proposed legislation for assignment ross aviation
TRANSCRIPT
Proposed Legislation for Assignment of Landmark Aviation FBO Leases to Ross Aviation White Plains, NY (HPN)
ASSIGNMENT OF TWO LANDMARK AVIATION FBO LEASES AT THE COUNTY AIRPORT
• Proposed Legislation Seeks County Approval For
• Assignment of Two FBO Leases at the County Airport From Landmark Affiliates
to Ross Aviation – Proposed New FBO Operator at White Plains: • Piedmont Hawthorne Aviation d/b/a Landmark (“Landmark East”); and • Panorama Flight Service, Inc. d/b/a Landmark (“Landmark West”)
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GOOD DEAL FOR WESTCHESTER COUNTY
• The Assignment of the Landmark Leases to Ross Aviation is a Good Deal for the County.
NEW TENANT (HPN NY HOLDINGS, LLC d/b/a Ross Aviation): • Principals Have Long and Significant History of Successful FBO Operations
Throughout the Country as Ross Aviation; • Business as Usual at County Airport: No Footprint Changes, No Expansion of
Facilities, No Operational Changes; • Will Have Immediate National Network of 6 FBOs; • Backed by Performance Guaranty from Parent Company that (a) is Not
Required under the Leases; and (b) Landmark Did Not Provide • Operating Cash of $500,000 at Closing – Landmark Did Not Have; • Backed by KSL Capital Partners, Private Equity Firm focused on Travel and
Leisure Industries Which Has Raised in Excess of $7B in capital since 2005 and is Currently Investing Out of a $2.7B Fund
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GOOD DEAL FOR WESTCHESTER COUNTY
OTHER BENEFITS TO COUNTY OF APPROVING LEASE ASSIGNMENTS
• Voluntary Discontinuance of Tax Certiorari Litigation Challenging Taxable
Status of Parcels Located in Town of Harrison and Town of Rye
• Avoids Potential Trustee’s Sale or Auction of Landmark FBOs at County Airport Ordered by the U.S. Department of Justice as Part of Anti-Trust Review of Larger Transaction
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5
P R O P R I E T A R Y A N D C O N F I D E N T I A L
KSL CAPITAL PARTNERS & ROSS AVIATION
INTRODUCTORY PRESENTATION
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Jeff Ross Overview » Jeff Ross, the founder and former CEO of Ross Aviation, has over 20 years of experience in FBOs
– Has acquired, operated, and expanded 26 FBOs; of those FBOs, Ross Aviation owned 21(1)
– Ross Aviation was founded in 2004 in partnership with Centre Partners – Between 2004 and 2014 Ross Aviation averaged ~2 acquisitions per year (including no acquisitions in 2009) – Collectively, the 21 Ross Aviation locations sold over 450 million gallons of fuel annually to 6,800
customers, had two million square feet of hangar and office space and employed 475 individuals – By 2014, Ross Aviation was the fourth largest FBO portfolio in the world and was sold to Landmark
Aviation
» Over the past 20 years, Jeff has directed approximately 65 non-aviation acquisitions, financings and sales involving in excess of $700 million
– From 1979 through 1991, Jeff was President of the Cairn Companies, a real estate acquisition and investment firm with a strong presence in Denver and Atlanta
– From 1985 through 1991, Jeff was President of Southeastern Capital Corporation; while at Southeastern, Jeff directed the acquisition, sale and recapitalization of a number of operating companies
– As a past Managing Partner of CapEx, L.P., a mezzanine and equity fund based in Denver, Jeff and his partners invested in private and small public companies
» CapEx provided financing to a variety of industries including aviation, manufacturing, service and distribution
» Jeff Ross graduated from the University of Pennsylvania and holds an M.B.A. from the Wharton School
of Business
(1) Four locations not owned by Ross Aviation is the FBOCO from a previous investment vehicle; one location not sold as part of the 2014 disposition to Landmark
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Ross Aviation: Experienced Management Team
Proven Management
Team that Built Ross Aviation
From the Ground Up
Extensive Industry
Experience With Successful Track
Record
Identify and Cultivate General
Manager Talent
» Jeff Ross, Co-Founder and CEO – Approximately 24 years of industry experience across 26 FBOs in his career
» John (Cy) Farmer, COO – Approximately 40 years of experience, including VP of Special Projects and
International Operations for Landmark Aviation (2014-2016) and VP of Network Development (Americas) for Signature Flight Support (1998-2014)
