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Investor Presentaiton

$ 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
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