# EDGAR Filing Document

**Accession Number:** 0001733443
**File Stem:** 0001104659-26-022596
**Filing Date:** 2026-3
**Character Count:** 126407
**Document Hash:** 508bf4297edcd4cfc53cb8a0c5d2166f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-022596.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001104659-26-022596

**CONFORMED SUBMISSION TYPE**: SC 13E3/A

**PUBLIC DOCUMENT COUNT**: 43

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 5&2 Studios, Inc.
- **CENTRAL INDEX KEY:** 0001733443
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 823246222
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95410
- **FILM NUMBER:** 26711276

**BUSINESS ADDRESS:**
- **STREET 1:** 8291 BAUCUM ROAD
- **CITY:** MIDLOTHIAN
- **STATE:** TX
- **ZIP:** 76065
- **BUSINESS PHONE:** 833-924-6736

**MAIL ADDRESS:**
- **STREET 1:** 8291 BAUCUM ROAD
- **CITY:** MIDLOTHIAN
- **STATE:** TX
- **ZIP:** 76065

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Chosen, Inc.
- **DATE OF NAME CHANGE:** 20221207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Chosen, LLC
- **DATE OF NAME CHANGE:** 20180305
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 5&2 Studios, Inc.
- **CENTRAL INDEX KEY:** 0001733443
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 823246222
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3/A

**BUSINESS ADDRESS:**
- **STREET 1:** 8291 BAUCUM ROAD
- **CITY:** MIDLOTHIAN
- **STATE:** TX
- **ZIP:** 76065
- **BUSINESS PHONE:** 833-924-6736

**MAIL ADDRESS:**
- **STREET 1:** 8291 BAUCUM ROAD
- **CITY:** MIDLOTHIAN
- **STATE:** TX
- **ZIP:** 76065

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Chosen, Inc.
- **DATE OF NAME CHANGE:** 20221207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Chosen, LLC
- **DATE OF NAME CHANGE:** 20180305

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**SCHEDULE 13E-3**

**(Rule 13e-100)**

**TRANSACTION STATEMENT UNDER SECTION 13(e) OF THE**

**SECURITIES EXCHANGE ACT OF 1934 AND RULE 13e-3 THEREUNDER**

(Amendment No. 1)

---

| |
|:---|
| **5&2 Studios, Inc.** |
| (Name of the Issuer) |
| <br> 5&2 Studios, Inc.<br> The Chosen Productions, LLC<br> Dallas Jenkins<br> Derral Eves<br> Brad Pelo<br> JD Larsen |
| (Name of Persons Filing Statement)<br>Common Stock, $0.001 par value per share |
| (Title of Class of Securities) |
| N/A |
| (CUSIP Number of Class of Securities) |
| David Stidham |
| Corporate Secretary |
| 5&2 Studios, Inc. |
| 8291 Baucum Road |
| Midlothian, TX 76065<br> (833) 924-6736 |
| (Name, Address and Telephone Number of Persons Authorized to |
| Receive Notices and Communications on Behalf of the Person(s) Filing Statement) |

---

 

*Copies to:*

Andrew Kramer, Esq. Willkie Farr & Gallagher LLP 2029 Century Park East Los Angeles, CA 90067 (310) 855-3000 Michael Brandt, Esq. Willkie Farr & Gallagher LLP 1801 Page Mill Road Palo Alto, CA 94304 (650) 887-9300

This statement is filed in connection with (check the appropriate box):

---

| | | |
|:---|:---|:---|
| a. | ⌧ | The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C, or Rule 13e-3(c) under the Securities Exchange Act of 1934. |
| b. | ◻ | The filing of a registration statement under the Securities Act of 1933. |
| c. | ¨ | A tender offer. |
| d. | ¨ | None of the above. |

---

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ⌧

Check the following box if the filing is a final amendment reporting the results of the transaction: ◻

**RULE 13e-3 TRANSACTION STATEMENT**

**INTRODUCTION**

This Amendment No. 1 to Rule 13e-3 Transaction Statement on Schedule 13E-3 (this "***Amendment No. 1***") is being filed with the Securities and Exchange Commission (the "***SEC***") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), by 5&2 Studios, Inc., a Delaware corporation (the "***Company***"), The Chosen Productions, LLC, a Utah limited liability company, Dallas Jenkins, Derral Eves, Brad Pelo and JD Larsen (collectively, the "***Filing Persons***") to amend and supplement the Rule 13e-3 Transaction Statement on Schedule 13E-3 (the "***Original Schedule 13E-3***") filed with the SEC on December 31, 2025 (the Original Schedule 13E-3 as so amended and supplemented, this "Schedule 13E-3").

At the Company's 2025 annual meeting of stockholders, the Company's stockholders of record will vote to, among other matters, approve a proposed amendment to the Company's Certificate of Incorporation to change the number of issued and outstanding shares of Series A common stock, par value $0.001 per share (the "***Series A Common Stock***"), and Series B common stock, par value $0.001 per share (the "***Series B Common Stock***" and, together with the Series A Common Stock, the "***Common Stock***"), of the Company, by effecting a 1-for-173,750 reverse stock split (the "***Reverse Stock Split***"), as a result of which stockholders of record will receive a cash payment of $3.75 per pre-Reverse Stock Split share in lieu of receiving a fractional post-Reverse Stock Split share, subject to receipt of the requisite stockholder approval and final approval by the Board of Directors of the Company (the "***Board***") of definitive financing to fund the payments for fractional shares and related fees and expenses associated with the Reverse Stock Split.

The primary purpose of the Reverse Stock Split is to enable the Company to cause the number of record holders of its Common Stock to fall below 300, which is the level at which SEC public reporting is required. After the completion of the Reverse Stock Split, the Company intends to cease registration of its Common Stock under the Exchange Act. As a result, effective on and following the termination of the registration of the Company's Common Stock under the Exchange Act, the Company would no longer be subject to the reporting requirements under the Exchange Act, or other requirements applicable to a public company, including requirements under the Sarbanes-Oxley Act and the listing standards of a national stock exchange.

This Schedule 13E-3 is being filed with the SEC concurrently with the filing of Amendment No. 1 to the Company's preliminary proxy statement on Schedule 14A (as amended, the "***Proxy Statement***") pursuant to Regulation 14A under the Exchange Act. The information contained in the Proxy Statement, including all annexes thereto, is expressly incorporated herein by reference and the responses to each item of this Schedule 13E-3 are qualified in their entirety by reference to the information contained in the Proxy Statement. As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion or amendment. This Schedule 13E-3 will be amended to reflect such completion or amendment of the Proxy Statement. Capitalized terms used and not otherwise defined herein have the meanings ascribed to such terms in the Proxy Statement.

**Item 1. Summary Term Sheet**

The information set forth in the Proxy Statement under the caption "SUMMARY TERM SHEET" is incorporated herein by reference.

**Item 2. Subject Company Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Name and Address*. The name of the subject company is 5&2 Studios, Inc., a Delaware corporation. The Company's principal executive offices are located at 8291 Baucum Road Midlothian, TX 76065. The Company's telephone number is (833) 924-673-6500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Securities*. The subject class of equity securities to which this Schedule 13E-3 relates is the Company's common stock, $0.001 par value per share, of which 12,535,229 shares were outstanding as of December 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Trading Market and Price*. The Common Stock is not currently traded on an established trading market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Dividends*. Each share of Series A Preferred Stock was entitled to a dividend at the rate of up to 120% of the original issue price of $2.00 (the "Dividend"), and upon payment of the Dividend, such share automatically converted, without any action on the part of the Company's stockholders, into a share of the Company's Series B Common Stock, with $0.001 par value per share, on a one-to-one basis, and shall be entitled to any further distributions pro rata with Series A Common Stock. A dividend of $2.40 for each outstanding share of Series A Preferred Stock, totaling $13,428,036, was declared on November 30, 2022, and the Company initiated the payment to stockholders on December 2, 2022. In March 2023, the Company paid the remaining dividend to holders of Series A Preferred Stock $10,417 thousand or $2.40 to all remaining Series A Preferred Stockholders. The Company has otherwise not declared or paid a dividend since March 2023 and does not anticipate paying any cash dividends to holders of Common Stock in the near-term future. Any future determination to declare cash dividends will be made at the discretion of our Board, subject to applicable laws, will depend on a number of factors, including our financial condition, results of operations, capital requirements, contractual restrictions, general business conditions, and other factors that our Board may deem relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Prior Public Offerings*. The Company has not made an underwritten public offering of its Common Stock for cash during the three years preceding the date of the filing of this Schedule 13E-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Prior Stock Purchases*. The Company has not purchased any subject securities during the two years preceding the date of the filing of this Schedule 13E-3.

**Item 3. Identity and Background of Filing Person**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Name and Address*. The information set forth in the Proxy Statement under the caption "INFORMATION ABOUT THE COMPANY – Certain Information Concerning the Company, the Company's Directors and Executive Officers and the Filing Persons" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Business and Background of Entities*. The information set forth in the Proxy Statement under the caption "INFORMATION ABOUT THE COMPANY – Certain Information Concerning the Company, the Company's Directors and Executive Officers and the Filing Persons" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Business and Background of Natural Persons*. The information set forth in the Proxy Statement under the caption "INFORMATION ABOUT THE COMPANY – Certain Information Concerning the Company, the Company's Directors and Executive Officers and the Filing Persons" and "Proposal No. 1 – Election of Directors" is incorporated herein by reference.

Neither the Company nor, to the Company's knowledge, any of its directors or executive officers has been convicted in a criminal proceeding during the past five years (excluding traffic violations or similar misdemeanors) or has been a party to any judicial or administrative proceeding during the past five years (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws.

Each of the Company's directors and executive officers is a citizen of the United States.

**Item 4. Terms of the Transaction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Material Terms*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET" and "SPECIAL FACTORS" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Purchases*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Potential Conflicts of Interests of Officers, Directors and Certain Affiliated Persons; Post RSS Transaction" and "SPECIAL FACTORS – Potential Conflicts of Interests of Officers, Directors and Certain Affiliated Persons; Post RSS Transaction" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Different Terms*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Information About the Reverse Stock Split," "– Effects of the Reverse Stock Split," "– Fairness of the Reverse Stock Split," and "– Material U.S. Federal Income Tax Consequences of the Reverse Stock Split;" and SPECIAL FACTORS – Fairness of the Reverse Stock Split," "– Effects of the Reverse Stock Split," and "– Material U.S. Federal Income Tax Consequences of the Reverse Stock Split" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Appraisal Rights*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – No Appraisal or Dissenters' Rights" and "SPECIAL FACTORS – No Appraisal or Dissenters' Rights" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Provisions for Unaffiliated Security Holders*. The information set forth in the Proxy Statement under the caption "SPECIAL FACTORS – Fairness of the Reverse Stock Split" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Eligibility for Listing or Trading*. Not applicable.

**Item 5. Past Contacts, Transactions, Negotiations and Agreements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Transactions*. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Significant Corporate Events*. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Negotiations or Contacts*. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Agreements Involving the Subject Company's Securities*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Potential Conflicts of Interests of Officers, Directors and Certain Affiliated Persons; Post RSS Transaction," "SPECIAL FACTORS – Potential Conflicts of Interests of Officers, Directors and Certain Affiliated Persons; Post RSS Transaction" and "SPECIAL FACTORS – Voting Agreement" is incorporated herein by reference.

**Item 6. Purposes of the Transaction and Plans or Proposals**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Use of Securities Acquired*. The information set forth in the Proxy Statement under the caption "SPECIAL FACTORS – Effective Date" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Plans*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Information About the Reverse Stock Split," "– Purposes of and Reasons for the Reverse Stock Split," "– Effects of the Reverse Stock Split;" "– Potential Conflicts of Interests of Officers, Directors and Certain Affiliated Persons; Post RSS Transaction," and "SPECIAL FACTORS – Purposes of and Reasons for the Reverse Stock Split," "– Background of the Reverse Stock Split," "– Fairness of the Reverse Stock Split," "– Effects of the Reverse Stock Split," "– Potential Conflicts of Interests of Officers, Directors and Certain Affiliated Persons; Post RSS Transaction" and "– Conduct of Our Business After the Reverse Stock Split" is incorporated herein by reference.

