0 Implied Premium Paid for Class B Common Stock Class B Premium Calculation Commentary Implied Total Consideration Including $558 Telluride Shares Retired 25.0 Implied Underlying Telluride Share Price $22.29 Memo: Telluride Common Stock Retired 12.2 Memo: Telluride Class B Common Stock Retired 12.8 Total Telluride Shares Retired 25.0 Common Stock Price(1) $18.50 Common Stock Shares Retired 12.2 Total Telluride Common Stock Consideration $226 Implied Total Consideration including $558 (Less): Common Stock Consideration ($226) Implied Class B Common Stock Consideration $332 Class B Common Stock Shares Retired 12.8 Implied Class B Common Stock Price $25.90 % Premium Paid for Class B Common Stock vs. Common Stock (1) 40% Source: Luggage & Certares materials. Note: Dollars and share counts in millions. Assumed 5x EBITDA multiple for per Certares proposal. Assumes Telluride retires ~12.2mm Telluride common stock (net of VPF and share consideration to Luggage) and ~12.8mm Telluride Class B common stock. (1) Reflects Telluride share price of $18.50 per Luggage & Certares’ proposal. Total Telluride consideration includes: – Telluride cash contribution of ~$505mm – Implied value of ~$53mm for asset swap at implied EBITDA multiple of 5x 12.2mm shares of Telluride Common Stock retired net of 2.4mm shares used to settle Luggage VPF and 1.8mm shares as consideration to Luggage Common at current Telluride stock price(1) 12.8mm shares of Telluride Class B common stock owned by Luggage retired Implied price paid for Class B common stock of $25.90 per share based on $332mm residual consideration paid for Class B common stock ~40% premium paid for Class B common stock based on Telluride Common Stock price of $18.50 per Luggage & Certares materials A B C D A B C D E E Telluride Shares Owned by Luggage Telluride Common Stock 16.4 Telluride Class B Common Stock 12.8 Total Telluride Shares 29.2 Shares Settled for VPF (2.4) Shares Issued to Luggage Common (1.8) Total Telluride Shares Retired 25.0