FIRST THERE S YOU. set your alarm for the SUNRISE. your intention for GRATITUDE. we ll inch your SOUL toward something new.

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set your alarm for the SUNRISE. your intention for GRATITUDE. we ll inch your SOUL toward something new. let s SHAKE THINGS UP. with chefs. artists. nutritionists. physicians. certified deburdeners. licensed listeners. personalized healers and professors of PEACE. now HEALTH IS YOUR WEALTH. experiences your luxury. nature your art. whisk away for QUALITY TIME with number one. and return home clearheaded. rebooted and ready. we open doors to you. YOU. FIRST THERE S YOU

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legacy of wellness celebrating bespoke experiences FIRST THERE S YOU We had few competitors when our first Canyon Ranch destination resort spa opened in 1979. Over the years, the healthy living landscape has exploded and we have grown with it. As we expand our wellness offerings, we do so with a commitment to the quality our brand has become synonymous with. From health spa to extreme fitness, medical wellness to spiritual and inspirational retreats, adventure vacations to luxury resort relaxation, we deliver exceptional experiences across all categories. TABLE OF CONTENTS 09 Motivation 15 Transformation 19 Passion 29 Selection 47 Expansion 55 Vision 67 Conversation Every Canyon Ranch stay is as unique as the individuals who spend time with us. Thanks to our expertise across multiple disciplines and our wide variety of services in the wellness space, we attract a diverse, multi-generational audience and deliver the tailored getaway they desire. We are in service of every guest affirming our commitment to the FIRST THERE S YOU philosophy. 3

The creation of Canyon Ranch stems directly from the experience of founder Mel Zuckerman, who overweight, sedentary and desperate checked himself into a fat farm in 1978. After just 10 days of physical training and healthy eating, he realized he felt wonderful, he d changed his life forever, and he wanted to help other people change theirs. Pursuing a vision of healthy living for everyone, Mel and his wife Enid opened the first Canyon Ranch destination resort spa in Tucson, Arizona in 1979. 1979 Opened the first Canyon Ranch wellness resort in Tucson, Arizona 1989 Established the Canyon Ranch wellness resort in Lenox, Massachusetts 1999 Launched our wellness spa + fitness concept servicing The Venetian Palazzo Resorts in Las Vegas 4

wellness inventors and innovators CANYON RANCH EVOLUTION legacy of wellness 2004 Set sail with our wellness spa concept now on 22 vessels and counting 2008-15 Developed and managed an oceanfront wellness concept Hotel + Spa in Miami Beach 2016-17 Developed and managed our first international resort in Kaplankaya, Turkey 2017 Crescent Real Estate and Goff Capital became the owners of Canyon Ranch in June. 2017 Introduced CR aesthetics and CR shops at our destination resort in Arizona. 5

6 Canyon Ranch is the world s recognized leader in healthy living and luxury spa vacations, with destination resorts and wellness spa + fitness club day facilities on land and at sea. We host guests from countries around the world, receive prestigious awards and accolades for our innovative approach to wellness, and are proud of an everexpanding number of strategic partnerships poised to bring even greater growth and development to the brand. 2017 Virtuoso Best of the Best Awards BEST WELLNESS PROGRAM Canyon Ranch Tucson Travel + Leisure 2017 World s Best Awards 10 BEST DESTINATION SPAS Canyon Ranch Lenox Boston Magazine s Best of Boston Awards BEST WELLNESS RETREAT Canyon Ranch Lenox Organic Spa Magazine BEST GOING SOLO Canyon Ranch Lenox Golf and Leisure Magazine BEST SPA IN LAS VEGAS Wellness spa + fitness club Las Vegas TripAdvisor CERTIFICATE OF EXCELLENCE Canyon Ranch Tucson & Canyon Ranch Lenox TripAdvisor #1 WELLNESS & SPA LOCATION IN LAS VEGAS Wellness spa + fitness club Las Vegas

legacy of wellness 2016 Forbes Travel Guide FOUR STAR Wellness spa + fitness club Las Vegas Andrew Harper BEST SPA RESORTS Canyon Ranch Tucson U.S. News & World Report Best Hotels #3 IN TUCSON BEST HOTELS Canyon Ranch Tucson Spafinder Wellness Travel Awards BEST IN THE U.S. Canyon Ranch Tucson BEST FOR FITNESS Canyon Ranch Tucson BEST FOR OUTDOOR ADVENTURE Canyon Ranch Tucson BEST FOR MIND & SPIRIT Canyon Ranch Tucson we punch above our weight BRAND AUTHORITY Spafinder Wellness Travel Awards, Continued BEST FOR MEDICAL Canyon Ranch Tucson BEST WEIGHT LOSS PROGRAM Canyon Ranch Tucson BEST FOR MEN Canyon Ranch Tucson & Wellness spa + fitness club Las Vegas Condé Nast Traveler Readers Choice Awards #20, TOP RESORTS IN NEW ENGLAND Canyon Ranch Lenox #19, TOP RESORTS IN TEXAS & THE SOUTHWEST Canyon Ranch Tucson 7

