# EDGAR Filing Document

**Accession Number:** 0001733443
**File Stem:** 0001104659-25-125664
**Filing Date:** 2025-12
**Character Count:** 225890
**Document Hash:** 379022b0c149fe0c59f4fd5e9d234fc5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-125664.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0001104659-25-125664

**CONFORMED SUBMISSION TYPE**: SC 13E3

**PUBLIC DOCUMENT COUNT**: 127

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251231

**GROUP MEMBERS**: BRAD PELO

**GROUP MEMBERS**: CHOSEN PRODUCTIONS, LLC

**GROUP MEMBERS**: DALLAS JENKINS

**GROUP MEMBERS**: DERRAL EVES

**GROUP MEMBERS**: JD LARSEN

**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
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95410
- **FILM NUMBER:** 251618004

**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

**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**

---

| |
|:---|
| **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 Rule 13e-3 Transaction Statement on Schedule 13E-3 (this "***Schedule 13E-3***") 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***").

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 the Company's preliminary proxy statement on Schedule 14A (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;(e) *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. 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. 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 25, 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) Commitment Letter, dated as of December 29, 2025, by and between Aperture Media Partners LLC and TC Facility Holdings, LLC, a wholly-owned subsidiary of the Company.

&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 25, 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: December 31, 2025 | Dated: December 31, 2025 |

---

**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)](tm2534188d1_ex99-b.htm) | &nbsp;&nbsp;[Commitment Letter, dated as of December 29, 2025, by and between Aperture Media Partners LLC and TC Facility Holdings, LLC, a wholly-owned subsidiary of the Company.](tm2534188d1_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)\*](tm2534188d1_ex99-cii.htm) | &nbsp;&nbsp;[Discussion Materials, dated as of March 25, 2025 of Goldman Sachs to the Special Committee of the Board of Directors of the Company.\*](tm2534188d1_ex99-cii.htm) |
| &nbsp;&nbsp;[(c)(iii)](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.](tm2534188d1_ex99-ciii.htm) |
| &nbsp;&nbsp;[(c)(iv)](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.](tm2534188d1_ex99-civ.htm) |
| &nbsp;&nbsp;[(c)(v)](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.](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](tm2534188d1_ex-filingfees.htm) | &nbsp;&nbsp;[Filing Fee Table](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.

## Ex-99.(B)

**Exhibit (b)**

![](tm2534188d1_ex99bimg001.jpg)

**\*\*CONFIDENTIAL\*\***

**COMMITMENT LETTER FOR:**

***THE CHOSEN*, SEASON 7**

**December 29, 2025**

**5&2 Studios, Inc.**

**Attn: JD Larsen**

Dear Sirs,

You have requested that Aperture Media Partners LLC ("<u>Lender</u>"), provide a non-revolving secured credit facility to a special purpose vehicle (the "SPV") formed specifically for the sole purpose of collection of receivables due to 5&2 Studios, Inc. ("<u>5&2</u>") from Come and See Foundation, Inc. ("<u>CAS</u>"). Subject to and upon the terms and conditions hereinafter set forth, Lender is hereby pleased to commit to provide Borrower the following:

---

| | |
|:---|:---|
| **Series:** | The television series entitled: *The Chosen*. |
| **Borrower:** | The SPV (i.e., TCH Facilities Holdings, LLC) formed solely for the purpose of collection of receivables due 5&2 from CAS. |
| **Lender:** | Aperture Media Partners LLC or an affiliate. |
| **Purpose:** | Funds shall be used to: (i) consummate a buyout of current 5&2 /Series shareholders and (ii) pay Credit Facility fees, costs and interest. |
| **Credit Facility:** | A non-revolving secured credit facility (the "<u>Credit Facility</u>") totaling up to $41,325,000, including a reserve of USD $5,196,926, to pay interest on the loans made under the Credit Facility ("<u>Loan(s)</u>") and all fees (including the Commitment Fee) and costs (including legal costs) of Lender relating to the Credit Facility (the "<u>Lender Reserve</u>"). For the avoidance of doubt, amounts in the Lender Reserve shall not accrue any interest or any other fees and shall accrue interest only when utilized to pay for an amount that Borrower otherwise owes under the Credit Facility.<br>**<u>Note</u>:** The aforementioned reserve is an <u>estimate only</u>. The exact amount of the Lender Reserve will be determined by the Lender prior to the initial advance under the Credit Facility, based upon a borrower draw schedule and final maturity date.<br>The Loan (excluding the amount of the Credit Facility constituting the Lender Reserve) shall be made available to Borrower from and after the date the Definitive Documentation (as defined below) is fully executed and delivered to Lender and otherwise subject to the terms of the Definitive Documentation (the "<u>Closing Date</u>").<br>|
| **Commitment Fee:**<br>| 1.00% of the Total Facility Amount. The Commitment Fee is non-refundable and payable in full to Lender on the Closing Date from a borrowing out of the Lender Reserve.<br>**<u>Note</u>:** The Commitment Fee is calculated based upon the size of the Credit Facility as well as the term of loan at time of calculation. Should either change, the Commitment Fee will be recalculated to account for such new information.<br>|

