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Message ed Strictly Private & Confidential Maples Teesdale proposal for Tishman Speyer in relation to Project Odyssey June 2025

We are delighted to have been invited to submit a proposal to Tishman Speyer for the provision of legal services with regards to Project Odyssey, the sale of a portfolio of holiday parks in Scotland and appreciate the chance to showcase the depth of our expertise relevant to your needs for this transaction. Our firm is focused solely on the real estate market and we take a deep and long-term interest in the industry. We have a true passion for property and it forms the core of our business, as it does yours. This transaction will require a seamless service, incorporating advice across real estate, finance, corporate and English and Scots law. From experience, we know that Scottish holiday park consents can be complex, particularly where site layouts and unit configurations have evolved on the ground over time. We also recognise that environmental considerations such as off-mains infrastructure and permitting will likely play a key role in due diligence and therefore the warranty package. From a corporate perspective we are well versed in limiting your liability in the realms of W&I. We suggest working alongside our preferred Scottish advisers, Burness Paull, who have an existing relationship with Tishman Speyer and Cove Communities. David Stewart also has prior knowledge of Springwood, Kelso having acted for the previous owner when at a different firm. We know that a legacy firm has been involved with the Cove portfolio to date but we are proven to get up to speed with a pragmatic approach to complete the lifecycle of an investment. We know that you need the best advice delivered in a timely and cost efficient way and our specialism helps us deliver this. You would be an important client to us and treated as such - your work would be handled by a senior team (more details of your dedicated team are contained in the biographies). We are ready to hit the ground running. Maples Teesdale LLP

Overview and fees Overview of the transaction We understand the transaction to be as follows:  Cove Communities Holiday Park UK Holdco Limited (the "Seller") is proposing to sell the entire issued share capital in Cove Communities Venture 2 Argyle PropCo Limited ("Argyle Propco") and Cove Communities Venture 2 Springwood PropCo Limited ("Springwood Propco") to the (not yet selected) buyer.  Argyle Propco has a wholly owned subsidiary, Cove Communities Venture 2 Argyle OpCo Limited ("Argyle OpCo"). Springwood Propco has a wholly owned subsidiary, Cove Communities Venture 2 Springwood OpCo Limited ("Springwood OpCo").  Argyle Opco holds a leasehold interest in St Catherines Caravan Park, Cairndow, Argyll, PA25 8AZ and the freehold interest in seven other holiday parks.  Springwood Opco holds the freehold interest in Springwood Holiday Park, Springwood Estate, Kelso, Scottish Borders, TD5 8LS. Fees We would estimate that our fees are likely to be in the range of £145k to £165k plus VAT and disbursements, in line with the scope on the next page.

Scope of work Scope We would expect our scope of work for Project Odyssey to be as follows (subject to the assumptions at the end of this proposal): Corporate & general  preparing / reviewing / negotiating the form of NDA (including exclusivity if requested) with the selected buyer;  preparing / reviewing / negotiating the form of HOTs with the selected buyer;  assembling and maintaining the data site, including liaising with Christie & Co to ensure all relevant items contained on their marketing data site are transferred across to the main legal data site;  dealing with legal due diligence and liaising with your accountants on financial and tax aspects;  preparing / reviewing / negotiating the form of SPA and tax covenant;  preparing / reviewing / negotiating the form of the form of disclosure letter;  preparing / reviewing / negotiating the form of various ancillary documents required to effect the sale, including stock transfer forms, officer resignation letters, termination deeds, no indebtedness deed, PSC letters, board minutes (Seller, Target Companies and any other Cove group companies); and  preparing / reviewing / negotiating the necessary completion undertakings and assisting with the funds flow/completion mechanics. Real estate  obtaining a standard suite of property searches (to exclude any environmental, flood risk or other technical reports);  procuring a comprehensive pack of planning documents from you and checking that the day to day operations of each property (including permitted pitch layouts, configuration and layouts) are in line with the planning consent and associated pitch licences;  procuring a comprehensive pack of environmental licences from you (to include any SEPA consents/registrations for septic tanks); and  assisting with any change of control requirements contained in any licenses or permits granted in relation to the Assets; Finance & security  reviewing & negotiating an English law governed deed of release from all obligations under the facility agreement dated 6 December 2021 with, inter alios, Wells Fargo ("Facility Agreement") and related security documents, as prepared by the security agent or its solicitor; and  liaise with Scottish counsel to co-ordinate the release of the Scottish security.