Canyon Ranch has been a wonderful 20-year partnership, and the single most interesting and enjoyable investment I have ever made. ohn C. Goff Chairman of Crescent Real Estate LLC Owner, Canyon Ranch

committed leadership MOTIVATION

synergy and fresh momentum EXCELLENCE MEETS EXTRAORDINARY Crescent Real Estate and Goff Capital became the owners of Canyon Ranch in June of 2017. Crescent s ownership brings new momentum to the brand, a history of excellence in customer service, and years of expertise managing and developing premier real estate holdings. The synergy between the partnership is rooted in our mutual dedication to the customer, and signals a genuine commitment to our FIRST THERE S YOU approach. Canyon Ranch is an extraordinary company, and has attracted extraordinary talent. The depth and breadth of the individuals that comprise our leadership is unparalleled. This talented team is passionate about wellness and committed to helping guests experience the benefits of healthy living while growing the Canyon Ranch brand. Our true north. A common goal. 10

carrying on the legacy CANYON RANCH LEADERSHIP SUSAN DOCHERTY Chief Executive Officer At the helm of the world s leading wellness brand, Docherty is carrying forward the company s history of excellence, inspiration and innovation. She has guided Canyon Ranch into its next chapter of growth, with milestones including our first international foray, the expansion of our wellness spa + fitness club At Sea across four renowned cruise lines, and the Canyon Ranch Living development, the Residences at Bellefontaine, at our Lenox resort. Docherty brings nearly three decades of branding, marketing and product innovation experience to her role, having held previous senior executive-level positions at General Motors in the United States, Europe and Asia. She is pleased to introduce key members of the Executive Team. committed leadership 11

THOMAS KLEIN President, Chief Operating Officer Klein directs all operational aspects of the business, including fiscal operating and planning, owner relations, and overseeing brand extensions and development opportunities. He has worked in the luxury hospitality industry for more than 30 years, managing multiple-unit properties globally for brands including Fairmont Hotels and Resorts and The Ritz-Carlton Hotel Company. JASON PHINNEY Chief Financial Officer Through Phinney s leadership and supervision of the accounting and finance departments, our capabilities have expanded exponentially to service our growth trajectory. He joined the executive team after a celebrated 17-year career with Crescent Real Estate Holdings, where he gained invaluable experience leading the financial health of privately-held and publicly-traded companies. GARY MILNER Chief Development Officer Milner has been instrumental in extending the brand to new audiences, helping to establish our award-winning wellness spa + fitness club in Las Vegas, codeveloping the same concept for our At Sea division, and negotiating several international resort and residential property transactions. A former private practice lawyer, he also serves as a legal advisor to various Canyon Ranch business entities. 12

carrying on the legacy CANYON RANCH LEADERSHIP committed leadership CYNDY NEIGHBORS Vice President of Marketing Neighbors created the Corporate Partnership Sales division when she joined Canyon Ranch in 2012, after two decades of owning a full-service advertising agency specializing in luxury products and services. In her current role, she leads the internal marketing team and works with agency partners to increase brand awareness through integrative campaigns. DENISE BRUZZONE Vice President of Sales A luxury hospitality veteran charged to drive sales enterprisewide, Bruzzone joined Canyon Ranch in March 2017. She brings more than 25 years of experience from global brands such as Mandarin Oriental, where she led efforts to grow market share and develop new business for 29 hotels in North and Latin America. PAROOL SHAH Vice President of Communications Shah was appointed to her current position in December 2016, after leading strategic communications for iconic, international luxury and lifestyle brands for more than 25 years. These brands include the City of Beverly Hills, Two Rodeo and The Ritz-Carlton Hotel Company, where she provided counsel to 44 hotels from Canada to Chile. 13

