#1Investor Presentation April 2022 T TARGET HOSPITALITY#2Disclaimer TARGET HOSPITALITY Cautionary Statement Regarding Forward-Looking Statements This presentation contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. Management cautions that any or all of Target Hospitality's forward-looking statements may turn out to be wrong. Please read Target Hospitality's annual, quarterly and current reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, including its 2021 Form 10-K filed on March 11, 2021, for additional information about the risks, uncertainties and other factors affecting these forward-looking statements and Target Hospitality generally. Target Hospitality's actual future results may vary materially from those expressed or implied in any forward-looking statements. All of Target Hospitality's forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements. In addition, Target Hospitality disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. Non-GAAP Financial Measures This presentation contains historical non-GAAP financial measures including EBITDA, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit margin, Discretionary Cash Flow and Discretionary Cash Flow Yield. Reconciliations of these historical measures to the most directly comparable GAAP financial measures are contained herein. This presentation also contains forward-looking non-GAAP financial measures. Reconciliations of these forward-looking measures to their most directly comparable GAAP financial measures are unavailable to Target Hospitality without unreasonable effort. We cannot provide reconciliations of forward- looking Adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted, such as the provision for income taxes. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to us without unreasonable effort. Although we provide a range of Adjusted EBITDA that we believe will be achieved, we cannot accurately predict all the components of the Adjusted EBITDA calculation. To the extent required, statements disclosing the definitions, utility and purposes of these measures are set forth in our earnings press release for the fourth quarter and year ended 2021, which is available on our website free of charge at www.TargetHospitality.com. Investor Presentation | 2#3Target Hospitality (NASDAQ: TH) North America's Largest Provider of Comprehensive Hospitality Solutions TH operates North America's largest network of geographically relocatable assets with 14,743 average available beds across 27 locations TH leverages a premier network and first-class customer base, which provides increased revenue visibility through minimum revenue commitment contracts and customer exclusivity provisions Servicing a diversified customer base including Government and non- profits in support of humanitarian aid efforts Utilizing distinct core competencies to provide a comprehensive suite of hospitality solutions WYOMING NORTH DAKOTA OKLAHOMA Key Differentiating Attributes T North America's Largest Network Premier Customers Diversified Service Offerings T Exceeding Analyst Expectation TARGET HOSPITALITY Strategically located network creates scale and flexibility that continues to drive profitability Long-standing customer relationships; > 4 yrs. wtd. avg. contract duration and +90% contract renewal rate drives visibility Distinct core competencies provide unique opportunities to drive value enhancing diversification Executing against expectations, with seven consecutive quarterly "Beats" versus analyst estimates NEW MEXICO PP TEXAS ® TARGET HOSPITALITY LOCATIONS HFS SOUTH GOVERNMENT HFS MIDWEST OTHER LTM Total Revenue (1) Government 54% $291.3 HFS and Other(3) 46% LTM Discretionary Cash Flow ("DCF") Yield(2) 32% (1) $ in millions, total consolidated revenue for the twelve months ended December 31, 2021 (2) Defined as Discretionary Cash Flow for the twelve months ended December 31, 2021 divided by total consolidated revenue for the twelve months ended December 31, 2021. Discretionary Cash Flow is a non-GAAP financial measure; see appendix for a reconciliation to GAAP measures (3) Includes HFS-South, HFS- Midwest, TCPL Keystone and All Other segments Investor Presentation | 3#4Differentiated & Compelling Investment Opportunity C C TARGET HOSPITALITY 00 C TARGET HOSPITALITY Leading provider of full turnkey vertically integrated modular accommodations and value-added hospitality services with powerful