---

---

| | |
|:---|:---|
| **Interest Rate:** | The unpaid balance of the Loan(s) shall bear interest at a per annum rate equal to 3.50% plus the (option of the) one or three month Term SOFR rate (subject to a SOFR floor of 0.50%) as quoted from time to time to Lender, <u>plus</u> a fixed SOFR adjustment of 10 bps. All interest on Loans based upon the Term SOFR rate plus adjustment shall be calculated on the basis of a 360-day year for actual days elapsed and all interest on Loans based upon an alternate base rate (i.e. Prime Rate plus 1.625%) to be set forth in the long form documents shall be calculated on the basis of a 365-day year for actual days elapsed. |
| **Interest Payments:** | Interest will be payable monthly in arrears as a borrowing out of the Lender Reserve up to the limits for interest thereunder and will be concomitantly added to the outstanding balance of the Loan. Interest accruing under the Credit Facility in excess of the amounts set forth in the Lender Reserve shall be paid from available cash in the Collection Account and/or by Borrower in cash on each interest payment due date thereafter.<br>Should the Credit Facility be retired prior to the Maturity Date, any unused Lender Reserve shall result in loan savings to Borrower (i.e., unused Lender Reserve is not kept by Lender).<br>|
| **Default Interest Rate:** | Three percent (3%) above the Interest Rate so long as an Event of Default (as defined below) has occurred and is continuing. |
| **Maturity Date:** | All outstanding Loans shall be due and payable on the earlier of (a) the date on which the obligations owing under the Credit Facility by Borrower are declared to be immediately due and payable following an acceleration of the outstanding obligations after an Event of Default and (b) May 31, 2027.<br>**<u>Note</u>:** The Maturity Date is based on estimated payment date from CAS as provided by Borrower. Maturity Date will be set based on final delivery dates for Season 7 of the Series ("<u>Season 7</u>") and estimated payment date from CAS.<br>|
| **Collateral:**<br>| Repayment of amounts outstanding under the Credit Facility and all other obligations of Borrower to Lender thereunder shall be secured by the payment obligation from CAS to Borrower (as assignee of 5&2 with respect to such payments) in the amount of $42,500,000 for purchase of rights pursuant to the APA and $1,000,000 for reimbursement of costs pursuant to the DLMSA. Payment from CAS shall be due and as and when such payments are due and payable pursuant to (i) that certain Asset Purchase Agreement, dated as of June 13, 2024, between CAS and 5&2 (as amended, the "<u>APA</u>") and (ii) that certain Amended and Restated Distribution License and Marketing Services Agreement, dated as of June 13, 2024, between CAS and 5&2 (as amended, the "<u>DLMSA</u>", together with the APA and the PSFA (as defined herein) being hereinafter referred to collectively as the "<u>CAS Payment Documents</u>"), which shall occur prior to the Maturity Date and no later than delivery of Season 7. In addition, the Lender shall have a first priority, perfected pledge in all other assets of Borrower and of the membership/equity interests of Borrower. |
| **Repayment:**<br>| All proceeds generated by the Collateral, without deduction or offset shall be paid to the Lender until the Loan and all obligations owing to the Lender, including all principal, interest, fees, expenses, and out of pocket costs, including legal expenses, in such order as set forth in the Loan Agreement (as defined herein), have been indefeasibly repaid in full. |
| **Notice of Assignment:** | Borrower, CAS, 5&2 and Lender shall enter into a Notice of Assignment agreement ("<u>Notice of Assignment</u>") that shall set forth the parameter of payment of the obligation from CAS into a collection account in the name of Lender at Emigrant Bank (Lender's parent). The Notice of Assignment shall also make certain that no changes affecting the payment obligations from CAS to Borrower under the CAS Payment Documents may be made without the prior written consent of Lender. |

---

---

| | |
|:---|:---|
| **Guaranty:** | 5&2 shall (a) guaranty the timely completion and delivery of Season 7 in a manner satisfactory to Lender, (b) guaranty the timely completion and delivery of Season 6 of the Series ("<u>Season 6</u>") and (c) in all circumstances, guaranty the obligations owing under the Credit Facility, including, without limitation, the advances made thereunder, with such guaranty being in customary form and substance acceptable to Lender in its sole but good faith discretion. |
| **Definitive Documentation:** | Standard and customary for financings of this nature, including, but not limited to, the following, all in customary form and substance acceptable to Lender in its sole but good faith discretion:<br>(a) Lender's receipt of a Loan and Security Agreement (the "<u>Loan Agreement</u>'), containing customary terms and conditions subject to good faith negotiations, including, without limitation, Borrower's agreement to direct all proceeds of the Collateral into an account in the name of Lender at Emigrant Bank.<br>(b) Lender's receipt of related documents and agreements from Borrower and all other persons required to give Lender security interests in and to the Collateral in accordance with this summary of terms.<br>(c) Lender's confirmation of underlying legal documentation confirming CAS' obligation to pay Borrower at delivery of Season 6 and Season 7 and CAS' obligation to fund the production cost of Season 7 pursuant to the Production Services and Funding Agreement, dated as of June 13, 2024, between CAS and The Chosen Texas, LLC ("<u>TCT</u>") (as such agreement may be amended, supplemented or otherwise modified from time to time thereafter, the "<u>PSFA</u>").<br>(d) Lien (including the results of customary UCC searches), ownership, legal and tax status of Borrower, 5&2, TCT and other related persons involved with Season 7 is acceptable to Lender.<br>(e) Lender's receipt of the Notice of Assignment.<br>(f) Lender's receipt of a copy of writer agreements, director(s) agreements and key cast agreements in connection with Season 7.<br>(g) Any other customary and reasonable documentation required by Lender, all in form and substance acceptable to Lender in its sole but good faith discretion.<br>|
| **Conditions Precedent:** | The initial funding will be subject to satisfaction of the conditions precedent deemed appropriate by Lender including, but not limited to, the following:<br>(a) All final definitive documentation, in form and substance satisfactory to Lender in its sole but good faith discretion.<br>(b) <u>**Know Your Customer ("KYC") documentation as required by Lender.**</u><br>(c) <u>**The Fourth Amendment to DLMSA and the Second Amendment to APA has been provided to Lender prior to the date hereof and shall not be amended without Lender's prior written consent.**</u><br>|
| **Conditions Subsequent:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As and when available on a post-closing basis:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lender's receipt of a copy of the final budget, cash-flow schedule, production schedule and episodic scripts for Season 7.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lender's receipt of all applicable insurance policies relating to the production of the Series.<br>|