Canyon Ranch is a sanctuary where innovative experiences inspire and inform your journey to transformative wellness. Richard Carmona, MD, MPH, FACS Chief of Health Innovation, Canyon Ranch 17th Surgeon General of the United States Distinguished Professor of Public Health, University of Arizona

grounded luxury TRANSFORMATION

delivering true wellness OUR NOBLE PURPOSE We are committed to transformative wellness. Our holistic approach to healthy living, combined with a professional team of passionate wellness experts focused on our guests needs and goals, creates an experience that results in longlasting change. WE DELIVER Personalized solutions Precise scientific-based advice Preventative wellness Rx for living younger longer CONSUMER TRUTH In search of their good life BRAND TRUTH A wise sanctuary NOBLE PURPOSE Transformative wellness to live their fullest life 16

grounded luxury the magic of canyon ranch RELAX & RENEW Our guests come to Canyon Ranch desiring relaxation, renewed energy, or improved health and appearance. But what happens is bigger than a change in their physical state. Here, they have the opportunity and expert guidance to explore who they are, and discover what they need to move forward. This journey leads to lasting change a transformation of self. They leave healthier, more in tune with their bodies and minds, and empowered to be the best version of themselves. WE ARE Inspiring Real Nurturing Energized Humble Pioneers Intention-based 17

We have the vision and expertise to evolve our thinking beyond any one discipline integrating offerings across the entire spectrum of wellness. Molly Anderson Vice President of Experience Development, Canyon Ranch

transformative wellness PASSION

As a pioneer in lifestyle wellness, Canyon Ranch Health + Healing practices are unparalleled in the Wellness Resort and Spa industries. We have curated a team of renowned professionals to guide our immersive approach in the ever-changing world of Preventative Medicine. Our Health + Healing department blends classic and integrative medicine with nutrition, life management and spirituality. This integral department is led by three of the world s most sought-after thought leaders, known as our Wellness Triad. Together, they provide more than 100 years of combined expertise. A holistic approach to lifestyle wellness is at the root of our philosophy. In addition to Health + Healing, Canyon Ranch Fitness + Movement offers guests a plethora of activities, highlighting the magic of movement and its powerful effect on longevity. Ultimately, the soothing touch of our experienced Spa + Bodywork specialists complete the circle of wellness. 20 RICHARD CARMONA, MD, MPH, FACS Chief of Health Innovation 17th Surgeon General of the United States Distinguished Professor of Public Health, University of Arizona A renowned integrative medicine physician, trauma surgeon and global public health leader, Dr. Carmona s expertise drives innovation at Canyon Ranch, through his interactions with premier medical institutions and communities with the most distinguished minds in the industry. In addition to being a highly-sought keynote speaker, Dr. Carmona serves as an advisory expert to our Medical and Health + Healing professionals.

transformative wellness a holistic approach HEALTH + HEALING TRIAD MARK LIPONIS, MD Chief Medical Officer Canyon Ranch Executive Committee Member Board-certified internist and published expert on Integrative Preventative Health Dr. Liponis interacts with guests daily on-site in Lenox, Massachusetts. He is responsible for establishing the clinical standards for our team of practitioners throughout the organization, and cultivates our 360-degree approach to providing comprehensive integrative medical care. GARY FROST, PHD Health + Healing Officer Chairman, Canyon Ranch Health + Healing Ideation Team Academic Educator and Administrative Leader The original founding voice in the development of our Health + Healing division 30 years ago, Dr. Frost is an accomplished academic educator and administrative leader with decades of institutional knowledge. He is committed to ensuring that we remain the authoritative innovator in wellness. 21

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transformative wellness personal guidance for living a purposeful life SPIRITUALITY Our behavioral health, life management and spirituality experts are licensed listeners, guiding guests on a personalized path to improve their spiritual health. To cultivate better habits, reveal more optimistic and resilient natures, develop stress management techniques, and connect to what gives them purpose. Our guests discover they can cultivate a life of deeper spiritual purpose, meaning, and connection by bringing intention and awareness to healthy lifestyle choices. Stephanie Ludwig Director of Spiritual Wellness, Tucson 23

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transformative wellness the energy to live younger longer FIT FOR LIFE Morning hikes in the desert. Afternoon canoeing on the lake. Yoga at magic hour. Canyon Ranch infuses every stay with the power of regular exercise. It s the key to longevity, helps maintain a healthy weight, and is the single best prescription for stress management. Our exercise physiologists and professionals work with guests to design customized, effective and sustainable fitness programs that meet their individual needs and goals. Every day I see guests overwhelmed, broken down by the pace of the life they have created for themselves. Canyon Ranch provides a very much needed break and opportunity to come up for air and reassess their entire life pattern. Mike Siemens, MS Corporate Director, Exercise Physiology 25

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transformative wellness soothing the soul and the body BEYOND SPA More than relaxation, our curated menu of spa services encompasses everything from ancient techniques to the most in-demand treatments from around the world. Guests consult with stylists, therapists and licensed medical staff to personalize a treatment plan that promotes tranquility, immunity, inner confidence and healing. Many of our guests are the ones who take care of others; the ones who family and coworkers turn to; the ones who fix everything when they are with us they are allowed to just be and focus on themselves. Samantha Cooper Spa Director, Lenox 27

