 2026E returns a correlation of 0.7223 • Based on Elegant's Wall Street consensus FY 2026E revenue growth of 1.3% from –20 2025 26EE , this implies a TEV / 2026E EBITDA multiple of 8.3x • Based on Elegant's LRP (50% Achievability) revenue growth of 1. % from 20 – 20 2526 E E, this implies a TEV / 2026E EBITDA multiple of 8.4x • If Elegant repeats its FY 2025E revenue growth per the Elegant LRP (50% Achievability) of (3.9%), this implies a TEV / 2026E EBITDA multiple of 3.0x • There are several incremental factors which would justify a lower multiple for Elegant than what would otherwise be implied by the regression analysis, including but not limited to i) the Company is more exposed to discretionary spending than many of the other Selected Publicly Traded Companies, the majority of which are fast food restaurants which are perceived to be less exposed to discretionary spending ii) the brand strength of some of the Selected Publicly Traded Companies relative to Elegant and iii) challenges in the beauty services market, including around the ability to drive traffic and to attract and retain skilled labor • Based on the above factors, Moelis used its professional judgment to select a TEV / 2026E EBITDA publicly traded multiple range of 6.5x – 8.5x o The multiple range was informed by the median TEV / 2026E Adj. EBITDA multiple of the lower-growth publicly traded franchise consumer service companies of .0x, Elegant's low historical growth rate and low consensus growth rate estimates, the challenging envac iron rosm sen the t beauty services industry, which may warrant a discount to companies in the restaurant and fitness industries, and Elegant's 1-year median TEV / NTM trading multiple of 7.3x and current TEV / FY '26E multiple of 7.3x based on consensus estimates Content must not go below this line Confidential \| 17 Source: Company filings, LSEG estimates, S&P Capital IQ as of 02/06/2026 1. Jack in the Box was removed from the regression analysis due to the impact of the divestiture of Del Taco on sales growth

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Selected Publicly Traded Companies Analysis Selected Publicly Traded Companies Rev Growth CAGR EBITDA Margin Leverage ($ in mm, excl. per share data) % EV / Revenue EV / Adj. EBITDA Same Store Sales 02/06/2026 Share Enterprise 2 Yr Hist 2 Yr Fwd Net Debt / Business 1 Company Name Price Value FY26E FY26E FY23-25 FY25-27 FY26E FY27E NTM EBITDA FY25E FY26E Franchised Lower-Growth Restaurant, Beauty and Wellness Franchise Models 2 $8.02 $4,663 2.1x 8.7x (0.3%) 2.3% 23.9% 23.9% 5.9x (4.2%) 1.0% 95.0% 34.68 1,901 0.9x 8.8x (1.4%) (0.0%) 10.6% 11.4% 3.4x (2.9%) 0.3% 90.7% 2 22.77 1,992 1.7x 8.3x (5.8%) (11%) 20.4% 21.8% 6.6x (4.2%) (0.7%) 93.0% 36.00 1,638 1.8x 7.2x 3.5% 1.3% 24.9% 24.6% 5.1x (1.4%) 1.8% 96.3% 8.55 915 3.0x 7.7x (2.0%) 6.1% 39.5% 41.6% 4.4x 1.0% 1.7% 100.0% 10.94 390 0.8x 6.1x 2.1% 1.9% 12.9% 12.9% 0.8x (0.1%) 2.2% 65.1% Lower-Growth Franchise Models: High 3.0x 8.8x 3.5% 6.1% 39.5% 41.6% 6.6x 1.0% 2.2% 100.0% Lower-Growth Franchise Models: Mean 1.7x 7.8x (0.7%) 0.0% 22.0% 22.7% 4.4x (2.0%) 1.0% 90.0% Lower-Growth Franchise Models: Median 1.7x 8.0x (0.9%) 1.6% 22.2% 22.8% 4.7x (2.2%) 1.3% 94.0% Lower-Growth Franchise Models: Low 0.8x 6.1x (5.8%) (11.5%) 10.6% 11.4% 0.8x (4.2%) (0.7%) 65.1% Beauty Retailers 2 $690.37 $31,226 2.4x 15.7x 4.9% 5.4% 15.2% 15.3% 0.2x 4.8% 3.4% NA 2 23.05 8,346 1.2x 6.6x (2.0%) 0.4% 18.0% 17.7% 3.1x (1.1%) NA NA 16.16 2,370 0.6x 5.1x 0.0% 1.6% 12.4% 12.1% 1.6x 0.3% 0.7% NA Beauty Retailers: High 2.4x 15.7x 4.9% 5.4% 18.0% 17.7% 3.1x 4.8% 3.4% NA Beauty Retailers: Mean 1.4x 9.1x 1.0% 2.5% 15.2% 15.0% 1.6x 1.3% 2.0% NA Beauty Retailers: Median 1.2x 6.6x 0.0% 1.6% 15.2% 15.3% 1.6x 0.3% 2.0% NA Beauty Retailers: Low 0.6x 5.1x (2.0%) 0.4% 12.4% 12.1% 0.2x (1.1%) 0.7% NA 3 Mgmt Proposed LRP (100% Achievability) $4.03 $539 2.5x 7.4x (3.3%) 4.7% 33.6% 34.9% 4.3x 0.2% 3.6% 3 Mgmt Proposed LRP (50% Achievability) $4.03 $539 2.5x 7.5x (3.3%) 2.1% 33.8% 34.8% 4.3x 0.2% 1.5% 3,4 Elegant Consensus $4.03 $539 2.6x 7.3x (3.0%) 2.0% 35.1% 35.4% 4.2x 0.3% 1.5% Source: Company materials and filings, LSEG estimates, S&P Capital IQ as of 02/06/2026 Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's Fs Ya lb igansi es, d ww ith hi ca ch lei ndar year end; estimates based on LSEG consensus estimates Note: Publicly traded companies selected based on exposure to discretionary consumer spending, at least 50% franchised units and market capitalization of $300mm – $50bn; to determine Content must not higher growth vs. lower growth allocation, Moelis considered whether the company had a greater than 5% revenue CAGR over the next 2 years and also applied professional judgment in considering other factors such as size and historical growth rates go below this line 1. Represents diluted enterprise value; options accounted for utilizing the Treasury Stock Method Confidential \| 18 2. Consensus Adj. EBITDA estimates are presented unburdened by SBC to align with Elegant's consensus and Management Adj. estEiB mIT ate DA s, which are not burdened by SBC 3. Figures provided in Elegant's Management Proposed LRP (100% Achievability) and Management Proposed LRP (50% Achieva b inildity) ica te as d; utilizes Q4 2025 debt and cash balances of $386mm and $76mm (incl. Q4 2025 PubCo cash balance of $34mm), respectively, as provided by Management to Moelis on 02/07/2026; equity capitalization as of 02/06/2026 4. Represents consensus estimates from Thomson Reuters on a calendar year basis

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Selected Publicly Traded Companies Analysis Selected Publicly Traded Companies (Cont'd) Rev Growth CAGR EBITDA Margin Leverage ($ in mm, excl. per share data) % EV / Revenue EV / Adj. EBITDA Same Store Sales 02/06/2026 Share Enterprise 2 Yr Hist 2 Yr Fwd. Net Debt/ Business 1 Company Name Price Value FY26E FY26E FY23-25 FY25-27 FY26E FY27E NTM EBITDA FY25E FY26E Franchised Higher-Growth Restaurant, Beauty and Wellness Franchise Models 2 $162.93 $56,486 6.2x 17.7x 7.4% 8.5% 35.2% 35.8% 3.4x 2.6% 2.4% 98.0% 70.90 46,000 4.7x 14.6x 15.5% 3.5% 32.4% 33.2% 4.5x 1.4% 2.5% 90.0% 2 394.88 18,061 3.4x 15.6x 4.8% 5.2% 22.1% 22.3% 4.3x 2.2% 2.2% 99.0% 91.61 9,250 6.3x 14.8x 14.6% 11.3% 42.8% 43.5% 3.1x 6.7% 6.5% 89.9% 264.01 8,268 10.1x 29.9x 23.2% 17.1% 33.7% 34.0% 4.1x 3.1% 3.5% 98.1% 17.06 4,459 2.2x 8.9x (9.9%) 10.1% 24.4% 25.3% 3.0x 0.9% 1.9% 80.0% Higher-Growth Franchise Models: High 10.1x 29.9x 23.2% 17.1% 42.8% 43.5% 4.5x 6.7% 6.5% 99.0% Higher-Growth Franchise Models: Mean 5.5x 16.9x 9.3% 9.3% 31.8% 32.4% 3.7x 2.8% 3.2% 92.5% Higher-Growth Franchise Models: Median 5.5x 15.2x 11.0% 9.3% 33.0% 33.6% 3.8x 2.4% 2.5% 94.0% Higher-Growth Franchise Models: Low 2.2x 8.9x (9.9%) 3.5% 22.1% 22.3% 3.0x 0.9% 1.9% 80.0% 3 Mgmt Proposed LRP (100% Achievability) $4.03 $539 2.5x 7.4x (3.3%) 4.7% 33.6% 34.9% 4.3x 0.2% 3.6% 3 Mgmt Proposed LRP (50% Achievability) $4.03 $539 2.5x 7.5x (3.3%) 2.1% 33.8% 34.8% 4.3x 0.2% 1.5% 3,4 Elegant Consensus $4.03 $539 2.6x 7.3x (3.0%) 2.0% 35.1% 35.4% 4.2x 0.3% 1.5% Source: Company materials and filings, LSEG estimates, S&P Capital IQ as of 02/06/2026 Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's f , isca which l ye is aar b liga nsi eds with the calendar year end; estimates based on LSEG consensus estimates Note: Publicly traded companies selected based on exposure to discretionary consumer spending, at least 50% franchised units and market capitalization of $300mm – $50bn; to determine higher growth vs. lower growth allocation, Moelis considered whether the company had a greater than 5% revenue CAGR over the next 2 years and also applied professional judgment in Content must not considering other factors such as size and historical growth rates go below this line 1. Represents diluted enterprise value; options accounted for utilizing the Treasury Stock Method Confidential \| 19 2. Consensus Adj. EBITDA estimates are presented unburdened by SBC to align with Elegant's consensus and Management Adj. estEiB mIT ate DA s, which are not burdened by SBC 3. Figures provided in Elegant's Management Proposed LRP (100% Achievability) and Management Proposed LRP (50% Achieva b inildity) ica te as d; utilizes Q4 2025 debt and cash balances of $386mm and $76mm (incl. Q4 2025 PubCo cash balance of $34mm), respectively, as provided by Management to Moelis on 02/07/2026; equity capitalization as of 02/06/2026 4. Represents consensus estimates from Thomson Reuters on a calendar year basis

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Selected Publicly Traded Companies Analysis Selected Publicly Traded Companies Analysis Comparison Summary ($ in mm, Discussion Materials as of 01/13/2026 Discussion Materials as of 02/09/2026 Change from 01/13/2026 to 02/09/2026 except per share) EV / Adj. EBITDA EV / Adj. EBITDA EV / Adj. EBITDA Share Enterprise Share Enterprise Share Enterprise 1 1 Company Name Price Value Price Value Price Value FY26E FY26E FY26E Lower-Growth Franchise Models 2 $8.11 $4,681 8.7x $8.02 $4,663 8.7x (1%) (0%) 0.0x 39.87 2,075 9.6x 34.68 1,901 8.8x (13%) (8%) (0.8x) 2 18.98 1,922 8.0x 22.77 1,992 8.3x 20% 4% 0.3x 34.57 1,614 7.1x 36.00 1,638 7.2x 4% 2% 0.1x 7.93 852 7.1x 8.55 915 7.7x 8% 7% 0.5x 10.53 377 5.8x 10.94 390 6.1x 4% 4% 0.3x Lower-Growth Franchise Models: High 9.6x 8.8x 0.5x Lower-Growth Franchise Models: Mean 7.7x 7.8x 0.1x Lower-Growth Franchise Models: Median 7.6x 8.0x 0.2x Lower-Growth Franchise Models: Low 5.8x 6.1x (0.8x) Beauty Retailers 2 $631.15 $28,568 14.5x $690.37 $31,226 15.7x 9% 9% 1.3x 2 20.23 7,763 6.1x 23.05 8,346 6.6x 14% 8% 0.5x 14.92 2,243 4.8x 16.16 2,370 5.1x 8% 6% 0.3x Beauty Retailers: High 14.5x 15.7x 1.3x Beauty Retailers: Mean 8.5x 9.1x 0.7x Beauty Retailers: Median 6.1x 6.6x 0.5x Beauty Retailers: Low 4.8x 5.1x 0.3x 3 4 Mgmt LRP (100%) $3.57 $499 6.9x $4.03 $539 7.4x 0.5x 5 4 Mgmt LRP (50%) $3.57 $499 7.0x $4.03 $539 7.5x 0.5x 6 4 Elegant Consensus $3.57 $510 7.0x $4.03 $539 7.3x 13% 6% 0.3x Source: Company filings, LSEG estimates, S&P Capital IQ as of 01/05/2026 and 02/06/2026 Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's fi , w sc hial ch i year s al ba ignsi eds with the calendar year end; estimates based on LSEG consensus estimates 1. Represents diluted enterprise value; options accounted for utilizing the Treasury Stock Method Content must not 2. Consensus Adj. EBITDA estimates are presented unburdened by SBC to align with Elegant's consensus and Management Adj. estEiB mIT ate DA s, which are not burdened by SBC go below this line 3. Based on figures provided in Elegant Management LRP (100% Achievability) 4. Utilizes Q4 2025 debt and cash balances of $386mm and $76mm (incl. Q4 2025 PubCo cash balance of $34mm), respectively, as provided by Management to Moelis on 02/07/2026; Confidential \| 20 equity capitalization as of 02/06/2026 5. Based on figures provided in Elegant Management LRP (50% Achievability) 6. Represents consensus estimates from Thomson Reuters on a calendar year basis