---

---

| | |
|:---|:---|
| **Events of Default:** | Customary for facilities of this type, but to include, without limitation:<br>(a) Payment default not cured within 3 business days;<br>(b) Bankruptcy of Borrower, its parent, 5&2 or TCT;<br>(c) Failure to maintain security interest in the Collateral;<br>(d) Breach of covenant that would be reasonably likely to result in a Material Adverse Effect (to be defined in the Definitive Documentation) not cured within 10 days (to the extent capable of being cured);<br>(e) Breach of any representation or warranty not cured within 10 days (to the extent capable of being cured);<br>(f) Judgment in excess of an agreed upon amount not stayed, discharged, covered by insurance or currently contested; and<br>(g) Any action taken without prior Lender consent that could impair the value of the Collateral.<br>|
| **Offset Rights on CAS Revenue Entitlements:** | In the event CAS fails to (i) fully fund any amounts as required pursuant to the PSFA, or (ii) make timely payment of any amounts as required pursuant to the APA or the DMA, despite 5&2's and TCT's performance, Lender shall have the right to cause 5&2 to offset all proceeds from the commercial exploitation of the Series otherwise due to CAS, up to $43,500,000. To that end, 5&2 shall negotiate with CAS (and deliver to Lender) all appropriate amendment(s) to the APA, the DMA and any other related agreements (each in form and substance acceptable to Lender) that, among other things, (a) grants 5&2 the foregoing offset rights against amounts payable to CAS thereunder in connection with all seasons of the Series, and (b) includes CAS' agreement to refrain from exercising any of its rights under its security documents, including, without limitation, any applicable deposit account control agreement holding such proceeds (a "<u>DACA</u>"), which would, in any way, interfere with, disturb, infringe or prohibit 5&2's exercise of such offset rights with respect to such proceeds.<br>For the avoidance of doubt, the foregoing right shall not be deemed a performance guaranty of 5&2's or Producer's obligations to produce and deliver the Series.<br>|
| **Covenants:** | Standard and customary for facilities of this type, including, but not limited to:<br>(a) 5&2 shall not incur corporate debt nor allow liens over its assets prior to the Maturity Date other than the following debt or liens existing at the time of closing of the Credit Facility: (i) a lien granted in favor of CAS in connection with the CAS Payment Documents, (ii) a lien granted in favor of Amazon solely in connection with 5&2's right, title and interest in and to a production currently entitled "Joseph" and (iii) a lien granted in favor of Cadence Bank in connection with a working capital line of credit that is currently in process of being documented, <u>provided</u> that (x) such lien in favor of Cadence Bank expressly excludes (1) any lien in any of 5&2 right, title and interest in and to all seasons for the Series and all proceeds thereof, (2) any lien in the Collateral and (3) any lien in the any bank account(s) to which any proceeds for any seasons of the Series is/are being remitted; and (y) such line of credit shall not exceed a maximum commitment of $5,000,000 without Lender's prior written consent. Lender and 5&2 shall reasonably negotiate in good faith any exclusions for loans for production financing and tax credit financing.<br>(b) TBD limitations with respect to distributions to 5&2 shareholders and management to be negotiated in good faith with 5&2.<br>(c) 5&2 shall not engage in any acts or omissions that may reasonably be expected to have a material adverse effect on Season 7, the Collateral, Season 6 or the value of the 5&2 Guaranty of the Credit Facility.<br>|
| **Fees & Expenses:** | Borrower will pay the reasonable and documented out-of-pocket outside legal costs and all reasonable and documented out-of-pocket expenses incurred by Lender in connection with the preparation, negotiation, closing, and administration of this Credit Facility (whether or not the Credit Facility actually closes). Prior to beginning any work, the Borrower must provide Lender's counsel with a non-refundable legal deposit in an amount acceptable to Lender's counsel and execute a work letter. Borrower shall pay all reasonable costs and expenses incurred by Lender in the enforcement and collection of obligations under the Credit Facility. |

---

---

| | |
|:---|:---|
| **Termination Fee** | If this letter is executed, the Conditions Precedent are satisfied and Lender and 5&2 have negotiated in good faith the final forms of the Definitive Documentation, and 5&2 (or Borrower) elects for any reason not to enter into the Credit Facility with Lender, then 5&2 shall pay to Lender a commitment termination fee of $100,000 (a "<u>Kill Fee</u>") in consideration of the time and effort expended by Lender in evaluating and working forwards the consummation of the Credit Facility. The Kill Fee shall be due and payable to Lender on your receipt of Lender's written demand for such fee. |
| **Further Investigation:** | As a result of further investigation by Lender and its counsel, information of which Lender is not currently aware may be revealed and/or certain impediments to closing may come to Lender's attention, and while our mutual efforts will be directed at closing the Credit Facility, Lender may require the structure of this transaction to be altered or modified in material respects to enable Lender to make available the Credit Facility to Borrower. |
| **Governing Law / Jurisdiction:** | The Definitive Documentation shall be governed by the laws of the state of California. Consent to exclusive jurisdiction in state or federal courts located in Los Angeles County. Waiver of trial by jury. |
| **Confidentiality:** | Without the prior written consent of Lender, neither this summary of terms nor any of the terms hereof may be delivered or disclosed to any third party, other than legal counsel, accountants or financial advisors acting for Borrower or as otherwise may be required by law, audit, regulatory reporting or disclosure obligations. |

---

 

 

*[Remainder of page intentionally left blank]*

 

 

The summary of terms and conditions contained herein is not meant to be nor should it be construed as an attempt to define all of the terms and conditions of the loan proposed hereby, nor is it intended to reflect specific document phrasing that will exist in the loan documents. It is intended only to outline some basic points of business understanding.

Prior to the closing and on an ongoing basis, Borrower will use reasonable efforts to complete any forms and provide any information required by Lender's regulators in connection with the transactions contemplated herein.

For 30 days following execution of the letter, Borrower agrees not to discuss potential similar financings without the prior written consent of Lender.

Each party agrees that, without the written consent of the other or as otherwise required by law or regulatory inquiry, it will not disclose any of the terms hereof, the contents of any discussions or negotiations relating hereto or the fact that the parties are in discussion relating to a proposed transaction. The provisions of this paragraph shall survive any termination of discussions between the parties relating to the Loan.

**All out-of-pocket legal fees and expenses incurred by Lender in connection with the transaction contemplated by this letter shall be paid by 5&2 whether or not the transaction is consummated.**

By acceptance of this letter, you agree to indemnify and hold Lender, its affiliates and Lender's and such affiliates' directors, officers, employees, agents, attorneys, and consultants, harmless from and against any and all third party losses, claims, damages, liabilities, and expenses (including actual and reasonable out-of-pocket outside fees and disbursements of counsel) that may be incurred by or asserted against any such indemnitee in connection with or arising out of any documentation, investigation, litigation or proceeding related to the financing transaction herein described, this commitment letter or the credit facility discussed herein, whether or not any such indemnitee is a party to such documentation, investigation, litigation or proceeding, and whether or not such financing transaction is consummated or any future documentation executed; <u>provided</u>, <u>however</u>, that no person shall have the right to be so indemnified hereunder for matters arising directly or indirectly out of its own negligence, gross negligence, willful misconduct or bad faith.

If this letter or any of the matters relating thereto should become the subject of a dispute, claim or controversy ("<u>Claim</u>") between us, including any claim based on or arising from an alleged tort, then each such Claim which is not settled in writing within ten days after the "Claim Date" (defined as the date on which a party gives written notice to all other parties that a controversy, dispute or claim exists) shall, at the request of any party, be settled by a reference proceeding in Los Angeles, California, in accordance with the provisions of Section 638 <u>et seq</u>. of the California Code of Civil Procedure ("<u>CCP</u>"), which shall constitute the exclusive remedy for the settlement of any Claim. The parties waive their rights to initiate any legal proceedings against each other in any court or jurisdiction other than the Superior Court of Los Angeles (the "<u>Court</u>"). The referee shall be a retired Judge selected by mutual agreement of the parties, and if they cannot so agree within thirty (30) days after the Claim Date, the referee shall be selected by the Presiding Judge of the Court. The referee shall be appointed to sit as a temporary judge, as authorized by law. Any decision rendered by the referee will be final, binding, and conclusive and judgment shall be entered pursuant to CCP Section 644 in the Court. All disputes relating to discovery which cannot be resolved by the parties shall be submitted to the referee whose decision shall be final and binding upon the parties. Borrower and Lender each waive any claims for consequential damages.