As we build the Canyon Ranch brand extensions and partnerships, we rely on our rich heritage and strong foundation. Susan Docherty Chief Executive Officer, Canyon Ranch

our brand portfolio SELECTION

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our brand portfolio 360-degree wellness CANYON RANCH TUCSON Our first resort spa location and year-round luxury vacation destination dedicated to transformative wellness. Every stay is custom-designed to meet guests specific goals and balance the mind, body and spirit. The Tucson resort features world-renowned facilities including Health + Healing, Life Enhancement, and Spiritual Wellness Centers. There are fitness studios and gyms; a full-service spa; Aquatic Complex; outdoor trails; and a High Ropes Challenge course. We also offer innovative and healthy culinary options with daily cooking demonstrations and workshops. SPOTLIGHT: LIFE ENHANCEMENT CENTER Through immersive and focused Transformative Wellness Week programs, guests experience our promise of 7 days to a better you. Participants get the benefit of step-by-step guidance from Canyon Ranch professionals with the support of fellow participants, turning individual goals into a group effort. BY THE NUMBERS Located on 150 lush desert acres in the foothills of the Santa Catalina Mountains 120,000 square feet of fitness, spa and wellness facilities 165 well-appointed rooms to accommodate up to 240 guests 3:1 staff-to-guest ratio with more than 60 wellness professionals at the resort More than 40 complimentary fitness classes and guided activities every day 8600 E. Rockcliff Road Tucson, Arizona 85750 31

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our brand portfolio activities for all seasons CANYON RANCH LENOX Our New England resort spa is a year-round luxury vacation destination. Wellness experts work with every guest to customize his or her stay, and offer guidance toward specific goals, as well as tools and techniques that lead to lasting change. The Lenox resort features three main buildings: the Inn, Spa, and historic Bellefontaine Mansion. Fully renovated with all the modern comforts, these spaces house our Health + Healing Center; fitness studios and gyms; full-service spa; and awardwinning dining options. We also offer an extensive outdoor sports program that changes with the seasons, including activities from kayaking to cross-country skiing. SPOTLIGHT: BERKSHIRE ARTS COMMUNITY Our location gives guests access to a rich arts, music and performance scene in the Berkshires. We are committed to supporting this vibrant community by giving back to local organizations including the Tanglewood Music Center, Jacob s Pillow Dance, and Shakespeare & Company. BY THE NUMBERS Located on 120 woodland acres in the picturesque Berkshire Mountain region 100,000 square foot complex offering fitness, spa and wellness services 126 newly remodeled rooms and suites to accommodate up to 200 guests 3:1 staff-to-guest ratio with more than 60 wellness professionals at the resort More than 40 complimentary fitness classes and guided activities every day 165 Kemble Street Lenox, Massachusetts 01240 33

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our brand portfolio an oasis on the strip CANYON RANCH LAS VEGAS Our original wellness spa + fitness club opened in 1999 within The Venetian Resort, and has since expanded to include The Palazzo Resort. Guests can take a break from the nonstop action of the city and enjoy relaxation and rejuvenation at both of our health and wellness-focused locations. A soothing retreat with extensive salon, spa, and fitness offerings, we offer Zagatrecognized dining options; Aquavana thermal suites; Healthy Feet TM foot and leg therapy services; advanced skin treatments; and more. Customized packages and services make us a popular choice for bridal parties, corporate events, and leisure travelers alike. BY THE NUMBERS Conveniently located in 2 high-end resorts on the Las Vegas strip 134,000 square feet of fitness, spa, salon and dining facilities More than 30 expertled, body-sculpting fitness classes every week A menu of more than 150 spa, salon and wellness treatments to choose from SPOTLIGHT: THE AQUAVANA EXPERIENCE Guests can enjoy the healing and tensionreleasing power of revolutionary thermal treatments in North America s only Europeaninspired Aquavana suite. Our custom-built facility features a Crystal Steam Room, Experiential Rain Showers, Finnish Sauna, Herbal Laconium, HydroSpa, and multiple relaxation spaces. 35