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Selected Publicly Traded Companies Analysis Selected Publicly Traded Companies Analysis Comparison Summary ($ in mm, Discussion Materials as of 01/13/2026 Discussion Materials as of 02/09/2026 Change from 01/13/2026 to 02/09/2026 except per share) EV / Adj. EBITDA EV / Adj. EBITDA EV / Adj. EBITDA Share Enterprise Share Enterprise Share Enterprise 1 1 Company Name Price Value Price Value Price Value FY26E FY26E FY26E Higher-Growth Franchise Models 2 $150.29 $52,865 16.6x $162.93 $56,486 17.7x 8% 7% 1.1x 66.74 45,557 14.4x 70.90 46,000 14.6x 6% 1% 0.1x 2 411.44 18,632 16.1x 394.88 18,061 15.6x (4%) (3%) (0.5x) 105.38 10,403 16.8x 91.61 9,250 14.8x (13%) (11%) (2.0x) 257.82 8,095 29.1x 264.01 8,268 29.9x 2% 2% 0.8x 14.98 4,103 8.4x 17.06 4,459 8.9x 14% 9% 0.5x Higher-Growth Franchise Models: High 29.1x 29.9x 1.1x Higher-Growth Franchise Models: Mean 16.9x 16.9x 0.0x Higher-Growth Franchise Models: Median 16.4x 15.2x 0.3x Higher-Growth Franchise Models: Low 8.4x 8.9x (2.0x) 3 4 Mgmt LRP (100%) $3.57 $499 6.9x $4.03 $539 7.4x 0.5x 5 4 Mgmt LRP (50%) $3.57 $499 7.0x $4.03 $539 7.5x 0.5x 4 6 Elegant Consensus $3.57 $510 7.0x $4.03 $539 7.3x 13% 6% 0.3x Source: Company filings, LSEG estimates, S&P Capital IQ as of 01/05/2026 and 02/06/2026 Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's f , isca which l ye is aar b liga nsi eds with the calendar year end; estimates based on LSEG consensus estimates 1. Represents diluted enterprise value; options accounted for utilizing the Treasury Stock Method 2. Consensus Adj. EBITDA estimates are presented unburdened by SBC to align with Elegant's consensus and Management Adj. estEiB mIT ate DA s, which are not burdened by SBC Content must not 3. Based on figures provided in Elegant Management LRP (100% Achievability) 4. Utilizes Q4 2025 debt and cash balances of $386mm and $76mm (incl. Q4 2025 PubCo cash balance of $34mm), respectively, as provided by Management to Moelis on 02/07/2026; go below this line equity capitalization as of 02/06/2026 Confidential \| 21 5. Based on figures provided in Elegant Management LRP (50% Achievability) 6. Represents consensus estimates from Thomson Reuters on a calendar year basis

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Selected Publicly Traded Companies Analysis Selected Publicly Traded Companies Forward Trading Multiples TEV / FY26E Revenue Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: 2.5x Median: 1.2x Median: 5.5x Median: 1.7x 10.1x 6.3x 6.2x 4.7x 3.4x 3.0x 2.6x 2.5x 2.5x 2.4x 2.2x 2.1x 1.8x 1.7x 1.2x 0.9x 0.8x 0.6x Elegant Elegant Elegant 2 Consensus Mgmt Mgmt 1,2 1,2 (50%) (100%) FY26E $0.2 $0.2 $0.2 $13.1 $7.0 $3.8 $0.8 $1.5 $9.1 $9.7 $5.2 $2.0 $0.3 $2.2 $0.9 $1.2 $2.0 $0.5 Revenue ($ in bn) 2 TEV Net Le / FY ve2 ra 6ge E EBITDA Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: 7.4x Median: 6.6x Median: 15.2x Median: 8.0x 29.9x 17.7x 15.7x 15.6x 14.8x 14.6x 8.9x 8.8x 8.7x 8.3x 7.7x 7.5x 7.4x 7.3x 7.2x 6.6x 6.1x 5.1x Elegant Elegant Elegant Mgmt Mgmt 1,2 Consensus 1,2 2 (100%) (50%) FY26E $0.1 $0.1 $0.1 $2.0 $1.3 $0.5 $0.3 $3.2 $1.2 $0.6 $3.2 $0.5 $0.2 $0.5 $0.2 $0.1 $0.2 $0.1 EBITDA ($ in bn) Source: S&P Capital IQ as of 02/06/2026, Company filings, Company materials, LSEG consensus estimates Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's f , isca which l ye is aar b liga nsi eds with the calendar year end Content must not Note: Higher-Growth Franchise Models represents Higher-Growth Restaurant, Beauty and Wellness Franchise Models; Lower-Growth Franchise Models represents Lower-Growth Restaurant, go below this line Beauty and Wellness Franchise Models 1. Figures provided in Elegant's Management Proposed LRP (100% Achievability) and Management Proposed LRP (50% Achieva b inildity) ica te as d Confidential \| 22 2. Utilizes Q4 2025 debt and cash balances of $386mm and $76mm (incl. Q4 2025 PubCo cash balance of $34mm), respectively, as provided by Management to Moelis on 02/07/2026; equity capitalization as of 02/06/2026 3. Consensus Adj. EBITDA estimates are presented unburdened by SBC to align with Elegant's consensus and Management Adj. estEiB mIT ate DA s, which are not burdened by SBC

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Selected Publicly Traded Companies Analysis Selected Publicly Traded Companies Revenue Growth Results and Estimates Historical Revenue Growth (FY23A – 25E) Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: (3.3%) Median: 0.0% Median: 11.0% Median: (0.9%) 23.2% 15.5% 14.6% 7.4% 4.9% 4.8% 3.5% 2.1% 0.0% (0.3%) (1.4%) (2.0%) (2.0%) (3.0%) (3.3%) (3.3%) (5.8%) Elegant Elegant Elegant (9.9%) Mgmt Mgmt Consensus 1 1 (100%) (50%) 2 Net Le Projected veraRev ge enue Growth (FY25E – 26E) Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: 2.2% Median: 1.5% Median: 10.2% Median: 0.4% 17.3% 11.0% 11.0% 9.4% 6.1% 6.4% 4.3% 4.0% 2.8% 2.2% 2.2% 1.5% 1.7% 1.3% (0.9%) (1.6%) (2.0%) Elegant Elegant Elegant Mgmt Mgmt Consensus 1 1 (100%) (50%) (19.9%) 3 Source: S&P Capital IQ as of 02/06/2026, Company filings, Company materials, LSEG consensus estimates Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's f , isca which l ye is aar b liga nsi eds with the calendar year end Note: Higher-Growth Franchise Models represents Higher-Growth Restaurant, Beauty and Wellness Franchise Models; Lower-Growth Franchise Models represents Lower-Growth Content must not Restaurant, Beauty and Wellness Franchise Models 1. Based on figures provided in Elegant's Management Proposed LRP (100% Achievability) and Management Proposed LRP (50% iliAty) ch iaes i vanbdicated go below this line 2. Driven Brands historical revenue growth is impacted by the divestiture of its U.S. car wash business, which accounted for 16% of Driven Brands FY24 revenue, to Whistle Express Confidential \| 23 Car Wash on April 10, 2025 3. Jack in the Box's negative projected revenue growth is partially attributable to the divestiture of its Del Taco bu ich sine accoun ss, whted for ~21% of Jack in the Box's FY25 revenue The transaction was announced in October 2025 and completed on December 22, 2025, thus impacting the comparability of forward consensus estimates

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Selected Publicly Traded Companies Analysis Selected Publicly Traded Companies EBITDA Margin 1 FY26E Adj. EBITDA Margin Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: 33.8% Median: 15.2% Median: 33.0% Median: 22.2% 42.8% 39.5% 35.1% 35.2% 33.8% 33.7% 33.6% 32.4% 24.9% 24.4% 23.9% 22.1% 20.4% 18.0% 15.2% 12.9% 12.4% 10.6% Elegant Elegant Elegant Mgmt Mgmt Consensus 2 2 (50%) (100%) 1 FY Net Le 27E v A edj ra. ge EBITDA Margin Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: 34.9% Median: 15.3% Median: 33.6% Median: 22.8% 43.5% 41.6% 35.8% 35.4% 34.9% 34.8% 34.0% 33.2% 25.3% 24.6% 23.9% 22.3% 21.8% 17.7% 15.3% 12.9% 12.1% 11.4% Elegant Elegant Elegant Mgmt Mgmt Consensus 2 2 (100%) (50%) a Source: S&P Capital IQ as of 02/06/2026, Company filings, Company materials, LSEG consensus estimates Content must not Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegant's f , isca which l ye is aar b liga nsi eds with the calendar year end Note: Higher-Growth Franchise Models represents Higher-Growth Restaurant, Beauty and Wellness Franchise Models; Lower-Growth Franchise Models represents Lower-Growth go below this line Restaurant, Beauty and Wellness Franchise Models Confidential \| 24 1. Consensus Adj. EBITDA estimates are presented unburdened by SBC to align with Elegant's consensus and Management Adj. estEiB mIT ate DA s, which are not burdened by SBC; Management Adj. EBITDA figures are burdened by non-recurring investments included in Elegant's Management Proposed LRP (100%i A evab chility) 2. Based on figures provided in Elegant's Management Proposed LRP (100% Achievability) and Management Proposed LRP (50% iliAty) ch iaes i vanbdicated

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Selected Publicly Traded Companies Analysis Selected Publicly Traded Companies Debt Profile 1 Net Leverage Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models Median: 4.3x Median: 1.6x Median: 3.8x Median: 4.7x 6.6x 5.9x 5.1x 4.5x 4.4x 4.3x 4.3x 4.3x 4.2x 4.1x 3.4x 3.4x 3.1x 3.1x 3.0x 1.6x 0.8x 0.2x Elegant Elegant Elegant Mgmt Mgmt 3 Consensus 2,3 2,3 (50%) (100%) Source: S&P Capital IQ as of 02/06/2026, Company filings, Company materials, LSEG consensus estimates Note: FY represents Elegant's fiscal year, ending January ; all metrics presented on Elegants's f s, isca which l ye is aar b liga nsi ed with the calendar year end Content must not Note: Higher-Growth Franchise Models represents Higher-Growth Restaurant, Beauty and Wellness Franchise Models; Lower-Growth Franchise Models represents Lower-Growth Restaurant, Beauty and Wellness Franchise Models go below this line 1. Calculated as Net Debt / NTM EBITDA Confidential \| 25 2. Figures provided in Elegant's Management Proposed LRP (100% Achievability) and Management Proposed LRP (50% Achieva b inildity) ica te as d 3. Utilizes Q4 2025 debt and cash balances of $386mm and $76mm (incl. Q4 2025 PubCo cash balance of $34mm), respectively, as provided by Management to Moelis on 02/07/2026; equity capitalization as of 02/06/2026

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Selected Publicly Traded Companies Analysis Selected Publicly Traded Companies Regression Analysis The below regression represents the relationship between 1-year forward revenue growth (FY25-26E) and EV / FY26E EBITDA multiples of the Selected Publicly Traded Companies 1-year forward revenue growth (FY25-26E) vs. EV / FY26E EBITDA multiple 35x R² = 0.7223 30x Wingstop 25x At its current ~7.3x multiple based on consensus, Elegant trades at a discount to the multiple implied by the illustrative regression analysis, which may reflect 20x Yum! Brands investor perception of beauty services companies as being more discretionary Domino's and less recession-resistant relative to the Selected Publicly Traded Companies Ulta 15x Planet Fitness Restaurant Brands Elegant Implied Multiple Revenue Implied Papa Johns 10x Growth Multiple Driven Brands Wendy's Xponential Fitness Management Proposed LRP Dine Brands (3.9%) 3.0x 1 (50% Achievability) FY25E El Pollo Loco Bath & 5x Body Consensus 1.3% 8.3x FY26E Works Sally Beauty Management Proposed LRP 1.4% 8.4x 1 (50% Achievability) FY26E – -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% If Elegant repeats its FY25E revenue growth performance next year, it could experience even further multiple contraction Content must not Source: S&P Capital IQ as of 02/06/2026, Company filings, Company materials provided to Moelis, LSEG consensus estimates Note: Jack In The Box excluded from regression due to recent divestiture of its Del Taco business, which accounted for 21% of 2025E revenue and thus impacted the comparability of go below this line forward revenue growth Confidential \| 26 1. Management provided an updated view of preliminary FY '25E results on 02/0 /2026 with rm e ve ((4n.8 ue % o) f Yo$Y2)0, 6vs. .6m the Management Proposed LRP (50% Achievability) revenue estimate of $211.2mm ((3. %) YoY). FY '25E revenue growth of (. %) would imply a multiple o ed f 2o.2 n t x b hea sregression; the implied FY '26E revenue growth for the Management Proposed LRP (50% Achievability) would be 2.2% when calculated with the preliminary FY '25 d e resti sum lts, ate implying a multiple of 9.3x