This letter supersedes and replaces all previous communications between the parties, written or oral. This letter may not be modified or amended except by a writing executed by all parties hereto. Furthermore, this letter is solely for Borrower's benefit, and may not be relied on by any other party without the prior written consent of Lender. This letter shall be governed by California law, without regard for conflicts of laws principles.

This letter must be executed by Borrower and returned to Lender no later than 5 p.m., Los Angeles time, December 31, 2025, or Lender's commitment in accordance with the foregoing shall automatically terminate. Lender reserves the right to terminate this commitment at any time prior to receipt by the Lender of a copy of this letter executed by Borrower.

Sincerely,

---

| |
|:---|
| APERTURE MEDIA PARTNERS LLC |
| /s/ Matthew Anderson |
| Matthew Anderson, SVP |

---

Acknowledged and accepted:

December 29, 2025

TCH Facilities Holdings, LLC

<u>JD Larsen</u> <br> Name: JD Larsen <br> Title: Authorized Signatory

**<u>EXHIBIT A</u>**

**<u>FINANCING AND REPAYMENT PLAN</u>**

![](tm2534188d1_ex99bimg002.jpg)

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

**Exhibit (c)(ii)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_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 25, 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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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](tm2534188d1_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. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. 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In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Board and senior management, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, are subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the hand, and Goldman Sachs, on the other hand. |