**Item 7. Purposes, Alternatives, Reasons and Effects**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Purposes*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET - Purposes of and Reasons for the Reverse Stock Split;" and "SPECIAL FACTORS "– Purposes of and Reasons for the Reverse Stock Split" and "– Background of the Reverse Stock Split" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Alternatives*. The information set forth in the Proxy Statement under the captions "SPECIAL FACTORS – Background of the Reverse Stock Split" and "– Alternatives to Reverse Stock Split Considered" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Reasons*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Purposes of and Reasons for the Reverse Stock Split;" " – Advantages of the Reverse Stock Split," and "SPECIAL FACTORS – Purposes of and Reasons for the Reverse Stock Split," "– Background of the Reverse Stock Split," "– Fairness of the Reverse Stock Split," "– Advantages of the Reverse Stock Split," and "– Alternatives to Reverse Stock Split Considered" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Effects*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Information About The Reverse Stock Split," "– Purposes and Reasons for the Reverse Stock Split," "– Effects of the Reverse Stock Split," "– Fairness of the Reverse Stock Split," "– Advantages of the Reverse Stock Split," "– Disadvantages of the Reverse Stock Split," and "– Material U.S. Federal Income Tax Consequences of the Reverse Stock Split;" and "SPECIAL FACTORS – Purposes and Reasons for the Reverse Stock Split," "– Background of the Reverse Stock Split," "– Fairness of the Reverse Stock Split," "– Effects of the Reverse Stock Split," "– Advantages of the Reverse Stock Split," "– Disadvantages of the Reverse Stock Split," "– Conduct of Our Business After the Reverse Stock Split," and "–Material U.S. Federal Income Tax Consequences of the Reverse Stock Split" is incorporated herein by reference.

**Item 8. Fairness of the Transaction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Fairness*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Fairness of the Reverse Stock Split" and "SPECIAL FACTORS – Background of the Reverse Stock Split," and "– Fairness of the Reverse Stock Split" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Factors Considered in Determining Fairness*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Purposes of and Reasons for the Reverse Stock Split," "– Fairness of the Reverse Stock Split," "– Advantages of the Reverse Stock Split," and "– Disadvantages of the Reverse Stock Split;" and "SPECIAL FACTORS – Purposes of and Reasons for the Reverse Stock Split," "– Background of the Reverse Stock Split," "– Fairness of the Reverse Stock Split," "– Alternatives to Reverse Stock Split Considered," and "– Opinion of Goldman Sachs" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Approval of Security Holders*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Voting Information" and "SPECIAL FACTORS – Fairness of the Reverse Stock Split," "– Potential Conflicts of Interests of Officers, Directors and Certain Affiliated Persons; Post RSS Transaction," and "– Stockholder Approval" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Unaffiliated Representatives*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Fairness of the Reverse Stock Split" and "SPECIAL FACTORS – Background of the Reverse Stock Split," "– Fairness of the Reverse Stock Split," and "– Opinion of Goldman Sachs" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Approval of Directors*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Special Committee and Board Deliberations and Recommendations," " – Fairness of the Reverse Stock Split" and "SPECIAL FACTORS – Background of the Reverse Stock Split," "– Fairness of the Reverse Stock Split," " – Recommendation of the Special Committee" and " – Recommendation of the Board of Directors" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Other Offers*. None.

**Item 9. Reports, Opinions, Appraisals and Negotiations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Report, Opinion or Appraisal*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Fairness of the Reverse Stock Split" and "SPECIAL FACTORS – Background of the Reverse Stock Split," "– Fairness of the Reverse Stock Split," and "– Opinion of Goldman Sachs" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Preparer and Summary of the Report, Opinion or Appraisal*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Special Committee and Board Deliberations and Recommendations," " – Fairness of the Reverse Stock Split;" and "SPECIAL FACTORS – Background of the Reverse Stock Split," "– Fairness of the Reverse Stock Split," and "–Opinion of Goldman Sachs" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Availability of Documents*. The full text of the fairness opinion of Goldman Sachs & Co. LLC ("***Goldman Sachs***"), dated as December 30, 2025, is attached as Annex B to the Proxy Statement. The fairness opinion of Goldman Sachs and the Discussion Materials to the Special Committee of the Board of Directors of the Company, dated as of each of March 21, 2025, November 20, 2025, December 4, 2025, and December 30, 2025, are each available for inspection and copying at the Company's principal executive offices, 8291 Baucum Road Midlothian, TX 76065, during its regular business hours by any interested equity security holder of the Company or representative who has been so designated in writing.

**Item 10. Source and Amounts of Funds or Other Consideration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Source of Funds*. The information set forth in the Proxy Statement under the captions "SPECIAL FACTORS – Effects of the Reverse Stock Split" and "– Sources of Funds and Expenses" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Conditions*. The information set forth in the Proxy Statement under the caption "SPECIAL FACTORS – Sources of Funds and Expenses" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Expenses*. The information set forth in the Proxy Statement under the caption "SPECIAL FACTORS – Sources of Funds and Expenses" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Borrowed Funds*. The information set forth in the Proxy Statement under the caption "SPECIAL FACTORS – Sources of Funds and Expenses" is incorporated herein by reference.

**Item 11. Interest in Securities of the Subject Company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Securities Ownership*. The information set forth in the Proxy Statement under the caption "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Securities Transactions*. None.

**Item 12. The Solicitation or Recommendation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Intent to Tender or Vote in a Going Private Transaction*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Voting Information" and "SPECIAL FACTORS – Potential Conflicts of Interests of Officers, Directors and Certain Affiliated Persons; Post RSS Transaction," and "– Stockholder Approval" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Recommendation of Others*. The information set forth in the Proxy Statement under the captions "SUMMARY TERM SHEET – Information about the Reverse Stock Split," "– Special Committee and Board Deliberations and Recommendations" and "– Voting Information;" and "SPECIAL FACTORS – Background of the Reverse Stock Split," "– Fairness of the Reverse Stock Split," "– Effects of the Reverse Stock Split," "– Potential Conflicts of Interests of Officers, Directors and Certain Affiliated Persons; Post RSS Transaction," and "– Stockholder Approval" is incorporated herein by reference.

**Item 13. Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Financial Information*. The audited financial statements of the Company for the years ended December 31, 2024 and December 31, 2023 appearing in in the Annual Report on Form 10- K for the fiscal year ended December 31, 2024 (filed with the SEC on March 31, 2025) are incorporated herein by reference. The unaudited interim financial statements of the Company for the three months ended March 31, 2025 appearing in the Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025 (filed with the SEC on May 15, 2025), the unaudited interim financial statements of the Company for the three and six months ended June 30, 2025 appearing in the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2025 (filed with the SEC on August 14, 2025) and the unaudited interim financial statements of the Company for the three, six and nine months ended September 30, 2025 appearing in the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025 (filed with the SEC on November 14, 2025) are each incorporated herein by reference. Information may be inspected at and copies of these filings obtained from our website at *<u>https://gifts.thechosen.tv/pages/investor-overview</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Pro*-*forma Information*. Not applicable.

**Item 14. Persons/Assets, Retained, Employed, Compensated or Used**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Solicitation or Recommendation*. The information set forth in the Proxy Statement under the caption "GENERAL INFORMATION – Solicitation and Voting Procedures" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Employees and Corporate Assets*. The information set forth in the Proxy Statement under the caption "GENERAL INFORMATION – Solicitation and Voting Procedures" is incorporated herein by reference.

**Item 15. Additional Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Other Material Information*. The information contained in the Proxy Statement, including all appendices attached thereto, is incorporated herein by reference.

**Item 16. Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notice of Annual Meeting and Preliminary Proxy Statement of the Company, including all appendices and the proxy card attached thereto (incorporated herein by reference to the Company's Schedule 14A filed with the SEC on December 31, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vendor Advance Agreement, dated as of March 2, 2026, by and between 5&2 Studios, Inc. and Come and See Foundation, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fairness Opinion of Goldman Sachs, dated as of December 30, 2025 (incorporated herein by reference to Annex B of the Proxy Statement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Discussion Materials, dated as of March 21, 2025 of Goldman Sachs to the Special Committee of the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Discussion Materials, dated as of November 20, 2025 of Goldman Sachs to the Special Committee of the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Discussion Materials, dated as of December 4, 2025 of Goldman Sachs to the Special Committee of the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Discussion Materials, dated as of December 30, 2025 of Goldman Sachs to the Special Committee of the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Voting Agreement, dated as of December 30, 2025, by and between The Chosen Productions, LLC and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

107 Filing Fee Table.

**SIGNATURES**

After due inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| **5&2 STUDIOS, INC.** | **5&2 STUDIOS, INC.** |
| By: | /s/ JD Larsen |
| JD Larsen | JD Larsen |
| Chief Financial Officer | Chief Financial Officer |
| **THE CHOSEN PRODUCTIONS, LLC** | **THE CHOSEN PRODUCTIONS, LLC** |
| By: | /s/ Derral Eves |
| Derral Eves | Derral Eves |
| Manager | Manager |
| /s/ Derral Eves | /s/ Derral Eves |
| Derral Eves | Derral Eves |
| /s/ Dallas Jenkins | /s/ Dallas Jenkins |
| Dallas Jenkins | Dallas Jenkins |
| /s/ Brad Pelo | /s/ Brad Pelo |
| Brad Pelo | Brad Pelo |
| /s/ JD Larsen | /s/ JD Larsen |
| JD Larsen | JD Larsen |
| Dated: March 3, 2026 | Dated: March 3, 2026 |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;[(a)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1733443/000110465925125642/tm2532342-2_pre14a.htm) | &nbsp;&nbsp;[Notice of Annual Meeting and Preliminary Proxy Statement of the Company, including all appendices and the proxy card attached thereto (incorporated herein by reference to the Company's Schedule 14A filed with the SEC on December 31, 2025).](https://www.sec.gov/ix?doc=/Archives/edgar/data/1733443/000110465925125642/tm2532342-2_pre14a.htm) |
| &nbsp;&nbsp;[(b)^](tm265078d2_ex99-b.htm) | &nbsp;&nbsp;[Vendor Advance Agreement, dated as of March 2, 2026, by and between 5&2 Studios, Inc. and Come and See Foundation, Inc.](tm265078d2_ex99-b.htm) |
| &nbsp;&nbsp;[(c)(i)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1733443/000110465925125642/tm2532342-2_pre14a.htm) | &nbsp;&nbsp;[Fairness Opinion of Goldman Sachs dated December 30, 2025 (incorporated herein by reference to Annex B of the Proxy Statement).](https://www.sec.gov/ix?doc=/Archives/edgar/data/1733443/000110465925125642/tm2532342-2_pre14a.htm) |
| &nbsp;&nbsp;[(c)(ii)\*](tm265078d2_ex99-cii.htm) | &nbsp;&nbsp;[Discussion Materials, dated as of March 21, 2025 of Goldman Sachs to the Special Committee of the Board of Directors of the Company.\*](tm265078d2_ex99-cii.htm) |
| &nbsp;&nbsp;[(c)(iii)+](https://www.sec.gov/Archives/edgar/data/1733443/000110465925125664/tm2534188d1_ex99-ciii.htm) | &nbsp;&nbsp;[Discussion Materials, dated as of November 20, 2025 of Goldman Sachs to the Special Committee of the Board of Directors of the Company.](https://www.sec.gov/Archives/edgar/data/1733443/000110465925125664/tm2534188d1_ex99-ciii.htm) |
| &nbsp;&nbsp;[(c)(iv)+](https://www.sec.gov/Archives/edgar/data/1733443/000110465925125664/tm2534188d1_ex99-civ.htm) | &nbsp;&nbsp;[Discussion Materials, dated as of December 4, 2025 of Goldman Sachs to the Special Committee of the Board of Directors of the Company.](https://www.sec.gov/Archives/edgar/data/1733443/000110465925125664/tm2534188d1_ex99-civ.htm) |
| &nbsp;&nbsp;[(c)(v)+](https://www.sec.gov/Archives/edgar/data/1733443/000110465925125664/tm2534188d1_ex99-cv.htm) | &nbsp;&nbsp;[Discussion Materials, dated as of December 30, 2025 of Goldman Sachs to the Special Committee of the Board of Directors of the Company.](https://www.sec.gov/Archives/edgar/data/1733443/000110465925125664/tm2534188d1_ex99-cv.htm) |
| &nbsp;&nbsp;[(d)+](https://www.sec.gov/ix?doc=/Archives/edgar/data/1733443/000110465925125642/tm2532342-2_pre14a.htm) | &nbsp;&nbsp;[Voting Agreement, dated as of December 30, 2025, by and between The Chosen Productions, LLC and the Company (incorporated herein by reference to Annex D of the Proxy Statement).](https://www.sec.gov/ix?doc=/Archives/edgar/data/1733443/000110465925125642/tm2532342-2_pre14a.htm) |
| &nbsp;&nbsp;(f) | &nbsp;&nbsp;Not applicable. |
| &nbsp;&nbsp;(g) | &nbsp;&nbsp;Not applicable. |
| &nbsp;&nbsp;[107+](https://www.sec.gov/Archives/edgar/data/1733443/000110465925125664/tm2534188d1_ex-filingfees.htm) | &nbsp;&nbsp;[Filing Fee Table](https://www.sec.gov/Archives/edgar/data/1733443/000110465925125664/tm2534188d1_ex-filingfees.htm) |

---

\* Certain portions of this exhibit have been redacted and separately filed with the SEC pursuant to a request for confidential treatment.<br>

+ Previously filed.