unit economics Strong presence in core end markets providing critical service offerings to a diversified customer base through a unique value enhancing business model T T C C Proven track record of execution on business transformation initiatives Substantial visibility from highly contracted revenue with high renewal rates T Highly attractive financial profile with best-in-class margins and strong cash flow conversion T Multiple growth levers underpinned by strength in core offerings Investor Presentation | 4#5$ in thousands Powerful Unit Economics Inputs: Community Size: Investment: ADR / COGS: 500 Beds $61,000 per bed $76/$51 Minimal Recurring Maintenance Capital $110,000 $90,000 $70,000 $50,000 Base Case 20-year Investment Returns¹ $30,000 $31mm Investment $10,000 ($10,000) 4.5 Years Estimated Outputs¹: Annual Revenue: $14 million ■ Adj. EBITDA²: $7 million - Cumulative Adj. EBITDA (20 years) 2: $106 million Payback Period: 4.5 years IRR (20 year): 27% TARGET HOSPITALITY $106 million Cumulative Adj. EBITDA12 Superior Unit Economics Market leading position creates opportunity to efficiently grow capacity to match customer demand Strategically located premier network supports focused capital deployment to only the highest return opportunities Superior unit economics create unique investment opportunities while generating compelling returns All capital investment is underwritten by contracts, with no speculative building ($30,000) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Years 15 15 16 17 18 19 20 (1) Base case potential investment returns are for illustrative purposes only. Such outcomes are not guaranteed and are subject to certain uncertainties beyond the Company's control. The Company does not intend to update as circumstances change. (2) Information reconciling estimated forward-looking Adjusted EBITDA to GAAP financial measures is unavailable to the Company without unreasonable effort, and therefore, no reconciliation to the most comparable GAAP measures is provided. Investor Presentation | 5#6TARGET HOSPITALITY Diversified Value-Enhancing Business Model Strategically Focused on Enhancing Value through a Balanced Portfolio of Service Offerings Premier Network Network size and scale provide efficient operating structure and promote meaningful strategic advantages in servicing a diversified customer base Distinct Core Competencies Best in class customers find increasing value in Target's distinctive set of core competencies which provide the basis for comprehensive hospitality solutions including: - Food Management - Workforce Accommodations - Logistics - Lodging Infrastructure - Facilities Maintenance - Premium Catering Unique Capabilities Target's premium service offerings provide the basis for expanding its commercial reach beyond its core accommodations platform while unlocking value within its existing core competencies. Target's suite of comprehensive hospitality service offerings and unique capabilities translate across a variety of end markets, creating multiple growth vectors to further enhance value. Creating Value with Existing Core Competencies Utilizing existing capabilities to identify and pursue high growth opportunities, with limited infrastructure capital, generating industry leading returns on invested capital Diversified customer base creates unique opportunities to accelerate value creation across multiple growth platforms Estimated Full Year 2022 Total Revenue (1) Government 55% HFS and Other(3) 45% $330.0 Estimated 2022 Average Available Beds (2) Government 43% 14,979 HFS and Other(3) 57% (1) Represents mid-point of 2022 financial outlook, as announced on March 10, 2022 (2) Represents anticipated average available beds as of December 31, 2022. Comprised of 6,400 available Government beds and 8,579 available HFS and Other beds (3) Includes HFS-South, HFS- Midwest, TCPL Keystone and All Other segments Investor Presentation | 6#7Proven Track Record of Business Transformation TARGET HOSPITALITY Business Profile 2014 Provider of turnkey specialty rental units to niche customer Highlights / Key Initiatives Predominately focused in HFS- Midwest region TARGET HOSPITALITY 2019 Largest provider of vertically-integrated hospitality services Focused concentration on high growth regions with large long-term oriented customers 2022 North America's largest provider of full turnkey hospitality solutions and holistic support services