» Steve Gampp, CFO – Joined Ross Aviation in 2006 with over 30 years of financial and business executive
experience
» Completed 21 FBO acquisitions between 2004 and 2014
» Significantly grew profitability at each FBO following acquisition
» Worked alongside local airport authorities to cultivate partnerships to benefit operations on the broader airfield
» Identify and develop general managers with extensive experience and proven track records of growth
– Emphasize a culture of outstanding service and community involvement where employees are recognized for their outstanding service to both the customer and local community
» Encourage and incentivize to operate the FBO as if it is his/her own
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Ross Aviation (2004-2014): Geographical Footprint » Collectively, the 21 Ross Aviation locations sold over 450 million gallons of fuel annually to 6,800
customers, had two million square feet of hangar and office space and employed 475 individuals
Spokane, WA Williston, ND
Fresno, CA Denver, CO
Scottsdale, AZ
Santa Fe, NM Palm Springs, CA
Midland, TX
Baton Rouge, LA
Coatesville, PA
Laredo, TX
Morristown, NJ
Trenton, NJ
Miami, FL Hawaiian Islands
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Ross Aviation (2004-2014): History & Key Milestones
2004
Company founded
Acquired Denver Air
2012
Acquired XN Air (Spokane)
Acquired Spokane Airways
Divested Great Circle Flight Services (Anchorage)
Acquired Scottsdale Air Center
Acquired Santa Fe Air Center
2005
Acquired Corporate Aircraft (Fresno)
Acquired Million Air FBO (Santa Fe)
2006
Acquired Great Circle Flight Services (Anchorage)
2007
Acquired Miami Executive Aviation
Acquired Bradley Pacific Aviation (Hawaiian Islands)
Acquired Laredo Aero Center
2008
Acquired Ronson Aviation (Trenton)
2010
2011
Acquired Atlantic Aviation FBO (Fresno)
Acquired Stevens Aviation FBO (Denver)
Acquired Unisys Hangar (Trenton)
2013
Acquired Tradition Aviation (Palm Springs)
Acquired Chester County Aviation (Coatesville)
Acquried Williston Jet Center (North Dakota)
Acquired Avion (Midland)
Acquired Lousiana Aircraft (Baton Rouge)
Acquired MMU Hangar 10 (Morristown)
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
KSL CAPITAL PARTNERS INVESTING IN TRAVEL AND LEISURE BUSINESSES
HOSPITALITY RECREATION CLUBS REAL ESTATE TRAVEL SERVICES
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
» Private equity firm with three decades of investing solely in travel and leisure businesses - hospitality, recreation, clubs, real estate & travel services
» Approximately 57 total employees; 37 investment professionals » Three offices – Denver, Colorado (HQ); Stamford, Connecticut; and London, UK » Mandate to invest in operationally complex travel and leisure businesses with meaningful upside through
operational stewardship and transformative reinvention and expansion capital investment
» Approximately $7.1 billion in capital raised since 2005
– Stable capital base consisting of endowments, pension, foundations and high net worth individuals – Currently investing out of a $2.7 billion Fund IV
KSL Capital Partners (“KSL”)
(1) Prior to April 2004, our investment activities were undertaken through KSL Recreation Corporation, referred to as Fund I, a platform company affiliated with Kohlberg Kravis Roberts & Co. (KKR). While KKR had board oversight of such funds (including ultimate investment authority), the Managing Directors of KSL had day-to-day oversight, including selecting investments for acquisition and disposition. Given relationship with KKR, we have not included historical performance information for Fund I (2) Includes all vehicles raised during the period, including co-investment
1992 to
2005
2006 2011 2015
2013
$1.4 billion invested equity
$2.1 billion invested equity
$386 million committed
capital
$2.7 billion committed
capital
Predecessor Investment Vehicle with
KKR
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Investment Sectors
HOSPITALITY – Hotels, resorts, restaurants
RECREATION – Ski, spa, attractions, cruise, gaming, retail, marinas
CLUBS – Golf, health, social, dining
REAL ESTATE – Second homes, condo-hotel, alternative ownership
TRAVEL SERVICES – Private aviation, adventure travel, tour operators
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Investment History
FUND I INVESTMENTS (FULLY REALIZED)
