ICR Conference investor presentation

January 2018

CONFIDENTIAL
 Disclaimer
This presentation (this “Presentation”) contains information about YogaWorks, Inc. and its consolidated subsidiaries (“YogaWorks” or the “Company”).

This Presentation is not to be printed, downloaded or distributed, nor shall this Presentation, or the information contained herein, be copied, reproduced, disclosed or distributed
to others, in whole or in part, at any time. Each recipient shall return or destroy this Presentation, together with any copies thereof, at any time upon request of the Company.

The information contained in this Presentation is summary information that is intended to be considered in the context of management’s presentation of the information therein.
YogaWorks undertakes no duty or obligation to publicly update or revise the forward-looking statements or other information contained in this Presentation. These materials
contain information about YogaWorks, its historical performance and general information about the market. You should not view information related to the past performance of
YogaWorks or information about the market, as indicative of future results, the achievement of which cannot be assured.

Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by YogaWorks or as legal, accounting or tax advice. YogaWorks
makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon
as a promise or representation whether as to the past or future performance. Certain information set forth herein includes estimates, projections and targets and involves significant
elements of subjective judgment and analysis, which may or may not be correct. No representations are made as to the accuracy of such estimates, projections or targets or that all
assumptions relating to such estimates, projections or targets have been considered or stated or that such estimates, projections or targets will be realized. This Presentation does
not purport to contain all of the information that may be required to evaluate the Company and any recipient hereof should conduct its own independent analysis of the Company
and the data and information contained herein. The Company will not be obligated to update or otherwise revise this Presentation or materials supplied herewith. An investment in
YogaWorks may be volatile and can suffer from adverse or unexpected market moves or other adverse events. Investors may suffer the loss of their entire investment.

This Presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any jurisdiction in which or to
any person to whom such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events
or YogaWorks’ future performance or financial condition. These statements are based on certain assumptions about future events or conditions and involve a number of risks and
uncertainties. These statements are not guarantees of future performance, condition or results. Actual results may differ materially from those in the forward-looking statements as
a result of a number of factors, including those described from time to time in our filings with the SEC. YogaWorks undertakes no duty to update any forward-looking statements
made herein.

Management uses certain non-GAAP financial performance measures to evaluate YogaWorks’ performance. Management believes that these measures provide investors with a
greater understanding of YogaWorks’ business and that investors should review the same supplemental non-GAAP financial measures that management uses to analyze YogaWorks’
performance. These measures should be considered in addition to, and not in lieu of YogaWorks’ financial statements prepared in accordance with GAAP. Please refer to the
Appendix for definitions and explanations of these non-GAAP measures and reconciliations to the most directly comparable GAAP measures. Amounts and percentages may reflect
rounding adjustments and consequently totals may not appear to sum.

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Information in this Presentation is as of December 31, 2017, unless otherwise noted. CONFIDENTIAL | 2
 YogaWorks for Everybody

• Healthy lifestyle brand focused on enriching and transforming lives through yoga
• Largest diversified yoga instruction company founded in 1987, with studio programming tailored to the
• local community that attracts students of all ages, income levels and abilities
• Operate 66 studios in 9 markets across the U.S.
• Omnichannel offering through an online subscription service: MyYogaWorks.com
• 3 million visits, 180,000+ classes and 250,000+ students practicing in 2017
• Gold standard of yoga teacher training

CONFIDENTIAL | 3
Investment Highlights

LEADING YOGA BRAND KNOWN FOR GOLD STANDARD

PRODUCT AND SERVICE

UNIQUELY POSITIONED TO CONSOLIDATE THE FAST

GROWING & HIGHLY FRAGMENTED YOGA INDUSTRY

STRONG AND SUSTAINABLE STUDIO LEVEL

EBITDA MARGIN

CLEAR PATH TO PROFITABLE GROWTH WITH

SCALABLE INFRASTRUCTURE

PASSIONATE AND EXPERIENCED MANAGEMENT TEAM

CONFIDENTIAL | 4
 The Yoga Market: Large and Growing

As a 5,000 year-old tradition focused on both physical and mental well-being, yoga
has not only withstood the test of time but continues to gain momentum each year
• $16.8 billion industry, growing by double digits
• Appeals to people of all ages, income levels and abilities
• Provides digital detox