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C. Selected Precedent Transactions Analysis Content must not go below this line Confidential \| 27

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Selected Precedent Transactions Analysis Methodologies & Assumptions Analysis reflects implied enterprise value to EBITDA multiples based on transaction multiples paid in selected precedent transactions deemed generally relevant by Moelis to Elegant, where available • Moelis selected the precedent transactions for Elegant based on the following criteria: o Transactions involving target companies that have over 50% of their units operating under a franchise model and operate in the restaurant service industry or beauty, health and wellness service industry that had publicly available transaction information available o Transactions in the beauty retailer industry that had publicly available transaction information available o Transactions announced in the last 10 years with a total enterprise value of $100 million - $1,500 million • Moelis considered, but excluded transactions where the target company operated in the restaurant service or beauty, health and wellness service industry, but had less than 50% of units operating under a franchise model; this decision was based on the difference in operating models between a company-owned business and a franchised business model (e.g., asset light) • Moelis focused on TEV / LTM EBITDA multiples in our analysis and bifurcated the selected transactions between targets with lower-growth sales and higher-growth sales projections o Transactions with less than 5% 1-year or 2-year historical revenue growth per publicly available information, were considered to be lower- growth targets • Lower-growth franchise target's median TEV / LTM EBITDA multiple is . x o Transactions with greater than 5% 1-year or 2-year historical revenue growth, per publicly available information, were considered to be higher-growth targets • Higher-growth franchise target's median TEV / LTM EBITDA multiple is 1 .3x • Furthermore, Moelis contemplated the following transactions in a turnaround phase to be especially relevant in our analysis, given Elegant's historical growth trends and strategic initiatives; these transactions traded at a median of 8.0x o TriArtisan's acquisition of Denny's o Yadav Enterprises acquisition of Del Taco o MYT Food Group's acquisition of Papa Murphy's • Moelis selected a multiple range of 8.0x – 10.0x, the lower end of the range is informed by the median of the turnaround transactions and the upper end of the range is informed by the median of the lower-growth franchise transactions Content must not go below this line Confidential \| 28 Source: Company filings, LSEG estimates, S&P Capital IQ as of 02/06/2026, Publicly available information

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Selected Precedent Transactions Analysis Selected Precedent Transactions Ann. TEV TEV / Date Acquirer Target ($ in mm) LTM EBITDA LTM Revenue 1 Restaurant and Multi-Unit Wellness Franchised Models – Lower-Growth 11/3/25 TriArtisan Denny's $620 8.0x 1.4x 2 10/16/25 Yadav Enterprises Del Taco Restaurants 115 5.9x NA 12/6/21 Jack in the Box Del Taco Restaurants 575 9.4x 1.1x 4/11/19 MTY Food Group Papa Murphy's Holdings 190 8.5x 1.5x 11/5/18 Durational Capital & TJC Bojangles 754 10.3x 1.4x 8/2/18 Focus Brands Jamba 198 13.5x 2.5x 3/23/17 Oak Hill Capital Checkers Drive-In 525 11.0x NA 5/25/16 MTY Food Group Kahala Brands Ltd 300 10.1x NA High - All Lower-Growth Transactions 13.5x 2.5x Mean - All Lower-Growth Transactions 9.6x 1.6x Median - All Lower-Growth Transactions 9.8x 1.4x Low - All Lower-Growth Transactions 5.9x 1.1x High - Recent Turnaround Transactions 8.5x 1.5x Mean - Recent Turnaround Transactions 7.5x 1.4x Median - Recent Turnaround Transactions 8.0x 1.4x Low - Recent Turnaround Transactions 5.9x 1.4x Source: Company filings and publicly disclosed news sources Note: Excludes transactions representing the purchase of franchisee locations Note: "Recent Turnaround Transactions" reflect transactions since 201 in which the target was acquired amidst public ds iscl of ousu ndre erperformance, financial distress or an explicit Content must not plan for operational revitalization. Recent Turnaround Transactions include TriArtisan's acquisition of Denny's, Yadav Enterprises' acquisition of Del Taco and MTY Food Group's acquisition of Papa Murphy's Holdings go below this line 1. Represents Selected Precedent Transactions completed in the last 10 years, with a TEV of $100mm - $1,500mm, with a business model in the restaurant, beauty or wellness Confidential \| 29 industries and greater than 50% franchised units; Lower-Growth reflects targets with growth rates of <5% 2. Del Taco 3Q25 LTM Adj. EBITDA reflects the average of ER estimates

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Selected Precedent Transactions Analysis Selected Precedent Transactions Ann. TEV TEV / Date Acquirer Target ($ in mm) LTM EBITDA LTM Revenue Non-Franchise Multi-Unit Wellness, Fitness and Beauty 7/10/25 Ulta SpaceNK $407 NA 1.7x 9/25/24 L Catterton Solidcore 650 13.0x 4.3x 1 9/10/24 Pure Gym Blink 121 10.7x 1.0x 6/21/23 LLCP SEV Laser 260 20.0x NA 12/12/19 Pure Gym Fitness World 459 7.2x 2.0x 11/3/17 Leonard Green & Partners (LGP) Pure Gym 785 8.4x 3.0x 2/11/16 OMERS Private Equity Forefront Dermatology 450 15.0x NA High 20.0x 4.3x Mean 12.4x 2.4x Median 11.9x 2.0x Low 7.2x 1.0x 2 Restaurant and Multi-Unit Wellness Franchised Models – Higher-Growth 10/27/25 Basic Fit Clever Fit $204 13.6x 3.9x 9/4/25 Rhone Freddy's 700 12.7x NA 4/15/25 LGP Crunch Fitness 1,500 15.0x 2.4x 3/21/25 Roark Capital Group Dave's Hot Chicken 1,000 NA 1.6x 8/9/22 Mty Franchising BBQ Holdings 205 10.1x 0.8x 11/15/21 Restaurant Brands Int'l Firehouse Subs 1,000 20.0x NA 5/9/16 JAB Krispy Kreme 1,350 18.3x 2.6x High 20.0x 3.9x Mean 15.0x 2.3x Median 14.3x 2.4x Low 10.1x 0.8x Content must not Source: Company filings and publicly disclosed news sources Note: Excludes transactions representing the purchase of franchisee locations go below this line 1. Blink's EBITDA multiple reflects RR Adj. EBITDA Confidential \| 30 2. Represents Selected Precedent Transactions completed in the last 10 years, with a TEV of $100mm - $1,500mm, with a business model in the restaurant, beauty or wellness industries and greater than 50% franchised units; Higher-Growth reflects targets with growth rates of >5%

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D. Discounted Cash Flow Analysis (For Reference Only) Content must not go below this line Confidential \| 31

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Discounted Cash Flow Analysis – For Reference Only DCF Analysis – Management Proposed LRP (100% Achievability) Unlevered Free Cash Flow Projections ($ in millions, except per share data) 2026E 2027E 2028E 2029E 2030E Terminal Total Revenue $215 $226 $240 $258 $276 $276 1 % Revenue Growth 4.3% 5.1% 5.9% 7.7% 7.0% 2 Adjusted EBITDA $72 $79 $87 $97 $107 $107 % EBITDA Margin 33.6% 34.9% 36.2% 37.6% 38.7% 38.7% Less: Stock-Based Compensation ($10) ($10) ($10) ($11) ($11) ($11) Less: Depreciation & Amortization (20) (24) (19) (10) (4) (3) Adjusted EBIT $42 $45 $58 $77 $91 $93 Cash Tax Rate 26% 26% 26% 26% 26% 26% Less: Cash Taxes ($11) ($12) ($15) ($20) ($24) ($24) 3 Less: Cash Tax Distributions (3) (3) (3) (5) (5) (5) Plus: Depreciation & Amortization 20 24 19 10 4 3 4 Less: Change in NWC (2) (0) 1 (0) 1 1 Less: Capital Expenditures (4) (3) (3) (3) (3) (3) Unlevered Free Cash Flow $43 $52 $57 $59 $65 $64 Discounted Cash Flow Sensitivity Analysis (Incl. Tax Benefits) 5 Implied Enterprise Value ($ in mm) Implied Price Per Share Implied Perpetuity Growth Rate Terminal EBITDA Multiple Terminal EBITDA Multiple Terminal EBITDA Multiple 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 6.50x 7.00x 7.50x 8.00x 8.50x 9.25% $6.56 $7.14 $7.73 $8.31 $8.89 9.25% $685 $719 $753 $788 $822 9.25% (0.4%) 0.2% 0.8% 1.3% 1.7% 9.94% 6.25 6.82 7.39 7.95 8.52 9.94% 667 700 733 767 800 9.94% 0.2% 0.8% 1.4% 1.9% 2.3% 10.63% 5.95 6.51 7.06 7.61 8.15 10.63% 649 682 714 746 779 10.63% 0.8% 1.5% 2.0% 2.5% 3.0% 11.31% 5.66 6.21 6.74 7.27 7.80 11.31% 633 664 695 727 758 11.31% 1.4% 2.1% 2.6% 3.1% 3.6% 12.00% 5.38 5.91 6.43 6.95 7.47 12.00% 617 647 677 708 738 12.00% 2.0% 2.7% 3.2% 3.7% 4.2% Source: Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025, TRA Support - Dec 2025 Financials provided to Moelis on 12/23/2025 Note: Implied enterprise value and price per share include separate NPV analysis of Elegant's tax attributes to value thy's e Co pomrptioann (15%) of savings from the utilization of tax attributes 1. 2026E revenue growth reflects 2025E revenue per Elegant Management guidance provided to Moelis on 02/08/2026 Content must not 2. Unburdened by Stock-Based Compensation, consistent with Management's presentation of Adjusted EBITDA 3. Reflects cash tax distribution to OpCo; calculated as 19.73% of Adjusted EBIT multiplied by the spread between the 56.00% OpCo reimbursement tax rate and the 25.79% PubCo tax rate per go below this line the Company's tax advisor TRA Suppo - rDec t 2025 Financials provided to Moelis on 12/23/2025 Confidential \| 32 4. Change in Net Working Capital excludes impacts from Deferred Tax Assets given tax attributes were valued separately 5. Assumes Q4 2025 debt balance of $386mm and cash balance of $76mm (including estimated Q4 2025 PubCo cash balance of $34mm) per Management guidance WACC WACC WACC

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Discounted Cash Flow Analysis – For Reference Only Tax Attribute Analysis – Management Proposed LRP (100% Achievability) Realized tax benefits based on materials provided by Elegant and the Company's tax advisor to Moelis Realized Tax Benefit Projections ('26–E '66E) ($ in millions, except per share data) 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Realized Tax Benefit $9.0 $10.2 $11.5 $13.0 $14.0 $16.6 $17.7 $18.6 $19.9 $21.3 (x) TRA Rate 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% TRA Payment $7.7 $8.7 $9.7 $11.1 $11.9 $14.1 $15.1 $15.8 $16.9 $18.1 Elegant TRA Benefit $1.4 $1.5 $1.7 $2.0 $2.1 $2.5 $2.7 $2.8 $3.0 $3.2 1 ($ in millions, except per share data) 2036E 2037E 2038E 2039E 2040E 2041E 2042E 2043E 2044E … 2066E Realized Tax Benefit $22.7 $21.9 $20.3 $8.0 $2.1 $0.6 $0.2 $0.1 $0.0 … $0.0 (x) TRA Rate 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% 85.0% … 85.0% TRA Payment $19.3 $18.6 $17.2 $6.8 $1.8 $0.5 $0.1 $0.0 $0.0 … $0.0 Elegant TRA Benefit $3.4 $3.3 $3.0 $1.2 $0.3 $0.1 $0.0 $0.0 $0.0 … $0.0 2 Key Assumptions NPV of Tax Attribute Benefit • Tax Receivable Agreement: WACC o Realized Tax Benefit reflects projected tax savings associated with 9.25% 9.94% 10.63% 11.31% 12.00% tax attributes through 2066, based on materials provided to Moelis Total Value ($mm) $18.13 $17.40 $16.72 $16.08 $15.47 o The Company is required to pay an amount to the Elegant Pre-IPO Members generally equal to 85% of the cash tax savings realized Per Share ($) $0.32 $0.30 $0.29 $0.28 $0.27 through tax attributes, based on the TRA o Analysis applies an illustrative range of discount rates equal to the range applied to Elegant at the Company level Content must not go below this line Source: TRA Support - Dec 2025 Financials provided to Moelis on 12/23/2025 Confidential \| 33 1. Total Elegant TRA Benefit between 2044E and 2066E equal to ~$0.01mm 2. Analysis assumes same discount rate as DCF analysis

