The Company paid a dividend to its equity holders.

COMPANY
The Company is the world leader in private clubs. The Companies membership exceeds 400,000 across a network of more than 150 golf and country clubs, business clubs, sports clubs, and resorts.

EQUITY HOLDERS
The Company is majority owned by a private equity fund.

OUR ROLE
Pendo Advisors, LLC served as independent financial advisor to the board of directors of the Company and provided a capital adequacy opinion in connection with the transaction.