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

**Exhibit (c)(iii)**

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg001.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 5&2 Studios: Discussion Materials Goldman Sachs & Co. LLC November 20, 2025 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg002.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 Current Proposal ◼ The founding shareholders are committed to taking the company private, so following the unsuccessful sale process, these shareholders elected to pursue a company-funded buyout of the public shareholders through a reverse stock split with a cash payment in lieu of issuing fractional shares to the public shareholders ◼ The company provided a written proposal offering $2.72 per Series B share (which they indicated implied an equity value of $56.125mm) ◼ However, after providing this proposal, certain of the founding shareholders which own ~15.3% also elected to sell their shares, resulting in ~60% of the total common shares being sold, and the transaction becoming a change of control ◼ In addition, the Company acknowledged its initial proposal was based on the assumption the Series B public shareholders would bear all transaction expenses and the expense of the restricted stock units being triggered upon change of control – However, through discussions with Goldman Sachs, the Company acknowledged this was incorrect and that all shareholders should bear these expenses ◼ As a result, the company verbally indicated its revised proposal was $2.81 per share reflecting the equal distribution across all shareholders of all the transaction expenses and cash payments triggered (note: no formal letter has been submitted to this effect) ◼ To finance this transaction, which would result in a total cash payment of ~$22m of cash to selling common shareholders and ~$10m to the restricted stock unit holders, the company intends to – Utilize a portion of the ~$10m of exiting cash on its balance sheet, and – Borrow against its future installment payments of ~$66mm which are paid upon delivery of Seasons 6 and 7 of The Chosen |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 3 DRAFT FOR DISCUSSION PURPOSES ONLY $ in millions, except per share value Shareholder Proceeds Analysis Source: Letter to Directors and Company information Build to Implied Share Price Proceeds to Selling Shareholders Denotes shareholder group represented by Special Committee Implied Enterprise Value $46.2 (+) Cash & Cash Equivalents (Per Q3 Draft BS) 10.5 (-) Long-Term Lease Liabilities (Per Q3 Draft BS) (0.5) Implied Equity Value $56.1 (-) Other Transaction Expenses (Per JD) (5.0) (-) W&P Interest Cash Bonus (0.3) (-) Phantom Units Payout (7.8) Value to Common Shareholders $43.0 (/) FDSO 15.3 Implied Net Proceeds per Share $2.81 Initial Offer Price $2.72 Implied Share Price Premium to Initial Offer Price 3.2 % Common Shares - Series A 7.0 Common Shares - Series B 5.6 Total Common Shares Outstanding 12.5 Phantom Shares Units 2.1 Writers and Producers Interest 0.7 Fully Diluted Shares Outstanding 15.3 Proceeds to Phantom Unit Holders Phantom Shares Units 2.1 Writers and Producers Interest 0.7 Total Phantom Unit Shares 2.8 Share Price $2.81 Total Phantom Units Cash Settlement $7.8 W&P Implied Cash Bonus Writer's and Producters Shares 0.7 Share Price $2.81 Writers and Producers Cash Settlement $1.9 W&P Interest Sale Bonus % 18.5% W&P Implied Cash Bonus $0.3 Ricky Ray Shares 1.5 Stake Sold 100.0 % Share Price $2.81 Total Proceeds to Ricky Ray $4.1 Earl Seals Shares 0.9 Stake Sold 100.0 % Share Price $2.81 Total Proceeds to Earl Seals $2.5 Series B Shares 5.6 Stake Sold 100.0 % Share Price $2.81 Total Proceeds to Series B Shareholders $15.7 Total Proceeds for Selling Shareholders $22.3 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg004.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 $ in millions Overview of Financial Projections Source: 5&2 Studios historical view, 5&2 Studios projections prepared by its management on 06-Nov-2025 and approved for Goldman Sachs' use by 5&2 Studios ("5&2 Studios projections"). 1 Indicates number of film / TV projects to be released in each year, including Seasons 5, 6 and 7 of The Chosen, Joseph, The Way, Jonathan and Jesus, Minno, & other projects 5&2 Management Projections 2022A 2023A 2024A LTM Q3 2025A Q4 2025E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Production Services Revenue $34 $52 $68 $38 $145 $94 $67 $67 $138 $77 $66 $67 $138 $77 $66 Licensing and Distribution Revenue 5 15 32 $6 73 20 70 94 25 25 27 - 23 25 27 Consumer Products and Experiences Revenue 23 28 30 $9 25 39 37 38 33 36 37 38 34 31 32 Total Revenue $61 $94 $130 $202 $53 $242 $153 $174 $199 $196 $138 $129 $105 $195 $133 $125 % Growth 52.9 % 38.5 % NA NA 86 % (37)% 14 % 14 % (2)% (30)% (6)% (19)% 86 % (32)% (6)% Production Services COGS $(28) $(44) $(57) $(34) $(130) $(76) $(61) $(56) $(120) $(64) $(60) $(56) $(120) $(64) $(60) Licensing and Distribution COGS (4) (11) (27) $(1) (57) (15) (58) (78) (18) (19) (20) - (17) (19) (20) Consumer Products and Experiences COGS (19) (20) (22) $(7) (19) (32) (28) (29) (25) (28) (28) (29) (25) (23) (24) Total COGS $(51) $(76) $(107) $(146) $(41) $(206) $(122) $(148) $(163) $(163) $(111) $(108) $(85) $(163) $(106) $(104) % of Revenue (84)% (81)% (82)% (72)% (78)% (85)% (80)% (85)% (82)% (83)% (80)% (84)% (81)% (84)% (80)% (83)% Production Services Gross Profit $5 $8 $10 $4 $14 $18 $6 $11 $18 $13 $6 $11 $18 $13 $6 Licensing and Distribution Gross Profit 1 3 5 5 16 5 12 15 7 6 7 - 6 6 7 Consumer Products and Experiences Gross Profit 3 7 8 3 6 7 9 9 8 8 8 8 8 8 8 Total Gross Profit $10 $18 $23 $56 $11 $36 $31 $27 $36 $33 $27 $21 $20 $32 $27 $21 % Margin 16 % 19 % 18 % 28 % 22 % 15 % 20 % 15 % 18 % 17 % 20 % 16 % 19 % 16 % 20 % 17 % Production Services SG&A $(1) $(3) $(3) $(3) $(3) $(3) $(3) $(3) $(4) $(4) $(4) $(4) Licensing and Distribution SG&A - - - - - - - - - - - - Consumer Products and Experiences SG&A (1) (6) (6) (6) (6) (7) (7) (7) (7) (7) (7) (8) Segment SG&A $(2) $(9) $(9) $(9) $(10) $(10) $(10) $(10) $(11) $(11) $(11) $(12) % of Revenue (4)% (4)% (6)% (5)% (5)% (5)% (7)% (8)% (10)% (6)% (8)% (9)% Total Segment Income $9 $27 $22 $18 $26 $23 $17 $10 $9 $21 $16 $9 % Margin 18 % 11 % 14 % 10 % 13 % 12 % 12 % 8 % 9 % 11 % 12 % 8 % Corporate SG&A $(17) $(23) $(26) $(6) $(24) $(19) $(20) $(20) $(19) $(16) $(15) $(14) $(13) $(12) $(12) % of Revenue (27)% (24)% (20)% (12)% (10)% (13)% (11)% (10)% (10)% (12)% (11)% (13)% (7)% (9)% (9)% % Growth 38 % 14 % (8)% (20)% 2 % 2 % (3)% (16)% (10)% (8)% (5)% (5)% (5)% Adj. EBITDA $(7) $(5) $(3) $(13) $3 $3 $3 $(2) $6 $4 $1 $(4) $(5) $8 $4 $(2) % Margin (11)% (5)% (2)% (6)% 5 % 1 % 2 % (1)% 3 % 2 % 0 % (3)% (4)% 4 % 3 % (2)% Memo: Project Releases 1 1 3 2 - 2 1 1 1 1 - 1 1 2 1 1 Historical 1 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg005.