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E. Leverage Buyout Analysis (For Reference Only) Content must not go below this line Confidential \| 34

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Leveraged Buyout Analysis – For Reference Only Methodology and Assumptions ▪ Assumes range of 6.5x – 8.5x exit multiple on 2030E Adj. EBITDA of $96mm and an IRR target range of 17.5% – 22.5% to imply a purchase price ⎯ Implied total equity purchase price assumes debt balance of $386mm and a cash balance of $76mm per Management guidance Purchase ⎯ Assumes TRA is extinguished at close of transaction without payment; does not include impact of TRA payments or early Assumptions termination payment ▪ Transaction fees equivalent to ~$16mm (~2.5% of purchase price) ▪ Assumes transaction date of 12/31/25 and uses Q4 2025 balance sheet information provided by Elegant Management ▪ 6.50x total leverage, with remainder of purchase price funded by sponsor equity ⎯ Leverage implies ~$465mm of post-close debt based on $71mm of 2026E EBITDA, per the Management Proposed LRP (50% Achievability) ⎯ GA has indicated that it is reaching out to potential financing partners and targeting ~$460mm of debt post-closing Financing • Revolver at S + 450 with a 1.00% SOFR floor and a 50bps commitment fee Assumptions - Unfunded at close of transaction • 6.50x Unitranche Debt at S + 450 with a 1.00% SOFR floor and 2.00% OID discount 1 ▪ Given above assumptions, resulting equity contribution from the sponsor of ~35% including ~19% from sponsor rollover and ~16% from new equity ▪ Management Proposed LRP (50% Achievability) for 2026E – 2030E provided to Moelis on 12/30/2025 ⎯ Analysis uses a 5-year projection period, from December 31, 2026 to December 31, 2030 ⎯ Assumes transaction date of 12/31/25 and uses projected 12/31/25E balance sheet information Operating ⎯ Tax rate based on effective PubCo tax rate of 25.79% per Elegant Management Assumptions ⎯ Stock-based compensation is treated as a cash expense for LBO purposes ▪ Assumes minimum cash of $40mm ▪ Interest income on cash balance assumed based on beginning cash balance and the 1-month forward SOFR curve Content must not go below this line Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025 Confidential \| 35 1. Illustratively reflects rollover equity based on ~40% GA ownership of Elegant Class A and Class B shares as of 01/23/2026 at $5.80 per share offer price

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Leveraged Buyout Analysis – For Reference Only Leverage Buyout Analysis Illustrative Sources & Uses Levered Free Cash Flow & Returns Analysis For the Year Ending December 31, Sources $% Uses $% ($ in millions, except per share data) 2026E 2027E 2028E 2029E 2030E 1,2 Revolver Purch. Price 641 90.2% – – Total Revenue $211 $215 $224 $235 $247 Debt 465 65.4% Min Cash 40 5.6% 3 % Growth 2.2% 1.9% 3.8% 5.3% 5.0% GA Rollover 132 18.6% Txn. Fees 16 2.3% 4 Adjusted EBITDA $71 $75 $81 $88 $96 New Equity 114 16.0% Fin. Fees 14 2.0% % Growth (2.3%) 4.9% 8.2% 9.0% 9.0% Total Sources $711 100.0% Total Uses $711 100.0% % Margin 33.8% 34.8% 36.3% 37.6% 39.0% Less: Stock-Based Compensation ($10) ($10) ($10) ($11) ($11) 2 Purchase Enterprise Value / Price Per Share Less: Interest Expense (35) (32) (32) (32) (32) 5 Less: Cash Taxes (5) (5) (7) (11) (14) Less: CapEx (4) (3) (3) (3) (3) 5-Year Target IRR 6 Less: Δ in Net Working Capital (4) 1 1 0 1 17.5% 20.0% 22.5% Cash Flow Available for Debt Paydown $14 $27 $30 $32 $38 Memo: 1-Month Forward SOFR Curve 3.4% 3.2% 3.3% 3.5% 3.7% 6.50x $554 / $4.30 $539 / $4.04 $526 / $3.80 Pro Forma Leverage 7.50x $597 / $5.05 $578 / $4.71 $561 / $4.41 Total Debt $451 $424 $419 $411 $398 Total Net Debt 411 384 379 371 358 8.50x $640 / $5.79 $616 / $5.38 $596 / $5.02 Total Debt / Adj. EBITDA 6.3x 5.7x 5.2x 4.6x 4.1x Net Debt / Adj. EBITDA 5.7x 5.1x 4.7x 4.2x 3.7x 5-Year Target IRR Adj. EBITDA / Interest Expense 2.0x 2.3x 2.5x 2.8x 3.0x Pro Forma Leverage 17.5% 20.0% 22.5% LTM Adj. EBITDA $71 $75 $81 $88 $96 6.25x $592 / $4.95 $571 / $4.59 $553 / $4.28 (x) Exit Multiple 7.5x 7.5x 7.5x 7.5x 7.5x Exit Value $536 $563 $609 $663 $723 6.50x $597 / $5.05 $578 / $4.71 $561 / $4.41 Less: Net Debt (411) (384) (379) (371) (358) 7 Plus: Cumulative Dividends – – 25 50 75 6.75x $603 / $5.14 $584 / $4.83 $568 / $4.55 Exit Equity Value to Sponsor ($246) $126 $179 $255 $342 $440 IRR NM NM 1.2% 8.8% 12.8% MOIC 0.5x 0.7x 1.0x 1.4x 1.8x Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025 1. Assumes purchase price per share of $5.80 (per the Proposal) 2. Assumes Q4 2025 debt balance of $386mm and cash balance of $76mm (including estimated Q4 2025 PubCo cash balance of $34mm) per Management guidance Content must not 3. 2026E revenue growth reflects 2025E revenue per Elegant Management guidance provided to Moelis on 02/08/2026 go below this line 4. Unburdened by SBC, consistent with Management's presentation of Adjusted EBITDA 5. Cash taxes reflect the 30% interest deductibility limitation under IRC Section 163(j) of the Tax Cuts and Jobs Act Confidential \| 36 6. Change in Net Working Capital excludes impacts from Deferred Tax Assets 7. Assumes cash dividend payments to the equity holder of $25mm in 2028E, 2029E and 2030E respectively Leverage Exit Multiple

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F. Additional Context for Evaluating the Offer Content must not go below this line Confidential \| 37

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Additional Context for Evaluating the Offer Elegant Share Price Performance Overview As Elegant's key growth metrics have worsened, its stock price has declined meaningfully 1 Share Price Performance Since IPO 160% Elegant Since IPO Trailing 52 Weeks Higher-Growth Franchise 140% High Low High Low Lower-Growth Franchise $33.05 $3.10 $7.45 $3.10 Beauty 120% 2 115.7% 1 100% 4 86.1% 3 80% 60% 41.1% 40% Offer Price: $5.80 27.1% 7 5 8 6 20% 18.8% $4.03 0% Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 Summary of guidance and long-term growth communications 1 2Q21 Initiated FY21 guidance, communicating LT growth algorithm of HSD unit growth, HSD SSS growth, low double-digit EWC revenue growth and low to mid-teens adj EBITDA growth 1Q22 Initiated FY22 guidance with HSD SSS growth and 70-72 new center openings; reaffirmed LT growth algorithm 2 3 1Q23 Initiated FY23 guidance with MSD SSS growth and 95-100 new center openings; acknowledged mature center transaction volumes below LT growth algorithm 4 2Q23 Revised FY23 outlook, decreasing top & bottom line and SSS to 1.5-2.5%; increased new center openings to 98-100 5 2Q24 Revised FY24 guidance, decreasing SSS growth to (1.5%)-0.5% (previously 2.0-5.0%); sharply decreased new center openings to 27-32 6 1Q25 Initiated FY25 guidance with SSS growth of 0.0%-2.0% and net center closings of 28-50; 2025 labeled a transitional year 7 2Q25 Revised FY25 sales guidance down with SSS of 0.0%-1.0; reiterated Adj. EBITDA and NI guidance 8 3Q25 Reiterated FY25 guidance and noted 12 new centers will be opened and 35-40 existing centers will be closed in FY25 Content must not go below this line Source: Company Filings, S&P Capital IQ ("CapIQ") as of 02/06/2026, Wall Street Research Confidential \| 38 Note: Annotations #1- correspond to date of Elegant's For-m K earnings releases 1. Share price represented as percentage of price at Elegant IPO

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Additional Context for Evaluating the Offer Elegant Trading Volume Dynamics Elegant's public float, average daily trading volume ("ADTV") and ADTV as a percentage of shares outstanding ("SO") are largely below those of the Selected Publicly Traded Companies, even when compared against other Selected Publicly Traded Companies with consolidated shareholder bases Public Float % of SO Beauty Lower-Growth Franchise Models Elegant Higher-Growth Franchise Models 100% % 100% % % % % 6% 1% 0% 2% 77% 75% 66% 62% 36% Elegant 1 3-Month ADTV % of SO Elegant Beauty Higher-Growth Franchise Models Lower-Growth Franchise Models .1% 3.7% 3.6% 3.5% 3.3% 2.5% 1. % 1. % 1. % 1.7% 1.5% 0. % 0. % 0. % 0.6% 0. % Elegant 2 3-Month ADTV $mm Beauty Lower-Growth Franchise Models Elegant Higher-Growth Franchise Models $3 5.5 $322.6 $252.7 $1 2. $176.7 $163.5 $162.6 $5 .7 $7. $27.2 $15.5 $1 .7 $1 .5 $1.5 $. $2. Elegant 3 Indicates Selected Publicly Traded Companies with a shareholder that holds at least 20%, indicating a consolidated shareholder base similar to Elegant Content must not Source: S&P Capital IQ as of 02/06/2026, Company Filings 1. SO reflects basic shares outstanding as of the most recent public filings go below this line 2. Average daily trading value calculated as average daily trading volume multiplied by 90-day VWAP as of 02/06/2026 Confidential \| 39 3. Of these, only Driven Brands has a controlling shareholder with ownership in excess of Elegant's largest shareholde grs, s' h wio thld Ro in ark owning 60%+ of Driven Brands based on Driven Brands proxy filing as of 04/10/2025

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Additional Context for Evaluating the Offer Equity Research Analyst Perspectives Current Share Price Targets Select Commentary Premium to Current Firm Price Target Valuation Methodology Share Price "We believe Elegant'sstron g brand, attractive recurring revenue base (via Wax Pass sales), and enticing unit development opportunity could help create meaningful ~17x FY2026E EBITDA $15.00 272% long-term competitive advantages for the company, 01/12/2026 of ~$75mm particularly given the highly fragmented nature of the US Hair Removal industry/OOH (out-of-home) waxing market." 01/12/2026 $6.00 49% 15x NTM EPS 01/12/2026 "We remain optimistic over time about the potential contribution from a range of initiatives targeting both new guest acquisition and driving higher frequency and spend per visit among ~8.5x – 9.0x NTM $5.50 36% existing guests. We also believe Elegant has initiated a EBITDA of ~$74mm 01/13/2026 series of organizational changes targeting more effective marketing and improving operations (now directly overseeing operations and development). Still, the implied pressure on 8.0x Two-Year Forward $5.00 24% current unit economics and anticipated net unit declines EBITDA of $79mm during 2025E and 1H26E could continue to weigh on near 01/13/2026 term investor sentiment. Further, with net debt comprising >50% of current enterprise value, we see potential for higher DCF utilizing a 14% discount near-term equity volatility until Elegant can provide greater $.60 14% rate and ~8.0x terminal multiple certainty on the success of newer initiatives." on year 5 EBITDA 01/15/2026 01/13/2026 $3.75 (7%) NA "Elegant is a unique franchise growth story with opportunities to 01/15/2026 take additional share in the highly fragmented out-of-home wax market. However, macro-economic headwinds and execution issues have pressured new guest growth and same-store Analyst Share Price $5.25 30% sales growth, leading the company to cut its new store Target Median opening plans. With lack of visibility into a return to comp growth, Elegant's long-term store growth opportunity is in question." Share Price as of 02/06/2026: $4.03 Buy: 2 Hold: 3 Sell: 1 01/15/2026 Proposed Transaction Per-Share Price: $5.80 Content must not go below this line Source: Refinitiv Eikon, Equity Research Reports and S&P Capital IQ as of 02/06/2026 Confidential \| 40 Note: This page excludes research from Bank of America, which terminated coverage of Elegant, and Guggenheim, Sadif Investment Analytics, Hedgeye Risk Management, Piper Sandler, M Science Investment Research and ISS-EVA, as such research was issued by non-major brokers, published without a price target or published too long ago to be considered current