^ Certain portions of this exhibit have been redacted. The Company agrees to furnish a copy of any redacted information and/or omitted schedules to the SEC upon request.

## Ex-99.(B)

**Exhibit (b)**

Execution Version

This (b) includes certain identified information that has been redacted because it is both (i) not material and (ii) the type of information that the registrant customarily and actually treats as private and confidential. Where information has been redacted, it has been so indicated by a "[\*\*\*]".

**VENDOR ADVANCE AGREEMENT**

This Vendor Advance Agreement (this "**Agreement**") is entered into as of March 2, 2026 (the "**Effective Date**") between 5&2 Studios, Inc., a Delaware corporation ("**5&2**"), and Come and See Foundation, Inc., a North Carolina nonprofit corporation ("**CAS**"). 5&2 and CAS shall at times be referred to herein individually as a "**Party**" and collectively as the "**Parties**".

<u>RECITALS</u>

Capitalized terms not otherwise defined shall have the definitions set forth in <u>Annex A</u> hereto and incorporated herein by this reference ("**Annex A**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. 5&2 and CAS are parties to that certain Asset Purchase Agreement dated as of May 13, 2024 (as amended from time to time, the "**APA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. 5&2 and CAS are parties to that certain Amended and Restated Distribution License and Marketing Services Agreement dated as of June 13, 2024 (as amended from time to time, the "**DMA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. CAS and The Chosen Texas, LLC, a wholly-owned subsidiary of 5&2 ("**TX PSC**"), are parties to that certain Production Services and Funding Agreement dated as of June 13, 2024 (as amended from time to time, the "**PSFA**"). The APA, DMA, PSFA and other agreements entered into as contemplated thereby are referred to herein as the "**Fundamental Documents**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Pursuant to the PSFA, (a) TX PSC produces, as a work-made-for-hire for CAS, the episodic television series entitled "*The Chosen*" (the "**Series**"); and (b) TX PSC delivers completed episodes of the Series to CAS and 5&2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Pursuant to the DMA, (a) 5&2 administers TX PSC's effecting of delivery to CAS and 5&2 of completed episodes of the Series, and (b) 5&2 further delivers those completed episodes of the Series to 5&2's licensees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. CAS is obligated to make (a) a "Milestone Payment" (as defined in the APA) to 5&2 pursuant to the APA (the "**Season 7 Milestone Payment**") and (b) the Season 7 DMA Reimbursement, in each case upon the timely completion and delivery to CAS of Season 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. CAS, pursuant to this Agreement, agrees to advance and pay to 5&2 a portion of the Season 7 Payments (the amount of which is set forth in the definition of the "Season 7 Partial Advance" in Annex A) in accordance with the terms and conditions set forth herein, prior to the date that the Season 7 Payments are otherwise due (i.e., prior to completion and delivery of Season 7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. CAS is not obligated to lend the Season 7 Partial Advance (or any amount) to 5&2, and CAS is willing to do so only upon the terms and conditions provided herein, including receipt of the guaranty and collateral pledge by 5&2 as described in <u>Section 2.1</u> herein. As security for 5&2's obligation to cause the Season 7 Completion and Delivery to CAS (which is the predicate for CAS making the Season 7 Payments and thus the Season 7 Partial Advance), 5&2 by this Agreement is willing to grant CAS a security interest in the specific "Collateral" referenced in the New Collateral Security Agreement and Copyright Mortgage and Assignment (the "**New Collateral**") in accordance with the terms and conditions set forth herein. Pursuant to the Fundamental Documents, CAS owns the intellectual property comprising the Series, and CAS holds certain security interests in certain collateral related to or derived from the Series and related properties (the "**Existing Collateral**"). The New Collateral Security Agreement and Copyright Mortgage and Assignment pertains only to the New Collateral and does not amend or cover the Existing Collateral.

<u>AGREEMENT</u>

NOW, THEREFORE, in consideration of the promises and covenants herein contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. **<u>Remittance of Season 7 Partial Advance; Offset</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 CAS shall remit the Season 7 Partial Advance to 5&2 promptly within two (2) business days of CAS's receipt of a completed remittance notice ("**Remittance Notice**") in the form set forth in <u>Annex B</u> hereto, and CAS shall be entitled to rely upon such Remittance Notice. This remittance obligation is subject to satisfaction of the conditions set forth in <u>Section 2</u> and <u>Section 3.2</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Prior to Season 7 Completion and Delivery to CAS, the unpaid principal amount of the Season 7 Partial Advance shall accrue interest (i) from and after the date 5&2 receives the proceeds of the Season 7 Partial Advance until July 31, 2027, at 7.25% per annum and (ii) from and after July 31, 2027 (or other default by 5&2 hereunder) at 9.25% per annum ("**Default Interest**"), in each case to be calculated on the basis of a year of 360 days and actual days elapsed from the date 5&2 receives the proceeds of the Season 7 Partial Advance until the date of Season 7 Completion and Delivery to CAS (collectively, as applicable, the "**Interest Charge**"). The amount of the Interest Charge shall be due and payable on the date of Season 7 Completion and Delivery to CAS. No provision herein shall be deemed to establish or require the payment of interest at a rate in excess of the maximum rate permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Payment and Offset</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 Upon Season 7 Completion and Delivery to CAS, the amount of the Season 7 Partial Advance plus the Interest Charge shall be offset against and reduce CAS's remittance of the Season 7 Payments.

Execution Version

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 If the amount of the Season 7 Payments otherwise exceeds the amount of the Season 7 Partial Advance plus the Interest Charge resulting in a positive balance of the Season 7 Payments shall be paid to 5&2 when due and payable in accordance with this Agreement and Sections 2.06(b)(iii) and 2.06(c) of the APA; and for clarity, any additional setoff rights of CAS under Section 2.06(d) of the APA are reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3 If (i) Season 7 Completion and Delivery to CAS is not effected, or (ii) the amount of the Season 7 Payments otherwise payable by CAS is (or becomes) less than the aggregate amount of the Season 7 Partial Advance plus the Interest Charge, then upon either such event, 5&2 shall pay the amount of any such shortfall to CAS, upon CAS's demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 CAS may setoff and apply or otherwise offset any and all amounts owing by it to the other party under this Agreement against any and all amounts, obligations, or liabilities, whether now existing or hereafter arising, that are due and payable to CAS from 5&2 or TX TSC under this Agreement (including any Transaction Document) or under any Fundamental Document, with respect to the Season 7 Completion and Delivery to CAS, in each case whether such obligations are direct or indirect, absolute or contingent, matured or unmatured, liquidated or unliquidated, and whether arising in contract, tort, statute, or otherwise. No exercise of any right of setoff or offset shall limit or prejudice any other rights or remedies available to CAS. The parties acknowledge and agree that the terms "setoff" and "offset" are used interchangeably herein and shall have the same meaning for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Execution of Season 7 Advance Transaction Documents</u>**. Contemporaneously with execution of this Agreement, 5&2 will execute and deliver to CAS (or cause the execution and delivery of) the following (collectively, the "**Season 7 Advance Transaction Documents**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The 5&2 Completion and Delivery Guaranty substantially in the form of Exhibit 1 attached hereto (the "**5&2 Guaranty**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Key Man Acknowledgement substantially in the form Exhibit 2 attached hereto.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The New Collateral Security Agreement and Copyright Mortgage and Assignment substantially in the form of Exhibit 3 attached hereto, whereby 5&2 shall grant CAS a security interest with respect to all of 5&2's right, title and interest in the Collateral Program; provided, however, that such security interest grant expressly excludes the Excluded Cash Proceeds as defined in the New Collateral Security Agreement and Copyright Mortgage and Assignment).

Execution Version

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Covenants and Conditions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Covenants of 5&2</u>. 5&2 shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 cause TX PSC to effect the Season 7 Completion and Delivery to CAS, in accordance with the 5&2 Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 use reasonable and good faith efforts to cause TX PSC to discharge in a timely manner, all of its obligations owing to CAS under the PSFA with respect to Season 7 of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 use reasonable best efforts to file with the United States Securities and Exchange Commission (the "**SEC**") and distribute to 5&2's shareholders a definitive proxy statement on Schedule 14A and Schedule 13E-3 with respect to the Reverse Stock Split Proposal (as defined in 5&2's preliminary proxy statement filed on December 31, 2025) as promptly as possible (the "**Proxy Statement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 indemnify and hold CAS harmless from any claims or liabilities which may arise from, or which may be proximately caused by, 5&2's undertaking of the transactions set forth in the Proxy Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 cause the Complete Delivery of Prior Seasons to CAS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 use the proceeds of the Season 7 Partial Advance solely for the Remittance Use of Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Conditions</u>. As a condition to CAS's obligation to remit the Season 7 Partial Advance to 5&2, 5&2 shall have solicited (via its Proxy Statement) and received the approval of a majority of the votes cast by the holders of shares of 5&2's common stock (but in calculating such majority vote, not counting [in the numerator or denominator] those shares held by 5&2's directors, executive officers, affiliates, and any other persons required to be treated as affiliates (herein, "**MM Approval**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Continuing Conditions Subsequent</u>. Until the first calendar quarter end, following Season 7 Completion and Delivery to CAS, 5&2 shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 within 100 days of the end of 5&2's fiscal year, provide CAS with a copy of the audited balance sheet of 5&2 and the related audited statements of income, retained earnings, and of cash flows for such year, prepared in accordance with GAAP, together with a certification thereof by a senior executive of 5&2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 within 45 days after the end of each fiscal quarter of 5&2, provide CAS with a copy of the unaudited balance sheet of 5&2 for such quarter and the related unaudited statements of income and of cash flows for such quarter, together with a "best of knowledge after due inquiry" certification thereof by a senior executive of 5&2;

Execution Version

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 If 5&2 or TX PSC is then currently providing financial reporting to any third party which is more detailed or comprehensive than the foregoing, then such reports shall be provided to CAS concurrently with the reporting to such other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Miscellaneous</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Interpretation of Agreement with the Fundamental Documents</u>. This Agreement does not amend, supplement or novate the Fundamental Documents. The Fundamental Documents shall continue in full force and effect in accordance with their respective terms and conditions. This Agreement and the Season 7 Advance Transaction Documents pertain only to the terms of the Season 7 Partial Advance and the New Collateral. The New Collateral Security Agreement and Copyright Mortgage and Assignment covers only the New Collateral, and does not pertain to the Existing Collateral; and no amendment to, novation of, release of, commingling of, addition to or setoff with respect to any Existing Collateral is being effected hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Incorporation by Reference of Christian Arbitration</u>. Any other provision of this Agreement notwithstanding, Section 30 of the DMA (entitled, "MANDATORY ARBITRATION; JURISDICTION") is hereby incorporated herein by this reference, and shall apply to any dispute between the Parties with respect to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Controlling Provision with Respect to Completion and Delivery of Season 7</u>. For purposes of the obligations of 5&2 hereunder, the Season 7 Completion and Delivery to CAS shall be as defined in <u>Annex A</u> hereto, and such definition (and corresponding obligation of 5&2 as provided under this Agreement) shall control with respect to the Season 7 Payments, the Season 7 Advance Transaction Documents and the New Collateral. Solely with respect to (and limited to) the Season 7 Completion and Delivery to CAS, the Parties agree that the Outside Date shall apply (regardless of the earlier completion and delivery date set forth under the PSFA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Controlling Documents</u>. Except as specifically set forth herein, the relationship between the Parties shall be otherwise governed by the terms and conditions of the Fundamental Documents. If there is any conflict or ambiguity respecting the interpretation of this Agreement (including the Season 7 Advance Transaction Documents) and the relationship of the Parties, this Agreement (including the Season 7 Advance Transaction Documents) shall control with respect to the matters specifically set forth herein, and the Fundamental Documents shall apply to the other relationships between the Parties (for example, mandatory arbitration provisions between the Parties). This Agreement constitutes the Parties' entire understanding with respect to the subject matter hereof and it supersedes all prior statements, negotiations, agreements and understandings between or among the Parties and their affiliates, whether oral or written (and including respecting any third party or third-party beneficiary), with respect to the subject matter of this Agreement. There are no third-party beneficiaries of this Agreement.