Away Resorts Business and asset purchase We were successfully appointed by Away Resorts on the business and asset purchase of the Boston West Holiday Park and Golf Course Resort, in Lincolnshire. The transaction was particularly complicated and involved a cross section of the firm, across practices. As a result of our work on Boston West, we were quickly instructed to work on the purchase of Beachcomber Holiday Park in Cleethorpes. Away Resorts is an award-winning UK holiday park operator with sites in prime locations across the UK. Center Parcs Sale, leaseback and refinancing We have provided planning advice on the sale and leaseback and refinancing of three of the UK Center Parcs sites, advised on the planning aspects of a forward funding of a Premier Inn to an institutional investor, and advised Aberdeen Group on numerous hotel acquisitions and disposals. Private Investors Campsite operations Advised several camp site owners in Cornwall, Devon and Somerset in respect of lawful use certificates (and enforcement proceedings) in respect establishing the lawfulness of their operations and planning applications to expand their facilities ICG Longbow Campsite refinance and refurbishment Advising ICG-Longbow on a £10m loan facility to a limited liability partnership owner operator of a mobile home park for the refinancing and refurbishment of a mobile home park situated in the South East of England Relevant experience

Fragrance Group Hotel portfolio We were instructed to act for Fragrance (a group company of a property developer with a presence across Asia, Australia and Europe) on the negotiation of deeds of novation, termination and settlement deeds, land owner deeds, franchise agreements and hotel management agreements, all in respect of 3 of their hotels in the UK, switching from managed to franchised operations with an internationally renowned brand, and engaging a third party specialist operator to manage the 3 hotels on behalf of Fragrance under the terms of a hotel management agreement. Spartan Advisors Hotel purchase and development Advised on the property aspects of the acquisition of a hotel in Mayfair for over £120m in a very tight timescale. We are also advising the developer on the planning, construction and real estate elements and working with the professional team on the extensive refurb of the Beaumont Hotel and the extension at the adjoining 2 Providence Court, negotiating development approvals with the freeholder Grosvenor. We also acted for the operator on the re-negotiation of the hotel management agreement for the Beaumont Hotel in Mayfair. Patrizia Corporate sale with Scottish real estate We advised PATRIZIA’s UK Value 2 fund on the off-market sale of Guildhall, a high-quality city centre office in Glasgow to Maya Capital for a total consideration of c.£30 million. The sale was effected through the sale of the shares in a Jersey holding company. Maples Teesdale's corporate team worked alongside a leading Scots law firm who advised on Scottish property matters. Berkshire Assets BTR corporate reorganisation and refinance Advised Berkshire Assets on the corporate, finance, real estate and construction aspects of a £54m refinancing in respect of a large PRS development in West London. In addition to successfully negotiating the refinance of the asset in a very short time frame we were required to advise on a corporate reorganisation, a restructuring of domestic and overseas investor loans, a restructuring of the property ownership structure and an operator agreement to facilitate the delivery of the business plan for the partial disposal the asset and ongoing operation of the retained parts of the asset.

Key Clients We punch above our weight in terms of the quality of our client base. We are instructed by 22 listed companies, and their subsidiaries, on their real estate needs. We act across all property sectors and clients include institutional investors, private equity real estate funds, property companies, lenders and developers including: Hospitality and leisure  Away Resorts  Bridge Leisure Parks  Center Parcs  Forest Holidays  Parkdean Resorts  Verdant Leisure  Virgin Hotels Funds and fund managers  Aberdeen Group  Alterx Capital Partners  CBRE Investment Management  Columbia Threadneedle Investments  Compagnie du Parc  Hines Global REIT and Hines European Property funds  Legal & General  Ontario Teachers’ Pension Plan  Patrizia AG  RSA Corporate Real Estate  Tritax Big Box  Yoo Capital Lenders  Cheyne Capital  Investec  Maslow Capital Corporates/occupiers  BDO  Bleckmann Logistics  Canadian & Portland  Cineworld  City, University of London  Eversheds Sutherland  Fremantle Media Group  Global Radio  Imperial College  Nestle  Old Mutual Plc  RSM  The Government of the United States of America Property companies and developers  Bywater Properties  City of London Corporation  CLS Holdings plc  DTZ Investors  Henry Boot plc  London & Oxford Group  Mace Developments  Scale Space (a Blenheim Chalcot / Imperial JV)  Sciopolis  Stanhope plc  Workspace plc

Team biographies Tim Dodd Partner, Corporate real estate T: 020 3465 4401 E: tdodd@maplesteesdale.co.uk Tim is a partner in the corporate team, specialising in hotels transactions, acting for major international hotel operator companies, private and institutional hotel owners/franchisees, property companies, multinational organisations, developers, institutional investors, and governmental bodies. As well as his time in private practice Tim has also spent a significant amount of his legal career working as in-house counsel for hotel operator brands. Eleanor Crawford-Drake Senior Associate, Corporate real estate T: 020 3465 4301 E: ecrawford-drake@maplesteesdale.co.uk Ellie is a senior corporate real estate associate with experience in a broad range of transactions covering a number of jurisdictions and including the use of W&I insurance, various purchase price adjustments and tickets reaching $300m. She has significant experience in corporate acquisitions and disposals, ranging from single asset to multi-company portfolio transactions, establishing and managing joint ventures, acting for minority or majority shareholder investors and company management and restructuring. Nathan Pavitt Associate, Corporate real estate T: 020 3465 4342 E: npavitt@maplesteesdale.co.uk Nathan is an Associate in the corporate real estate team with experience in a broad range of UK-based transactions, including corporate acquisitions and disposals, acting for minority or majority shareholders, and advising on company restructuring.

