- The document provides an overview of ClubCorp's fiscal 2016 third quarter performance and financial results. - Key highlights include year-over-year revenue growth of 1.6% and adjusted EBITDA growth of 7.5% for the third quarter. Nine reinvention projects were completed and seven more are still in progress for 2016. - Golf and country club revenue increased 2.3% year-over-year for the third quarter while adjusted EBITDA grew 3.1%, and same-store revenue and adjusted EBITDA also increased.

1. 1
FISCAL 2016 Q3 PERFORMANCE
October 13, 2016

2. 2
CAUTIONARY STATEMENTS
Forward-Looking Statements
Certain statements in this presentation may be considered forward-looking statements. Forward-looking statements generally relate to future events or our future
financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”,
“estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-
looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such
forward looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are
inherently uncertain. Factors that may cause actual results to differ materially from current expectations, include, but are not limited to, various factors beyond
management's control adversely affecting discretionary spending, membership count and facility usage and other risks, uncertainties and factors set forth in the
sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company's Annual Report on Form 10-K for the fiscal
year ended December 29, 2015 and its Quarterly Report on Form 10-Q for the period ended September 6, 2016.
Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any
of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak
only as of the date they are made. The Company undertakes no duty to update these forward-looking statements.
Non-GAAP Financial Measures
In our presentation, we may refer to certain non-GAAP financial measures. To the extent we disclose non-GAAP financial measures, please refer to footnotes
where presented on each page of this presentation or to the appendix found at the end of this presentation for a reconciliation of these measures to what we
believe are the most directly comparable measure evaluated in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The Company has
not reconciled Adjusted EBITDA guidance included in this presentation to the most directly comparable GAAP measure because this cannot be done without
unreasonable effort due to the high variability, complexity and low visibility with respect to impairments and disposition of assets, income taxes and centralization
and transformation costs which are excluded from Adjusted EBITDA. We expect the variability of these charges to have a potentially unpredictable, and potentially
significant, impact on our future GAAP financial results.

3. 3
COMPANY OVERVIEW
(1) As of September 6, 2016
(2) Adjusted EBITDA is not calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). See Appendix for a reconciliation
to the most comparable financial measure calculated in accordance with GAAP
(3) Levered Free Cash Flow is a non-GAAP measure. See appendix for a reconciliation of Levered FCF to the most comparable financial measure calculated in accordance with GAAP
Golf & Country
Clubs (GCC)
Business, Sports &
Alumni Clubs (BSA)
» Founded in 1957, ClubCorp has
grown from one club to a leading
owner-operator of private clubs
» 208 owned or operated locations
across 26 states, Washington
D.C., Mexico and China(1)
» ~200 18-hole equivalents(1)
» ~186,000 memberships, serving
over 430,000 members(1)
» LTM 3Q16 Results(1)
─ Revenue: $1,075 million
─ Adj. EBITDA: $244 million(2)
─ Levered Free Cash Flow: $106
million(3)
3
47%
16%
Dues
Food & Beverage28%
9%
Dues
Food & Beverage
48
160
$1.1Billion
LTM 3Q16
Revenue Mix(1)
Total Clubs(1)
208Clubs

4. 4
WHY INVEST IN CLUBCORP?
4
Predictable Dues-Based
Membership Business
High Barriers to Entry
Mass Affluent Consumer
Economically Stable
Neighborhoods
Multi-faceted
Family Friendly Clubs
Scope, Scale & Expertise
Proven Growth Strategy Generate Significant FCF

5. 5
EXECUTING OUR GROWTH STRATEGY
Three-pronged growth strategy focused on increasing long-term shareholder value
Organic
Growth
 Sticky membership product creates highly stable, highly resilient revenue base
 Our Optimal Network Experiences (O.N.E.) offering provides numerous home club,
community and worldwide benefits, amenities and reciprocity programs
 54%(1) of ClubCorp members are enrolled in O.N.E. or a different upgrade program
Reinvention
 Highly fragmented competitive landscape with abundance of member-owned and
individually-owned golf courses at compelling valuations
 ClubCorp is one of the largest owners and managers of private golf clubs – only three
companies own/operate > 25 private golf and country clubs in the U.S.
 12 new clubs added in 2015 and 2016(2)
Acquisitions
(1) Member penetration of O.N.E. and other upgrade products as of September 6, 2016
(2) Includes Legacy Country Club that was subsequently divested
 Opportunities to deploy discretionary expansion capital to reinvent, modernize and add new
and relevant amenities to existing portfolio of clubs
 Value created through operational scale that is passed along to our members in the form of
professional management, lower costs and greater amenities
 Reinvention on Sequoia clubs and clubs acquired in 2014 and 2015 substantially complete