FUND III INVESTMENTS FUND II INVESTMENTS
CNL Resorts Debt
(MEZZANINE)
Kyo-ya Debt
YYY Investments
* Fully Realized Investments
*
*
*
*
* *
* * *
* *
*
*
First Creek
FBOCO
*
* *
*
*
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Experience Through Multiple Economic Cycles
Source: U.S. Bureau of Economic Analysis and IMF as of December 31, 2014 Note: Prior to April 2004, our investment activities were undertaken through KSL Recreation Corporation, a platform company of funds affiliated with KKR. While KKR had board oversight of such funds (including ultimate investment
authority), the Managing Directors of KSL had day-to-day oversight, including selecting investments for acquisition and disposition. KSL does not intend to compare itself to the annual US GDP % growth, nor does it intend to demonstrate that its returns meet or beat annual US GDP % growth; this index is used solely because KSL believes that such index is a good indicator of US economic cycles. In addition, an investment in any KSL Fund does not seek to replicate or correlate with such index.
» Consistent execution across multiple economic cycles
Ann
ual U
.S. G
DP
% G
row
th
Russian debt crisis
Gulf War RTC
Tech bubble September 11th
Financial crisis
Debt Investments: CNL Resorts
Kyo-ya Portfolio ClubCorp
YYY Investments
First Creek
FBOCO
(4.0)%
(2.0)%
0.0%
2.0%
4.0%
6.0%
1990 1995 2000 2005 2010 2015
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Investment Focus – Past, Current & Future Platforms
(1) Figures based on Fund I, Fund II and Fund III operating company investments. Investments shown in the table are limited to Fund II and Fund III operating investments (e.g., debt investment and minority “toe-hold” investments in publicly traded companies are excluded). (2) Represents select historical platform investments in travel & leisure and select investments of Fund I, Fund II and Fund III. Similar platforms may not be available for future investment. (3) Potential future platforms may not be available and are not limited to those listed and there can be no assurance that the Fund will invest in any of the platforms listed.
Upscale Hotels & Resorts
Health & Wellness
Family Entertainment
Ski Resorts
Boutique Hotels
Resort Real Estate
Travel Services
Private Golf & Business Clubs
Hotel Management
CU
RR
EN
T &
PR
IOR
PLA
TFO
RM
S (2
)
POT
EN
TIA
L FU
TU
RE
PLA
TFO
RM
S (3
) Select Service Hotels
Theme Parks
Retail
Adventure & Experiential Travel
Restaurants
Gaming
Holiday Parks
FBOCO
25,000 Hotel Keys
950 Restaurants
& Retail Stores
400 Spas
250 Golf Courses
650 Clubs
630,000 Members FBOs
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Fund IV – $2.7 Billion Equity Committed » KSL closed Fund IV in September 2015 with total commitments of $2.7 billion
» Fund IV took less than a year to raise, with demand from both existing and new investors
– Investors include a diverse group of state pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations, insurance companies and family offices
» The first Fund IV investment was made in February 2016 when KSL bought iFLY, an indoor skydiving
company with over 40 locations globally
» Fund IV currently has $2.4 billion of capital to be invested into new investments
$2.7 Billion Equity
Committed
$2.4 Billion Equity
To be Invested
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Experienced Transaction Team with Diverse Backgrounds
Marty Newburger Partner
21 years experience 10 years at KSL
John Ege Partner
13 years experience 10 years at KSL
Bernie Siegel Partner
30 years experience 10 years at KSL
Jared Melnik 11 years experience
8 years at KSL
Dan Rohan Principal
12 years experience 10 years at KSL
Adam Knox Principal
10 years experience 9 years at KSL
Hal Shaw Principal
8 years experience 6 years at KSL
Mike Shannon Chairman
30 years experience 23 years at KSL
Eric Resnick CEO
21 years experience 14 years at KSL
Steven Siegel Partner & COO
28 years experience 10 years at KSL
Kevin Rohnstock GC & CCO
14 years experience 4 years at KSL
Charlie Martin Director of Finance
20 years experience 9 years at KSL
Harris Levinson 3 years experience
1 year at KSL
Michael Mohapp 6 years experience
5 years at KSL
Rich Weissmann Partner
30 years experience 7 years at KSL
Coley Brenan Partner
15 years experience 11 years at KSL
Noah Glick 5 years experience
3 years at KSL
Tina Yu 5 years experience
4 years at KSL
Debt Fund
Concentrate on non-North American investments
