Filing Letter to Board in Response to M Bennett Email with Exhibits 12 02 2024

EXPLANATION OF OWNERSHIP OF STEELE HGC FLF BORROWER, LLC Steele HGC FLF Borrower, LLC is owned by the following four (4) limited partnerships: i. KSL Capital Partners V, L.P. ii. KSL Capital Partners V-A, L.P. iii. | KSL Capital Partners V FF, L.P. iv. Steele HGC (Alternative), L.P. These passive investors are managed by KSL Capital Partners (“KSL”), a private equity investment advisor focused on travel and leisure businesses, such as hotels and resorts, and certain of such funds’ affiliates. The limited partner ownership is comprised of numerous passive private equity investment vehicles with no control or influence over alcoholic beverage operations. The investors of KSL are largely funded by a combination of public state and corporate pension funds, private and university endowments, fund of funds and other financial institutions. Steele HGC FLF Borrower, LLC and the KSL investors are passive investors with no involvement in the direct day-to-day operations of the Applicant and no control or influence over the sale of alcohol at the licensed premises. (01054316.1}