Strategically positioned to accelerate growth through a balanced portfolio of service offerings 6% 6% 56% Business Mix HFS Midwest 44% 100% Energy 21% HFS South End Market Focused Government Customer Diversity Upstream oil field services and select midstream customers Network Scale Available Beds 10 Communities 5,185 0 55% 67% HFS South 80% Energy End Market Focused Government 45% HFS and Other Over 50% Government Services End Market Diversified energy end market customers and US Government Fully-integrated natural resource development and service companies with a growing concentration serving the US Government 20 Communities 12,004 27 Communities +14,740 Investor Presentation | 7#8Contract Structure Drives Long-Term Revenue Visibility Multiyear Contracts Provide Greater Visibility on Long-Term Revenue and Cash Flow Attractive Exposure to Multiple End Markets Supports Diversified Revenue Weighted Average Contract Length >4 Years T Hospitality and Facilities Services Long-standing relationships with the world's largest companies, providing enhanced revenue visibility via minimum revenue commitments Strength of customer base drives continued success Top 7 HFS customers average enterprise value ~$98Bn Multi-year history of +90% renewal rate Contract structure, including exclusivity, provides foundation for increasing effective market share as commercial activity and demand increase ~$95 million of minimum revenue commitments through 2026 Government Services TARGET HOSPITALITY Legacy 2,400 bed government services contract extended through 2026, Securing ~$265 million in minimum revenue commitments Providing critical hospitality solutions for displaced persons through an annualized ~$130 million minimum revenue contract supporting humanitarian aid efforts ~$395 million of minimum revenue commitments backed by U.S. Government Positions Target to potentially expand service offerings supporting critical humanitarian aid efforts and local communities Minimum Revenue Commitments of ~$490 million 2022 2023 2024 2025 2026 Investor Presentation | 8#9Providing Critical Support of Humanitarian Aid Efforts Reliable Serving Vulnerable People in Crisis Situations TARGET HOSPITALITY Trusted provider of comprehensive hospitality solutions across three Presidential administrations Providing premium accommodation service offerings to the U.S. Government since 2014 Target's operational scale and efficiencies support the ability to quickly respond to varying customer needs Caring and Holistic Partnership Providing safe, clean and comfortable hospitality solutions for vulnerable populations Best-in-class communities with interactive educational services, recreational facilities and comprehensive medical treatment capabilities Compassionate and effective accommodation services for displaced persons and disadvantaged family units Largest provider of permanent hospitality solutions supporting the United States Government and their humanitarian aid efforts Ensuring basic human needs are met to alleviate the pressures of desperate situations Investor Presentation | 9#10Growth Aspirations C Investor Presentation | 10#11Multiple Value Enhancing Growth Levers 1 Strength in Core Offerings Underpins Multiple Avenues to Accelerate Growth 2 Continued Growth of Legacy HFS Business C 曱 Organic growth from continued strength in customer activity and demand 3 TARGET HOSPITALITY T Expansion of Government Service Offerings Extension in Adjacent T Commercial End Markets C Leverage reputation and Identified pipeline of execution track record to further penetrate U.S. Government Services market T opportunities leveraging Target Hospitality's core competencies Utilizing market leading position and strong cash generation to self-fund growth initiatives Strategic Acquisitions Accelerate organic growth with disciplined pursuit of highly strategic acquisitions Investor Presentation | 11#121 Managing Legacy Portfolio TARGET Established Platform North America's largest strategically located network supports an efficient operating structure and provides the optimal foundation to match growing customer demand with minimal capital requirements 27 Premier Communities World Class Customers Top-tier natural resource development customers find enhanced value in the scale and flexibility of Target's world class network, which supports their comprehensive and dynamic labor allocation requirements +47% 2021 labor allocation