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Additional Context for Evaluating the Offer Historical Trading Multiples – TEV / NTM EBITDA 10-Year Historical TEV / NTM EBITDA Multiple 30.0x As Elegant's growth rates have decelerated, Elegant's multiple has decreased from multiples in line with MEDIAN higher-growth franchise companies to multiples commensurate with lower-growth franchise companies 10-Year 5-Year 3-Year 1-Year Current Papa John's 15.3x 14.1x 11.2x 10.1x 8.9x Higher-Growth Franchise Wendy's 14.5x 12.9x 11.8x 9.6x 9.1x Lower-Growth Franchise 25.0x Jack In The Box 10.9x 9.5x 8.6x 7.7x 8.9x Beauty Dine Brands 9.5x 8.2x 6.9x 6.2x 7.4x El Pollo Loco 8.3x 7.1x 6.8x 5.9x 5.9x Elegant Xponential Fitness 6.6x 6.6x 5.9x 5.6x 6.2x 1 COVID-19 Pandemic LG Franchise 10.2x 8.9x 7.8x 7.0x 8.2x 20.0x Wingstop 41.4x 45.0x 44.3x 31.8x 31.6x Domino's 20.7x 20.3x 19.6x 19.1x 16.8x Planet Fitness 18.9x 18.6x 17.1x 18.1x 15.3x 16.0x Yum! Brands 18.3x 18.2x 17.8x 17.7x 18.2x 15.0x Restaurant Brands 13.0x 13.1x 12.6x 11.9x 12.0x Driven Brands 9.9x 9.9x 8.8x 9.2x 9.4x HG Franchise 18.6x 18.4x 17.4x 17.9x 16.0x 10.0x Ulta 13.0x 12.5x 11.6x 12.9x 16.2x Bath & Body Works 7.5x 7.7x 7.4x 6.3x 7.1x 8.2x Sally Beauty 5.7x 5.0x 4.8x 4.3x 5.1x 7.1x Beauty 7.5x 7.7x 7.4x 6.3x 7.1x 7.0x 5.0x Elegant NA 13.1x 9.8x 7.3x 7.0x Historical trading data suggests that Elegant's multiple compression has coincided with similar valuation pressure across lower-growth franchise companies, 0.0x Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26 including Wendy's and Jack in the Box. These companies have also experienced growth deceleration Elegant Consensus 1 YR 12.8% 7.8% 5.8% 3.6% 1.1% forward growth rate Content must not go below this line Confidential \| 41 Source: S&P Capital IQ as of 02/06/2026 1. As a result of lower traffic during the COVID-19 pandemic, EBITDA multiples for restaurants and other in-person franchise businesses were elevated through 2021

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Additional Context for Evaluating the Offer PubCo Cash Considerations Elegant OpCo's cash distributions to its shareholders have created an accumulation of cash at the PubCo, and the treatment of PubCo cash is not explicitly defined in the offer Overview of PubCo / OpCo Cash Elegant Contemplated Options for PubCo Cash • Under its structure as a partnership, when EWC Ventures, LLC (OpCo) generates • The Company has considered various options for the cash for Class A taxable net income, it is required to make distributions to all shareholders to pay shareholders, including a TRA buy-out, loan to OpCo, recapitalization distribution and reverse recapitalization distribution their respective tax obligations • Per the Limited Liability Company Agreement, OpCo's tax distributions are paid out o The Company stated in October 2025 materials presented to the Board of based on the highest applicable tax rate of its shareholders, which is currently 56% Directors that its goals include unlocking the "trapped" cash for OpCo use and / • As a result, OpCo shareholders are reimbursed assuming a tax rate of ~56%, or reducing the current and future balances of PubCo cash whereas European Wax Center, Inc. ("PubCo"), as -Corp a C , pays a blended federal and state tax rate of ~25%, creating an excess of 31% Option Description o This difference in rates results in excess cash at PubCo PubCo contemplates a buy-out of the TRA liability of o As of Q4 2025, PubCo cash was $33.8mm, per Elegant Management TRA Buy-out select TRA holders • Class A shareholders are technically entitled to receive the PubCo cash o Of the Class A shares, GA and its affiliates own ~30%, leaving ~70% to other PubCo loans excess cash to OpCo at a market 1 PubCo Loans to OpCo shareholders interest rate in an arms-length transaction o Upon conversion of the Class B shares into Class A shares, the Class B Recapitalization PubCo invests excess cash into OpCo and receives shareholders would become entitled to receive a portion of the PubCo cash Distribution additional units in exchange 3 • GA has a consent right over any dividends • Moelis' financial analyses assume that PubCo cash is allocated to the Class A and PubCo invests excess cash into OpCo and receives the Class B as if converted because the Class B receives the same consideration as Reverse Recapitalization no units in exchange; OpCo recapitalizes to reduce the Class A in a sale Distribution total units outstanding, and pre-IPO owners forfeit existing units Illustrative Impact of PubCo Cash Per Share Amount Amount Based on Moelis' discussions with Management, the Company did not consider In millions, except per share value (Class A Shares) (All Shares) paying a dividend to Class A shareholders as one of the options to present in the October 2025 materials. Management noted that they wanted to avoid setting a PubCo Cash (Q4 2025E) $33.8 $33.8 precedent that the Company would continuously make future Class A Shares Outstanding 44.018 44.018 dividend payments to shareholders 2 Dilutive Securities 2.471 2.471 Class B Shares Outstanding – 10.519 To address the ongoing accumulation of trapped cash, the Company has considered (i) amending the Company's existing agreements to calculate tax (/) Fully Diluted Shares (mm) 46.489 57.008 distributions based on a lower tax rate (vs. current 56% rate), and (ii) having all Implied Equity Value / Share $0.73 $0.59 Class B unitholders convert to Class A to eliminate Elegant's current Up-C structure, based on the October 2025 Board materials Impact of PubCo Cash Per Share to Class A Shareholders: ~$0.13 / share Source: Materials provided by Elegant and the Company's tax advisor to Moelis, Company Filings Content must not 1. Based on 13.110mm Class A common shares held by GA and affiliates based on capitalization details as of 01/23/2026 provided by Elegant Management 2. Reflects in-the-money dilutive securities of 2.471mm (including options and restricted stock units based on Management capitalization details as of 01/23/2026 provided to Moelis; go below this line based on offer price per share of $5.80 Confidential \| 42 3. Refers to dividends other than the dividends or distributions required to be made pursuant to the terms of outstanding preferred stock of the Company and certain other expressly permitted dividend distributions

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Additional Context for Evaluating the Offer Tax Receivable Agreement ("TRA") Change of Control Considerations A Change of Control ("CoC") would trigger an early termination payment to TRA holders CoC Summary Implications in an M&A Transaction GA Offer Price per Share $5.80 • In a change of control transaction (with a third-party buyer) under the Class A Basic Shares + Total Dilutive Securities 46.489 TRA, TRA holders would be entitled to receive an early termination Class B Shares 10.519 payment 1 FDSO 57.008 A Equity Value $331 o This early termination payment would equal the present value of 2 Net Debt (excl. TRA) 310 future payments that Elegant would be obligated to make under Implied Enterprise Value (excl. TRA) $641 the current TRA, based on the assumptions outlined below 3 2026E Adj. EBITDA $71 Implied TEV / 2026E EBITDA Multiple 9.0x o The present value of the future payments under a CoC is B TRA CoC Payment $178 calculated without regard as to whether the Company will be able Implied Enterprise Value (incl. TRA CoC Payment) $819 to actually use tax attributes and a discount rate equal to the lesser of (i) 6.50% and (ii) the current one-year SOFR + 100bps Implied TEV (Incl. TRA CoC Payment) / 2026E EBITDA Multiple 11.5x B A / Share Price Impact of CoC Payment $3.13 • In M&A transactions, TRA holders frequently do not receive the full Implied Share Price, GA Offer Price + CoC Impact $8.93 amount of the payments they are entitled to receive under the TRA, especially in cases where they are also large holders of common If full payment of the TRA Early Termination provision were required, a third equity party would need to pay an additional $3.13 per share (or an additional 2.5x of EBITDA) to match GA's Proposed Transaction at $5.80 per share Illustrative CoC Calculation (assuming $5.25 share price) • Elegant's tax advisors performed an illustrative CoC payments TRA Recipients of a calculation under an early termination scenario Change of Control Early Termination Payment • The analysis produced an estimated CoC payment of $178mm • Key assumptions included: GA and Affiliates o Early termination date of 01/01/2026 $178mm Founder Holdco o Per share price of $5.25 for unconverted units o Assumes Company will be able to utilize all tax attributes All Others o Discount rate equal to the lesser of (i) 6.50% and (ii) SOFR + 100bps based on TRA, resulting in an applied early termination rate of 4.68% for purposes of the calculation Content must not Source: Materials provided by Elegant and the Company's tax adviso to r Moelis, Company Filings go below this line 1. Fully Diluted Shares Outstanding include 44.018mm Class A shares, 2.471mm dilutive securities (including options and restricted stock units based on offer price per share of $5.80) Confidential \| 43 and 10.519mm Class B shares based on Management capitalization details as of 01/23/2026 provided to Moelis 2. Net debt includes $386mm of total debt for Q4 2025 and $76mm of cash and cash equivalents (including PubCo cash of $34mm) for Q4 2025 per Management guidance 3. FY '26E Adj. EBITDA based on Management Proposed LRP (50% Achievability)

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Additional Context for Evaluating the Offer Background on the Financial Projections Moelis conducted its financial analysis utilizing the Management Proposed LRP (50% Achievability) • Elegant's Management prepared a preliminary business plan and presented it to the Board of Directors during a strate n gy in Oses ctosbe io r of 2025 as a part of their Q3 Board meeting, during which Management presented on both quarterly earnings and the bu-s foin rw es as rd ' g so trategy (the "October Strategic Planning Forecast"). The October Strategic Planning Forecast was never formally approved by the Board of Dir ane dc th toers fi,nancial forecast was not discussed at length. Rather, the October session included a high-level discussion of the business plan, which Management continued to refine over the past several months to incorporate input from newly onboarded executives, including the recently hired COO and CDO • At the request of the Special Committee, Elegant's Management presented Management's updated financial forecast to thle C oSp me mciittaee on 12/18/2025 (the Management Proposed LRP (100% Achievability)), after which Management provided the materials underlying this set of projections to Moelis on 12/19/2025 • The Management Proposed LRP (100% Achievability) assumes Management successfully implements a turnaround in 2026 after the business has faced significant pressure over the past few years. The Management Proposed LRP (100% Achievability) assumes that the Company will invest beginning in 2026 in initiatives which Elegant's Management has identified as core strategic areas. These investments iniinc tiatilude ves aimed at improving CRM, waxer training, onboarding, scheduling and ramping / mature center support o The initial impact of capital allocated to these strategic investments is expected to be partially offset by G&A savings included in the Management Proposed LRP (100% Achievability) o Management has also indicated that it has considered the possibility that it will need to withhold planned investments in order to maximize EBITDA and cash flows if certain of the strategic investments do not yield as strong of an impact on performance as projected o Management characterized the Management Proposed LRP (100% Achievability) as achievable and acknowledged that there are challenges inherent to executing the Management Proposed LRP (100% Achievability) and investing in the planned strategic initiatives Overview of • After careful review of the Management Proposed LRP (100% Achievability), the Special Committee directed Management to prepare sensitivity Financial analysis on the potential impact of the LRP Initiatives Projections • The Special Committee reviewed several sensitivity analyses at its meeting on 01/06/2026, and directed Moelis to conduct its financial analysis using the Management Proposed LRP (50% Achievability), which assumes the Company realizes 50% of the financial benefits from the LRP Initiatives. See next page for a summary of the key execution risks related to the LRP Initiatives • The Management Proposed LRP (50% Achievability) and Management Proposed LRP (100% Achievability) included several updates relative to the long-run financial plan shared with the Board of Directors in October 2025. In the case of the Management Proposed LRP (50% Achievability), these include an updated view on new center openings (revised down to 0 per year from 50 per year for FY '27E throughta FY l SSS g '30E), rowto th (revised down to 2.5% in FY '30E from 6.0% in FY '30E) and Adj. EBITDA (revised down to $6mm in FY '30E from $11 02 E)mm in FY '3 o Management indicated that the updates to the Management Proposed LRP (50% Achievability) and Management Proposed LRP (100% Achievability) came after assessing that certain of the assumptions included in the October 2025 plan may ultimately be challenging to maintain at a similar level or rate over time (e.g., net new center openings, same-store sales growth) o Management also made updates to the source of funding for the investment into strategic initiatives, assuming that the investment will be funded through cost savings from G&A • The Management Proposed LRP (50% Achievability) and Management Proposed LRP (100% Achievability) do not include potential center acquisitions, and Management has indicated that it has no immediate plans to acquire franchisees o Management has indicated that the Company has a poor track record of profitably operating owned centers, as operating individual centers has not been a core focus of Management's time and attention. As of 10/0 /2025, the Company owned and operated 5 of 1,053s o tof taEl l le og ca an tit' ons • Moelis' analysis utilizes the Management Proposed LRP (50% Achievability) based on the excel file of the materials Ma n praogveim deedn tto Moelis as of 02/07/2026 and 2025E figures per Elegant Management guidance provided to Moelis on 02/08/2026 Content must not go below this line Confidential \| 44