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our brand portfolio luxury wellness sets sail CANYON RANCH AT SEA We brought our commitment to healthy living and wellness to the water in 2004 with the launch of our wellness spa + fitness club At Sea, embodying the same philosophy and level of service that the Canyon Ranch brand is known for. Now aboard 22 ships and counting, our depth in creating scalable, luxury spa environments is combined with our proven track record of efficient management resulting in high volume, revenue-rich operations. On each vessel, Spa guests can take advantage of an extensive menu of rejuvenating massage, skin care and body treatments; aqua therapy offerings; a robust fitness center; group classes and personal training; a full-service beauty salon; health and wellness consultations; and on select ships, healthy gourmet cuisine. SPOTLIGHT: AESTHETICS SERVICES We launched Canyon Ranch Aesthetics services aboard a select group of cruise ships. The curated selection of treatment plans combine signature Canyon Ranch skin care with the advanced aesthetic facial injectables: BOTOX Cosmetic and JUVÉDERM from Allergan, to help guests achieve healthier skin and a more youthful appearance. BY THE NUMBERS 9 Celebrity Cruises ships (Eclipse, Equinox, Solstice, Reflection, Constellation, Infinity, Millennium, Summit and Silhouette) 4 Regent Seven Seas Cruises ships (Voyager, Mariner, Navigator and Explorer) 6 Oceania Cruises ships (Insignia, Nautica, Regatta, Marina, Riviera and Sirena) 3 Cunard luxury ocean liners (Queen Mary 2, Queen Elizabeth and Queen Victoria) 37

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our brand portfolio the grill & café concepts CANYON RANCH CULINARY OUR SIGNATURE RESTAURANT Fresh, modern and innovative, the Canyon Ranch Grill concept leads our restaurant venues as the upscale dining option at our Tucson and Lenox resorts, and our wellness spa + fitness club in Las Vegas. Connected to the vibe and local resources of each locale, the dining room features culinary theatre and a seasonal menu hand-crafted with sustainably sourced and local farm ingredients. Tucson s menu emphasizes clean, vegetable-forward options while Lenox has a strong focus on New England seafood. The Grill in Las Vegas consistently earns accolades as the best healthy option for dining a welcome alternative to the decadence of the Strip. OUR REGIONALLY INSPIRED CAFÉ The Canyon Ranch Café provides a refreshing, casual dining choice for guests. Following our clean food philosophy, the Café concept borders on fast casual, offering farm-to-table salads and entrees, and an abundant selection of flatbreads and roasted vegetables from the pizza oven. Guided by Canyon Ranch nutritionists, The Café also offers a seasonal selection of superfoods and plant-powered proteins, restorative juices and smoothies, and tempting snacks and desserts. Getting creative with fresh, sustainably harvested ingredients is just the beginning. Our guests have the opportunity to co-create their own dining experience through engagement with our culinary team a delicious way to learn about nutrition and explore new techniques. Ashley Reese Executive Chef, Tucson 39

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our brand portfolio surrounded by health + wellness CANYON RANCH LIVING Since 1982, we have provided optimal wellness for homeowners living in exclusive luxury residences. These individuals personify active aging, and have access to all of the holistic wellness offerings of Canyon Ranch including on-property spa treatments, board-certified physicians, nutritionists and exercise physiologists, and farm-to-table, innovative cuisine all with gated privacy and stunning, natural surroundings. TUCSON Tucson s 100 luxury residences, ranging in price from $1.1 to $5 million, offer a private wellness haven for diverse, high-powered individuals from internationally-renowned musicians and entertainment industry executives, to IT executives and industry-leading physicians. LENOX These residences are built adjacent to the Lenox resort, with private, immediate access to everything Canyon Ranch has to offer. Nineteen luxury condominium homes boast six different floor plans and range in price from $1.35 to $3.5 million. CANYON RANCH RESORT MEMBERSHIPS A healthy investment with lifelong benefits. We introduced the Life- Share and Centennial membership programs in response to guests who wanted a way to commit to a luxury wellness lifestyle. A membership offers exclusive privileges and value, including a bank of complimentary nights, and special member pricing on services, dining, and non-member stays. Currently, there are over 1700 loyal Canyon Ranch members. 41

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our brand portfolio expanding the definition of wellness CR AESTHETICS Of the $4 trillion estimated spending for the wellness industry in 2017, the Global Wellness Institute cites anti-aging as the single greatest economic driver of the booming segment. As a trusted wise sanctuary for nearly 40 years, Canyon Ranch is constantly evolving to bring our guests a comprehensive wellness experience. With that, we want to provide more ways for our guests to feel like their best selves. First launched in our At Sea division on select partners ships, CR aesthetics is now offered at our Arizona resort. CR aesthetics offers a curated selection of advanced, nonsurgical facial treatments performed by experts in aesthetic medicine, coupled with opportunities for pre- and post-care treatments. We added this frequently-requested menu of services as another avenue for guests to embrace our philosophy of living younger longer. STRONG PARTNERSHIPS Delivering value for guests and excellent buying power for the brand, Canyon Ranch has developed strong working relationships with a robust roster of quality vendors and institutions, especially in our aesthetics and skincare departments. From global brands like Allergan to Dr. Dennis Gross Skincare, a Manhattan dermatological guru, our internal team researches and sources top-of-market products. 43