Proven Results Established scale and premier network supports strong customer demand, best- in-class operating margins, while generating significant discretionary cash flow 32% LTM DCF Yield1 Cash Generation Creates Optimal Scenario to Self-Fund Attractive Growth Opportunities HOSPITALITY Investor Presentation | 12 (1) Defined as Discretionary Cash Flow for the twelve months ended December 31, 2021 divided by total consolidated revenue for the twelve months ended December 31, 2021. Discretionary Cash Flow is a non-GAAP financial measure; see appendix for a reconciliation to GAAP measures#132 Growing Government Service Offerings Premier Provider Established provider of premier comprehensive hospitality solutions to the United States Government, supporting the two largest permanent hospitality solutions for the Governments humanitarian aid efforts 2 Intentional Focus Intentionally increased exposure to the attractive government services end market, focused on high-grading contracts and expanding Target's growth pipeline 6,400 Beds +54% of 2021 Revenue Established Presence Expanded presence across multiple agencies creates broad reaching opportunities to extend reach beyond core accommodations platform Multiple Agencies Served Strategic Opportunities to Expand Reach Across Agencies, Geographies and Service Offerings TARGET HOSPITALITY Investor Presentation | 13#14Extending Reach to Adjacent End Markets TARGET HOSPITALITY Superior Capabilities Individual elements of Target's existing core service offering provide unique opportunities to pursue attractive growth opportunities ~11 Million Annual Meals Served¹ Strong Presence Strong national presence creates a platform to expand geographical reach into a wide range of industry applications, while significantly expanding Target's long- term growth pipeline Top 5 U.S. Food Purchaser² Holistic Offerings Utilizing existing core competencies to broaden service offerings across a variety of business and commercial applications +3.2 Million Sq. Ft. Managed¹ Target's Unique Capabilities Create Compelling Opportunity Sets in Naturally Adjacent End Markets (1) Statistics based on Target's 2021 results of operations (2) Based on 2021 actual food purchases from Target's global wholesale food distributor's hospitality division Investor Presentation | 14#15Financial Strength C Investor Presentation | 15#16Impressive 2021 Financial Performance Significant Cash Flows Strengthens Operational Flexibility & Supports Value Creation Full Year 2021 Highlights Generated revenue of $291.3 million and Adjusted EBITDA (1) of $119.2 million Strengthening demand fundamentals supported strong 2021 financial results, exceeding the mid-point of 2021 Adjusted EBITDA outlook by 7% Meaningful cash generation with operating cash flow of $104.6 million and Discretionary Cash Flow ("DCF")(1) of $92.9 million Continued strengthening customer demand with fourth quarter 2021 utilization of 77%, representing the fifth consecutive increase in quarterly utilization Premier customer diversification with ~54% of 2021 revenue tied to minimum revenue contracts backed by the United States Government Exceeding analyst expectations with seven consecutive quarterly "Beats" versus estimates (1) Adjusted EBITDA and Discretionary Cash Flow are non-GAAP financial measures; see appendix for a reconciliation to GAAP measures (2) As of December 31, 2021 (3) Total net leverage ratio is defined in the credit facility as consolidated total net debt to consolidated EBITDA for the preceding four fiscal quarters Consistently Enhancing Financial Strength TARGET HOSPITALITY Improved net leverage ratio by 58% since the beginning of 2021 Significant financial flexibility, with more than $148 million of total available liquidity (2) and net leverage (2)(3) of 2.7x Meaningfully Promoting Capital Flexibility Impressive execution on focused debt reduction, significantly enhancing financial strength and operational flexibility $ in millions 100% $80 $70 $60 $50 $40 $80 $30 $20 $10 $- Cumulative 2021 Debt Reduction December 31, 2021 Investor Presentation | 16#17Strategic Principles Support Positive Momentum Continued Strength in Core Business and Customer Demand Diversification of End-Markets Provides Strong Revenue Visibility Generating Meaningful Discretionary Cash Flow T Estimated Full Year 2022 Revenue Approximately 71% of expected full year 2022 revenue has committed payment