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Additional Context for Evaluating the Offer Considerations in Assessing Ability to Execute the LRP Initiatives • Elegant is operated primarily by independent franchisees, limiting corporate ability to mandate uniform operational change; franchisees will ultimately be responsible for implementing initiatives to improve customer experience and drive traffic Franchise structure • Turnaround initiatives require adoption at the individual center level, leading to variability in timing and consistency introduces execution complexity • Franchisees bear any economic cost and investment of time before franchise benefits are fully realized • Near-term margin pressure at the center level may limit willingness to implement and invest in certain initiatives • Franchisees retain direct ownership, incentivizing operational focus once improvements are evident Certain advantages • Local operators possess market-level knowledge that can support staffing and customer acquisition efforts of a franchise model • Capital-light business model • Center performance and underlying transaction growth highly dependent on availability, experience, and retention of licensed waxers Labor-intensive • Hiring, scheduling, and compensation decisions are controlled by franchisees, not the company service model heightens execution • Experienced waxer retention essential to customer acquisition and retention and operational stability risk • Labor constraints could limit throughput, reduce service consistency and blunt expected SSS uplift • COO has been in role for ~3 – 4 months New management • CEO and CFO have been in their respective roles for ~1 year team driving execution of • CIDO, CCO, and CDO are all recent 2025 hires initiatives • Management's ability to execute as a unit is unproven • No single initiative expected to drive a step-change in near-term financial performance Multiple initiatives are being executed • Turnaround success dependent on sustained execution across multiple initiatives simultaneously • Different franchisees have different problems; requires targeted approach by center • Financial impact dependent on meaningful changes around new customer acquisition and retention, waxer training, scheduling and retention, and center-level adoption, which changes take time Turnaround impact • Differences in site quality, local labor markets, and operator sophistication may create varied times to implement and bear results may be gradual • Previous turnaround efforts by the Company have been unsuccessful in realizing the full scope of benefits initially expected, underscoring the risk inherent in any potential turnaround plan • Majority of initiatives are not yet launched or are in early stages of implementation • Management is currently addressing "low -hanging fruit," including basic customer education and staffing efficiency topics, ahea of d Timing is a risk broader rollout of LRP Initiatives at the March franchisee conference • Ability to successfully implement early initiatives to set the foundation for growth will impact success of later initiatives • Both the Management Proposed LRP (50% Achievability) and the Management Proposed LRP (100% Achievability), presented in Macro poses the Company's revised long -term plan on 12/18/2025, assume a stable macroeconomic environment; in a less stable macroeconomic environment, discretionary services would be negatively impacted, which would adversely impact the financial additional risk performance of Elegant regardless of the success of the LRP Initiatives Content must not go below this line Confidential \| 45

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Additional Context for Evaluating the Offer Summary of Potential Strategic Alternatives 1 2 Engage with GA Decline to Engage with GA • Allow Management to pursue current business plan, including implementation of LRP Initiatives • Potential to recommend other strategic actions to the • Accept Proposed Transaction with GA Overview full Board for consideration, including but not limited to TRA termination or Class B conversion and Up-C structure collapse ✓ Allows Management to focus on execution of business plan ✓ Provides potential for liquidity to shareholders at a premium to the unaffected trading price ✓ Potential to restart discussions in future Benefits ✓ No exposure to execution risks of turnaround strategy ✓ Potential for share price appreciation if Management's turnaround plan is successful ? Execution risk of turnaround, which may be amplified ? No exposure to potential upside from implementation given public company quarterly reporting of LRP Initiatives requirements Considerations ? Management resources and potential for distraction ? Future cost of capital and market conditions uncertain through closing ? GA willingness to engage in the future The Initial Proposal stated that GA is interested only in pursuing the Proposed Transaction and does not intend to sell its stake in the Company 1 to any third party . Per the Stockholders' Agreement, so long as GA owns 25% of the outstanding common stock, the Company is required to 2 receive the prior written consent of GA before entering or effectuating a change in control , among other rights. Although GA does not own a majority of the shares of the Company, GA's stated position in the Initial Proposal and its rights under the Stockholders Agree ud me en the t precl Company from consummating a sale transaction with a third party without the approval of GA 1. GA's Initial Proposal also stated that if GA determined "not to make a binding definitive proposal or the Special Com eterm miitt ne ee s n dot to approve the proposed transaction, such Content must not determination would not adversely affect GA's future relationship with the Company, and GA would intend to remain a -tes a rm sto lockh ng older." go below this line 2. Per the Stockholders' Agreement, Change in Control mea anns y transaction or series of related transactions (whether by merger, consolidation, recapitalization, liquidation or sale or transfer of equity securities or assets (including equity securities of Subsidiaries) or otherwise) as a result of which any Person or group, within the meaning of Section 13(d)(3) of the Confidential \| 46 Exchange Act (other than the Stockholders and their respective Affiliates, any group of which the foregoing are members and any other members of such a group), obtains ownership, directly or indirectly, of (i) equity securities of the Company that represent more than 50% of the total voting power of the outstanding capital stock of the Company or any applicable successor entity or (ii) all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis.

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G. Summary of Management Financial Projections Content must not go below this line Confidential \| 47

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Summary of Management Financial Projections Management Proposed LRP (50% Achievability) Forecast Summary ($ in millions, except per share data) FY26 FY27 FY28 FY29 FY30 Total System-Wide Sales $945 $967 $1,000 $1,039 $1,083 1 % Growth (0.3%) 2.4% 3.4% 3.9% 4.2% SSS% 1.5% 1.4% 1.9% 2.1% 2.5% Mature SSS% (0.2%) 1.1% 0.7% 0.3% 0.4% Total Revenue $211 $215 $224 $235 $247 1 % Growth 2.2% 1.9% 3.8% 5.3% 5.0% Gross Profit $155 $159 $165 $174 $182 % Margin 73.2% 73.8% 74.0% 73.9% 73.8% 2 Adj. EBITDA $71 $75 $81 $88 $96 % Margin 33.8% 34.8% 36.3% 37.6% 39.0% 1 % Growth (2.3%) 4.9% 8.2% 9.0% 9.0% Memo: Capital Expenditures $4 $3 $3 $3 $3 Depreciation and Amortization 20 24 19 10 4 3 Change in Net Working Capital (4) 1 1 0 1 Stock Based Compensation 10 10 10 11 11 Content must not Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025 go below this line 1. 2026E system-wide sales, revenue and EBITDA growth reflects 2025E figures per Elegant Management guidance provided to Moelis on 02/08/2026 Confidential \| 48 2. Reflects Adj. EBITDA post non-recurring investments and unburdened by stock-based compensation ("SBC"), consistent with Managem nt's e presentation of Adj. EBITDA 3. Change in Net Working Capital ("NWC") does not include the impact of deferred tax assets ("DTAs")

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Summary of Management Financial Projections Management Proposed LRP (100% Achievability) Forecast Summary ($ in millions, except per share data) FY26 FY27 FY28 FY29 FY30 Total System-Wide Sales $964 $1,017 $1,074 $1,139 $1,211 1 % Growth 1.7% 5.6% 5.6% 6.1% 6.3% SSS% 3.6% 4.5% 3.9% 4.3% 4.6% Mature SSS% 2.3% 4.2% 2.5% 2.5% 2.5% Total Revenue $215 $226 $240 $258 $276 1 % Growth 4.3% 5.1% 5.9% 7.7% 7.0% Gross Profit $158 $167 $177 $190 $204 % Margin 73.2% 73.8% 73.9% 73.7% 73.8% 2 Adj. EBITDA $72 $79 $87 $97 $107 % Margin 33.6% 34.9% 36.2% 37.6% 38.7% 1 % Growth (1.1%) 9.1% 9.7% 11.8% 10.3% Memo: Capital Expenditures $4 $3 $3 $3 $3 Depreciation and Amortization 20 24 19 10 4 3 Change in Net Working Capital (2) (0) 1 (0) 1 Stock Based Compensation 10 10 10 11 11 Content must not Source: Management Proposed LRP (100% Achievability) provided to Moelis on 12/19/2025 go below this line 1. 2026E system-wide sales, revenue and EBITDA growth reflects 2025E figures per Elegant Management guidance provided to Moelis on 02/08/2026 Confidential \| 49 2. Reflects Adj. EBITDA post non-recurring investments and unburdened by stock-based compensation ("SBC"), consistent with Managem nt's e presentation of Adj. EBITDA 3. Change in Net Working Capital ("NWC") does not include the impact of deferred tax assets ("DTAs")

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H. Additional Elegant Information Content must not go below this line Confidential \| 50

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Additional Elegant Information Equity Capitalization Details Capitalization – Elegant Management Information In millions, except share price data Build to Fully Diluted Shares Outstanding Current Price Offer Share Price in USD (2/06/2026) $4.03 $5.80 Class A Shares Outstanding 44.018 44.018 Class B Shares Outstanding 10.519 10.519 Basic Shares Outstanding 54.537 54.537 (+) Shares from Other Dilutive Securities 2.216 2.471 Fully Diluted Shares Outstanding 56.754 57.008 Other Dilutive Securities Detail Outstanding Strike Price $4.03 $5.80 Options - Effective as of 08/18/25 0.195 $4.66 - 0.038 Options - Effective as of 08/18/25 0.135 9.00 - - Options - Effective as of 08/18/25 0.135 12.00 - - Options - Effective as of 03/31/25 0.130 3.95 0.003 0.041 Options - Effective as of 03/31/25 0.095 9.00 - - Options - Effective as of 03/31/25 0.095 12.00 - - Options - Effective as of 01/08/25 0.425 12.00 - - Options - Effective as of 01/08/25 0.800 6.41 - - Options - Effective as of 01/08/25 0.425 9.00 - - Options - Effective as of 08/05/21 0.013 11.61 - - Options - Effective as of 03/21/25 0.220 3.99 0.002 0.069 Options - Effective as of 03/21/25 0.180 9.00 - - Options - Effective as of 03/21/25 0.180 12.00 - - Options - Effective as of 08/14/25 0.150 4.69 - 0.029 Options - Effective as of 08/14/25 0.100 9.00 - - Options - Effective as of 08/14/25 0.100 12.00 - - Options - Effective as of 04/07/25 0.213 9.00 - - Options - Effective as of 04/07/25 0.310 3.51 0.040 0.122 Options - Effective as of 04/07/25 0.213 12.00 - - Dolabra Warrants - Tranche 1 0.365 6.24 - - Dolabra Warrants - Tranche 2 0.365 9.00 - - Dolabra Warrants - Tranche 3 0.500 12.00 - - Dolabra Warrants - Tranche 4 0.750 17.00 - - Dolabra Warrants - Tranche 5 0.750 19.00 - - RSUs 2.172 – 2.172 2.172 Total 2.216 2.471 Content must not go below this line Confidential \| 51 Source: Elegant Management Note: Warrants represent securities issued to Dolabra Holdings LLC as of 12/27/2024, in consideration for provision of professional services by Dolabra to Elegant

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Additional Elegant Information Capital Structure Detail Capital Structure Detail Outstanding Debt / Adj. EBITDA Interest ($ in millions) Q4 2025 2025E Maturity Rate 1 $42 Cash and Cash Equivalents, excluding PubCo Cash PubCo Cash 34 40 RCF Credit Facility Capacity Total Liquidity $116 Elegant Debt 2 3 Senior notes due 2027 $386 5.3x 2027 5.50% Total Elegant Debt $386 5.3x Total Elegant Net Debt $310 4.2x 4 Elegant Credit Statistics 2025E 2026E Net Debt / Adj. EBITDA 4.2x 4.3x Net Debt / Adj. EBITDA - Capex 4.4x 4.6x Adj. EBITDA / Interest Expense 2.8x 2.7x Metrics 2025E 2026E 5 Adj. EBITDA $73 $71 Capex 3 4 Interest Exp. 26 26 Source: Management Proposed LRP (50% Achievability) provided to Moelis on 12/30/2025 Content must not 1. Excludes $6.4mm of restricted cash as of FY 2025A; restricted cash held in a separate account and used for debt service payments including interest and principal repayments 2. Includes $7.2mm of unamortized debt discount and deferred financing costs go below this line 3. Anticipated repayment date is March 2027; Series 2022-1 Class A-1 Legal Final Maturity Date is March 2052 Confidential \| 52 4. Credit statistics computed based on Net Debt outstanding as of Q4 2025 per Elegant Management 5. Reflects Adj. EBITDA per Elegant Management guidance provided to Moelis on 02/08/2026