Execution Version

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>No Private Benefit</u>. For clarity, CAS and 5&2 have structured the Season 7 Partial Advance and the transactions under this Agreement with the intent to avoid conferring an impermissible "private benefit" or "private inurement" to any person, including 5&2. With respect hereto, without denying either Party the fundamental benefit of their respective bargain, 5&2 and CAS shall endeavor in good faith to comply with arm's-length standard principles under applicable tax and charitable organization law, and CAS and 5&2 shall cooperate in good faith in providing all necessary information and documentation to facilitate such review, and work in good faith and with commercial reasonableness to agree to any modifications to the Season 7 Advance Transaction Documents in order to address and, if necessary, mitigate, a material issue(s) which may be presented with respect to maintaining reasonable and good faith compliance with such applicable tax and charitable organization law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Disclosure. CAS acknowledges that 5&2 may disclose this Agreement with the Proxy Statement or as otherwise required by law, including any SEC or other disclosure requirements, tax and other reporting requirements.

[Signature page follows]

Execution Version

IN WITNESS WHEREOF, each of 5&2 and CAS has caused this Agreement to be executed and delivered by its duly authorized officer with effect on the Effective Date.

**AGREED AND ACCEPTED:**

---

| | | | |
|:---|:---|:---|:---|
| 5&2 STUDIOS, INC. | 5&2 STUDIOS, INC. | COME AND SEE FOUNDATION, INC. | COME AND SEE FOUNDATION, INC. |
| By: | /s/ Brad Pelo | By: | /s/ Ryan Dunham |
| Name: Brad Pelo | Name: Brad Pelo | Name: Ryan Dunham | Name: Ryan Dunham |
| Title: Chief Executive Officer | Title: Chief Executive Officer | Title: Chief Operating Officer | Title: Chief Operating Officer |

---

[Signature Page to Vendor Advance Agreement]

Execution Version

**Annex A**

**Definitions**

"<u>Advance Origination Fee</u>" means that amount set forth in <u>Schedule 1</u> attached to this Annex A ("<u>Schedule 1</u>").

"<u>Collateral Program</u>" means the program set forth in <u>Schedule 1</u>.

"<u>Complete Delivery of Prior Seasons,</u>" which shall be a condition to CAS's payment of the balance of the Season 7 Milestone Payments (i.e., net of the Season 7 Partial Advance and the Interest Charge), means TX PSC and/or 5&2 having effected all of the following prior to December 31, 2026 (and subject to the delivery notice, acceptance and dispute provisions hereof with respect to Season 7):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Complete delivery to CAS (or to a cloud or other digital storage server to which CAS is granted irrevocable access, all to CAS's
reasonable satisfaction) of all elements (including legal delivery of copyright assignments, work for hire documentation, master elements)
of each of episode of Seasons 1 through 6 of the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Satisfactory completion of any reasonably required mitigation of prior delivery defects or missing materials for each episode of Seasons
1 through 6 of the Series, as were previously communicated in writing by CAS to TX PSC or 5&2 (i.e., completion of the existing "to
do" list on prior delivery exceptions). CAS confirms that there is no pending default or breach by 5&2 or TX PSC under the PSFA
with respect to such prior deliveries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To the extent not covered by (1) or (2) above, 5&2 will use reasonable good faith efforts to cooperate with CAS in order to deliver
to CAS (or to a cloud or other digital storage server to which CAS is granted irrevocable access, all to CAS's reasonable satisfaction),
(i) substantially all prior delivery elements for the prior seasons 1-5 of the Series, as were delivered to Lionsgate Television pursuant
to the license agreement between 5&2 and Lionsgate Television in connection with the Series, and (ii) not later than thirty (30) days
following the respective delivery to Lionsgate Television, substantially all of the delivery elements delivered to Lionsgate Television
for seasons 6 of the Series, and (iii) not later than thirty (30) days following the respective delivery to Lionsgate Television, substantially
all of the delivery elements delivered to Lionsgate Television for Season 7 (with the Parties acknowledging that such obligation in (iii)
is not a condition to payment of the balance of the Season 7 Milestone Payments. The intent of this subsection (3) is for the Parties
to cooperate in achieving this stated objective in a reasonable manner.

For clarity, 5&2 shall endeavor in good faith to effectuate the above with respect to Seasons 1 through 6 of the Series by no later than December 31, 2026; *provided*, however, that other than being a condition to payment of the balance of the Season 7 Milestone Payments, any failure to effectuate the above with respect to Seasons 1 through 6 of the Series shall not otherwise constitute a breach of this Agreement by 5&2 or cause 5&2 to incur any Default Interest.

Execution Version

"<u>Notice of Delivery</u>" means a notice duly executed and delivered to CAS by 5&2 or TX PSC in the form attached hereto and incorporated herein by this reference as <u>Exhibit 5</u>.

"<u>Outside Date</u>" means July 31, 2027.

"<u>Remittance Use of Funds</u>" shall mean the payment and satisfaction of the following obligations of 5&2, capped by the aggregate amount indicated, and for no other use or obligation; and 5&2 shall use the Season 7 Partial Advance solely to satisfy the following obligations:

1) To pay the cash amount of $3.75 per share (on a "pre-reverse stock split" basis), for the cancellation of outstanding shares of 5&2's Series A Common Stock and/or Series B Common Stock, which shares shall become "fractional shares" following approval and completion of a proposed reverse stock split which 5&2 shall propose to its shareholders for approval ("<u>Fractional Share Redemption Payments</u>"); *provided*, that not more than [\*\*\*] of the Season 7 Partial Advance may be used for such Fractional Share Redemption Payments (the "<u>Fractional Share Aggregate Cap</u>");

2) To pay (to satisfy in their entirety) certain obligations owing by 5&2 or TX PSC to continuing third-party contractors to 5&2 or TX PSC or persons that were third-party contractors to 5&2 or TX PSC for seasons 1 and 2 of The Series which are due and payable ("<u>Non-Affiliated Service Provider Payments</u>"); *provided*, that not more than an aggregate of [\*\*\*] of the Season 7 Partial Advance may be used for such Non-Affiliated Service Provider Payments (the "<u>Third Party Payments Aggregate Cap</u>").

3) No Fractional Share Redemption Payment and no Non-Affiliated Service Provider Payment may be made to any control person, director, or officer of 5&2 or TX PSC, nor to any of their affiliate(s).

4) 5&2 shall provide CAS with customary and reasonable documentation of 5&2's making of the Fractional Share Redemption Payments and the Non-Affiliated Service Provider Payments.

"<u>Season 7</u>" means the seventh season of the Series, consisting of at least eight (8) episodes, two (2) of which may be combined to be a single "supersized" episode.

"<u>Season 7 Completion and Delivery to CAS</u>" means, subject to the provisions of subsections (1) through (3) hereinbelow, the completion and delivery to CAS of Season 7 by TX PSC pursuant to the PSFA (or by 5&2 pursuant to 5&2 Guaranty) on or before April 30, 2027; *provided* that (a) solely for purposes hereof, if neither 5&2 nor TX PSC are otherwise in uncured material breach of the Fundamental Documents as of such date, then solely for the purposes of this Agreement (and for clarity, not for purposes of the PSFA), such completion and delivery to CAS may occur no later than the Outside Date; (b) the completion and delivery of the elements and items for all episodes comprising Season 7 in substantially the same manner and of type, technical specifications and digital quality ("**Tech Specs**") as have been historically delivered to CAS to enable distribution on the Chosen App (as defined in the Fundamental Documents) of Seasons 3, 4 and 5 of the Series ("**CAS Delivery Materials**") shall be sufficient to constitute Season 7 Completion and Delivery to CAS; and (c) any additional matters for which 5&2 is obligated pursuant to the Fundamental Documents shall not be deemed to comprise CAS Delivery Materials for the limited purpose of determining "Season 7 Completion and Delivery to CAS" under this Agreement. Additionally, Season 7 Completion and Delivery to CAS shall be subject to the following delivery procedures:

Execution Version

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) TX PSC and/or 5&2 shall deliver the Notice of Delivery to CAS at such time as TX PSC and/or 5&2 have tendered to CAS the CAS
Delivery Materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Following the tender of delivery of CAS Delivery Materials and CAS's receipt of the Notice of Delivery, CAS shall within ten
(10) business days either (i) issue a written notice of acceptance of such delivery, or (ii) issue a written rejection or exception to
such tender of delivery subject to the specific delivery and acceptance terms set forth in <u>Exhibit 4</u> attached hereto and incorporated
by this reference. If CAS issues a notice of acceptance, then the Season 7 Milestone (as defined in Section 2.06(c) of the APA) shall
be deemed to have occurred and CAS shall remit payment of the Season 7 Payments, subject to offset of the Season 7 Partial Advance plus
the Interest Charge as set forth in <u>Section 1.3</u> above, in accordance with Section 2.06(c) of the APA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If there is a dispute between or among TX PSC, 5&2 and/or CAS with respect to the effectuation, timing, sufficiency or mitigation
of the Season 7 Completion and Delivery to CAS, then such dispute shall be adjudicated pursuant to respective applicable provisions of
the PSFA and DMA (and specifically, in observance of Section 30 of the DMA, or Section 26 of the PSFA); *provided*, that if the dispute
is limited solely to the Tech Specs, then the provisions of <u>Exhibit 4</u> shall be utilized by the Parties to resolve such dispute.

"<u>Season 7 DMA Reimbursement</u>" means that amount set forth on <u>Schedule 1</u>.

"<u>Season 7 Partial Advance</u>" means that amount set forth on <u>Schedule 1</u>.

"<u>Season 7 Payments</u>" means, collectively, the Season 7 Milestone Payment and the Season 7 DMA Reimbursement.

Execution Version

**Schedule 1 to Annex A**

1. <u>Advance Origination Fee</u>: [\*\*\*]

2. <u>Collateral Program</u>: [\*\*\*]

3. <u>Season 7 DMA Reimbursement</u>: [\*\*\*]

4. <u>Season 7 Partial Advance</u>: [\*\*\*]

Execution Version

ANNEX B

VENDOR ADVANCE REMITTANCE NOTICE

Pursuant to the Vendor Advance Agreement ("VAA") dated March 2, 2026 between 5&2 Studios, Inc. ("5&2") and Come and See Foundation, Inc. ("CAS"), 5&2 hereby requests the remittance of the Season 7 Partial Advance as provided herein. The remittance is directed to the account of 5&2 set forth below. Capitalized terms used and not otherwise defined herein shall have the meaning set forth for them in the VAA.

REMITTANCE AMOUNT: [\*\*\*]

EFFECTIVE DATE: ___, 2026

5&2 hereby represents, warrants and covenants to CAS that:

1. The requested Season 7 Partial Advance shall be applied solely to make the Fractional Share Redemption Payments and Non-Affiliated Service Provider Payments.

2. The conditions set forth in the VAA of CAS's obligation to make the Season 7 Partial Advance have all been satisfied by 5&2, and 5&2 has provided CAS with the written record from 5&2's Proxy transfer/exchange agent exhibiting that the MM Approval has occurred.

3. 5&2 has filed a Current Report on Form 8-K with the SEC reporting the amendment to its certificate of incorporation with the Secretary of State of the State of Delaware effecting the Reverse Stock Split (as defined in the Proxy Statement).

4. 5&2 shall file with the SEC a Form 15 suspending its obligations to file periodic reports and other documents under the Exchange Act promptly, but no later than two (2) business days following the filing by 5&2 of an amendment to its certificate of incorporation with the Secretary of State of the State of Delaware effecting the Reverse Stock Split.

5. 5&2's representations, warranties and covenants set forth in the VAA are hereby remade to CAS, with effectiveness as of the date hereof.

6. The remittance of the Season 7 Partial Advance shall be paid to 5&2 at:

Bank: [\*\*\*]

Account Number: [\*\*\*]

Routing Number: [\*\*\*]

Beneficiary: [\*\*\*]

<br> Sincerely,

5&2 STUDIOS, INC.

By:

Name: Brad Pelo

Title: Chief Executive Officer

Execution Version

**EXHIBIT 1**

[\*\*\*]

Execution Version

**EXHIBIT 2**

[\*\*\*]

Execution Version

**EXHIBIT 3**

[\*\*\*]

Execution Version

**EXHIBIT 4**

DELIVERY

&nbsp;&nbsp;&nbsp;&nbsp;A. All CAS Delivery Materials shall be delivered: (a) in a technically acceptable condition meeting or exceeding the previous laboratory's
quality control ()"**QC**") requirements, if any, which were utilized with respect to the upload of the previous Series
seasons 3, 4 and 5 to the Chosen App, including the QC which may be required or necessary with respect to any proprietary or third-party
platform specifications required so as to permit the streaming of all episodes of Season 7 on the Chosen App, in substantially the same
manner as has historically occurred for Series seasons 3, 4 and 5, and including any QC required to enable CAS to conduct the private
or subscriber-only/sponsor-only screenings on the Chosen App; (b) in the English language; and (c) include such additional alternative
versions and other marketing material as were delivered in connection with seasons 3, 4 and 5 of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;B. The Parties contemplate that delivery may be on a rolling or sequential basis, and that additional delivery materials will become
available following the initial delivery for purposes of enabling streaming on the Chosen App. Delivery to CAS of the season shall require
delivery of all episodes of the season.