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our brand portfolio a curated wellness lifestyle GROUNDED LUXURY RETAIL CR shops debuted in the fall of 2017 at our Tucson resort, and marked the entrance of Canyon Ranch into the retail space. Focusing on private-label athleisure, bespoke statement jewelry and sophisticated home accessories, all are sourced with an eye toward sustainability and a philanthropic ethos. Leveraging strong relationships with a select group of loyal vendors, CR shops feature our signature line of bath and body products, coffees and teas created with LAMILL COFFEE, and chocolate and spreads designed exclusively with Jean-Marie Auboine Chocolatier. The concept is poised for rapid expansion, which will be managed by our Retail and Merchandising team. Joining Canyon Ranch has given me the opportunity to use my past experience in specialty merchandising and two decades with Neiman Marcus to launch our CR shops division. By curating sustainably produced merchandise with a philanthropic ethos, we are reimagining our on-site and e-commerce retail concepts. Angela Burley Vice President of Merchandising 45

Our business partners not only embrace their strong working relationship with us, but have a high level of trust and appreciation of our core mission to positively influence the lives of our guests. Thomas Klein President and Chief Operating Officer, Canyon Ranch

growing the brand EXPANSION

growing the brand the heart and soul of the ranch OUR CULTURE Canyon Ranch is a place of transformation for guests and colleagues alike. Our culture revolves around personal accountability and discipline, and we are focused on building a team of talented individuals who are resultsdriven and passionate about evolving the brand. The Operations department inspires all of our employees to strive for excellence in every interaction at the ranch, ensuring we exceed guests expectations when working toward their wellness goals. Corporate Operations offers direct property support, collaborating with team leaders and ensuring alignment in strategies for achieving topline revenue goals, while fostering localization that ladders up to the brand. BY THE NUMBERS Global employees: 2500 Average age of employees: 44 Company-wide 45 Arizona 47 Massachusetts 39 Nevada 50 Texas Average tenure of employees: 7 yrs Company-wide 8 yrs Arizona 8 yrs Massachusetts 5 yrs Nevada 2 yrs Texas Canyon Ranch At Sea crew members represent: 75 countries 64 languages 49

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growing the brand high touch and high tech FINANCE & REVENUE FINANCE Our finance team partners with senior management to assist in meeting financial and strategic objectives. Proper accounting practices and internal controls are the backbone of the team s daily routine. They are responsible for operating statements, multi-year capital analyses, revenue reporting, cost monitoring, annual budget preparation, and ad hoc analyses to provide appropriate insight into our overall operations. Our property-level finance teams are also supported by the corporate finance department, which provides them with resources and tools to evaluate development opportunities and strategic growth initiatives, and ensures consistent financial and accounting procedures across the organization. REVENUE MANAGEMENT Our revenue management team supports key strategies for revenue optimization, including a flexible platform that allows for dynamic pricing and availability management. Delivering our product to market is a cornerstone of our success, so the department also maintains the foundation of our strong, scalable distribution infrastructure. They ensure that we maintain a reliable electronic network, connecting us to travel agents worldwide, ensuring robust merchandising capabilities on the Canyon Ranch website, and allowing connectivity to the online travel sites of our choosing. A curated, personalized approach is the foundation of Canyon Ranch Central Reservations. Managed in Tucson, it is a primary touchpoint in establishing a relationship with our well-traveled clientele. Our team offers stability and accountability as we expand our divisions. We oversee the internal reporting processes to ensure compliance with laws and regulations, and administer an annual internal audit plan for efficient and effective organizational operations. Lisa Ledesma CPA, CCEP, CIA, CGMA Chief Compliance and Audit Officer 51

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growing the brand a valuable partnership SALES, MARKETING & COMMUNICATIONS Our Sales, Marketing and Public Relations departments work closely to develop tailored communications strategies designed to meet the goals of any project, be it a product launch, new partnership, or portfolio expansion. SALES The Sales department holds extraordinary tenure in the industry, and leverages the strength of our relationships with an extensive network of travel agents and industry professionals to drive demand and maximize revenue potential for all divisions. Dedicated teams use sophisticated client management systems to achieve excellent reach and strategic partnership opportunities in key markets. CORPORATE MARKETING A multi-faceted team, Corporate Marketing is responsible for aggressively pursuing brand awareness tactics with agency partners, as well as managing member communications, database marketing and new guest acquisition. The team also manages corporate identity standards and materials, ensuring consistency across the brand while supporting existing divisions and all expansion initiatives. They use targeted tactics to increase awareness, promote campaign messaging, and communicate the core essence of our brands and partnerships. COMMUNICATIONS The Communications team creates internal and external communications, media experiences and social media engagements to shape the way our target audience views the brand portfolio. STRATEGIC PARTNERSHIPS Ensure optimal market distribution and brand authority 53