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 Assumes Valuation Date of Sep 30, 2025 \| 9.75 Year DCF \| ($ in millions) Unlevered Free Cash Flow Source: 5&2 Studios projections prepared by its management on 06-Nov-2025 and approved for Goldman Sachs' use by 5&2 Studios ("5&2 Studios projections") Actuals 5&2 Management Estimates FYE 31-Dec LTM Q3 2025A 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Terminal Year Revenue $202 $242 $153 $174 $199 $196 $138 $129 $105 $195 $133 $125 $139 % Growth (YoY) NA 86.3 % (36.8)% 14.0 % 14.0 % (1.5)% (29.6)% (6.2)% (18.9)% 85.8 % (31.8)% (6.2)% NM Adj. EBITDA $(13) $3 $3 $(2) $6 $4 $1 $(4) $(5) $8 $4 $(2) $1 % Margin (6.3)% 1.3 % 1.7 % (1.1)% 3.1 % 2.0 % 0.4 % (3.3)% (4.4)% 4.2 % 2.7 % (1.8)% 0.4 % Total D&A $(20) $(8) $(3) $(2) $(2) $(2) $(2) $(2) $(2) $(2) $(2) % of Revenue (8.4)% (5.0)% (1.8)% (1.0)% (1.0)% (1.2)% (1.3)% (1.5)% (0.8)% (1.2)% (1.3)% Adj. EBIT $(23) $(12) $(8) $2 $1 $(2) $(7) $(7) $6 $1 $(5) % Margin (9.6)% (7.8)% (4.7)% 1.0 % 0.4 % (1.3)% (5.1)% (6.7)% 2.9 % 0.9 % (3.8)% Unlevered Free Cash Flow Q4 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Terminal Year Adj. EBITDA $3 $3 $(2) $6 $4 $1 $(4) $(5) $8 $4 $(2) $1 (-) Cash Taxes - - - (0) (0) - - - - - - - (-) Capital Expenditures (3) (5) (1) (1) (5) (1) (1) (1) (1) (1) (1) - (-/+) Change in NWC 8 (4) 4 (2) (0) (3) 2 7 4 (0) (1) - (-) Non-recurring G&A (3) (4) (3) (2) (1) (1) (1) (1) (1) (1) (1) - (-) Creative Content Development (JV) - (3) (0) (0) (0) (0) - - - - - - (-/+) Cash Bonus Accrual Catch-up (3) - - - - - - - - - - - (-/+) Working Capital Hedge (3) 4 4 - - - - - - - - - Operating Free Cash Flow $(1) $(9) $3 $1 $(2) $(3) $(4) $1 $11 $2 $(4) $1 (+) Installment Payments - 22 44 - - - - - - - - - (-) Incremental Cash Taxes - - (5) - - - - - - - - - Unlevered Free Cash Flow $(1) $14 $41 $1 $(2) $(3) $(4) $1 $11 $2 $(4) $1 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg007.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 Financial Analyses Illustrative Share Price Implied Enterprise Value Comments DCF $41 – 54 ◼ 9.75-year projections period (Q4 2025E – 2035E) ◼ Cost of capital: 9.0 % – 19.0 %, estimated from the minimum and maximum of the current cost of capital using specialty entertainment peers ◼ Terminal value based on perpetuity growth rates of (5.0)% – 5.0% Precedent Transactions $19 ◼ LTM EV / EBITDA multiple of 6.0 x based on most relevant precedent transaction, Lionsgate's acquisition of eOne from Hasbro ◼ Based on 2025E Adj. EBITDA of $3.2mm Reference Only: Comparable Companies $40 - $48 ◼ Public Peers include: Disney, Lionsgate, UMG, and WMG with range based on FY2025 EV / EBITDA of Disney (12.5x) and UMG (14.9x) ◼ Based on 2025E Adj. EBITDA of $3.2mm $109 $166 $148 $109 $284 $262 $2.47 $2.89 Assumes Valuation Date of Sep 30, 2025 \| ($ in millions) 5&2 Studios Financial Analyses Summary Source: 5&2 Studios projections, publicly available materials A $109 $166 $148 $109 $284 $262 $2.54 $3.25 $1.33 B C Original Proposal: $2.72 Revised Proposal: $2.81 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg008.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 ($ in millions, except per-share data) Analysis at Various Prices Source: Letter to Directors and Company information Original Proposal Revised Proposal Illustrative Share Price $2.70 $2.72 $2.75 $2.80 $2.81 $2.85 $2.90 $2.95 $3.00 $3.05 $3.10 (\*) FDSO 15.3 15.3 15.3 15.3 15.3 15.3 15.3 15.3 15.3 15.3 15.3 Implied Net Proceeds for Shareholders $41.3 $41.7 $42.1 $42.9 $43.0 $43.6 $44.4 $45.2 $45.9 $46.7 $47.5 (+) Phantom Shares Payout 7.5 7.6 7.6 7.8 7.8 7.9 8.1 8.2 8.3 8.5 8.6 (+) W&P Interest Cash Bonus 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 Implied Fully Diluted Equity (Before Expenses) $49.2 $49.5 $50.1 $51.0 $51.1 $51.9 $52.8 $53.7 $54.6 $55.6 $56.5 (+) Other Transaction Expenses 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Implied Equity Value $54.2 $54.5 $55.1 $56.0 $56.1 $56.9 $57.8 $58.7 $59.6 $60.6 $61.5 (-) Cash & Cash Equivalents (10.5) (10.5) (10.5) (10.5) (10.5) (10.5) (10.5) (10.5) (10.5) (10.5) (10.5) (+) Long-Term Lease Liabilities 0.5 0.0 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 Implied Enterprise Value $44.2 $44.0 $45.1 $46.0 $46.2 $47.0 $47.9 $48.8 $49.7 $50.6 $51.5 (/) Adj. EBITDA 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 Implied 2025 EV / EBITDA 13.8 x 13.8 x 14.1 x 14.4 x 14.4 x 14.7 x 15.0 x 15.2 x 15.5 x 15.8 x 16.1 x |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg009.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 Assumes Valuation Date of Sep 30, 2025 \| 9.75 Year DCF \| ($ in millions) Illustrative DCF Analysis Source: 5&2 Studios projections, FactSet data as of 11-Nov-2025 A Implied Enterprise Value Implied Share Price Perpetuity Growth Rate Perpetuity Growth Rate (5.0)% 0.0 % 5.0 % (5.0)% 0.0 % 5.0 % 9.0 % $49 $50 $54 9.0 % $2.96 $3.02 $3.25 14.0 % 45 45 46 14.0 % 2.72 2.74 2.79 19.0 % 41 41 42 19.0 % 2.54 2.55 2.56 % of Enterprise Value in Terminal Value Implied LTM EBITDA Exit Multiple Perpetuity Growth Rate Perpetuity Growth Rate (5.0)% 0.0 % 5.0 % (5.0)% 0.0 % 5.0 % 9.0 % 3.7 % 5.9 % 12.9 % 9.0 % 6.8 x 11.1 x 26.3 x 14.0 % 1.9 % 2.7 % 4.4 % 14.0 % 5.0 7.1 11.7 19.0 % 1.1 % 1.4 % 2.0 % 19.0 % 4.0 5.3 7.5 Illustrative WACC Illustrative WACC Illustrative WACC Illustrative WACC |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 10 DRAFT FOR DISCUSSION PURPOSES ONLY EV/EBITDA LTM Multiples \| ($ in millions) Select Precedent Transaction Source: Publicly available information, press releases, public filings Sale of eOne Film & TV Business to Lionsgate from Hasbro for ~$500mm in December 2023 B ◼ Lionsgate acquired eOne from Hasbro for $523.1mm in Dec-2023 – $373.1mm in cash and $150mm in debt ◼ Acquisition adds over 6,500 titles to Lionsgate's library, including Yellowjackets, The Rookie, and Monopoly development rights ◼ Supported Lionsgate's spin-off of its studio business into Lionsgate Studios ◼ Expanded Lionsgate's global footprint in the UK and Canada and strengthens both scripted and unscripted production through key broadcaster partnerships ◼ Transaction chosen for its relevance as eOne is solely a film & TV business with an extensive content library of non-Hasbro-owned IP, comparable to the sale of 5&2 Studios as a film & TV business centered solely around the distribution of non-5&2-owned IP ◼ Global content studio specializing in film, TV, and music production and distribution based in Canada ◼ Now operates under Lionsgate Studios as part of Lionsgate Films and Lionsgate Television divisions ◼ Focused on developing and bringing to worldwide markets the best content across all media, including scripted, unscripted, and podcasts with extensive scale and a deep commitment to high-quality entertainment Transaction Overview & Relevance eOne Overview Lionsgate Overview ◼ Leading global entertainment company with operations across film, television, and streaming, driven by studio's bold and entrepreneurial culture ◼ Owns a 20,000+ title film and TV library, including franchises like John Wick, The Hunger Games, and Twilight ◼ Operates Lionsgate Studios, Lionsgate Films, Lionsgate Television, and Lionsgate Alternative Television Select Metrics $523M eOne EV 6.0 x EV / LTM EBITDA |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg011.