6. 6
3Q16 PERFORMANCE
Continued to execute our three-pronged growth strategy
• Delivered 10th consecutive quarter of growth:
» Q3 revenue up 1.6% year-over-year (y/y) to $259.3 million
» Q3 adjusted EBITDA(1) up 7.5% y/y to $59.0 million
» Q3 membership, excluding managed clubs, up 1.2% y/y to ~177k
• Same-store revenue grew 0.5% y/y, while adjusted EBITDA was up 2.7%. Same-store
adjusted EBITDA margins improved 50 bps
• Approximately 54% of our members were enrolled in O.N.E. or similar upgrade offerings;
O.N.E. is now available at 154 clubs
• In 2016, we have completed three acquisitions and added one golf and country club
management agreement.
• 9 reinvention projects completed, 7 still in progress in 2016; Planned ROI capital on 2014 &
2015 acquired clubs substantially complete
• Anticipate de-levering balance sheet below 4x over next 12-18 months based on continued
adjusted EBITDA growth, reduced ROI capital spend, and continued strong free cash flow
generation that will be used to pay down debt
• We own or operate(2) 160 golf & country clubs (GCC) and 48 business, sports & alumni clubs
(BSA)
6
(1) Adjusted EBITDA is a non-GAAP measure. See Appendix for reconciliation to the most comparable financial measure calculated in accordance with GAAP.
(2) As of September 6, 2016

7. 7
THE WORLD LEADER IN PRIVATE CLUBS
Club concentration in key growth markets, yet broad geographic diversification
7
TM
GCC BSA
Texas 36 10
Georgia 33 3
California 20 4
Florida 12 5
North Carolina 10 3
Virginia 6 2
Total ClubCorp 160 48

8. 8
THE VALUE OF THE CLUBCORP NETWORK
Our O.N.E. offering is unparalleled in the industry
Increased adoption of the O.N.E. offering … generates favorable economics
» Introduced O.N.E. in 2010 and rolling out at new and recently acquired clubs
» O.N.E. is offered at 154 clubs(1)
» O.N.E. increases revenue without increasing fixed costs
» O.N.E. drives increased club utilization
» Food and beverage revenues increased 41% from 2010 to 2015(2)
8
35%
43%
46%
39%
50% 51% 52% 54%
2010 2013 2014
pre-Sequoia
2014
post-Sequoia
2015 1Q2016 2Q2016 3Q2016
(1) As of September 6, 2016
(2) Excluding Sequoia clubs
Member Penetration of O.N.E. and Other Upgrade Products

9. 9
REINVENTION

10. 10

11. 11

12. 12

13. 13

14. 14

15. 15
ACQUISITIONS

16. 16
2015 & 2016 ACQUISITIONS
Twelve new properties added since 2015, more than 3x our next closest competitor
Bernardo Heights Country Club, San Diego, CA
Marsh Creek Country Club, St. Augustine, FL
2016 Acquisitions
» Heritage Golf Club, Hilliard, Ohio (Columbus MSA) – 18-hole, private
» Santa Rosa Country Club, Santa Rosa, California – 18-hole, private
» Marsh Creek Country Club, St. Augustine, Florida – 18-hole, private
2015 Acquisitions
» Bernardo Heights Country Club, San Diego, California – 18-hole, private
» Bermuda Run Country Club, Bermuda Run, North Carolina – 36-holes, private
» Brookfield Country Club, Roswell, Georgia – 18-hole, private
» Firethorne Country Club, Marvin, North Carolina – 18-hole, private
» Ford's Colony Country Club, Williamsburg, Virginia – 54-holes, semi-private
» Legacy Golf Club at Lakewood Ranch, Bradenton, Florida – 18-hole, public
(subsequently divested)
» Temple Hills Country Club, Franklin, Tennessee – 27-holes, private
» Rolling Green Country Club, Arlington Heights, Illinois – 18-hole, private
» Ravinia Green Country Club, Riverwoods, Illinois – 18-hole, private
Santa Rosa Country Club, Santa Rosa, CA