Chris Xitsas Partner, Real estate T: 020 3465 4316 E: cxitsas@maplesteesdale.co.uk Chris is a partner in the commercial real estate team and heads up the Living and Life Sciences sectors, with a broad range of experience across all aspects of investment, development and asset management work, as well as strategic land advice. Chris specialises in capital transactions and active management of office parks (including research & development, fitted & lab-enabled buildings and incubator spaces), as well as retail and hospitality assets (with a particular focus on the repositioning of town-centre shopping centres). David Stewart Partner, Burness Paull T: 0131 357 4463 E: david.stewart@burnesspaull.com David has over 20 years of experience and is dual qualified. He focuses principally on property investment and development deals in mainstream and alternative investment sectors. He acts for an impressive client roster that includes institutions and REITs, private property companies, and high net-worth overseas investors. David has developed a wide range of technical expertise working on a variety of real estate matters, in particular high end investment deals, complex development projects and in specialist areas such as purpose-built student accommodation and build-to-rent development, as well as the healthcare sector (acting on private hospital acquisitions and care home investment and development). Alasdair Sutherland Partner, Burness Paull T: 0131 357 4463 E: alasdair.sutherland@burnesspaull.com Alasdair is the head of Burness Paull’s Planning & Environment team. He advises clients in both the public and private sectors on a range of planning related issues, including major development and infrastructure projects. He has worked on the instruction of numerous local authorities and the Scottish Ministers and understands the requirement for a collaborative approach to planning. He has a reputation for building strong, lasting relationships with key stakeholders.

About Maples Teesdale We are a leading specialist real estate law firm in England. We have built a reputation for providing excellent service to investors of assets and property portfolios. We understand that our role in managing such transactions is to make things run smoothly in order to maximise returns and achieve a swift closing. Our commercial real estate group is of a similar size to property teams in many full service or international firms, and our high ratio of partners to associates means that our services are delivered by a very experienced team of “hands-on” lawyers, so you deal with people who are commercially experienced and give advice, rather than having to refer it “up the line”. We have specialist construction, planning, property litigation, property finance and corporate real estate teams which work closely with our core real estate group, so we can provide a full investment management service for you. We have strong business relationships with other overseas law firms, who share our expertise in real estate, and often lead on multi-jurisdictional transactions for clients or transactions otherwise anchored in England and Wales. We understand the importance of being available and responsive to our clients. We operate from one office at 30 King Street, London EC2V 8EE, where all of our lawyers and support staff are based. This enables us to work collaboratively and to provide a seamlessly joined-up service for you. We have a team of 60 lawyers including 18 partners. Our property specialism allows us to be at the forefront of understanding real estate law; it’s what we do all the time. This differentiates us from other law firms. We believe we are unique in being solely focused on providing a full real estate legal service. We proactively seek to make introductions between our clients and contacts in real estate through tailored events and networking opportunities. We have a sizeable institutional, private equity and property company client base which means we are conscious of, and at the forefront of advising on, institutional concerns and trends. We work collaboratively with our clients, regularly discussing such issues with them and exploring how to implement best practice for their business. ESG & sustainability ESG is a fast-moving area of law and each business has its own targets and levels of comfort around sustainability. As we advise businesses across all stages of the real estate lifecycle, from planning and construction to letting and financing, our goal is to enable positive change and ensure our clients’ legal documents reflect their unique sustainability objectives. Maples Teesdale is B Corp certified. This means we meet high standards of social and environmental performance, transparency and accountability, and are part of a global community of businesses working towards a more inclusive, equitable and regenerative economy. We are delighted to be featured in the The Legal 500 Green Guide as one of the leading UK law firms engaging with sustainability within the UK. Equity, diversity and inclusion We are particularly passionate about EDI, because as a specialist real estate law firm, we have feet in two industries that lack diversity: law and real estate. We proactively address equity, diversity and inclusion at all levels of our business. We have an active programme of internal and external community, charity and environmental events and initiatives. As part of our commitment to charities that are meaningful to our team and local to our business, we actively support the East End Foundation, Smart Works and LandAid. We are proud to be founder members of Neurodiversity in Business, and to be involved with the EY Foundation’s Real Estate Futures programme. We are also signatories to the Real Estate Balance pledge.

