Phillip Allen Juhan

Masters Capital Management LLC is an independent, SEC-registered investment advisor and hedge fund manager headquartered in Atlanta, Georgia. The firm was founded by Michael “Mike” Masters in 1994 and provides discretionary investment advisory services and management services to various pooled investment vehicles intended for sophisticated investors and institutional investors.

Town Sports International Holdings, Inc. engages in the business of owning and operating fitness clubs. The company was founded in 1973 and is headquartered in Jupiter, FL.

BMO Capital Markets Corp. (Broker) is the broker/dealer division of BMO Capital Markets Corp., a full-service North American financial services provider headquartered in New York City. The firm was founded in 1998 and is a subsidiary of BMO Financial Corp., which is owned by Bank of Montreal (NYSE, TSX: BMO) in Canada. BMO Capital Markets offers corporate, institutional and government clients access to a variety of products and services including equity and debt underwriting, corporate lending and project financing, merger and acquisitions advisory services, merchant banking, securitization, treasury and market risk management, debt and equity research and institutional sales and trading.