17. 17
FINANCIAL OVERVIEW

18. 18
CLUBCORP CONSOLIDATED RESULTS
Delivering results consistent with our key growth objectives
$688 $720 $755 $815
$884
$1,053 $1,075
2010 2011 2012 2013
(53wks)
2014 2015 3Q16
LTM
$149 $156 $165 $176
$196
$233 $24421.7% 21.7% 21.8%
21.6%
22.2% 22.2%
22.7%
2010 2011 2012 2013
(53wks)
2014 2015 3Q16
LTM
18
Adj. EBITDA(1) $59.0M
+7.5% y/y
Reinvention(2) 9 club completed,
7 still in progress
Revenue
$259.3M
+1.6% y/y
Objective
3Q2016
Results
Acquisitions(3)
3 Single Clubs
(1) Adjusted EBITDA is a non-GAAP measure. See Appendix for reconciliation to the most comparable financial measure calculated in accordance with GAAP.
(2) Reinventions completed and still in progress in 2016.
(3) Acquisitions YTD through 3Q2016.
Revenue
$ millions
CAGR +8.1%
Adj. EBITDA(1)
$ millions
CAGR +8.9%

19. 19
GOLF & COUNTRY CLUBS (GCC)
Continued revenue and adjusted EBITDA growth with increasing operating leverage
80,035 80,916 83,528
111,458
116,303
121,906
2011
Total
2012
Total
2013
Total
2014
Total
2015
Total
YTD
3Q16
47% Dues
22% F&B
24% Golf Ops
7% Other
3Q16
$215.5M
Revenue Mix
Memberships(2)
2.9%
(1) Adjusted EBITDA is a non-GAAP measure. See Appendix for a reconciliation to the most comparable financial measure calculated in accordance with GAAP.
(2) Total memberships includes same-store, and new and acquired clubs, but excludes managed clubs.
$532 $556 $586 $628
$695
$842 $868
2010 2011 2012 2013
(53wks)
2014 2015 3Q16
LTM
GCC Revenue
$ millions
$151 $156 $168 $180
$203
$246 $25728.4%
28.1%
28.7% 28.7%
29.2% 29.2%
29.7%
2010 2011 2012 2013
(53wks)
2014 2015 3Q16
LTM
GCC Adj. EBITDA(1)
$ millions
CAGR +9.7%
CAGR +8.9% Key operating metrics (y/y %)
• Total GCC Results:
» Revenue $215.5M,  2.3%
» Adj. EBITDA $59.9M,  3.1%
» Adj. EBITDA 27.8%,  20 bps
• Same-store GCC Results:
» Revenue $201.8M,  0.5%
» Adj. EBITDA $58.2M,  1.6%
» Adj. EBITDA 28.8%,  30 bps
• Same-store Revenue Growth by
Revenue Type:
» Dues  3.0%
» Food & Beverage  0.3%
» Golf Ops  -3.0%
• New or Acquired GCC Results:
» Revenue $13.7M
» Adj. EBITDA $1.7M

20. 20
3Q16 & 2016 YTD GCC RESULTS
Same-store golf ops revenue impacted by lower rounds and increased rainfall yoy
0.5%
1.6% 1.8%
5.1%
Q3 Same-Store
Revenue
Q3 Same-store
Adj. EBITDA (2)
YTD Same-Store
Revenue
YTD Same-store
Adj. EBITDA (2)
Same-store GCC Growth(1)
Year-over-year %
(1) See our quarterly report on Form 10-Q for the period ended September 6, 2016 at “Basis of Presentation – Same Store Analysis” for more information on how we measure same store results.
(2) Adjusted EBITDA is a non-GAAP measure. See Appendix for reconciliation to the most comparable financial measure calculated in accordance with GAAP.
3.0%
0.3% (3.0%)
3.6%
2.2%
(1.1%)
Q3 Same-
Store Dues
Q3 Same-
Store F&B
Q3 Same-
Store Golf
Ops
YTD Same-
Store Dues
YTD Same-
Store F&B
YTD Same-
Store Golf
Ops
Same-store GCC Revenue Growth
by Revenue Type(1)
Year-over-year %
20
2.3%
3.1%
4.4%
7.0%
Q3 Total
Revenue
Q3 Total
Adj. EBITDA (2)
YTD Total
Revenue
YTD Total
Adj. EBITDA (2)
Total GCC Growth
Year-over-year %
5.0%
2.3%
(1.5%)
6.7%
4.5%
0.8%
Q3 Total
Dues
Q3 Total
F&B
Q3 Total
Golf Ops
YTD Total
Dues
YTD Total
F&B
YTD Total
Golf Ops
Total GCC Revenue Growth
by Revenue Type
Year-over-year %