&nbsp;&nbsp;&nbsp;&nbsp;C. 5&2 shall have cleared all such deliveries for CAS's exploitation as of the time of such delivery to CAS.

Review and Cure Periods.

&nbsp;&nbsp;&nbsp;&nbsp;D. If any of the CAS Delivery Materials are incomplete or fail to meet CAS's Tech Specs, CAS shall notify 5&2 in writing specifying
the defects in the CAS Delivery Materials (the "**Defect Notice** "). Such Defect Notice shall be delivered within ten (10)
business days of CAS's receipt of all CAS Delivery Materials. 5&2 shall have twenty (20) business days from its receipt of a
Defect Notice in which to cure the defects set forth therein (the "**Delivery Cure Period** "). If 5&2 fails to cure
the defects set forth in any Defect Notice prior to the expiration of the Delivery Cure Period, then such failure shall be deemed a breach
by TX PSC under the PSFA and 5&2 (on behalf of TX PSC) shall have 60 days to cure such failure in accordance with Section 18(b) of
the PSFA. If 5&2 fails to cure within such 60-day period, CAS shall have the option in its unfettered discretion to exercise all rights
and remedies under the Agreement and the Fundamental Documents.

&nbsp;&nbsp;&nbsp;&nbsp;E. For clarity, if delivery (or a material element of delivery, delivery exception, or delivery cure) is disputed by a Party, then resolution
or remedy with respect thereto shall be subject to the mandatory arbitration provisions of the DMA or PSFA, as the case may be (specifically,
in observance of Section 30 of the DMA, and/or Section 26 of the PSFA).

Execution Version

**EXHIBIT 5**

FORM OF NOTICE OF DELIVERY

[Date]

Come and See Foundation, Inc.

6385 Corporate Drive, Suite 200

Colorado Springs, CO 80919

Attention: Ryan Dunham

Email: ryan@comeandseefoundation.org

Re: The Chosen – Season 7 - Notice of Delivery

Dear Mr. Dunham:

Reference is hereby made to that certain Vendor Advance Agreement between 5&2 Studios Inc. ("**5&2**") and Come and See Foundation, Inc. ("**CAS**") dated March 2, 2026 (the "**VAA**").

5&2 (on behalf of itself and The Chosen Texas, LLC) hereby notifies CAS that the Season 7 Completion and Delivery to CAS (as defined in the VAA) has been effected.

Sincerely,

5&2 Studios, Inc.

By:   <br> Name:   <br> Title:  

cc: Andrew Kramer (akramer@willkie.com)