Today, Canyon Ranch remains a fast-growing, forward-looking company that is fiercely devoted to providing transformative wellness, promoting health, and encouraging people to thrive at every age. Susan Docherty Chief Executive Officer, Canyon Ranch

future growth VISION

future growth poised for growth STRATEGIC DIRECTION We are uniquely positioned as a health and wellness leader in a consistently growing market. To maintain this leadership, expand the brand, and increase revenue and profit margins, we re guided by a multi-layered strategy that puts our customers first, continues to strengthen our internal resources, and emphasizes development opportunities. At Canyon Ranch, every guest is our top priority. Our fully customized and focused approach helps us achieve operational excellence and leads to strong customer retention and fierce brand loyalty. Internally, we strive for sustainable business unit growth, and are strategic about securing top-tier talent, partnerships, acquisitions and extensions. We are also competitively vigilant, making informed decisions about when and where to invest our capital, market our services, and diversify our brand portfolio. KEY DEVELOPMENT INITIATIVES Wellness resorts Wellness spas and fitness Urban wellness hotels Canyon Ranch Living and CCRC (Continuing Care Retirement Communities) Culinary Concepts Wellness spa + fitness At Sea As we continue to grow, we will concentrate on expanding our most successful divisions, and respond to opportunities in the market with innovative offerings that build on our existing expertise. 56

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future growth owning the wellness space DEVELOPMENT Today, wellness is a $4 trillion industry. In this competitive landscape, our brand continues to stand out, thrive, and grow due to our integrated approach to health and healing and our ever-expanding menu of resources and services that meet the demands of the changing marketplace. Canyon Ranch is one of the few global health and wellness companies with the infrastructure to expand quickly. Most importantly, our team approaches every opportunity with fresh eyes, focusing on creating spaces and services that are unique and desirable to a project s target market. We have identified key growth opportunities for the brand, will leverage our strengths in categories where we excel, and can deliver top market results. BRAND BENEFITS Dedicated Development team Design, development, construction turnkey results 11 Integrative medical doctors PhD and Masters Level industry experts Proprietary intellectual wellness content Authentic, curated concepts inspired by location 58

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premier wellness destinations RESORT STYLE A bespoke healthy vacation for every guest. SNAPSHOT Ideal for top-tier global destinations in warm locales; established locations; 100-200 keys; residence component desirable. WHAT GUESTS WANT Our resorts appeal to guests who are looking to get away from their daily routines, enjoy outdoor activities and reconnect to nature. WHY CANYON RANCH Destination wellness is a robust, yet segmented, market. We have a reputation for excellence in all areas wellness travelers seek, from health spa and medical expertise to individualized attention and curated activities. BRAND BENEFITS Healthy, gourmet restaurants Custom designed wellness spa and fitness facilities Residential design and construction Beach club or kids club Lifestyle focused: Family resorts, exclusively women Wellness retail 60

future growth canyon ranch communities ADULT LIVING STYLE Luxury residences for homeowners seeking optimal wellness expertise and/or highend continuing care retirement environments. Enabling resort style living every day. SNAPSHOT Ideal for affluent urban and high-density suburban areas; 200+ units, including independent living apartments, assisted living suites and memory care options. WHAT RESIDENTS WANT Our adult living and continuing care communities appeal to residents who are looking for active and vibrant housing environments, convenient access to wellness professionals and services, luxury accommodations and right-sized living space. WHY CANYON RANCH The world s senior population is at record highs, including more than 50 million people in the United States alone. We have nearly four decades of experience guiding our guests through holistic wellness practices and exemplary experiences, providing the resources and expertise to help them flourish, age actively and live younger longer. BRAND BENEFITS Providing environment where adults can thrive Access to the renowned facilities and programming of Canyon Ranch On-property integrative wellness team including boardcertified physicians, nutritionists and exercise physiologists Chef-prepared nutritious meals Turn-key facilities and residence options 61

the urban health scene WELLNESS SPA + FITNESS CLUB STYLE Exclusive market-leading fitness club and spa. SNAPSHOT Ideal for vibrant, urban, highend residential communities. WHAT MEMBERS WANT Our wellness spa + fitness club model appeals to members who are seeking an exclusive fitness-focused environment. They want innovative classes and modern facilities, luxurious spa services and healthy dining options. WHY CANYON RANCH The fitness and spa market is growing rapidly, as more people of all ages make a commitment to healthy living. With years of experience managing our luxury resorts and wellness spa + fitness club locations, we are uniquely poised to bring high-end fitness clubs and spas to urban areas in response to this increasing demand. BRAND BENEFITS Expert personal training and wellness resources Best-in-market full-service spa Healthy gourmet food options, including fast-casual dining Lifestyle retail 62