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Disclaimer This presentation has been prepared by Moelis & Company LLC ("Moelis") solely for the information and assistance of al tC he omm Spe ittci ee of the Board of Directors of the company codenamed "Elegant" (the "Company") in considering the matters referred to in t erihe als. se Thi ms at presentation is confidential and may not be disclosed (in whole or in part) or utilized for other purposes without the express prior written consent of Moelis. This presentation has been prepared based on information provided by the Company and/or from third party sources. Moelis assumed such information is complete and accurate in all material respects. Moelis has not independently verified such information (or assumed responsibility for the independent verification of such information). To the extent this presentation includes projections, forecasts or other forward-looking statements, Moelis has assumed that such information was reasonably prepared based on the best currently available estimates and judgments of the Company and/or other parties as to the future performance of the Company and/or such other parties. Moelis expresses no views as to the reasonableness of any such projections, forecasts or other forward-looking statements or the assumptions on which they are based. Moelis has not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, or otherwise) of the Company or any other party. Moelis' participation in any due diligence review is solely for purposes of supdv poir ce ting an id ts anaalysis. This presentation is based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, and Moelis assumes no obligation to update this presentation or correct any information herein. No company or transaction used in this presentation is identical to the Company or any potential transaction. The analyses set forth in this presentation do not purport to be appraisals and such analyses do not reflect Moelis' views of the prices at which businesses or secu actual ritlyies may be sold. Because the analyses described in these materials (including the information used in such analyses) are inherently subject to uncertainty, Moelis does not assume responsibility if future results are materially different from those forecast. This presentation was designed for use by certain persons familiar with the business of the Company. This presentation is not intended to provide the sole basis for any decision on any transaction or strategic alternative and is not a recommendation with respect to any transaction or strategic alternative. This presentation does not address the Special Committee's underlying business decision to ex repl comm ore or end any transaction or strategic alternative or the relative merits of any transaction or strategic alternative as compared to any alternative business strategies or transactions that might be available to the Company. Nothing contained in this presentation should be construed as legal, regulatory, tax or accounting advice. Moelis and its affiliates are engaged globally in a wide range of investment banking and other activities for their own account and otherwise. Moelis and its affiliates may have advised, may seek to advise and may in the future advise in companies referred to in this presentation. Personnel of Moelis or such affiliates may make statements or provide advice that is contrary to information included in this presentation. The proprietary interests of Moelis or its affiliates may conflict with your interests. In addition, Moelis and its affiliates and their personnel may from time to time have positions in or effect transactions in securities referred to in this material (or derivatives of such securities), or serve as a director of companies referred to in this presentation. Content must not go below this line Confidential \| 53

## Ex-99.(D)(Iii)

**Exhibit (d)(iii)** 

**EXECUTION VERSION**

General Atlantic Partners 100, L.P.

c/o General Atlantic, L.P.

55 East 52nd Street, 32nd Floor

New York, NY 10055

February 9, 2026

To: Glow Midco, LLC

c/o General Atlantic, L.P.

55 East 52nd Street, 32nd Floor

New York, NY 10055

Attention: Gordon Cruess

Email: [\*\*\*]

<u>Equity Commitment Letter</u> 

Ladies and Gentlemen:

Reference is made to the Agreement and Plan of Merger, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, the "<u>Agreement</u>"), by and among (i) European Wax Center, Inc. (the "<u>Company</u>"), (ii) EWC Ventures , LLC, a Delaware limited liability company ("<u>Opco</u>"), (iii) Glow Midco, LLC, a Delaware limited liability company ("<u>Parent</u>"), (iv) Glow Merger Sub 1, Inc., a Delaware corporation and wholly-owned subsidiary of Parent ("<u>Merger Sub</u><u>, Inc.</u>"), and (v) Glow Merger Sub 2, LLC, a Delaware limited liability company and wholly-owned subsidiary of Parent (together with Merger Sub, Inc., the "<u>Merger Subs</u>"). This letter agreement is being delivered to Parent in connection with the execution of the Agreement on the date hereof.

Capitalized terms used and not otherwise defined herein have the meanings ascribed to them in the Agreement.

1. <u>Commitment</u>. Subject only to the satisfaction in full or waiver by Parent of each of the conditions to the obligations of Parent to consummate the transactions contemplated by the Agreement as set forth in and in accordance with Article VII of the Agreement, the undersigned (the "<u>Sponsor</u>") hereby agrees that, at the Closing, (if and when the Closing is required to occur under Section 2.3 of the Agreement), it will contribute or cause to be contributed to Parent by wire transfer of immediately available funds an amount in cash equal to $110,000,000 (the "<u>Equity Commitment</u>"), which amount shall be used by Parent solely to satisfy its obligations to pay (i) the amounts payable by the Parent pursuant to and in accordance with Article II of the Agreement; and (ii) any related fees, costs and expenses of Parent in connection with the Transactions ((i) and (ii), together, the "<u>Parent Payment</u> <u>Obligations</u>"); <u>provided</u>, <u>however</u>, that to the extent that the full amount of the Equity Commitment is not required to fully satisfy the Parent Payment Obligations, the Equity Commitment may be reduced by the amount of such unnecessary funding; <u>provided</u>, <u>further</u> that any such reduction shall only occur simultaneously with the consummation of

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the Closing and the payment of the amounts required to be paid by Parent on the Closing Date under the Agreement (it being understood that no reduction in the Equity Commitment shall be made until actual funds are used to consummate the Mergers and the other transactions contemplated under the Agreement at the Closing). The Sponsor shall not, under any circumstances, be obligated to contribute to Parent or otherwise pay any amount pursuant to this letter agreement in excess of the Equity Commitment.

2. <u>Representations</u>. The Sponsor represents, warrants and covenants to Parent that: (a) it is duly organized, validly existing and in good standing under the laws of Delaware and it has (and will continue to have for so long as this letter agreement is in effect) all limited partnership power, capacity and authority to execute, deliver and perform this letter agreement and to fulfil and perform its obligations hereunder; (b) the execution, delivery and performance of this letter agreement by it has been duly and validly authorized and approved by all necessary limited partnership action, and no other proceedings or actions on the part of it are necessary therefor; (c) this letter agreement has been duly and validly executed and delivered by it and constitutes a legal, valid and binding obligation of it, enforceable by Parent and, to the extent set forth in Section 4 hereof, the Company, against it in accordance with the terms of this letter agreement, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting creditors' rights generally and (ii) general equitable principles (whether considered in a proceeding in equity or at law); (d) the Sponsor has (and will continue to have at the Closing) available funds or uncalled capital in excess of the sum of the Equity Commitment and the aggregate amount of all other commitments and obligations the Sponsor currently has outstanding; (e) the availability of the Equity Commitment is subject only to the issuance of a capital call or similar notice, and there are no restrictions or conditions thereon; (f) the execution, delivery and performance by it of this letter agreement do not and will not (i) violate the organizational documents of the Sponsor or any law applicable to the Sponsor or (ii) result in any violation of, or default (with or without notice or lapse of time, or both) under, require consent under, or give rise to a right of termination, cancellation, modification or acceleration of any obligation under, or create a lien on any of its assets under, any contract to which it is a party, for which the violation or default would be reasonably likely to prevent or materially impede, interfere with, hinder or delay the consummation by it of the transactions contemplated by this letter agreement on a timely basis; (g) the Equity Commitment is less than the maximum amount that the undersigned is permitted to invest in any one portfolio investment pursuant to the terms of its organizational or governing documents or other agreements; and (h) assuming the receipt or delivery of all consents, approvals, authorizations, permits of, filings with and notifications to any Governmental Authority necessary for the satisfaction of the conditions set forth in Article VII under the Agreement, all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority necessary for the due execution, delivery and performance of this letter agreement by it have been obtained or made, and all conditions thereof have been duly complied with and no other action by, and no notice to or filing with, any Governmental Authority, is required in connection with the execution, delivery and performance of this letter agreement by the Sponsor.

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3. <u>Termination</u>. The Sponsor's obligation to fund the Equity Commitment will terminate automatically and immediately upon the earliest to occur of (a) the consummation of the Closing in accordance with the Agreement, (b) the valid (and not simply purported) termination of the Agreement in accordance with its terms, (c) the payment in full of the Parent Payment Obligations but only so long as such funded Parent Payment Obligations are actually funded upon the consummation of the Closing in accordance with the Agreement, (d) the payment in full of the Obligations (as defined in the Limited Guarantee), and (e) the commencement by the Company, Opco or any of their respective Subsidiaries (at the direction of the Special Committee) of any lawsuit asserting a claim against the Sponsor or any Sponsor Party (as defined below) in connection with this letter agreement, the Agreement, the Limited Guarantee, or any agreement contemplated hereby or thereby or related hereto or thereto, other than (i) a proceeding to recover from the Sponsor (but not any Sponsor Party) under and in accordance with the Limited Guarantee (subject to the limitations described therein), (ii) a proceeding to specifically enforce, as a third party beneficiary, Parent's right to cause the Equity Commitment to be funded hereunder at the Closing when required pursuant to Section 1 (solely to the extent permitted by Section 4), (iii) recourse against the Buyer Parties under and in accordance with the Agreement, (iv) claims against General Atlantic Service Company, L.P. under and in accordance with the confidentiality obligations set forth in the Stockholders Agreement, dated August 4, 2021, among the Company, GAPCO AIV Interholdco (EW), L.P., GA-AIV B Interholdco (EW), L.P. and General Atlantic Partners AIV (EW), L.P. (subject to the limitations described therein), and (v) claims, including, without limitation, claims for specific performance by the Company against the Buyer Parties or any GA Stockholder under the Support Agreement (clauses (i) through (v) collectively, the "<u>Retained Rights</u>"). Upon any valid termination of the Sponsor's obligation to fund the Equity Commitment pursuant to this Section 3, the Sponsor's obligation to fund the Equity Commitment shall become null and void *ab initio* and of no further force and effect.

4. <u>Third Party Beneficiaries</u>. The Sponsor acknowledges that the Company has relied on this letter agreement as an inducement to enter into the Agreement with Parent. This letter agreement shall be binding on the Sponsor solely to the benefit of Parent, and nothing set forth in this letter agreement shall be construed to confer upon or give to any Person other than Parent any benefits, rights or remedies under or by reason of, or any rights to enforce or cause Parent to enforce, the Equity Commitment or any other provisions of this letter agreement; <u>provided</u>*,* <u>however</u>, that, subject to the terms and conditions of this letter agreement and the Agreement, (i) the Sponsor Parties are hereby made express third-party beneficiaries of Section 6 and (ii) the Company is hereby made an express third party beneficiary for the purposes of the enforcement rights, and to the extent set forth in, Section 1, this Section 4, Section 5, Section 9 and Section 11, but solely to the extent that the Company is awarded specific performance of Parent's obligation to cause the Closing to occur in accordance with, and subject to the terms and conditions of, Section 9.8 of the Agreement, and for no other purpose (including any claim for monetary damages hereunder), and by its acceptance of the benefits of such rights, the Company shall be subject to the terms and conditions set forth in this letter agreement applicable to the Company or Parent and shall have the right to enforce the terms of this letter agreement directly against the Sponsor to the extent set forth in this Section 4 as if such Person was a

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party hereto. The Sponsor agrees that irreparable damage may occur in the event that any of the provisions of this letter agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, each party agrees that in the event of any breach by Sponsor of its obligation to fund the Equity Commitment pursuant to Section 1 of this letter agreement, the Company shall be entitled to (i) a decree or order of specific performance to enforce the observance and performance of the Sponsor's obligation to fund its Equity Commitment at the Closing when required pursuant to Section 1, and (ii) an injunction restraining such breach. The Sponsor hereby waives (a) any defense to specific performance, including the defense that a remedy at law would be adequate or that, absent specific performance, no irreparable harm would be suffered and (b) any requirement under applicable law to post a bond or other security as a prerequisite to obtaining equitable relief. For the avoidance of doubt, none of the creditors of the Company or Parent (it being understood that the Company shall not be a creditor of Parent for this purpose) shall have any right to enforce this letter agreement or to cause Parent to enforce this letter agreement.

5. <u>Assignment</u>. This letter agreement and each party's rights and obligations hereunder shall not be assignable without the prior written consent of the Sponsor, Parent and the Company and any attempted assignment without such consent shall be null and void *ab initio* and of no force and effect. The preceding sentence notwithstanding, the Sponsor may assign all or a portion of its obligation to fund the Equity Commitment to any Affiliate of Sponsor that expressly agrees to assume Sponsor's obligations hereunder; <u>provided</u>, <u>however</u>, that no such assignment shall relieve the Sponsor of its obligations hereunder.