21. 21
BUSINESS, SPORTS & ALUMNI CLUBS (BSA)
Continued revenue and adjusted EBITDA growth with increasing operating leverage
55,144
54,290
53,954
56,013 56,130
54,859
2011
Total
2012
Total
2013
Total
2014
Total
2015
Total
3Q16
YTD
47% Dues
46% F&B
7% Other
3Q16
$40.3M
Revenue Mix
Memberships(2)
(2.2%)
(1) Adjusted EBITDA is a non-GAAP measure. See Appendix for a reconciliation to the most comparable financial measure calculated in accordance with GAAP.
(2) Total memberships excludes managed clubs.
$165 $168 $171 $177 $181 $193 $195
2010 2011 2012 2013
(53wks)
2014 2015 3Q16
LTM
BSA Revenue
$ millions
$29 $32 $33 $34 $35
$40 $4217.9%
18.8% 19.4% 18.9% 19.1%
20.5%
21.3%
2010 2011 2012 2013
(53wks)
2014 2015 3Q16
LTM
BSA Adj. EBITDA(1)
$ millions
CAGR +3.0%
CAGR +6.2%
Key operating metrics (y/y
%)
• Total BSA Results:
» Revenue $40.3M,  0.5%
» Adj. EBITDA $6.8M,  14.0%
» Adj. EBITDA 16.8%,  200 bps
• Same-store Revenue Growth by
Revenue Type:
» Dues  0.8%
» Food & Beverage  0.8%
» Other  - 5.3%
• No material contribution from new
clubs

22. 22
3Q16 & 2016 YTD BSA RESULTS
Continued strong Adj. EBITDA growth driven by lower operating expenses
(1) See our quarterly report on Form 10-Q for the period ended September 6, 2016 at “Basis of Presentation – Same Store Analysis” for more information on how we measure same store results.
(2) Adjusted EBITDA is a non-GAAP measure. See Appendix for reconciliation to the most comparable financial measure calculated in accordance with GAAP.
0.4%
13.4%
1.5%
8.4%
Q3 Same-Store
Revenue
Q3 Same-Store
Adj. EBITDA (2)
YTD Same-Store
Revenue
YTD Same-Store
Adj. EBITDA (2)
Same-store BSA Growth(1)
Year-over-year %
22
0.8% 0.8%
2.3% 1.3%
Q3 Same-Store
Dues
Q3 Same-Store
F&B
YTD Same-Store
Dues
YTD Same-Store
F&B
Same-store BSA Revenue Growth
by Revenue Type(1)
Year-over-year %
0.5%
14.0%
1.6%
8.8%
Q3 Total
Revenue
Q3 Total
Adj. EBITDA (2)
YTD Total
Revenue
YTD Total
Adj. EBITDA (2)
Total BSA Growth
Year-over-year %
0.8% 0.8%
2.3% 1.3%
Q3 Total Dues Q3 Total F&B YTD Total Dues YTD Total F&B
Total BSA Revenue Growth
by Revenue Type
Year-over-year %

23. 23
MAINTENANCE VS. ROI EXPANSION CAPEX
ROI Capex and reinvention of clubs acquired in 2014 & 2015 substantially complete
24.9 25.1
16.7
23.8
29.1
53.1
38.1
18.0 22.8
37.5 35.7
43.6
52.2
31.0
3.6% 3.5%
2.2%
2.9%
3.3%
5.0% 5.1%
2.6%
3.2%
5.0%
4.4%
4.9%
5.0% 4.2%
2010 2011 2012 2013 2014 2015 YTD 2016
Maintenance vs. ROI Capex (2010 – YTD 2016)
Capex in $ millions, Capex as % of Revenue
Maintenance Capex ROI Capex Maintenance (% of Revenue) ROI (% of Revenue)
FY16 Maintenance Capex
• FY16 anticipate spending $59.5 million in
maintenance capex, net of insurance proceeds
» In 2016, we will invest $16.6 million on IT projects
related to the centralization of administrative
processes
• YTD 2016 maintenance capex was $38.1 million, net
of insurance proceeds
FY16 ROI Expansion Capital
• FY16 anticipate investing $43.8 million on ROI
expansion capital
• YTD 2016 ROI expansion capital was $31.0 million
FY16 Acquisition Capital
• YTD acquisition capital was $9.8 million
» $4.1 million to purchase Marsh Creek
» $2.5 million to purchase Santa Rosa
» $3.2 million to purchase Heritage Golf