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 ($ in billions) Common Share Comparison Source: Factset, market data as of 11-Nov-2025, Company financials Note: Financials calendarized to 31-Dec fiscal year end. 5&2 Studios projections prepared by its management and approved for Goldman Sachs' use by 5&2 Studios ("5&2 Studios projections"). 5&2 Studios 2025E Revenue and Adj. EBITDA are PF for the removal of Angel Studios and new CAS contract. C EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin EBITDA CAGR EBITDA - Capex EBITDA - Capex Company Name FY2025 FY2026 NTM FY2025 FY2026 NTM YoY '23 -'25 FY2025 FY2026 25-'27 FY2025 FY2026 5&2 (0)% (15)% 1 % 2 % NA 10 % 3 % Pure Play Content Disney 114.85 93 $209 $251 2.6 x 2.5 x 2.5 x 12.5 x 11.3 x 11.4 x 3 % 5 % 21 % 22 % 10 % 60 % 63 % Lionsgate 6.85 75 $2 $4 1.4 1.3 1.3 14.7 11.8 12.4 100 7 10 11 15 95 96 UMG 22.56 67 $41 $48 3.4 3.2 3.2 14.9 13.6 13.8 6 7 23 23 10 93 93 WMG 30.42 84 $16 $20 3.0 2.9 2.9 13.7 12.1 12.3 5 4 22 24 2 90 92 Mean 2.6 x 2.4 x 2.5 x 14.0 x 12.2 x 12.5 x 29 % 6 % 19 % 20 % 9 % 85 % 86 % Median 2.8 x 2.7 x 2.7 x 14.2 x 12.0 x 12.3 x 6 % 6 % 21 % 22 % 10 % 92 % 93 % Closing Price % of 52-Week High Fully Diluted Equity Value Enterprise Value |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg012.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 A: Additional Company Detail |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg013.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 History of 5&2 Studios Source: Company materials ◼ 5&2 Studios 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 ◼ 5&2 produces content, while CAS owns the IP for select shows and fully finances production: The Chosen, The Chosen in the Wild with Bear Grylls, Book of Moses, and The Way Founded to create and produce The Chosen through "fan-funded" efforts where $11M was raised through Angel Studios in 2018 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, handing non-profit license of The Chosen to 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 (NFP) 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") ◼ Granted Lionsgate the rights to distribute and exploit the Series, including future seasons, across various platforms such as television, SVOD, VOD and more ◼ Company retains merchandising, soundtrack, and several ancillary rights, while Lionsgate is responsible for distribution expenses, residual payments, and adhering to delivery requirements ◼ 15% Distribution Fees ◼ Distribution Expenses incurred by Lionsgate License Agreement with Angel Studios (signed in 2022) terminated Sold rights to The Chosen to CAS for ~$245mm comprised of ~$160mm in loan forgiveness and $85mm in installment payments ◼ 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 5&2 Studios no longer owns The Chosen IP |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg014.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 The Chosen 5&2 Studios Corporate Structure and Funding 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. 5 As of the completion of Season 4. Lionsgate Licensing & Distribution Amazon Contract for The Chosen The Chosen App4 ◼ Content Studio -> Service Provider to CAS and third-party projects ◼ Merchandise ◼ Live ◼ Physical Studio Come and See Foundation (CAS) 5&2 Studios, Inc. Dallas Jenkins Control / Founders Minority Shareholders (Represented by Special Committee) Fund CAS Productions Distribution Distribute Net Proceeds Book of Moses The Chosen in the Wild The Way Fathom Theatrical Distribution 33 Episodes5 Q2 '25 S5 Release 8 Episodes Q4 '29 S1 Release 4 Episodes Q3 '25 S5 Release 8 Episodes 2032+ S1 Release |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg015.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 Source: Company filings Event Date Shareholder Group ◼ Reg A Offering of 13,900,000 Common Units ◼ 5 Total Shareholders (Dallas Jenkins, Derral Eves, Ricky Ray Butler, Earl Seals, Matthew Faraci) ◼ $1.00 Issuance Price per Share Founders Shareholders Public Shareholders 1 Issuance (June 2018) ◼ Offered and Raised 11,190,030 Class A Preferred Units from ~16,000 Total Shareholders through Reg A Offering ◼ $1.00 Issuance Price per Share ◼ 6,950,000 Total Series A Common Shares ◼ 4 Total Shareholders (Dallas Jenkins, Derral Eves, Ricky Ray Butler, Earl Seals) ◼ $2.00 Per Share Basis ◼ 5,595,015 Total Series A Preferred Shares ◼ ~16,000 Total Shareholders ◼ $2.00 Per Share Basis ◼ 1:2 Conversion of Common Units to Series A ◼ 1:2 Conversion of Class A Preferred Units to Series A Preferred ◼ 6,950,000 Total Series A Common Shares as of Q1 2025 ◼ 4 Total Shareholders (Dallas Jenkins, Derral Eves, Ricky Ray Butler, Earl Seals) ◼ $2.00 Per Share Basis ◼ 5,585,229 Total Series B Common Shares as of Q1 2025 ◼ ~16,000 Total Shareholders ◼ $2.00 Per Share Basis, less dividend of $2.40 per share = $(0.40) Per Share Basis ◼ Each Series A Share Has 10 Votes ◼ All Series A Preferred Unit Holders Received a Dividend of $2.40 / Share ◼ All Series A Preferred Unit Holders Have Converted to Series B Common ◼ Each Series B Share Has 1 Vote 2 3 Delaware Conversion (November 2022) Class A Conversion (November 2022 – December 2024) Evolution of 5&2 Studios Equity Capitalization |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg016.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 Reg A Offering Details ◼ A Regulation A ("Reg A") Offering is an exemption from registration with the SEC that allows companies to raise capital from the public, including both accredited and non-accredited investors, through the sale of securities ◼ As part of The Chosen, LLC's initial Reg A filing in June 2018, up to 13,000,000 shares were offered at $1 per share to public shareholders as Class A Preferred Units ◼ Purchasers of Class A Preferred Units ("Preferred Units"), offered to public shareholders, will become Members of the Company ◼ The Units offered are a membership interest of preferred equity – as such, the Company must make distributions, pro rata amongst the holders of the Preferred Units, equal to 120% of the purchase price of the Units before the holders of the Common Units (Founders) will receive any distributions ◼ With the exception of distributions, the Class A Preferred Units will hold no other preference in any respect, whether economic, voting or otherwise, to the Common Units ◼ Holders