Technology and AI We invest heavily in technology to facilitate our team in providing an efficient, accurate and professional service to our clients, using technology where appropriate. Avail AI With Avail AI, we can accelerate our onboarding and reporting processes: Key Benefits:  Avail Lease allows us to create a first draft lease report in minutes, so we can spend more of our time analysing the key aspects for our clients  We streamline our client-focused summaries of new leases before signing and after completion High Q Collaborate We use Thomson Reuters High Q to offer a secure and customisable datasite to share key documents and information with our clients and their professional teams: Key Benefits:  A single secure source where all documents are stored and tracked  Highly customisable to our clients’ needs with key reporting functionality Sky eDiscovery We utilise Sky eDiscovery to streamline our Litigation due diligence procedures: Key Benefits:  Review and extract key datasets in a short timescale  Quickly produce accurate reports on key datasets Definely Definely enables us to streamline our legal and contract review processes.: Key Benefits:  Provides quick access to key terms and clauses in documents for ease of review Enhances efficiency and reduces human error during document review Search Acumen Foresite Search Acumen enables us to streamline the onboarding and title review process: Key Benefits:  Assess a property in minutes identifying key types of risk without having to wait for searches  Bulk order title registers and plans by importing data direct from 3rd party sources. Salesforce We use Salesforce CRM to provide a secure customer relationship management (CRM) platform. Salesforce integrates data from all systems, giving employees a 360-degree view of each customer. Key Benefits:  A single secure source where all CRM information is stored and tracked Streamline communication, internally and externally, improve client service, and gain valuable insights through data analysis and AI to help drive business growth.

Assumptions This estimate of fees is based on the following  the sale is structured as a share sale with the Seller and the following companies being Target companies ("Target Companies"): o Argyle OpCo; o Argyle PropCo; o Springwood OpCo; and o Springwood PropCo;  the buyer is an English entity, such that no legal opinions are required;  the sale is structured as simultaneous exchange and completion;  the buyer will be required to take out a W&I insurance policy;  W&I due diligence will be run in tandem with the buyer’s diligence exercise so we will not be required to feed into two separate diligence processes;  the buyer will not be using third party debt or other finance source, such that additional advisors will be inputting on either DD or transaction documentation;  the Target Companies have never owned any other assets other than the properties, being (the "Assets"): o Springwood Holiday Park, Springwood Estate, Kelso, Scottish Borders, TD5 8LS; o Loch Awe Holiday Park, Taynuilt, Argyll, PA35 1HT; o Loch Eck Country Lodges, Lock Eck, A815 Dunoon, PA23 8SG; o Loch Eck Caravan Park, Lock Eck, Dunoon, Argyll & Bute PA23 8SG; o Loch Lomond Holiday Park, Inveruglas, Argyll, G83 7DW; o St Catherines Caravan Park, Cairndow, Argyll, PA25 8AZ (leasehold); o Stratheck Holiday Park, Lock Eck, A815, Dunoon, PA23 8SG; o Drimsynie Holiday Village, Lochgoilhead, Argyll, PA24 8AD; and o Hunters Quay Holiday Village, Hunters Quay, Dunoon, Argyll, PA23 8HP;  the Assets are Land Registered and do not require any corrective conveyancing;  there are no leases of parts of any of the Assets to third parties;  certificates of title from the Seller in respect of the Assets are not required;  the Seller is able to provide a comprehensive set of due diligence items and can promptly respond to additional diligence enquiries;  all sites are operational and all suspensive planning conditions have been discharged fully and in a timely manner, and that operational/ongoing conditions are being complied with;  there are no Section 75 Planning Agreements affecting the properties;  we are not required to provide substantive advice relating to breaches of planning control;  specialist advice on construction, employment and environmental law is not required;  save in relation to the tax legal input in the tax warranties/indemnities in the transaction documentation, we will not be required to advise on any tax or structuring aspects of the sale;  save in relation to the security release documentation and funds flow mechanics, we will not be required to advise on any finance matters relating to the sale;  no pre-completion structuring steps are required to be undertaken;  the Target Companies are the only companies that are required to be released from security;  the Facility Agreement is governed by English law;  we are not required to make any filings or serve any notices at Companies House;  save for Scots and tax law input, our fees do not include any foreign counsel or other third party fees and costs;  all parties and their advisors (including agents and insurers) act reasonably in their negotiations and their approach to diligence;  we are not required to undertake significantly more work than it is now reasonable for us to anticipate;  the nature and extent of your instructions will not change significantly as the matter progresses; and  the transaction will complete before Monday 1 September 2025.

30 King Street London EC2V 8EE 020 7600 3800 www.maplesteesdale.co.uk