Mike Acierno 3 years experience
1 year at KSL
Peter McDermott Partner
18 years experience 12 years at KSL
Craig Henrich Partner
27 years experience 4 years at KSL
Raphael Bihler 4 years experience
1 year at KSL
Drew Heimbrock 3 years experience
1 year at KSL
Breck Jones 4 years experience
2 years at KSL
Emily Buckley 4 years experience
1 year at KSL
Fund Leadership
Selected Past Experience
Partners & Principals
Selected Past Experience
Legal & Finance
Senior VPs
VPs & Associates
Jens Blomdahl 4 years experience
2 years at KSL
RECREATION
Martin Edsinger 6 years experience
1 year at KSL
RECREATION
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Orly Ripmaster Director
11 years experience 3 years at KSL
Greg Kennealey Director
20 years experience 3 years at KSL
Stephen Walker Director
15 years experience 7 years at KSL
Bryan Elliott Senior Director
27 years experience 7 years at KSL
Matt Gaghen Senior Director
24 years experience 3 years at KSL
Todd Shallan Director
30 years experience 14 years at KSL
Bryan Traficanti Exec. Vice President 21 years experience
12 years at KSL
Asset Management Team with Cross-Discipline Expertise Sales &
Marketing
Asset Management
Capital Management
Operations Asset Management
Asset Management
Asset Management
RECREATION
» Asset management team comprised of former operating executives of relevant industry companies
» Primary focus is as active board members working alongside strong management teams
» Valuable resource in transactions with ability to act as in-house consultants
» In-house capital management capabilities for transformational capital and development projects
Marla Steele Director of
Transaction Services 25 years experience
8 years at KSL
Jon Paul Testwuide Portfolio Manager
Transaction & Transition
Member of Investment Committee
Concentrate on non-North American investments
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Single Asset Hotel Investments » St Regis Monarch Beach, Orange County, California
– Overview: 400-key resort in Dana Point, California on a 169 acre coastal site with an 18-hole golf course and 34,000 square foot spa
– Investment Thesis: Trophy destination resort in a leading U.S. market, with no new supply in foreseeable future. It was lender owned and underperforming at acquisition, and KSL felt that it had upside potential from reinvention capital and differentiated programming
– Value-Add: Active oversight of third party manager and reinvention capital in process. Rebranding of the spa to Miraval in Spring 2016, the first roll-out of the brand to other hotels
» The Belfry, Birmingham, UK – Overview: Legendary 319-key golf resort located outside Birmingham,
UK, situated in 550 acres with three 18-hole golf courses – Investment Thesis: Despite a rich history (four-time host to the Ryder
cup), the hotel was underperforming at acquisition due to poor management and underinvestment
– Value-Add: KSL has repositioned the resort through an extensive renovation project, upgrading rooms, amenities and the spa to attract guests seeking activities beyond golf
» Cameron House, Loch Lomond, Scotland – Overview: 132-key hotel with 115 timeshare lodges, 2 golf courses, a spa
and a marina with 198 berths in Loch Lomond, Scotland – Investment Thesis: Despite being a well-located iconic Scottish manor
house, the hotel was underperforming due to poor and uncertain management
– Value-Add: Targeted capital investment; stabilized and reinvigorated management team
St. Regis Monarch Beach
The Belfry
Cameron House
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
» Renowned destination spa brand focusing on integrative health and wellness
» 100+ unique activities with physical, emotional, social or intellectual focus, ranging from yoga and fitness classes to outdoor adventure, equine workshops, culinary classes, nutrition, art and emotional wellness sessions
» The first Miraval resort opened in 1995 on a 400 acre site in the Sonoran Desert near Tucson, Arizona. It has 118 keys, 16 privately owned villas and 100+ weekly activities
» A Miraval Life in Balance Spa will open at the St. Regis Monarch Beach, California in Spring 2016
Brand Strengths
» Unique Offering – no competitor offers the same breadth and variety of wellness activities
» PR and Celebrity Endorsements – over 100 million PR impressions in 2015, with features in WSJ, USA Today, Huffington Post, Oprah, The Ellen DeGeneres Show and Keeping Up with the Kardashians