YOGA PRACTICIONERS (1) (MILLIONS) MALE YOGA PARTICIPATION IN THE US (2) (MILLIONS)

60 12
55.1 % 10.0
10
G R : 26
8 CA
50
6
1 3% 4.0
R:
4
40 G
CA 36.7 2

0
2012 2016
30
NEW WAVE OF YOUNGER YOGIS (2)
(% OF POPULATION WHO TRIED YOGA)
20.4
20 50

40 37%
10 30
28%

20

0 10
2012 2016 2020E
0
All Americans Under 18
(1) Source: Ipsos / Yoga Journal - 2016 Yoga in America Study, IBISWorld Industry Report - Pilates & Yoga Studios in the US CONFIDENTIAL | 5
(2) Source: 2016 Yoga in America Study
 Our Opportunity: Consolidate this Large,
Fragmented Market
• 36.7M students practice in 33,000 studios across the country(1)
• Independent operators eager to sell results in rich acquisition pipeline
New
Boston England
3 Studios 1.0M

Northern Mid
California North West Atlantic
13 Studios Pacific Mountain 1.8M 8.0M
6.8M 2.1M
North East
New York City
4.4M 5 Studios

Los Angeles
17 Studios
South
Atlantic
South 7.7M
East
South West 1.4M Baltimore/
Orange County 3.6M Washington DC
4 Studios 13 Studios

Atlanta
4 Studios
YogaWorks Studios (2)
Houston
7 Studios
(1) Source: IBISWorld Industry Report - Pilates & Yoga Studios in the US. As of November 2016 (2) Note: Number of studios is as of December 31, 2017
CONFIDENTIAL | 6
Unique Consolidation Opportunity Where
Everyone WINS

Issue Solution

Independent Owner ✓ Burdened by back office ✓ YogaWorks provides

administrative work liquidity event
✓ YogaWorks takes over operations
while keeping teacher/student
community intact

Teachers ✓ Not employees ✓ YogaWorks employs teachers and

(no benefits, no career) provides teaching opportunities
in more studios

Students ✓ Not enough flexibility with ✓ YogaWorks gives students an

locations and class schedules option to practice at more
locations with consistent quality
teaching/service

CONFIDENTIAL | 7
YogaWorks is a Leading
Healthy Lifestyle Brand
CONFIDENTIAL | 8
 Strong Track Record of Acquisitive Growth
Acquisitions have been part of YogaWorks’ DNA

2017
70 August: IPO (Nasdaq: Yoga)
Q3/Q4: Acquired 16 studios in D.C.,Virginia,
Maryland, Houston, Atlanta

60
2015
Acquired 17 studios in
Northern California,
50 Baltimore and Boston

40 2014
Acquired by
Great Hill Partners
2013
30 Launched
MyYogaWorks.com

2003 - 2008
20 Expanded primarily
through acquisitions into
NY and CA

1990
10 Launched teacher
training program

0
1987 1996 2003 2004 2007 2008 2013 2014 2015 2016 2017
CONFIDENTIAL | 12
 The Gold Standard of Teacher Training

cUrriculum
200 & 300
hour

Revenue Leadership

brand
100+
trainings 85 Master
in 15+ 14,000 trainers
countries
Alumni

Data as of 2017
CONFIDENTIAL | 13
 Wide-Ranging Appeal
Broad programming tailored to the local community with inclusive pricing

DIVERSE PROGRAMING AND PRICING OPTIONS APPEALS TO BROAD STUDENT DEMOGRAPHIC (1)

Fast Flow
6.5%

19.0%
Family Focused Signature Classes

Single Class $18-28 65+

22.2%
10-Class Package $150-200
55–64
20-Class Package $250-335
45–54
Monthly $90-135
Membership 35–44
Annual $900+ 25–34
Membership 21.4%
18–24