provisions and approximately 92% is under contract, including exclusivity TARGET HOSPITALITY 2022 Preliminary Financial Outlook (1) Sustained momentum and strong business fundamentals promotes increased commercial activity and continued strengthening customer demand Target's strong foundation and enhanced financial position creates the opportunity to continue pursuing strategic value enhancing growth initiatives 100% 80% 60% Preliminary Full Year 2022 Outlook Range Adjusted EBITDA (2) Total Capital Spending (3) SSS $ 325 $ 335 $ 125 $ 135 $ 12 $ 17 92% ($ in millions) 40% Total Revenue 71% 20% 0% Committed Under Contract (1) As provided on March 10, 2022 (2) Information reconciling forward-looking Adjusted EBITDA to GAAP financial measures is unavailable to the Company without unreasonable effort, and therefore, no reconciliation to the most comparable GAAP measures is provided for the 2022 preliminary financial outlook (3) Total capital expenditures, excluding acquisitions Investor Presentation |17#18Enhanced Balance Sheet and Liquidity Liquidity of +$148 million (1) $340(2) million of 9.5% senior secured notes, maturing March 2024 $ in millions Cash and Cash Equivalents TH Capitalization and Liquidity ABL Facility - $125 million capacity Zero outstanding borrowings on $125 million asset-based Senior Secured Notes credit facility, maturing September 2023(1) Capital Leases and other financing obligations Total Debt Net Debt Total Liquidity SA TARGET HOSPITALITY 12/31/2021 23.4 340.0 1.4 $ 341.4 318.0 148.4 $ in millions $400 TH Debt Maturity Profile ($MM) $350 $300 $250 No Near-Term Maturities $200 $150 $100 $50 (1) As of December 31, 2021 (2) Excludes unamortized discount and deferred financing costs 9.5% Notes $340 $125 ABL $125 2022 2023 2024 Investor Presentation | 18 ■Outstanding Available#19Efficient Capital Deployment Drives Returns TARGET HOSPITALITY Target's efficient operating structure and unique capabilities, create a highly scalable business model, providing the foundation to meet increasing customer demand with little incremental capital High quality contracts support meaningful cash generation, coupled with minimal capital spending, results in industry leading Return on Invested Capital These attributes, along with minimal projected near-term capital spending, should continue to support strong returns and meaningful cash generation $ in millions $700 $600 $500 $400 $300 $200 $100 $0 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1'20 Q2 '20 Q3 '20 Q4'20 Q1'21 Q2 '21 Q3 '21 Q4'21 2022 *+ ■Cumulative Capital Spending ■Cumulative Adj. EBITDA(1) (*) 2022 projected Adj. EBITDA and total capital spending outlook imply performance in-line with the preliminary full-year 2022 financial outlook as provided on March 10, 2022 (+) Information reconciling forward-looking Adjusted EBITDA to GAAP financial measures is unavailable to the Company without unreasonable effort, and therefore, no reconciliation to the most comparable GAAP measures is provided for the 2021 outlook (1) Adjusted EBITDA is a non-GAAP financial measure; see appendix for a reconciliation to GAAP measures Investor Presentation | 19#20TARGET HOSPITALITY Top Tier Financial Metrics Support Premium Valuation Achieving Best-in-Class Operating Margins Generating Significant Discretionary Cash Flow Margin Profile, Cash Flow and Diversified Customer Base Supports Multiple Expansion LTM Adjusted Gross Profit Margin (1) Current EV to Adjusted EBITDA(2)(3) 60% 50% 40% Average 28% 30% 20% 10% 1 12.0x 53% 10.0x 8.0x Average 8.4x 7.0x 6.0x 4.0x 2.0x 0% 0.0x VSEC VEC ABM DXT CVEO BV DSEY FTDR TH VEC CVEO DXT TH BV VSEC ABM FTDR DSEY Investor Presentation | 20 (1) For the twelve months ended December 31, 2021. Represents trailing twelve months gross profit adjusted for non-cash depreciation and amortization expense divided by trailing twelve months revenue. Adjusted Gross Profit Margin is a non-GAAP measure; see appendix for a reconciliation to GAAP measures. (2) Represents current EV divided by Bloomberg consensus estimates of next four quarters of Adjusted EBITDA as of April 4, 2022. For illustrative purposes only. Such outcomes are not guaranteed and are subject to certain uncertainties beyond the Company's control. The Company does not intend to update as circumstances change. (3) Information reconciling forward-looking Adjusted EBITDA to GAAP financial measures is unavailable to the Company without