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
» Contemporary hotel brand with 28 hotels across the UK, incorporating hotel, full-size fitness club, pub, full-service restaurants and Starbucks, all under one roof
» Targeting 3-5 new locations per year
» New sites have a next-generation “Black-Box” design with ~150 keys, full-scale amenities, space-efficient rooms and vibrant public spaces
Accom. 37%
F&B 36%
Fitness 20%
Room Hire 3%
Spa 2%
Golf 1%
Other Income
1%
Brand Strengths
» Diversified Revenue – accommodation only comprises less than 50% of sales, with remainder coming from F&B, gym membership, room hire and leisure
» High Footfall – wide offering attracts ~1,000 people/day to each hotel, with 100+ hotel guests, 500+ fitness members, 200+ F&B users and 200+ Starbucks users
» Compact Size – ~150 key Village Hotels only require 1 acre of land in urban areas and 2 acres in suburban areas
» Cutting Edge Technology – enables fast self-service, improving guest experience and reducing headcount needs
» Functional Design – small rooms are space-efficient (e.g., open closets) with a focus on comfort and aesthetics
25
P R O P R I E T A R Y A N D C O N F I D E N T I A L
» Internationally successful luxury spa operator and provider of spa design, consultancy services and upmarket beauty products (144 spas in 55 countries)
» ESPA’s skin and hair products use potent formulations with natural ingredients, applying the therapeutic benefits of aromatherapy and hydrotherapy to soothe and nourish the skin, relax the body and ease the mind
Partnership Opportunities
a) Product Partnership – Active retail of ESPA products and provision of
signature treatments
b) Design & Pre-Opening – Advisory services for new spas, from concept creation
and technical advice through to operational support
c) Performance-Based Partnership – Operational support for existing spas, incl. financial
analysis, business planning, marketing strategy and staff training and recruitment
Brand Partners
Partnership Benefits
» Highly experienced, global luxury spa brand that has been adopted by leading 5 star hotels
» Proven Financial Impact – partnering spas have achieved considerable revenue uplift after adopting ESPA
» Win-win, Performance-Based Fee Structure guarantees full alignment of incentives
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
» Indoor skydiving experiences across 41 locations worldwide
» iFLY’s vertical windtunnels use a patented design that is completely safe, and superior to any competing technology
Brand Strengths
iFLY Austin
Top tier urban or relatively affluent suburban markets with space for parking
min. building footprint of 34m x 18m
18m height (shorter tunnels available in some circumstances)
» Draws and retains approx. 150,000 customers, visitors and tourists per year, many from a 20+ mile radius
» Absolutely silent – no discernable noise or vibration outside the building
» Wind tunnels have the ability to run 24/7/365 – very limited down time is required for maintenance
New Site Criteria
Located close to, and ideally visible from major freeway
Current Site Locations
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
» Best-in-class third-party hotel manager, with over 40 years’ experience of working with full-service hotels
» 37 properties / 11,200 keys under management with Hilton, Hyatt, Starwood and Marriott flags, as well as boutiques
» Property owners include LaSalle, Pebblebrook, Sunstone, Inland, Walton Street, Rockbridge and Carlyle
Partnership Opportunities
a) Hotel Real Estate Owners – Davidson's hotel management services include re-
branding and re-positioning through renovation projects, as well as ongoing operational improvement
b) Hotel Brands – Davidson continues to look for strong midscale and
upscale brands that would suit its large hotel pipeline
Hotel Brand Partners
Hotel Locations
Full-Service
Midscale
Boutique
Partnership Benefits
» Preferred operator for Hilton, Hyatt, Marriott, Starwood
» Track record of successfully renovating, re-branding and repositioning mid-tier and upscale hotels
» Proprietary technology platform allows real-time monitoring of revenues / expenses and transparent reporting
» Experience in identifying and implementing projects that generate high ROI
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
» Owner and franchisor of 3 distinct membership-based health & wellness brands in the U.S.