future growth well traveled HEALTHY HOTELS STYLE A luxury urban hotel focused on the wellness of our guests. SNAPSHOT Ideal for top-of-market urban locations; 80-150 keys with in-room wellness amenities; potential for shared facilities with urban wellness spa + fitness club. WHAT GUESTS WANT Our urban wellness hotel model appeals to guests who are committed to a health and wellness lifestyle, as well as business travelers who demand superior workouts while away from home. WHY CANYON RANCH We are not a cookie-cutter hotel with a one-size-fitsall gym. Our integrated and personalized approach to healthy living informs our hotel design and philosophy, and makes us a standout choice for those seeking fitness-oriented accommodations. BRAND BENEFITS Access to our bestin-class wellness spa + fitness club Healthy dining venues and in-suite options On-demand in-room workouts by famous fitness gurus Customized offerings to promote sleep hygiene 63

healthy dining experiences CULINARY CONCEPTS 64 STYLE Modern plant-forward dining featuring fresh, healthy options to nourish the body and mind. SNAPSHOT Ideal for high-end, densely populated urban locations; easily appended onto a resort, fitness club, hotel, or adult living community. WHAT CUSTOMERS WANT Our culinary restaurant model appeals to patrons who want healthy, delicious food choices made with clean ingredients. They value an experience that is convenient, quick, and customizable to their diet and lifestyle. They are interested in innovative cooking classes, online ordering and personalized meal planning. WHY CANYON RANCH Healthy dining is becoming increasingly top-of-mind for consumers, and the market is full of competitors who claim to have an emphasis on wholesome food and wellness, but whose offerings fall short. Our reputation for high-quality, nutritious and delicious cuisine gives us a credible and unique position to deliver the first healthy fast-casual restaurant that can stand by its claims. BRAND BENEFITS Personalized nutrition with prescribed diets and meal plans Fresh, healthy cuisine featuring clean, local ingredients Innovative, vegetable forward menus including superfoods and fermented foods Elevated mock-tails, juice, restorative tonic and elixir selection with seasonal focus Convenient catering and inviting dine-in options High-tech online ordering

future growth reaching a global audience AT SEA STYLE Luxury cruise lines looking to elevate their spa + fitness operations and add a wellness component for additional programming, culinary and retail revenue. SNAPSHOT Medium to large vessels; opportunity to expand spa and fitness square footage; culinary component; wellness programming and interest in wellness spa cabin upgrades. WHAT GUESTS WANT Pampering and experiential treatments, along with a fitness facility that is beyond their program at home, and the opportunity to explore wellness at sea. Cruising is about having it all and Canyon Ranch delivers an elevated experience. WHY CANYON RANCH As 14-year veterans in the cruise industry, we know that the addition of a completely customized wellness program is an advantage in the space. Spa concessions command high levels of guest satisfaction and topof-market fitness facilities are in high demand. Canyon Ranch also excels in recruiting and execution for efficient, quick start up and high volume for maximum revenue. BRAND BENEFITS Cruise industry partner for 14 years Recruit top-quality employees 100% support to integrate service levels with Canyon Ranch Ongoing training Collaboration on spa team uniforms; retail; other logo items Ongoing promotion to Canyon Ranch resort guests Ongoing collaboration for marketing Promotions, and social media placements 65

Our guests discover the path to a better version of themselves. Cynthia Geyer, MD Medical Director, Canyon Ranch Lenox

explore opportunities CONVERSATION

contact information LET S TALK The wellness category is growing and so is Canyon Ranch. We look forward to future opportunities and partnerships that align with our philosophy and passion. CONTACT CORPORATE DEVELOPMENT OFFICE Gary Milner Chief Development Officer 8600 E. Rockcliff Road Tucson, Arizona 85750 855 206 6016 +1 520 239 3281 gmilner@canyonranch.com CORPORATE OFFICE Thomas Klein President and Chief Operating Officer 500 Commerce St., Suite 700 Fort Worth, Texas 76102 800 745 7770 817 321 1702 +1 817 321 1701 tklein@canyonranch.com Susan Docherty Chief Executive Officer 500 Commerce St., Suite 700 Fort Worth, Texas 76102 800 745 7770 +1 817 321 1711 sdocherty@canyonranch.com 68 canyonranch.com

TUCSON AZ LENOX MA LAS VEGAS AT SEA canyonranch.com