24. 24
3Q16 LEVERED FREE CASH FLOW
Attractive FCF generation … lowered future cash interest expense by ~$2.5M annually
$110.4 $112.3
$108.1 $104.6 $101.1 $102.9 $105.6
1Q15
LTM
2Q15
LTM
3Q15
LTM
4Q15
LTM
1Q16
LTM
2Q16
LTM
3Q16
LTM
Levered Free Cash Flow
• (2.4%) y/y decrease in LTM levered FCF
• 3Q16 LTM cash interest expense(2) was $56.3 million
• 3Q16 LTM cash tax expense was $10.1 million
• 3Q16 LTM paid $33.9 million in dividends; the Company
currently pays annual dividends of $0.52/share
Liquidity & Capital Structure
• As of September 6, 2016, cash and cash equivalents of
$92.1 million and total liquidity of $237.1 million
• As of October 7, 2016, ClubCorp Term B loans of $675
million were repriced at L+300 basis points with a 1%
LIBOR floor
• ClubCorp Unsecured Senior Notes of $350 million are
priced at 8.25%
• As of September 6, 2016, Sr. Secured Leverage Ratio
was 2.93x
• No material near term maturities (Term B loans mature
2022, Senior Notes mature 2023)
Levered FCF(1)
$ millions
(1) Levered Free Cash Flow is not calculated in accordance with GAAP. A reconciliation of Levered Free Cash Flow to Adjusted EBITDA can be found in the appendix of this presentation.
(2) Interest on long-term debt excludes accretion of discount on member initiation deposits, amortization of debt issuance costs, amortization of term loan discount and interest on notes
payable related to certain realty interests which we define as “Non-Core Development Entities”.

25. 25
CAPITAL STRUCTURE
Strong balance sheet … anticipate de-levering below 4x over the next 12-18 months
35
675
350
2016 2017 2018 2019 2020 2021 2022 2023
Debt Maturities(5)
$ millions
Senior
Notes
Mortgage
Loan
Term
Loan
766 767 764
604
939
1,058 1,059 1,060 1,067
5.03 4.85
4.59
3.41
4.28 4.50 4.45 4.41 4.36
2010 2011 2012 2013 2014 2015 1Q16 2Q16 3Q16
Historical Debt & Liquidity Profile
$ millions
Adjusted Net Debt Total Leverage Ratio

26. 26
2016 OUTLOOK
Based on year-to-date results, for fiscal year 2016 the Company is reducing its revenue outlook
and narrowing its adjusted EBITDA outlook accordingly
26
Keys to achieving 2016 outlook …
» Solid Same-store growth and operational execution
» Strong revenue growth across all three primary revenue streams: dues, F&B and golf
operations
» Economy continues to grow, with no significant macroeconomic event
» Acceptance of our O.N.E. offering continues to climb
» Reinvention continues to drive dues revenue, member usage and ancillary spend
» Continued execution of our cost and revenue synergies at newly acquired clubs
$1,080M -
$1,090M
Revenue
$245M -
$249M
Adj. EBITDA
~$44M
ROI Capital
Annualized
$0.52 / share
(~3.7% yield)
Dividend

27. 27
APPENDIX

28. 28
3Q2016 CONSOLIDATED RESULTS
Combined Same-store clubs and combined new or acquired clubs performance
28
(1) Change compares third quarter ended September 6, 2016 (12 weeks) to third quarter ended September 8, 2015 (12 weeks)
(2) Change compares YTD third quarter ended September 6, 2016 (36 weeks) to YTD third quarter ended September 8, 2015 (36 weeks)
(3) When clubs are divested, the associated revenues are excluded from segment results for all periods presented

29. 29
3Q2016 GOLF & COUNTRY CLUBS (GCC)
GCC Same-store clubs and GCC new or acquired clubs performance
29
(1) Change compares third quarter ended September 6, 2016 (12 weeks) to third quarter ended September 8, 2015 (12 weeks)
(2) Change compares YTD third quarter ended September 6, 2016 (36 weeks) to YTD third quarter ended September 8, 2015 (36 weeks)