6. <u>No Recourse</u>. Notwithstanding anything that may be expressed or implied in this letter agreement or in any document or instrument delivered in connection herewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notwithstanding the fact that the Sponsor may be a partnership, limited liability company, limited company or other entity, Parent, by its acceptance of the benefits of this letter agreement, agrees and acknowledges that no Person other than the Sponsor (and its successors and assignees) shall have any obligation hereunder and that it has no rights of recovery against, and no recourse hereunder, or in respect of any oral representations made or alleged to have been made in connection herewith, shall be had against, and no personal liability shall attach to, any former, current or future director, officer, agent, Affiliate, portfolio company, assignee, general or limited partner, stockholder, manager, member or employee of the Sponsor (or any of their respective successors or permitted assignees), against any former, current or future general limited partner, manager, stockholder or member of the Sponsor (or any of their respective successors or permitted assignees), or any Affiliate thereof or against any former, current or future director, officer, agent, employee, Affiliate, portfolio company, assignee, general or limited partner, stockholder, manager or member of any of the foregoing (each, but not including the Sponsor and Parent, and their respective successors and assignees under the Agreement or this letter agreement, a "<u>Sponsor Party</u>"), whether by or through attempted piercing of the corporate veil, by or through a claim on behalf of Parent against the Sponsor or any Sponsor Party (whether in tort, contract or otherwise), by the enforcement of any judgment or assessment or by any legal or equitable proceeding, or by virtue of any law,

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or otherwise; it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on, or otherwise be incurred by any Sponsor Party, as such, for any obligations of the Sponsor under this letter agreement or the transactions contemplated hereby, in respect of any oral representations made or alleged to be made in connection herewith, or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, such obligations or their creation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) none of Parent, the Company nor any Sponsor Party shall have any right of recovery under this letter agreement against the Sponsor or any Sponsor Party, whether by piercing of the corporate veil, by or through a claim on behalf of Parent against the Sponsor or any Sponsor Party, or otherwise, except for the Sponsor's obligation to capitalize Parent under and to the extent provided in this letter agreement and subject to the terms and conditions hereof.

Each of Parent and the Company agrees that it shall not, and it shall not be permitted to, institute, and shall cause its Affiliates not to institute, any Legal Proceeding (whether in tort, contract or otherwise) arising under, or in connection with, the Agreement or the transactions contemplated thereby, or in respect of any oral representations made or alleged to have been made in connection therewith, against the Sponsor or any Sponsor Party, except for claims solely against the Sponsor under this letter agreement.

Notwithstanding anything to the contrary provided in this letter agreement, nothing provided in this Section 6 shall be deemed to limit the Company's rights and remedies under (i) the Retained Rights, or (ii) claims by the Company to specifically enforce this letter agreement pursuant to and subject to the limitations of this letter agreement.

7. <u>Entire Agreement</u>. This letter agreement contains all of the terms, conditions and representations and warranties agreed to among Parent, the Sponsor and the Company relating to the subject matter of this letter agreement and supersedes all prior and contemporaneous agreements, negotiations, correspondence, undertakings and communications of the parties or their representatives, oral or written, respecting such subject matter, except for the Agreement and the other agreements related thereto and entered into on the date hereof (including the Limited Guarantee).

8. <u>Governing Law and Dispute Resolution</u>. Sections 9.9, 9.10 and 9.11 (*Governing Law; Consent to Jurisdiction; and Waiver of Jury Trial*) of the Agreement shall apply to this letter agreement *mutatis mutandis*.

9. <u>Amendments and Waivers</u>. No amendment or waiver of any provision of this letter agreement shall be valid or binding unless it is in writing and signed, in the case of an amendment, by Parent and the Sponsor or, in the case of a waiver, by the party against whom the waiver is to be effective and, in each case, consented to in advance in writing by the Company. This letter agreement may only be terminated in accordance with <u>Section</u> <u>3</u> hereof.

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10. <u>Interpretation</u>. Notwithstanding the fact that this letter agreement has been drafted or prepared by one of the parties, the parties hereto confirm that they and their respective counsel have reviewed, negotiated and adopted this letter agreement as the joint agreement and understanding of the parties hereto and the language used in this letter agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any Person. In the event an ambiguity or question of intent or interpretation arises with respect to this letter agreement, the terms and provisions of the execution version of this letter agreement shall control and prior drafts of this letter agreement shall not be considered or analyzed for any purpose (including in support of parol evidence proffered by any Person in connection with this letter agreement).

11. <u>Confidentiality</u>. This letter agreement shall be treated as confidential by Parent and the Company and is being provided to Parent (and made available to the Company) solely in connection with the transactions contemplated by the Agreement. This letter agreement may not be used, circulated, quoted or otherwise referred to in any document (other than the Agreement and the Limited Guarantee), except with the written consent of the Sponsor; <u>provided</u>, that no such written consent shall be required for disclosures by Parent to the Company, Opco or any of their respective representatives so long as the Company, Opco and such representatives agree to keep such information confidential on terms substantially identical to the terms contained in this Section 11. Notwithstanding the foregoing, Parent and the Company may disclose the existence of this letter agreement: (i) to the extent required by law or the applicable rules of any national securities exchange or required (or requested by the SEC) in connection with any SEC filings related to the Mergers (including any 8-K or proxy statement), or required or requested by interrogatory, subpoena, civil investigative demand or similar process so long as the disclosing party (a) promptly notifies the Sponsor in reasonable detail of the circumstances giving rise to such required disclosure, and (b) uses its reasonable best efforts to give the Sponsor an opportunity to comment on such disclosure and to in good faith consider such comments therein; (ii) in connection with the enforcement of rights under this letter agreement or the Agreement; or (iii) to their respective representatives who need to know in connection with the transactions contemplated by the Agreement or hereby so long as such representatives are obligated to keep such information confidential on terms no less restrictive than the terms contained in this Section 11.

12. <u>Counterparts</u>. This letter agreement may be executed in multiple counterparts (including by means of electronically transmitted (including in .pdf or .tif formats) signature pages and including DocuSign or similar electronic signatures), all of which, taken together, shall constitute one and the same letter agreement.

13. <u>Severability</u>. Whenever possible, each provision of this letter agreement shall be interpreted in such manner as to be effective and valid under law, but if any provision of this letter agreement is held to be prohibited by or invalid under law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this letter agreement; <u>provided</u>, <u>however</u>, that this letter agreement may not be enforced (a) without giving effect to the provisions in Sections 1, 5 and 6 of this letter agreement or (b) in a manner which would require the Equity Commitment to be funded at any time prior to the Closing other than when required pursuant to Section 1. Upon such determination that any term or other

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provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this letter agreement so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by law in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible.

*[Remainder of page intentionally left blank]* 

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| GENERAL ATLANTIC PARTNERS 100, L.P. | GENERAL ATLANTIC PARTNERS 100, L.P. |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |

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Accepted and agreed to as of the date first written above:

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| | |
|:---|:---|
|  GLOW MIDCO, LLC | GLOW MIDCO, LLC |
| By: | /s/ Gordon Cruess |
|  | Name: Gordon Cruess |
|  | Title: Managing Director |

---

*[Signature Page to Equity Commitment Letter]*

## Ex-99.(F)

**Exhibit F** 

**Section 262 of the Delaware General Corporation Law** 

§ 262. Appraisal rights

(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 § 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.

(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 § 251 (other than a merger effected pursuant to § 251(g) of this title), § 252, § 254, § 255, § 256, § 257, § 258, § 263, § 264, § 266 or § 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 § 265 or § 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 § 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 § 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 § 251(f) of this title.

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&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 § 251, § 252, § 254, § 255, § 256, § 257, § 258, § 263, § 264, § 266 or § 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;&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;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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 § 253 or § 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.]

(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 § 266 of this title or a transfer, domestication or continuance effected pursuant to § 390 of this title. If the certificate of incorporation contains such a provision, the provisions of this section,

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including those set forth in subsections (d), (e), and (g) of this section, shall apply as nearly as is practicable.

(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 § 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 § 114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section (and, § 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the merger, consolidation, conversion, transfer, domestication or continuance was approved pursuant to § 228, § 251(h), § 253, or § 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

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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 § 114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section (and § 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 § 251(h) of this title, within the later of the consummation of the offer contemplated by § 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 § 251(h) of this title, later than the later of the consummation of the offer contemplated by § 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

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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.

&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.

(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

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of a merger approved pursuant to § 251(h) of this title, the aggregate number of shares (other than any excluded stock (as defined in § 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 § 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.

(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.

(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 § 253 or § 267 of this title.

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(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.

(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.

(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.

(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

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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.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

 **Calculation of Filing Fee Tables** <br>

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Transaction Valuation**  | **Fee Rate**  | **Amount of Filing Fee**  |
| Fees to be Paid | 1 | $194148250.20 | 0.0001381 | $26811.87 |
| Fees Previously Paid |  |  |  |  |
|  | Total Transaction Valuation: | $194148250.20  |  |  |
|  | Total Fees Due for Filing: |  |  | $26811.87  |
|  | Total Fees Previously Paid:  |  |  | $0.00  |
|  | Total Fee Offsets:  |  |  | $26811.87  |
|  | Net Fee Due:  |  |  | $0.00  |

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 **Offering Note** <br>

<sup>1</sup> Capitalized terms used below but not defined herein shall have the meanings assigned to such terms in the Agreement and Plan of Merger, dated as of February 9, 2026, by and among Glow Midco, LLC, Glow Merger Sub 1, Inc., Glow Merger Sub 2, LLC, European Wax Center, Inc. (the "Company") and EWC Ventures, LLC ("Opco"). Title of each class of securities to which the transaction applies: Class A Common Stock of the Company, par value $0.00001 per share ("Class A Common Stock"); Class B Common Stock of the Company, par value $0.00001 per share ("Class B Common Stock"); and common limited liability interests in Opco ("Opco Common Units"). Aggregate number of securities to which transaction applies: As of the close of business on March 4, 2026, the maximum number of securities of the Company to which this transaction applies is estimated to be 34,991,465, which consists of: (a) 29,161,124 issued and outstanding shares of Class A Common Stock entitled to receive the Class A Per Share Price of $5.80 per share (which excludes Cancelled Company Class A Shares, Dissenting Company Shares and GA Shares); (b) 812,396 issued and outstanding shares of Class B Common Stock entitled to receive the Class B Per Share Price of $0.00001 per share (which excludes Cancelled Company Class B Shares, Dissenting Company Shares and GA Shares); (c) 812,396 issued and outstanding Opco Common Units entitled to receive Opco Per Unit Price of $5.79999 per unit (which excludes any Cancelled Opco Units and the Excluded Opco Units); (d) 1,430,642 shares of Class A Common Stock underlying outstanding Vested Company RSUs that are entitled to receive the Class A Per Share Price of $5.80 per share; (e) 1,569,907 shares of Class A Common Stock underlying outstanding Unvested Company RSUs that are entitled to receive a Converted Cash Award equal to the Class A Per Share Price of $5.80 per share; (f) 200,000 shares of Class A Common Stock underlying outstanding Company Restricted Stock that is entitled to receive the Class A Per Share Price of $5.80 per share; (g) No shares of Class A Common Stock underlying Vested Company Options that have an exercise price of less than $5.80 that are entitled to receive the excess of $5.80 over the exercise price per share of Class A Common Stock underlying such Vested Company Option; and (h) 1,005,000 shares of Class A Common Stock underlying Unvested Company Options that have an exercise price of less than $5.80 that are entitled to receive a Converted Cash Award equal to the excess of $5.80 over the exercise price per share of Class A Common Stock underlying such Vested Company Option. Per unit price or other underlying value of transaction computed pursuant to Rule 0-11 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (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 March 4, 2026, the underlying value of the transaction was calculated as the sum of: (a) the product of 29,161,124 shares of issued and outstanding Class A Common Stock and the Class A Per Share Price of $5.80 per share; (b) the product of 812,396 shares of issued and outstanding Class B Common Stock and the Class B Per Share Price of $0.00001 per share; (c) the product of 812,396 Opco Common Units and the Opco Per Unit Price of $5.79999 per unit; (d) the product of 1,430,642 shares of Company Class A Common Stock underlying outstanding Vested Company RSUs and the Class A Per Share Price of $5.80 per share; (e) the product of 1,569,907 shares of Class A Common Stock underlying outstanding Unvested Company RSUs that are entitled to receive a Converted Cash Award and the Class A Per Share Price of $5.80 per share; (f) the product of 200,000 shares of Company Class A Common Stock underlying outstanding Company Restricted Stock and the per share merger consideration of $5.80; (g) no shares of Class A Common Stock underlying Vested Company Options that have an exercise price of less than $5.80 that are entitled to receive the excess of $5.80 over the exercise price per share of Class A Common Stock underlying such Vested Company Option; and (h) the product of 1,005,000 shares of Company Class A Common Stock underlying Unvested Company Options that are entitled to receive a Converted Cash Award and $1.73 (which is the difference between the per share merger consideration of $5.80 and the weighted average exercise price of $4.07 per share). In accordance with Section 14(g) of the Exchange Act, the filing fee was determined by multiplying the assumed transaction value calculated in the preceding sentence by 0.00013810.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Registrant or Filer Name | Form or Filing Type | File Number | Initial Filing Date | Filing Date | Fee Offset Claimed | Fee Paid with Fee Offset Source |
| Fee Offset Claims | 1 |  | Schedule 14A | 001-40714 | 03/11/2026 |  | $26811.87 |  |
| Fee Offset Sources | 2 | European Wax Center, Inc. | Schedule 14A | 001-40714 |  | 03/11/2026 |  | $26811.87 |

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 **Explanation of the basis for claimed offset:** <br>

<sup>1</sup> The Company previously paid $26,811.87 upon the filing of its Preliminary Proxy Statement on Schedule 14A on March 11, 2026 in connection with the transaction reported hereby.

 **Offset Note** <br>

<sup>2</sup> The Company previously paid $26,811.87 upon the filing of its Preliminary Proxy Statement on Schedule 14A on March 11, 2026 in connection with the transaction reported hereby.