– Elements Massage – Fitness Together – Fit36
» 390 franchised locations across 39 states
» 3rd largest U.S. retail massage provider founded in 2006, with 220 locations across 34 states
» No ancillary cosmetic treatment – reinforces strength of the brand as an expert in massage
» Largest provider of personal training studios in the U.S., with 165 studios in 33 states
» Sites owned and operated by personal trainers
Location Map
» High intensity interval training (HIIT) franchise founded in 2013
» Training method influenced by two successful U.S. fitness concepts, OrangeTheory Fitness and Crossfit
» Five studios open and over 15 further franchises sold to date across the U.S.
Elements Massage (220 stores) Fitness Together (165 stores) Fit36 (5 stores)
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Current Ski Investments
» World renowned ski resorts located near Lake Tahoe in Northern California; Squaw Valley was host to the 1960 Olympic Winter Games
» Together, they offer 6,200 acres (#2 in North America), 43 lifts (#1) and over 270 runs
» KSL merged the two resorts in 2012 and is leading the transforming Squaw Valley’s base village through a comprehensive new master plan
» 60 acres off excess real estate available for development
» Owner of 24% of the outstanding shares of Whistler Blackcomb Holdings Inc. with two board seats
» The largest and most visited ski resort in North America and host of the 2010 Winter Olympic Games
» 8,171 acres of skiable area (#1 in North America) and 37 lifts (#2), with a vertical drop of 5,280 feet (#1)
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Renovation Projects – The Belfry Before
After After
Before
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
Renovation Projects – St Regis Monarch Beach
After
Before
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P R O P R I E T A R Y A N D C O N F I D E N T I A L
This presentation contains highly confidential information regarding KSL Capital Partners, LLC’s (“KSL”) investments, strategy and organization. Your acceptance of this presentation from KSL constitutes your agreement to (i) keep confidential all the information contained in this presentation, as well as any information derived by you from the information contained in this presentation (collectively, “Confidential Information”) and not disclose any such Confidential Information to any other person, (ii) not use any of the Confidential Information for any purpose other than to evaluate entering into a relationship with KSL, (iii) not use the Confidential Information for purposes of trading any security, (iv) not copy these documents without KSL's prior consent, and (v) promptly return these documents and any copies thereof to KSL upon KSL's request. This presentation is for information purposes only and does not constitute, and should not be constituted as, an offer or solicitation with respect to the purchase or sale of any security. This presentation may not be reproduced or redistributed in any manner and is strictly confidential. Certain information contained herein has been obtained from published sources prepared by third parties. In addition, certain information contained herein has been obtained from companies in which investments have been made by a prior investment vehicle and its affiliated entities. While such information is believed to be reliable for the purpose used herein, none of KSL nor any of its affiliates assumes any responsibility for the accuracy of such information. This presentation includes certain historical investment performance information relating to partnerships managed or advised by us and our affiliates. The delivery of this presentation at any time shall not under any circumstances create (i) an implication that the information contained herein is correct at any time subsequent to such date and (ii) an obligation on KSL to update any information subsequent to the date hereof. Past performance is not necessarily indicative of future results and there can be no assurance that we will be able to achieve comparable results or implement our investment strategy or achieve our investment objective. KSL Advisors, LLC is an investment adviser registered with the United States Securities and Exchange Commission and nothing contained in this presentation is intended to establish an adviser-client or any other fiduciary relationship between KSL Advisors and the recipient.