30. 30
3Q2016 BUSINESS, SPORTS & ALUMNI CLUBS (BSA)
BSA Same-store clubs and BSA new or acquired clubs performance
30
(1) Change compares third quarter ended September 6, 2016 (12 weeks) to third quarter ended September 8, 2015 (12 weeks)
(2) Change compares YTD third quarter ended September 6, 2016 (36 weeks) to YTD third quarter ended September 8, 2015 (36 weeks)

31. 31
RECONCILIATION OF NON-GAAP MEASURES TO CLOSEST GAAP MEASURES
NET INCOME TO ADJUSTED EBITDA

32. 32
RECONCILIATION OF NON-GAAP MEASURES TO CLOSEST GAAP MEASURES
NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED EBITDA

33. 33
The following footnotes relate to the three proceeding tables:
(1) Includes non-cash impairment charges related to property and equipment and intangible assets and loss on disposals of assets
(including property and equipment disposed of in connection with renovations).
(2) Net income or loss from discontinued operations and divested clubs that do not qualify as discontinued operations in accordance with
GAAP.
(3) Net income or loss from divested clubs that do not qualify as discontinued operations in accordance with GAAP.
(4) Includes loss on extinguishment of debt calculated in accordance with GAAP.
(5) Includes non-cash items related to purchase accounting associated with the acquisition of ClubCorp, Inc. ("CCI") in 2006 by affiliates
of KSL Capital Partners, LLC ("KSL") and expense recognized for our long-term incentive plan related to fiscal years 2011 through
2013.
(6) Represents legal and professional fees related to the acquisition of clubs, including the acquisition of Sequoia Golf on September 30,
2014.
(7) Represents legal and professional fees related to our capital structure, including debt issuance and amendment costs, equity offering
costs and other charges incurred in connection with the reorganization of CCI, which was effective as of November 30, 2010
("ClubCorp Formation.")
(8) Includes fees and expenses associated with initial compliance with Section 404(b) of the Sarbanes-Oxley Act, which were primarily
incurred in fiscal year 2015 and the twelve weeks ended March 22, 2016, and related centralization and transformation of
administrative processes, finance processes and related IT systems.
(9) Represents adjustments permitted by the credit agreement governing the Secured Credit Facilities including cash distributions from
equity method investments less equity in earnings recognized for said investments, income or loss attributable to non-controlling equity
interests of continuing operations and management fees, termination fee and expenses paid to an affiliate of KSL.
(10) Includes equity-based compensation expense, calculated in accordance with GAAP, related to awards held by certain employees,
executives and directors.
(11) Represents estimated deferred revenue, calculated using current membership life estimates, related to initiation payments that would
have been recognized in the applicable period but for the application of purchase accounting in connection with the acquisition of CCI
in 2006 and the acquisition of Sequoia Golf on September 30, 2014.
(12) Includes the following adjustments to reconcile net loss to net cash provided by operating activities from our Unaudited Consolidated
Condensed Statements of Cash Flows: Net change in prepaid expenses and other assets, net change in receivables and membership
notes, net change in accounts payable and accrued liabilities, net change in other current liabilities, bad debt expense, equity in loss
(earnings) from unconsolidated ventures, gain on investment in unconsolidated ventures, distribution from investment in
unconsolidated ventures, debt issuance costs and term loan discount, accretion of discount on member deposits, net change in
deferred tax assets and liabilities and net change in other long-term liabilities. Certain other adjustments to reconcile net income (loss)
to net cash provided by operating activities are not included as they are excluded from both net cash provided by operating activities
and Adjusted EBITDA.
(13) Includes other business activities including ancillary revenues related to alliance arrangements, a portion of the revenue associated
with upgrade offerings, costs of operations at managed clubs, corporate overhead expenses and shared services expenses.
RECONCILIATION OF NON-GAAP MEASURES TO CLOSEST GAAP MEASURES
SEGMENT ADJUSTED EBITDA TO INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAX

34. 34
CALCULATION OF LEVERED FREE CASH FLOW
RECONCILIATION OF LEVERED FREE CASH FLOW TO ADJUSTED EBITDA
(1) See the Adjusted EBITDA reconciliation in the preceding "Reconciliation of Non-GAAP Measures to Closest GAAP Measures" tables.
(2) Interest on long-term debt excludes accretion of discount on member deposits, amortization of debt issuance costs, amortization of term loan discount and
interest on notes payable related to certain realty interests which we define as “Non-Core Development Entities”.
(3) Maintenance capital expenditures are net of insurance proceeds and include investments to upgrade information technology systems.

35. 35