unreasonable effort, and therefore, no reconciliation to the most comparable GAAP measures is provided for the 2021 outlook#21Appendix C Investor Presentation | 21#22TARGET HOSPITALITY Consistent and Predictable Revenue Visibility +80% of Historical Quarterly Revenue Committed or Included Exclusivity ⑰Contract structure, including exclusivity, provide consistent and predictable quarterly revenue ⑰ Emphasizing importance of consistent customer renewal rate of +90% 2019 Committed + Exclusivity 82% 2020 Committed + Exclusivity 82% 2021 Committed + Exclusivity 92% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1'20 Q2 '20 Q3 '20 Q4'20 Q1'21 Q2 '21 Q3 '21 Q4'21 Tier I Committed Tier II - Exclusivity Renewal Rate Investor Presentation | 22#23All Inclusive Service Offerings TARGET HOSPITALITY Full Turnkey Culinary Services Technological Services Full Turnkey Maintenance Services Supply Chain Services Full Turnkey Facilities Management Full Turnkey Janitorial Services Full Turnkey Transportation Services Site Services Safety and Security Services Waste Management Services Utilities Services Administrative Services Investor Presentation | 23#24Non-GAAP Reconciliations Target Hospitality Corp. Reconciliation of Net Income to EBITDA, Adjusted EBITDA ($ in thousands) For the Three Months Ended December 31, For the Twelve Months Ended December 31, For the Thirty-Six Months Ended December 31, 2021 2021 2020 2021 2020 Total Revenue Net income (loss) Income tax expense (benefit) $ 81,691 $ 51,610 $ 291,337 $ 225,148 837,581 $ 2,800 $ (9,317) $ (4,576) $ 1,766 (3,268) 1,904 (25,131) (8,455) $ (17,734) 1,053 Interest expense, net 9,646 9,921 38,704 40,034 112,137 Loss on extinguishment of debt 907 Other depreciation and amortization 4,810 3,094 16,910 15,649 48,040 Depreciation of specialty rental assets 12,967 12,808 53,609 49,965 146,997 EBITDA $ 31,989 $ 13,238 $ 106,551 $ 72,062 $ 291,400 Adjustments: Transaction bonus amounts 28,519 Officer loan expense 1,583 Target Parent selling, general, and administrative costs Restructuring costs Currency Loss (Gain), net Other expense (income), net 99 322 878 416 Transaction expenses 597 1,198 979 Acquisition-related expenses Stock-based compensation 1,484 784 5,082 3,592 246 168 (206) 9,412 12,199 370 10,200 Change in fair value of warrant liabilities (533) 107 1,067 (2,347) Other adjustments Adjusted EBITDA 704 715 4,400 3,786 (7,199) 10,162 $ 33,743 $ 15,763 $ 119,176 $ 78,488 $ 356,854 TARGET HOSPITALITY Investor Presentation | 24#25Non-GAAP Reconciliations Target Hospitality Corp. Reconciliation of Net cash provided by operating activities to Discretionary cash flow ($ in thousands) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2021 2020 2021 2020 Total Revenue Net cash provided by operating activities Less: Maintenance capital expenditures for specialty rental assets Discretionary cash flows Purchase of specialty rental assets Purchase of property, plant and equipment 81,691 $ 51,610 291,337 $ 225,148 5,151 $ 18,188 104,599 $ 46,781 (3,252) (122) (11,659) (888) 1,899 $ 18,066 $ 92,940 $ 45,893 (11,780) (576) (35,488) (12,177) (127) (198) (427) (381) Proceeds from sale of specialty rental assets and other property, plant and equipment 113 990 Receipt of insurance proceeds 619 Net cash used in investing activities Principal payments on finance and capital lease obligations Proceeds from borrowings on finance and capital lease obligations (11,907) $ (661) $ (35,915) $ (10,949) (479) (928) (4,172) (11,581) 3,286 13,437 Principal payments on borrowings from ABL (22,000) (76,000) Proceeds from borrowings on ABL 28,000 (74,500) 42,500 Restricted shares surrendered to pay tax liabilities (15) (99) (221) Purchase of treasury stock (5,318) Net cash provided by (used in) financing activities Discretionary Cash Flows Yield % to Total Revenue (479) $ 2% (19,657) 35% $ (52,271) $ (35,683) 32% 20% TARGET HOSPITALITY Investor Presentation | 25#26Non-GAAP Reconciliations Target Hospitality Corp. Reconciliation of Gross Profit to Adjusted gross profit and Adjusted gross profit margin ($ in thousands) Total Revenue Gross Profit Adjustments: For the Twelve Months Ended December 31, 2021 EA 291,337 101,350 Depreciation of specialty rental assets Adjusted gross profit $ 53,609 154,959 Adjusted gross profit margin 53% TARGET HOSPITALITY Investor Presentation | 26#27C 코 TARGET HOSPITALITY TARGET HOSPITALITY Investor Presentation | 27