Relaxing Restorative Integrated Fitness

26.4%

Slow Stretch

4.4%

(1) 2015 YogaWorks survey CONFIDENTIAL | 14

We Keep it Local
Each studio is unique and reflects its community

Branded Entrance Welcoming Front Desk

Off-the-Grid Experience Clean Changing Rooms Curated Yoga Merchandise

CONFIDENTIAL | 15
 MyYogaWorks.com Digital Platform Extends Reach

THE BENEFITS THE RESULTS

• Yoga anytime, anywhere • 1,100+ professionally-shot videos

• Complements studio experience • 25,000 users
• Extends brand beyond studio geographies • 700,000+ classes streamed
• Gives teachers additional career opportunities • Streamed in over 185 countries

Data as of 2017
CONFIDENTIAL | 16
 Consistent Growth

VISITS (1) (MILLIONS) NET REVENUE (2) ($ MILLIONS)

3.4 60.0
1 %
AG R: 1
C 3.0
2.9
2.9

2.4 55.0
2.4
: 8%
2.2
AGR
C
1.9
50.0
1.5

1.0
45.0

0.5

0.0 40.0
2014 2015 2016 2017E 2014 2015 2016 2017E

■ Net Revenue
■ Deferred Revenue
1. Student visits include each student’s attendance at a class in such period in which a teacher fee was paid for such class

2. 2017E represents mid-point of guidance in Q3’17. 2016 deferred revenue was ($749K)
CONFIDENTIAL | 17
 Continual Supply of Sellers to Fill Pipeline
for Growth

ACQUISITION TARGET PROFILE GOAL

33,000
Yoga and pilates studios in the U.S.(1)
Revenue (AUV) $500 - 700K
1,100+ LOCATIONS Studio-Level EBITDA 20%+
identified based on proprietary selection criteria
Return on Invested Capital 2 to 4 Years

250+ Midterm Goal 250+ Studios

Contacts Made

19
LOIs/
late stage negotiations

(1) Source: IBISWorld Industry Report - Pilates & Yoga Studios in the US. As of November 2016 CONFIDENTIAL | 19
Note: Unless otherwise indicated, information is as of December 31, 2017
 YogaWorks Has An Unique and Proven Acquisition
Identification and Integration Process that Yields Results (1)

SYSTEMATIZED ACQUISITION PROCESS

Disciplined Identification Efficient Execution Low Risk Integration

✓ Strong Local Reputation ✓ Standard Diligence Process ✓ Maintain teachers, schedules and
staff to secure community
✓ Diversified Programming ✓ Simple Deal Structure
✓ Leverage existing POS systems
✓ Limited Teacher Concentration ✓ Target Payback
(for acquisitions): 2 to 4 years (2) ✓ Consolidate back office functions

BEST PRACTICES

Programming Operations

• Optimize class schedules • Incentive Staff Compensation Plan

• Introduce or improve teacher training • Sales & Marketing: local grassroots
outreach, digital marketing, single
• Schedule master classes for teachers’ website/mobile app, referrals
continuing education
• Central retail purchasing
• Introduce MyYogaWorks.com and logistics
• Data Reporting
(1) Total visits in the studios aquired in 2015 increased more than 7% in 2016, our first full fiscal year of operating these studios, over 2015 CONFIDENTIAL | 25
(2) Company’s target payback is not indicative nor a guarantee of future results
Future Brand Extension Opportunities

Licensing Opportunities Apparel & Retail Expansion

Publishing of Digital Media Corporate and Insurance

Company Partnerships

CONFIDENTIAL | 26
 Brand Positioned for Strong Sustainable Growth

Grow to 250+ Studios in North America Over Next Several Years

Maintain Strong Studio-Level EBITDA Margin

Solid Base and Scalable Infrastructure Leads to Sustainable Growth

Revenue and Free Cash Flow Growth

Note: Company’s long term financial targets are not indicative nor a guarantee of future results CONFIDENTIAL | 27