## Ex-99.(C)(Ii)

**Exhibit (c)(ii)**

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking DRAFT FOR DISCUSSION PURPOSES ONLY Project Cornerstone: Review of Company Financial Projections Goldman Sachs & Co. LLC. March 21, 2025 [\*\*\*] indicates information has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission.  |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 2 DRAFT FOR DISCUSSION PURPOSES ONLY Today's Agenda 1 Cornerstone Overview and Process Update 2 Summary Financial Review 3 Content Segment Deep Dive 4 Merchandising and Events Segment Deep Dive |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking DRAFT FOR DISCUSSION PURPOSES ONLY 1 Cornerstone Overview and Process Update |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 4 DRAFT FOR DISCUSSION PURPOSES ONLY Cornerstone Overview Overview of The Chosen Overview of Global Fan Base ◼ Seen by more than 250 million people worldwide ◼ Broad distribution across streaming with streaming partners including Amazon Prime, Netflix, Hulu, Peacock, Disney+, Apple TV, Paramount+, and more ◼ Critical acclaim from media outlets including The New York Times, The Wall Street Journal, BBC, and The Atlantic ◼ Box office performance on exhibited TV episodes with over $80M of box office receipts to-date ◼ Broad, global adoption with licensing of The Chosen in 97 countries ◼ 3 more contracted seasons of The Chosen, culminating with two major theatrical releases tied to season finales ◼ Over 200,000 donors have raised more than $200M to-date to support production of The Chosen ◼ Millions tune in to watch Livestreams hosted by creator Dallas Jenkins, to hear updates, and see behind-the-scenes of their favorite show ◼ Tens of thousands of fans attend live events such as ChosenCon, premieres, and 'Extras Days' ◼ DTC The Chosen App has more than 15M downloads ~$590M Contracted Revenue Through FY2029 $200M+ Raised Through Fans 19M Followers Across Social Media ~$225M FY2025E Revenue 250M Global Viewers $135M+ Lifetime Merchandise Sales $80M WWBO Receipts To-Date Solely From The Chosen TV Episodes 15M Installs of The Chosen App |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 5 DRAFT FOR DISCUSSION PURPOSES ONLY Segment Summary ◼ 7 contracted seasons of The Chosen (4 released) ◼ 80 episodes contracted1 ◼ 10 Slated TV Series ◼ 6+ planned major theatrical releases2 Segment Summary ◼ 7 theatrical releases to-date3 ◼ Distribution agreement with Lionsgate for The Chosen series Segment Summary ◼ $50M invested to date ◼ 32 unique sets ◼ 50k sq ft soundstages ◼ 24 en-suite bungalows Segment Summary ◼ In-progress design of immersive and other live experiences ◼ Annual ChosenCon with thousands of attendees ◼ Extras days / set visits with 9k+ visits in 2024 Segment Summary ◼ $135M of sales to-date across 129 countries ◼ 16 global stores ◼ Successfully expanding into new product lines (e.g., jewelry) ◼ Increasing mainstream distribution Segment Summary ◼ 70k monthly Spotify listeners ◼ $30k - $40k streaming rev/yr from S 1 - S3 alone ◼ Pending JV with CCMG for music label to increase breadth and reach Cornerstone Overview (Cont'd) 1 Includes select titles for which contractual output agreements are in-process of execution. 2 Includes theatrical releases for The Chosen S6 and S7. 3 Includes theatrical releases of previously produced TV episodes of The Chosen. Cornerstone develops & produces content, experiences, and consumer goods across portfolio of The Chosen-branded products Content Merchandise Live Experiences ◼ Production of The Chosen series and future Chosen Universe projects ◼ Production of feature films for theatrical release and streaming, including special theatrical releases of The Chosen ◼ Worldwide distribution rights for The Chosen as well as other contractually funded shows ◼ 30-acre film campus in Midlothian, Texas ◼ 2-acre biblical city standing set ◼ Pre- and post- production facilities ◼ Two state-of-the-art sound stages ◼ Experiential events aimed at deepening the fan experience and expanding the brand and IP ◼ Planned immersive experiences to take fans into The Chosen Universe ◼ National tours that bring The Chosen Universe and Biblical events to major cities ◼ Sale of consumer products, including apparel, DVDs / home entertainment, books, and other merchandising ◼ Distribution across DTC. major brick & mortar, and online retailers. including Amazon and Walmart ◼ Production of scores for The Chosen and owned IP ◼ Streaming & digital rights ownership '25E Rev: $122M '25E Rev: $62M '25E Rev: $35M '25E Rev: $4M '25E Rev: $0.1M '25E Rev: $2M TV/Film Production Distribution Gifts, Publishing, Etc. Immersive, Tours, Etc. Recording & Production Studio Operations |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 6 DRAFT FOR DISCUSSION PURPOSES ONLY History of Cornerstone ◼ Cornerstone has a longstanding relationship with a non-profit entity Come and See Foundation, Inc. ("CAS") that has been mandated to develop and produce faith-based content ◼ CAS fully finances the production of The Chosen and other projects in the pipeline namely Bear Grylls, Moses, and The Way Founded to produce The Chosen through "fan-funded" efforts where $11mm was raised through Angel Studios 2017 2022 2023 2024 Now Original License Agreement with Angel Studios ◼ 25% of all Gross video-on-demand (VOD') receipts go to marketing ◼ The Company is guaranteed at least 40% of net VOD profits ◼ The Company receives 70% or Net Physical Media and Other Physical Goods-Profits ◼ The Company may receive a Portion of revenue called the Angel Bonus Entered into Contribution Funding and Production Agreement With the non-profit entity Come and See Foundation, Inc. ("CAS") ◼ The Company secured $150m from CAS for production funding ◼ The company received $4.5m in exchange for the non-profit license (NEP) rights to The Chosen IP. ◼ The Company will pay CAS a 5% royalty on revenue from commercial use of The Chosen's IP ◼ The company will receive 90% of voluntary donations made to The Chosen through CAS indefinitely Contribution Agreement is Amended (Second Amendment) ◼ CAS retains 100% of donations, with none going to the Company ◼ CAS agreed to a revised purchase price for the NFP Rights Distribution License and Marketing Services Agreement is Amended (First Amendment) ◼ Marketing recoupment now involves CAS reimbursing the Company quarterly based on an approved budget, replacing the waterfall process ◼ The CAS Commercial Royalty rate increased from 75% to 80% ◼ The Company can now recoup a portion of additional guild residuals from theatrical releases, aligning with actor residuals treatment ◼ The CAS Theatrical Royalty rate increased from 75% to 86%. ◼ CAS to pay an additional reimbursement of $3m the Chosen App's development costs Contribution Agreement is Amended (First Amendment) ◼ Amendment to provide the remaining of the Production Funding as stated in Original CAS Agreement Entered into License Agreement with Lionsgate Entertainment Company ("Lionsgate") Gross Receipts from the program will be paid to the company minus ◼ 15% Distribution Fees ◼ Distribution Expenses incurred by Lionsgate License Agreement with Angel Studios (signed in 2022) terminated Sold rights to The Chosen to CAS ◼ IP rights sold to CAS for fixed consideration ◼ The Company earns a production services fee based on each season's budget plus 20% ◼ CAS receives a 75% royalty on gross receipts from out-licensing and theatrical releases, atter collection and marketing costs ◼ CAS gets a 10% royalty on gross receipts from Ancillary Rights and Trademark use (e.g., merchandise, DVDs, Chosen Branded productions) ◼ CAS retains all proceeds from IP use in the not-for-profit market ◼ The Company receives a marketing reimbursement based on a waterfall approach. Entered into the 2022 License Agreement with Angel Studios Company entitled to: ◼ 50% of Angel Studios' revenues (Angel App) ◼ 60% of box office sales (Fathom Events) ◼ 60% of revenue from existing distribution licenses Company owes Angel Studios: ◼ 2.5% of the Company's Adjusted Gross Revenues ◼ 10% of revenue derived from The Chosen brand or related marks  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 7 DRAFT FOR DISCUSSION PURPOSES ONLY The Chosen Corporate Structure and Funding Detail 1 Includes select titles for which contractual output agreements are in-process of execution. 2 Includes theatrical releases for The Chosen S6 and S7. 3 Includes theatrical releases of previously produced TV episodes of The Chosen. 4 Related to CAS. Lionsgate Licensing & Distribution Amazon Contract for The Chosen Chosen App4 ◼ Content Studio -> Service Provider to CAS and third-party projects ◼ Merchandise ◼ Live ◼ Physical Studio Come and See Foundation (CAS) Cornerstone Dallas Jenkins Control / Founders Minority Shareholders Fund CAS Productions Distribution Distribute Net Proceeds Moses Bear Grylls The Way Fathom Theatrical Distribution |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 8 DRAFT FOR DISCUSSION PURPOSES ONLY Process Timeline and Cadence March S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 February S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 May S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 April S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 July S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 June S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Timing Key Process Milestones ~4 Weeks ◼ Send out teaser ◼ Distribute Confidential Information Presentation / provide access to limited data room ~8 Weeks ◼ Hold fireside chats and management presentations ◼ Answer preliminary buyer diligence questions ◼ Tentative Indications of Interests (IOI) due (to be adjusted as needed) ◼ Determine second round participants ~6 Weeks ◼ Open full data room and respond to second round buyer due diligence ◼ Hold second round meetings ◼ Binding bids due (to be adjusted as needed) ~2 Weeks ◼ Narrow list of partners and conduct final meetings ◼ Select final partner(s) for negotiations Thereafter ◼ Continue negotiations with final partner(s) ◼ Confirmatory due diligence, finalize terms and definitive documents ◼ Close Market Holiday Key Dates Feb. 28th: Launch Apr. 14th: Production Starts Apr. 28 / 29th: 2nd Meeting Window Jun. 30th – July 3rd: Final Meetings Jun. 30th – July 3rd: Final Meetings Current Status ◼ Outreach to parties in process ◼ 10-15 NDAs sent, with ~7-8 signed and the rest in process ◼ Parties under NDA have received CIP, no detailed financials ◼ Management presentations set for early April, after which parties will receive full financial model ◼ Round 1 bid date tentatively envisioned at the end of April |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 9 DRAFT FOR DISCUSSION PURPOSES ONLY Partner Outreach List |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking DRAFT FOR DISCUSSION PURPOSES ONLY 2 Summary Financial Review |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 11 DRAFT FOR DISCUSSION PURPOSES ONLY Descriptions of Segments Source: Company financials, PwC Quality of Earnings Report (2025). 1 Before G&A at Holding Company Level % of 2025 Contribution Business Segment Description Revenue Segment EBITDA1 Content ◼ Focuses on developing and creating content including development, theatrical release, licensing, and distribution ◼ Company entered into the current CAS agreement in June 2024 which included the transfer of IP to CAS ◼ CAS licensing royalty share: Under the CAS agreement, the Company pays CAS: – 80% royalty on licensing revenue – 86% royalty on theatrical revenue – 10% royalty on ancillary rights including ad share revenue 82 % 80 % Merchandising ◼ Develops DVD and merchandise lines for each show and relevant IP, ranging from DVD and box sets to jewelry, tumblers, mugs, etc. ◼ Company pays CAS a 10% royalty on merchandise sales ◼ Sales projected on a by unit bases and non-unit revenue on a by channel, by category basis broken down as follows: – Channel: Wholesale, Retail and Shopify (eCommerce) – Category: DVD / Home Entertainment, Apparel, Books, and Other 16 % 18 % Events & Other ◼ Creates events or immersive entertainment connected to Cornerstone Studios' film & television content – creating 360-degree storytelling experiences ◼ Partnership with live events agency Imagination 3 % 1 % A B C |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 12 DRAFT FOR DISCUSSION PURPOSES ONLY 38.6 66.2 100.1 183.6 231.6 282.8 296.3 293.8 22.5 26.9 28.5 35.2 38.7 42.1 45.4 47.5 0.3 0.8 1.3 6.2 20.9 29.2 37.0 38.6 $61.4 $93.8 $129.9 $225.0 $291.2 $354.0 $378.7 $379.9 2022 2023 2024 2025 2026 2027 2028 2029 Content Merchandising Events / Other ($ in millions) Revenue by Segment Source: Company financials Note: Content revenue excludes $2mm of other production revenue. Segment YoY Growth Content 71.5 % 51.3 % 83.4 % 26.2 % 22.1 % 4.8 % (0.9)% Merchandising 19.5 % 6.3 % 23.4 % 9.9 % 8.8 % 7.8 % 4.8 % Events / Other 156.6 % 60.7 % 393.5 % 238.1 % 39.5 % 26.9 % 4.2 % Total Revenue 52.9 % 38.5 % 73.2 % 29.4 % 21.6 % 7.0 % 0.3 % Key Drivers: ◼ Revenue based on current slate assumptions, driven by contracted and planned projects ◼ The Chosen S5 and The Chosen Adventures release in 2025 resulting in a meaningful increase in revenue in that period ◼ Uplift in 2025 merchandise revenue due to The Chosen theatrical release ◼ Increase in 2026 merchandise revenue due to launch of immersive experience where merch will also be offered ◼ Ramp in 2025 events revenue where 3 immersive experiences are launched at once alongside an increase in ticket sales projected for 2028 offering additional uplift in that year CAGR 22-24 25-29 103% 58% 13% 8% 61% 12% |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 13 DRAFT FOR DISCUSSION PURPOSES ONLY $159.3 $129.9 $225.0 $3.2 ($30.4) ($2.3) $27.9 $44.9 $10.7 $6.7 $4.9 2024A