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EY Announces Patrick Walsh, Chairman and Chief Executive Officer of Town Sports International Holdings, Inc. as Entrepreneur Of The Year® 2018 Finalist in New York

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EY today announced that Patrick Walsh, Chairman and Chief Executive
of Town Sports International Holdings Inc., ("TSI," "Town Sports" or the
"Company") (NASDAQ:CLUB) is a finalist for the Entrepreneur Of The Year® 2018 Award in
the New York region. The awards program recognizes entrepreneurs who are
excelling in areas such as innovation, financial performance and
personal commitment to their businesses and communities. Walsh was
selected as a finalist by a panel of independent judges including past
award recipients, leading CEOs, private capital investors and other
business leaders. Award winners will be announced at a special gala
event on June 12 at the New York Marriott Marquis.

Patrick Walsh became Chairman of the Board of Town Sports International
in 2015 while the Company was in severe distress and has served as
Chairman and Chief Executive Officer since 2016. In the years following
Patrick's arrival, the Company has experienced a significant turnaround
in the business and performance. Town Sports stock price traded over
$11.00 per share in 2018, an increase of more than 1,000% from the low
of 92 cents in 2016. Town Sports has recently begun to accelerate its
growth, expanding the business through acquisitions.

"The recognition as Entrepreneur Of The Year finalist from EY is a
testament to the culture, hard work and dedication of the entire TSI
organization. I am proud of the TSI Team and our recent accomplishments.
More importantly, I am extremely excited about TSI's future as I believe
the best is yet to come," said Walsh.

Now in its 32nd year, the Entrepreneur Of The Year® program
has expanded to recognize business leaders in more than 145 cities and
more than 60 countries throughout the world. Past winners include Howard
Schultz of Starbucks (NASDAQ:SBUX), Jeff Bezos of Amazon (NASDAQ: AMZN), and Sergey Brin and Larry Page of Google Inc. (NASDAQ:GOOGL).

Sponsors:

Founded and produced by EY, the Entrepreneur Of The Year Awards are
nationally sponsored in the US by SAP America, Merrill Corporation and
the Ewing Marion Kauffman Foundation. In New York, sponsors also
include Marsh, Empire Valuation Consultants, Kirkland & Ellis LLP, Pine
Hill Group, DLA Piper and SolomonEdwards Group.

About Entrepreneur Of The Year®:

Entrepreneur Of The Year®, founded by EY, is the world's most
prestigious business awards program for entrepreneurs, chosen from an
independent panel of judges including entrepreneurs and prominent
leaders from business, finance, and the local community. The program
makes a difference through the way it encourages entrepreneurial
activity among those with potential and recognizes the contribution of
people who inspire others with their vision, leadership and achievement.
As the first and only truly global awards program of its kind,
Entrepreneur Of The Year celebrates those who are building and leading
successful, growing and dynamic businesses, recognizing them through
regional, national and global awards programs in more than 145
cities and more than 60 countries. ey.com/eoy

About EY

EY is a global leader in assurance, tax, transaction and advisory
services. The insights and quality services we deliver help build trust
and confidence in the capital markets and in economies the world over.
We develop outstanding leaders who team to deliver on our promises to
all of our stakeholders. In so doing, we play a critical role in
building a better working world for our people, for our clients and for
our communities.

EY refers to the global organization, and may refer to one or more, of
the member firms of Ernst & Young Global Limited, each of which is a
separate legal entity. Ernst & Young Global Limited, a UK company
limited by guarantee, does not provide services to clients. For more
information about our organization, please visit ey.com.

This news release has been issued by Ernst & Young LLP, a member of the
global EY organization that provides services to clients in the US.

For more information, please visit ey.com.

About Town Sports International Holdings, Inc.

Town Sports International Holdings, Inc. is a diversified holding
company with subsidiaries engaged in a number of business and investment
activities. The Company's largest operating subsidiary has been involved
in the fitness industry since 1973 and has grown to become one of the
largest owners and operators of fitness clubs in the Northeast region
of the United States. TSI's corporate structure provides flexibility to
make investments across a broad spectrum of industries in order to
create long-term value for shareholders.

For more information, please visit townsportsinternational.com.

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