Revenue Angel Studios New CAS Agreement Removal of ChosenCon PF 2024A Revenue Production Licensing & Distribution Theatrical Merchandising Events / Other 2025E Revenue ($ in millions) Adjusted Revenue Bridge Source: Company financials PF Adjustments to Normalize for Removal of Angel Studios and New CAS Contract Bridge Between 2024 and 2025 1 2 3 4 5 6 7 8 Commentary • Removes revenue associated with Angel Studios ($(1.6)mm) and normalizes revenue for amounts that would have been generated during the period but were not paid by Angel Studios ($4.8mm) • Rebases revenue as if it were earned per the terms of the CAS contract ($(0.4)mm) as well as removing the consideration related to the sale of IP per the terms of the contract ($(30.0)mm) • Removes ChosenCon-related revenue as management does not intend to host future events, and any such event would be covered under the CAS contract • Attributable to milestone payment ($22mm) due in 2025 as well as production of Chosen Season 6 • Primarily attributable to licensing payments from Amazon (total payment of $56mm, or ~$40mm increase) • Related to box office receipts for The Chosen Season 5 • Merchandise sales driven off The Chosen Season 5 and 6 • Launch of immersive experience during H2 2025 1 2 3 4 5 6 7 8 |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 14 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in millions) Adj. EBITDA by Segment Source: Company financials; Note: Content revenue excludes $2mm of other production revenue. Segment % Margin Avg Content 19.5 % 21.5 % 23.3 % 45.5 % 27.3 % 67.2 % 38.2 % 30.5 % 34.1 % Merchandising 15.4 % 26.1 % 26.7 % 28.1 % 33.4 % 33.5 % 33.8 % 34.3 % 28.9 % Events / Other 0.7 % 17.3 % (7.7)% 9.7 % 37.8 % 46.6 % 51.2 % 56.7 % 26.5 % Gross Profit 16.4 % 19.4 % 18.0 % 25.1 % 24.7 % 28.2 % 20.1 % 23.7 % 22.0% G&A (27.0)% (24.3)% (20.1)% (12.0)% (9.5)% (8.0)% (7.6)% (7.7)% (14.5)% Total Adj. EBITDA (10.6)% (5.1)% (1.8)% 12.1 % 13.1 % 18.4 % 10.5 % 13.9 % 6.3 % Key Drivers: ◼ Strong uplift in 2025 content EBITDA as a result of the Amazon milestone payments, The Chosen S5 release , and The Chosen S5 feature being released ◼ Variability in 2026 – 2028 EBITDA margins from: – $60mm increase in revenue and associated expenses in 2026 from the Story of Joseph (9% margin) – Decrease in 2027 production revenue following the Story of Joseph contribution – Uptick in 2027 production EBITDA from the release of Chosen S7 feature ◼ Events begins ramping in 2026 as multiple immersive events are offered at once for the first time ◼ Events EBITDA continues to gain momentum as more cities offer the experience alongside increasing ticket sales and pricing Margin decline from a $60mm increase in production revenue and associated expenses from Story of Joseph with a 2026E project margin of 9% Uptick in content EBITDA from the release of The Chosen S7 Feature alongside the decline in revenue following the Story of Joseph contribution 2 additional experiences open that triples capacity creating an uplift in revenue and ultimately EBITDA CAGR 22-24 25-29 NA 111% 48% 19% 6.6 11.1 15.8 55% 98% 43.5 47.9 69.2 40.6 51.9 3.5 7.0 7.6 9.9 12.9 14.1 15.3 16.3 0.1 (0.1) 0.6 7.9 13.6 19.0 21.9 (16.6) (22.8) (26.1) (27.1) (27.7) (28.3) (28.7) (29.3) $(6.5) $(4.7) $(2.3) $27.3 $38.3 $65.0 $39.9 $52.8 2022 2023 2024 2025 2026 2027 2028 2029 Content Merchandising Events / Other G&A |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 15 DRAFT FOR DISCUSSION PURPOSES ONLY $ in millions Adjusted EBITDA Bridge Source: Company financials PF Adjustments to Normalize for Removal of Angel Studios and New CAS Contract Bridge Between 2024 and 2025 $(26.3) $(2.3) $(3.6) $16.1 $1.4 $10.1 $22.0 $6.7 $1.3 $2.5 $0.7 $(3.5) $27.3 2024A EBITDA Removal of Angel Studios Contract Impact of CAS Contract Removal of ChosenCon Other Non-Recurring Expenses and PF Adjustments 2024A Adj. EBITDA Production Licensing & Distribution Theatrical Merchandising Costs Events / Other G&A Costs 2025E EBITDA 5 6 7 8 9 10 1 2 3 4 Commentary • Removes non-recurring expenses primarily related to arbitration ($11.1mm) as well as earnings related to Angel Studios Contract ($3.2mm) • Removes gain on sale of IP to CAS ($(13.0)mm) and rebases earnings in line with CAS contract ($(13.3)mm) • Removes ChosenCon-related expenses as management does not intend to host future events, and any such event would be covered under the CAS contract • Adjusts for other one-time and non-recurring items, including App development ($2.1mm) and inventory donation ($8.1mm) • Primarily attributable to milestone payment ($22mm) • Primarily attributable to licensing payments from Amazon • Increase in worldwide world-wide box office, offset by CAS royalties • Merchandise sales driven off The Chosen Season 5 and 6 • Launch of immersive experience during H2 2025 • Results primarily from anticipated new hires 1 2 3 4 6 7 8 9 5 10 |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 16 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in millions) Bridge to Free Cash Flow Source: Company financials 1 Defined as Free Cash Flow / Adj. EBITDA. The Chosen Adventures amortized content spend in proportion to total budgeted gross receipts 1 Description 2025E 2026E 2027E 2028E 2029E Adj. EBITDA $27.3 $38.3 $65.0 $39.9 $52.8 (+) Additional D&A 1.0 4.2 5.9 7.1 7.2 (+) Tax Incentive - 4.5 4.0 3.5 3.0 (-) Content Investment (15.8) (13.8) (11.8) (1.9) - (-) Events Capital Expenditures (10.5) (5.1) (20.2) (14.4) (4.6) Free Cash Flow $1.9 $28.0 $43.0 $34.2 $58.4 % Conversion 6.9 % 73.1 % 66.1 % 85.7 % 110.6 % Spend on The Chosen Adventures series Driven by ramp up in immersive experiences and warehouse facility capacity increase Driven by investment in soundstage 3 Driven by investment in soundstage 4 |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 17 DRAFT FOR DISCUSSION PURPOSES ONLY Operational Benchmarking Source: Factset, market data as of 03-2025, Company financials 2025E-2027E Revenue CAGR 2025E-2027E EBITDA CAGR 25.4 % 15.6 % 13.9 % 12.2 % 9.0 % 7.4 % 5.9 % 5.5 % 5.1 % Cornerstone Take-Two Spotify Netflix Electronic Arts UMG WMG Lionsgate Disney Median: 8.2 % 59.6 % 46.0 % 30.3 % 21.5 % 19.7 % 11.2 % 10.1 % 10.0 % 9.9 % Cornerstone Take-Two Spotify Lionsgate Netflix Electronic Arts Disney WMG UMG Median: 15.5% |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 18 DRAFT FOR DISCUSSION PURPOSES ONLY 73.1 % 98.8 % 96.6 % 95.1 % 92.7 % 92.5 % 92.4 % 61.2 % Cornerstone Spotify Netflix UMG Electronic Arts Take-Two WMG Disney Median: 93.3 % Operational Benchmarking Source: Factset, market data as of 03-2025, Company financials 2026E EBITDA Margin 2026E Free Cash Flow Conversion 13.1 % 36.3 % 31.4 % 24.0 % 23.3 % 23.0 % 20.9 % 14.5 % 11.1 % Cornerstone Electronic Arts Netflix Take-Two UMG WMG Disney Spotify Lionsgate Median: 23.2% |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking DRAFT FOR DISCUSSION PURPOSES ONLY 3 Content Projections Deep Dive |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 20 DRAFT FOR DISCUSSION PURPOSES ONLY Description of Content Lines of Business Source: Company financials Lines of Business Description % 2025 Contribution to Revenue % 2025 Contribution to EBITDA Production ◼ Focuses on the creation and development of faith-based film & television content ◼ Revenue is projected at the title level and based on scheduled production start date associated with each respective production – Revenue reflects production services per the CAS agreement reflecting a 20% markup to production cost, 3rd party funded projects reflect latest agreements with streaming partner(s) 52 % 70 % Theatrical ◼ Theatrical revenue is projected at the title level with worldwide box office, exhibitors take, distributors fee, and tax assumptions associated with each respective release 14 % 5 % Licensing & Distribution ◼ Licensing & distribution is projected at the title level based on contracted and anticipated licensing fees associated with each respective title ◼ Contracted licensing and distribution fees make up ~60% of total licensing & distribution revenue throughout the projected period 34 % 25% |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 21 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in millions) Understanding Revenue Visibility into Cornerstone's Content Segment Source: Company financials Note: Other Identified Titles reflects new series and features that begin production in the next 12 months. 34.0 52.3 69.1 89.5 99.1 43.5 0.0 0.0 0.0 0.0 0.0 85.4 34.6 153.4 151.1 15.1 0.0 0.0 0.0 2.8 73.7 4.5 13.9 31.0 5.9 24.3 85.8 145.2 278.7 $38.6 $66.2 $100.1 $183.6 $231.6 $282.8 $296.3 $293.8 2022 2023 2024 2025 2026 2027 2028 2029 The Chosen: Amazon 5&2 Contract The Chosen: Theatrical, Licensing, Distribution Other Identified Titles Other Unidentified Titles |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 22 DRAFT FOR DISCUSSION PURPOSES ONLY 33.8 51.6 67.9 95.8 175.7 102.9 106.4 170.1 4.1 15.3 26.0 111.9 115.8 73.9 5.0 10.5 16.9 61.8 55.9 67.9 74.0 49.8 $38.6 $66.2 $100.1 $183.6 $231.6 $282.8 $296.3 $293.8 2022 2023 2024 2025 2026 2027 2028 2029 Production Theatrical Licensing & Distribution Contributes to revenue in 2028 ($ in millions) Content Revenue by Line of Business Source: Company financials Segment YOY Growth Production 52.7 % 31.6 % 41.0 % 83.5 % (41.4)% 3.4 % 59.8 % Theatrical NM 272.6 % 69.6 % NM NM 3.5 % (36.2)% Licensing & Distribution 108.8 % 61.1 % 266.6 % (9.5)% 21.4 % 9.1 % (32.8)% Total Content Revenue 71.5 % 51.3 % 83.4 % 26.2 % 22.1 % 4.8 % (0.9)% CAGR 22-24 25-29 42% 15% NA 30% 83% (5)% Key Drivers: ◼ Increase in 2025 licensing and distribution revenue from the new CAS agreement's first milestone payment ◼ No theatrical revenue in 2026 as The Chosen assumes no core Season 6 theatrical release in place of the Season 6 feature released in theaters the next year in 2027 ◼ Production revenue spikes in 2026 due to $60mm fee from Story of Joseph ◼ Final season of The Chosen releases in Jan 2027 with 2028 production revenue being reduced from ~$90mm in the prior two years to ~$45mm $26.0 BO The Chosen S5 2025 Key Theatrical Releases: $106.0 BO The Chosen S6 Feature 2027 $115.8 BO The Chosen S7 Feature Contributes to 2028 revenue in 2027 $67.2 BO Joseph S1 2025 |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 23 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in millions) Understanding Our Theatrical Release Assumptions Relative to Industry Benchmarks Source: Box Office Mojo, Company financials. Note: Figures for The Chosen refer to Theatrical Ultimates. Cornerstone model shows 14 theatrical releases, of which 2 would be in the top 3 faith-based titles of all time $370.3 $251.0 $235.0 $215.0 $91.4 $83.5 $67.8 $61.7 $60.8 $59.7 $57.4 The Passion of the Christ (2004) Sound of Freedom (2023) The Chosen S7 Feature (2027) The Chosen S6 Feature (2026) Heaven Is For Real (2014) I Can Only Imagine (2018) War Room (2015) Miracles from Heaven (2016) God's Not Dead (2014) Son of God (2014) The Shack (2017) Denotes Cornerstone Upcoming Release Top 10 Highest-Grossing Faith-Based Theatrical Releases |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 24 DRAFT FOR DISCUSSION PURPOSES ONLY 6.6 11.1 15.8 33.5 35.1 43.5 0.0 0.0 0.0 0.0 0.0 11.8 5.3 21.8 21.2 2.3 0.0 0.0 0.0 (2.1) 4.7 3.3 0.0 0.0 0.0 0.4 2.8 0.6 19.4 49.6 $6.6 $11.1 $15.8 $43.5 $47.9 $69.2 $40.6 $51.9 2022 2023 2024 2025 2026 2027 2028 2029 The Chosen: Amazon 5&2 Contract The Chosen: Theatrical, Licensing, Distribution Other Identified Titles Other Unidentified Titles ($ in millions) Understanding EBITDA Visibility into Cornerstone's Content Segment Source: Company financials Note: Other Identified Titles reflects new seasons and features that begin production in the next 12 months. EBITDA figures reflect total EBITDA for each season. Upfront investment for The Chosen Adventures Contributes to EBITDA in 2028 Contributes to EBITDA in 2027 $30.0 EBITDA The Chosen S5 2025 Key Theatrical Releases: $77.4 EBITDA The Chosen S6 2027 $15.2 EBITDA Joseph S1 2025 |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 25 DRAFT FOR DISCUSSION PURPOSES ONLY 5.4 7.9 10.4 30.2 26.1 33.7 (6.8) 4.9 (0.2) 2.7 7.5 2.3 15.3 15.8 42.1 1.4 0.4 (2.1) 11.0 21.8 20.2 31.6 4.9 $6.6 $11.1 $15.8 $43.5 $47.9 $69.2 $40.6 $51.9 2022 2023 2024 2025 2026 2027 2028 2029 Producution Theatrical Licensing & Distribution ($ in millions) Content EBITDA by Line of Business Source: Company financials Segment % Margin Avg Production 16.1 % 15.4 % 15.4 % 31.5 % 14.9 % 32.7 % (6.4)% 2.9 % 15.3 % Theatrical 100.0 % 66.2 % 48.6 % 9.0 % NM 13.7 % 13.6 % 57.0 % 44.0 % Licensing & Distribution 27.3 % 4.3 % (12.3)% 17.9 % 39.0 % 29.8 % 42.7 % 9.8 % 19.8 % Total Content EBITDA (10.6)% (4.9)% (2.1)% 12.0 % 14.1 % 19.4 % 12.2 % 16.0 % 7.0 % Key Drivers: ◼ Decline in 2028 and 2029 production EBITDA as a result of no longer receiving The Chosen milestone payments alongside greater expenses to ramp new series and features ◼ No theatrical EBITDA in 2026 as The Chosen assumes no core Season 6 theatrical release in place of the Season 6 feature released in theaters the next year in 2027 ◼ Ramp in licensing and distribution between 2026- 2028 from CAS milestone payments for The Chosen ◼ Decline in 2029 theatrical EBITDA due to the end of The Chosen series CAGR 22-24 25-29 39% (37)% NA 106% NA (19)% |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 26 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in millions) Content Free Cash Flow Source: Company financials Note: Includes Impossible Math Lease Expense. Description 2025E 2026E 2027E 2028E 2029E Production $30.2 $26.1 $33.7 $(6.8) $4.9 Theatrical 2.3 - 15.3 15.8 42.1 Licensing & Distribution 11.0 21.8 20.2 31.6 4.9 Content EBITDA $43.5 $47.9 $69.2 $40.6 $51.9 % Margin 23.7 % 20.7 % 24.5 % 13.7 % 17.7 % Less: Content Investment (15.8) (13.8) (11.8) (1.9) - Plus: Tax Incentive - 4.5 4.0 3.5 3.0 Plus: Additional D&A 1.0 4.2 5.9 7.1 7.2 Content Cash Flow $28.7 $42.8 $67.3 $49.2 $62.1 % Conversion 65.9 % 89.2 % 97.3 % 121.3 % 119.7 % Memo: SG&A Adjusted (27.1) (27.7) (28.3) (28.7) (29.3) Content Cash Flow (Incl. SG&A Adj.) $1.6 $15.1 $39.0 $20.5 $32.8 % Conversion 3.6 % 31.5 % 56.3 % 50.5 % 63.3 % Memo: Excluding The Chosen Content EBITDA Excl. The Chosen (1.7) 8.3 4.4 18.1 49.6 Content FCF Excl. The Chosen (16.5) 3.1 2.5 26.8 59.8 |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking DRAFT FOR DISCUSSION PURPOSES ONLY 4 Merchandising and Events Projections Deep Dive |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 28 DRAFT FOR DISCUSSION PURPOSES ONLY 9.8 13.8 15.0 15.9 16.7 17.5 18.2 11.7 10.2 12.2 13.0 13.8 14.6 14.9 3.7 2.8 2.6 2.8 3.0 3.3 3.5 3.6 5.0 7.0 8.8 10.5 12.0 13.0 $22.5 $26.9 $28.5 $35.2 $38.7 $42.1 $45.4 $47.5 2022 2023 2024 2025 2026 2027 2028 2029 DVD / Home Entertainment Apparel Books Other ($ in millions) Unpacking the Merchandising Business – Revenue Source: Company financials; Note: Totals include non-unit revenues, partner revenues, licensee revenues and revenue adjustments. Segment % YoY Growth DVD / Home Entertainment 41.5 % 8.3 % 5.9 % 5.2 % 5.1 % 3.8 % Apparel (12.6)% 19.7 % 6.0 % 6.1 % 6.1 % 1.8 % Books (25.6)% (6.9)% 8.1 % 8.1 % 8.1 % 8.0 % Other 36.7 % 39.9 % 25.8 % 19.6 % 14.4 % 8.8 % Total Revenue 10.3 % 15.6 % 9.9 % 8.8 % 7.8 % 4.8 % Key Drivers: ◼ Anticipated revenue growth across DVD and other segments (includes mugs, phone cases, etc.) ◼ Rebrand drives some merch uplift on Cornerstone branded merch, particularly apparel ◼ The release of The Chosen series and features drives revenue uplift after 2025 ◼ The sale of merch at immersive experiences offers growth in 2026 and onward |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 29 DRAFT FOR DISCUSSION PURPOSES ONLY 8.9 12.6 13.5 14.3 15.0 15.8 16.4 6.0 6.6 6.8 7.4 7.9 8.5 8.8 2.7 2.2 1.9 2.1 2.3 2.5 2.7 2.9 3.6 4.8 6.0 7.2 8.3 9.1 $3.5 $7.0 $7.6 $9.9 $12.9 $14.1 $15.3 $16.3 2022 2023 2024 2025 2026 2027 2028 2029 DVD / Home Entertainment Apparel Books Other ($ in millions) Unpacking the Merchandising Business – EBITDA Source: Company financials; Note: Totals include non-unit revenue and costs, partner revenue and costs, licensee revenue and costs, revenue and cost adjustments, and pro forma royalty adjustments. Segment % YoY Growth DVD / Home Entertainment 41.7 % 6.6 % 6.0 % 5.2 % 5.1 % 3.8 % Apparel 10.0 % 3.9 % 7.8 % 7.8 % 7.7 % 3.4 % Books (19.4)% (13.5)% 9.3 % 9.3 % 9.2 % 9.1 % Other 23.6 % 34.1 % 25.8 % 19.5 % 14.8 % 9.7 % Total Revenue 21.8 % 8.1 % 10.2 % 9.0 % 8.2 % 5.5 % Key Drivers: ◼ Anticipated EBITDA growth across DVD and other segments (includes mugs, phone cases, etc.) ◼ High growth in apparel as drives some merch uplift on Cornerstone branded merch ◼ The release of The Chosen series and features drives EBITDA uplift after 2025 ◼ The sale of merch at immersive experiences offers growth in 2026 and onward |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 30 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in millions, except where otherwise noted) Unpacking the Immersive Experiences Business Source: Company financials Capex First Run Second Run Pre-Production $0.2 $0.8 Tech Infrastructure Purchase $0.2 $0.6 First Build Contingency Allowance $0.04 $0.13 Projection Equipment Cost $2.5 $-- Screen Content, Music, Creative $0.9 $0.3 Merchandise Store Fixtures $0.2 $0.5 Projection Screens $0.1 $0.3 Environment Scenic Build $0.1 $0.5 Set Design & Build $0.2 $0.6 Immersive Experiences Key Assumptions Near-Term Revenue Breakdown By City $44.50 Price per Ticket $6 Merch Sales Per Capita $3 F&B Sales Per Capita $4.4M Capex / Cost to build for initial build 242 Days of Build Time $0.4M Average Build Per Experience City 2025 2026 2027 2028 New York $4.4 Charlotte $3.3 Atlanta $3.6 Orlando-Daytona Bch $3.2 Dallas-Ft. Worth $6.1 Chicago $3.3 Salt Lake City $5.8 Los Angeles $7.0 Phoenix $3.7 Houston $3.7 |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 31 DRAFT FOR DISCUSSION PURPOSES ONLY $1.1 $1.6 $2.7 2026 2027 2028 $5.6 $7.1 $12.6 2026 2027 2028 ($ in millions) Studio / Soundstages Deep Dive Source: Company financials ◼ Impossible Math JV is 49.9% owned by Cornerstone and 50.1% by Impact Foundation ◼ Diligence focus will be placed on ground lease agreement with Salvation Army and their ability to take back the land and improvements / existing sets and stages ◼ IM plan expected to be heavily discounted in the absence of a solution with Salvation Army Third Party EBITDA Third Party Capex |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 32 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in millions) Ancillary Free Cash Flow Source: Company financials Note: Includes Impossible Math Lease Expense Description 2025E 2026E 2027E 2028E 2029E Merchandising $9.9 $12.9 $14.1 $15.3 $16.3 Events / Other 0.6 7.9 13.6 19.0 21.9 Ancillary EBITDA $10.5 $20.8 $27.7 $34.3 $38.2 % Margin 25.4 % 34.9 % 38.9 % 41.6 % 44.3 % Less: Events Capex (10.5) (5.1) (20.2) (14.4) (4.6) Ancillary Cash Flow $(0.0) $15.7 $7.6 $20.0 $33.5 % Conversion (0.2)% 75.3 % 27.3 % 58.1 % 87.8% |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking DRAFT FOR DISCUSSION PURPOSES ONLY Appendix |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 34 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in millions) Summary P&L Source: Management information and PwC analysis 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E $ in thousands, unless otherwise noted Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Dec-29 '22A-'24B '24B-'29F SUMMARY P&L Revenue Production 33.8 51.6 67.9 95.8 175.7 102.9 106.4 170.1 41.8% 20.2% Theatrical (0.2) 4.1 15.3 26.0 0.0 111.9 115.8 73.9 na 37.0% Licensing & Distribution 5.0 10.5 16.9 61.8 55.9 67.9 74.0 49.8 83.4% 24.2% Merchandising 22.5 26.9 28.5 35.2 38.7 42.1 45.4 47.5 12.7% 10.7% Events / Other 0.3 0.8 1.3 6.2 20.9 29.2 37.0 38.6 103.1% 98.5% Total Revenue 61.4 93.8 129.9 225.0 291.2 354.0 378.7 379.9 45.5% 23.9% % Growth na 52.9% 38.5% 73.2% 29.4% 21.6% 7.0% 0.3% Expenses Programming Costs 28.4 43.7 57.5 63.1 146.3 66.3 111.9 165.2 42.4% 23.5% Theatrical Costs 0.0 1.4 7.9 23.7 0.0 96.6 100.1 31.8 na 32.2% Licensing & Distribution Costs 3.6 10.0 18.9 50.8 34.1 47.7 42.4 44.9 128.0% 18.9% Content Expense 32.0 55.1 84.3 137.5 180.4 210.6 254.4 241.9 62.3% 23.5% Merchandising Costs 19.0 19.8 20.9 25.3 25.8 28.0 30.0 31.2 4.9% 8.3% Events / Other Costs 0.3 0.6 1.3 5.6 13.0 15.6 18.1 16.7 111.5% 65.4% Sales, Marketing & Distribution Costs 0.0 0.0 0.0 2.5 3.3 3.0 1.3 0.0 na na G&A Costs 16.6 22.8 26.1 27.1 27.7 28.3 28.7 29.3 25.4% 2.4% Other Expenses 35.9 43.3 48.3 60.5 69.7 74.9 78.1 77.2 16.0% 9.8% Total Expenses 67.9 98.4 132.6 198.0 250.1 285.4 332.5 319.1 39.8% 19.2% EBITDA (6.5) (4.6) (2.7) 26.9 41.1 68.6 46.2 60.8 (35.5%) na (-) Non-controlling interest (0.0) 0.0 (0.1) (0.3) 2.8 3.6 6.3 8.0 68.2% na (+) Donations 0.0 (0.2) (0.0) 0.0 0.0 0.0 0.0 0.0 na na (+) Purchase Discounts/Rebates 0.0 0.0 0.3 0.0 0.0 0.0 0.0 0.0 na na Adj. EBITDA (6.5) (4.7) (2.3) 27.3 38.3 65.0 39.9 52.8 (40.0%) na % Margin (10.6%) (5.1%) (1.8%) 12.1% 13.1% 18.4% 10.5% 13.9% FREE CASH FLOW Adj. EBITDA (6.5) (4.7) (2.3) 27.3 38.3 65.0 39.9 52.8 (40.0%) na (+) Additional D&A 0.0 0.0 0.0 1.0 4.2 5.9 7.1 7.2 na na (+) Tax Incentive 0.0 0.0 0.0 0.0 4.5 4.0 3.5 3.0 na na (-) Capital Expenditures 0.0 0.0 0.0 (26.4) (19.0) (32.0) (16.3) (4.6) na na Total Free Cash Flow (6.5) (4.7) (2.3) 1.9 28.0 43.0 34.2 58.4 (40.0%) na CAGR |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg035.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 35 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in millions) Summary of Slate Assumptions Source: Company financials. 1 Net budget defined as gross budget less tax incentives. Title Production Start Date Delivery Date Net Budget Revenue The Chosen S1 NA NA $8.3 $0.0 The Chosen S2 NA NA 10.6 0.0 The Chosen S3 Jan-22 Dec-22 28.7 1.9 The Chosen S4 Feb-23 Feb-24 42.3 59.9 Pre-2024 Summary 4 Releases $89.9 $61.8 The Chosen S5 Jan-24 Jan-25 48.0 647.7 The Chosen Adventures S1 Jun-24 Jan-25 17.5 25.6 Bear Grylls S1 Jun-24 Jun-25 4.0 9.8 2025 Summary 3 Releases $69.5 $683.1 The Chosen S6 Jan-25 Jan-26 56.0 128.1 The Chosen S6 Feature Jan-25 Jan-26 0.0 124.0 The Chosen Adventures S2 Jun-25 Jan-26 15.5 25.4 The Chosen Adventures S3 Jun-26 Jan-26 13.5 25.2 Unscripted #1 S1 Jun-25 Jun-26 4.2 5.8 Story of Joseph S1 Jan-26 Sep-26 60.0 97.0 2026 Summary 6 Releases $149.2 $405.6 The Chosen S7 Jan-26 Jan-27 64.0 144.9 The Chosen S7 Feature Jan-26 Jan-27 0.0 133.9 The Chosen Adventures S4 Jun-27 Jan-27 11.5 24.9 Unscripted #1 S2 Jun-26 Jun-27 4.5 5.6 Christmas With The Chosen Sep-26 Sep-27 1.5 9.5 Noah S1 Oct-26 Oct-27 65.0 97.0 2027 Summary 6 Releases $146.5 $415.8 |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg036.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 36 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in millions) Summary of Slate Assumptions (Cont'd) Source: Company financials. 1 Net budget defined as gross budget less tax incentives. Title Production Start Date Delivery Date Net Budget Revenue Limited Series #1 S1 Feb-28 Feb-29 70.0 95.3 Unscripted #1 S3 Jun-28 Jun-29 4.7 5.8 Moses S1 Sep-28 Sep-29 55.0 0.0 Feature Film #1 Sep-28 Sep-29 45.0 87.9 Ruth Dec-28 Dec-29 40.0 45.4 2029 Summary 5 Releases $214.7 $234.4 Moses S2 Jul-29 Jul-30 60.0 165.9 Feature Film #2 Jun-30 Jun-31 50.0 56.3 Moses S3 Jul-30 Jul-31 65.0 164.2 The Way S1 Jun-31 Jun-32 55.0 112.1 The Way S2 Jun-32 Jun-33 60.0 109.4 Signature Series #1 S1 Jun-32 Jun-33 55.0 87.9 The Way S3 Jun-33 Jun-34 65.0 107.9 Signature Series #1 S2 Jun-33 Jun-34 65.0 83.2 Signature Series #1 S3 Jun-34 Jun-35 75.0 0.0 2030 Onward Summary 9 Releases $550.0 $886.8 |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg037.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 37 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in '000s) Pro Forma Adjusted Revenue and EBITDA Source: Company financials $ in 000s FY22 FY23 FY24 Revenue, Reported $30,532 $80,929 $159,337 Diligence Adjustments Inventory Reserve Normalization – – – Theatrical Release True-up 242 – – Diligence Adjustments 242 – – Revenue, Diligence Adjusted 30,774 80,929 159,337 Pro Forma Adjustments 30,588 12,877 (29436) Revenue, Pro Forma Adjusted 61,362 93,806 129,901 EBITDA, reported 403 (1707) (3632) As a % of Reported Revenue 1.3 % (2.1)% (2.3)% Diligence Adjustments 1. Non-recurring Professional Services Expenses – 5,190 13,128 2. Abandoned Israel Project – 1,425 195 3. One-time Merch Mailer Campaign – 1,166 – 4. Board Related Expenses – 460 654 5. Inventory Reserve Normalization - NQ – – 6. Out-of-period Angel Arbitration Receipts – – (252) 7. OOP Revenue and Expenses for 2021 Christmas Special 1,082 – (242) 8. The Chosen App Costs – 917 2,100 9. Gain on Sale to CAS – – (13022) 10. Gain / Loss on Asset Disposition – 60 (192) 11. Other Income / Expenses – (37) (12) 12. Writer Royalty Expense Normalization 289 278 – 13. One-time Warehouse Moving Expenses 507 127 331 14. Inventory Donation – – 8,110 Diligence Adjustments (+/- NQ) 1,878 9,587 10,798 EBITDA, Diligence Adjusted (+/- NQ) 2,281 7,880 7,166 As a % of Diligence Adjusted Revenue 7.4 % 9.7 % 4.5 % Pro Forma Adjustments (+/- NQ) (8786) (12626) (9512) EBITDA, Pro Forma Adjusted (+/- NQ) (6504) (4747) (2345) As a % of Pro Forma Adjusted Revenue (10.6)% (5.1)% (1.8)% |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg038.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 38 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in millions) Gross Profit by Segment Source: Company financials Note: Gross Profit defined as revenue less direct expenses and marketing costs. Segment % Margin Content 19.5 % 21.5 % 23.3 % 45.5 % 27.3 % 67.2 % 38.2 % 30.5 % Merchandising 15.4 % 26.1 % 26.7 % 28.1 % 33.4 % 33.5 % 33.8 % 34.3 % Events / Other 0.7 % 17.3 % (7.7)% 9.7 % 37.8 % 46.6 % 51.2 % 56.7 % Total Gross Profit 16.4 % 19.4 % 18.0 % 25.1 % 24.7 % 28.2 % 20.1 % 23.7 % 6.6 11.1 15.8 46.0 51.2 72.2 41.9 51.9 3.5 7.0 7.6 9.9 12.9 14.1 15.3 16.3 0.0 0.1 (0.1) 0.6 7.9 13.6 19.0 21.9 $10.0 $18.2 $23.3 $56.6 $72.0 $99.9 $76.2 $90.1 2022 2023 2024 2025 2026 2027 2028 2029 Content Merchandising Events / Other |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg039.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 39 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in millions) Content Gross Profit by Line of Business Source: Company financials Segment % Margin Content 19.5 % 21.5 % 23.3 % 48.1 % 29.1 % 70.1 % 39.3 % 30.5 % Theatrical 100.0 % 66.2 % 48.6 % 9.0 % NM 13.7 % 13.6 % 57.0 % Licensing & Distribution 27.3 % 4.3 % (12.3)% 17.9 % 39.0 % 29.8 % 42.7 % 9.8 % Total Gross Profit 16.4 % 19.4 % 18.0 % 25.1 % 24.7 % 28.2 % 20.1 % 23.7 % 5.4 7.9 10.4 32.7 29.4 36.7 (5.5) 4.9 (0.2) 2.7 7.5 2.3 15.3 15.8 42.1 1.4 0.4 (2.1) 11.0 21.8 20.2 31.6 4.9 $6.6 $11.1 $15.8 $46.0 $51.2 $72.2 $41.9 $51.9 2022 2023 2024 2025 2026 2027 2028 2029 Production Theatrical Licensing & Distribution |

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| &nbsp;&nbsp;![GRAPHIC](tm265078d2_ex99-ciiimg040.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 40 DRAFT FOR DISCUSSION PURPOSES ONLY Disclaimer These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the Board of Directors (the "Board") and senior management of 5&2 Studios, Inc. ("Cornerstone" or the "Company") in connection with its consideration of the matters referred to herein. These materials and Goldman Sachs' presentation relating to these materials (the "Confidential Information") may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. 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