of the Class A Preferred Units (public shareholders) and Common Units (Founders' shareholders) will vote collectively on all matters ◼ Each Membership Unit will receive 1 vote ◼ The Class A Preferred Units are freely transferrable, subject to any restrictions imposed by applicable securities laws and regulations, should Preferred Units holders want to transfer any units Key Terms for Securities Offered to Public Shareholders ◼ A Reg A offering is an exemption from registration for public offerings, eligible to companies organized in and with their principal place of business in the US or Canada ◼ Reg A includes two offering tiers: – Tier 1: For offerings up to $20 million in a 12-month period – Tier 2: For offerings up to $75 million in a 12-month period (applicable to The Chosen, LLC) ◼ Tier 2 issuers are required to include audited financial statements in their offering documents and to file annual, semiannual, and current reports with the Commission on an ongoing basis ◼ With the exception of securities that will be listed on a national securities exchange upon qualification, purchasers in Tier 2 offerings must either be accredited investors or be subject to certain limitations on their investment – Non-accredited investors can purchase in a Tier 2 offering to no more than the greater of (a) 10% of the greater of annual income or net worth (for natural person) or (b) 10% of the greater of annual revenue or net assets for such purchaser's most recently completed fiscal year (for non-natural persons) Reg A Offering |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg017.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 Shareholders Class Shares Percentage of Total Dallas Jenkins Series A 3,269,273 21.3 % Derral Eves Series A 1,334,393 8.7 Ricky Ray Butler Series A 1,467,833 9.6 Earl Seals Series A 878,501 5.7 Top 20 Crowd Series B 745,550 4.9 Remaining Crowd Series B 4,839,679 31.6 Total Common Shares 12,535,229 81.9 % W&P Incentives Phantom Units 660,000 4.3 Other Phantom Shares 2,119,000 13.8 Total Fully Diluted Shares 15,314,229 100.0 % Overview of Shareholder Base Source: Company materials Denotes shareholder group represented by Special Committee |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg018.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 B: Illustrative WACC Analysis Detail |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 19 DRAFT FOR DISCUSSION PURPOSES ONLY Illustrative 5&2 Studios WACC Analysis Source: Wall Street research, Duff & Phelps, Axioma, Company filings; market data as of 11-Nov-2025 WACC Calculation Relevant Comparable Companies WACC Sensitivity Cost of Equity Risk-Free Rate 4.7 % 30Y US Treasury w / 20Y Maturity Equity Beta 1.45 Historical beta rounded from peers Equity Risk Premium 6.1 % Kroll US historical equity risk premium Cost of Equity 13.5 % Cost of Debt Pre-Tax Cost of Debt 0.0 % Per Management Marginal Tax Rate 21.0 % Corporate tax rate in USA Cost of Debt 0.0 % Debt / Capital 0.0 % Per Management WACC 13.5 % Company IFRS Debt ($mm) Market Cap ($mm) Debt / Cap Current Historical Beta 3Y Median 2Y Median 1Y Median 6M Median Min Max GAIA-US 6 109 5 % 1.06 0.80 0.68 0.87 0.91 0.13 1.18 LiveOne 16 571 3 % 2.32 1.30 1.24 1.92 2.17 0.94 2.32 CuriosityStream 5 217 2 % 0.82 1.82 1.59 1.21 1.07 0.76 2.36 fuboTV 326 5,019 6 % 0.74 2.44 1.75 1.32 1.20 0.74 2.82 Median 4 % 0.94 1.56 1.42 1.26 1.14 0.75 2.34 Equity Beta \| Assumes 0% Debt 0.75 1.45 2.30 9.3 % 13.5 % 18.7% |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg020.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 1.06 2.32 0.82 0.74 0 0.50 1.00 1.50 2.00 2.50 3.00 Nov-2022 May-2023 Nov-2023 May-2024 Nov-2024 May-2025 Nov-2025 Beta Gaia LiveOne CuriosityStream FuboTV Historical Peer Betas Over Time Source: Axioma, Company filings; market data as of 11-Nov-2025 Denotes beta used in WACC build 1.45 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg021.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 C: Detailed Financial Supplements |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg022.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 Pro Forma Adjusted Revenue and EBITDA Source: Company historical financials, PwC $ in 000s FY22 FY23 FY24 LTM Jun'25 Revenue, Reported $30,532 $80,929 $159,336 $198,230 Diligence Adjustments 242 – – (100) Revenue, Diligence Adjusted 30,774 80,929 159,336 198,130 Pro Forma Adjustments 30,588 12,877 (29462) (41555) Revenue, Pro Forma Adjusted 61,362 93,806 129,874 156,575 Cash Consideration Adjustment – – – 21,250 Revenue, Cash Consideration Adjusted 61,362 93,806 129,874 177,825 EBITDA, Reported 403 (1707) (3613) 2,464 As a % of Reported Revenue 1.3 % (2.1)% (2.3)% 1.2 % Diligence Adjustments 1. Non-Recurring Professional Services Expenses – 5,190 13,128 9,360 2. Abandoned Israel Project – 1,425 195 195 3. One-Time Merch Mailer Campaign – 1,166 – – 4. Board Related Expenses – 460 654 621 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) (242) 8. The Chosen App Costs – 917 2,100 416 9. Gain on Sale to CAS – – (13022) – 10. Gain / Loss on Asset Disposition – 60 (192) (192) 11. Other Income / Expenses – (37) (12) (4) 12. One-Time Sponsorship Income – – – (100) 13. The Chosen Adventures Impairment Loss – – – 10,496 14. JV Film Development Cost – – – 424 15. One-Time Sign On Bonus – – – 1,000 16. Writer Royalty Expense Normalization 289 278 – – 17. One-Time Warehouse Moving Expenses 507 127 331 930 18. Stolen Inventory – – – 144 19. Inventory Donation – – 8,110 8,110 Diligence Adjustments (+/- NQ) 1,878 9,587 10,798 31,160 EBITDA, Diligence Adjusted (+/- NQ) 2,281 7,880 7,185 33,624 As a % of Diligence Adjusted Revenue 7.4 % 9.7 % 4.5 % 17.0 % Pro Forma Adjustments (+/- NQ) (8786) (12626) (9537) (40219) EBITDA, Pro Forma Adjusted (+/- NQ) (6504) (4747) (2352) (6596) As a % of Pro Forma Adjusted Revenue (10.6)% (5.1)% (1.8)% (4.2)% |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg023.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 $159.3 $129.9 $242.0 $3.2 $(30.4) $(2.3) $76.6 $40.3 $(4.7) 2024A Revenue Angel Studios New CAS Agreement Removal of ChosenCon PF 2024A Revenue Production Services Licensing & Distribution Consumer Products and Experiences 2025E Revenue ($ in millions) Adjusted Revenue Bridge Source: Company historical financials, PwC, 5&2 Studios projections PF Adjustments to Normalize for Removal of Angel Studios and New CAS Contract Bridge Between 2024 and 2025 1 2 3 4 5 6 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 • Includes $64.3mm of Production services revenue attributed to Joseph & $80.2mm attributed to other remaining projects • Includes $25.6mm of theatrical revenue attributed to Last Supper & $45.1mm of streaming revenue attributed to The Chosen, Holy Night, Jonathan and Jesus, Minno, and other projects • Includes $24.9mm revenue attributed to merchandise, $0.1mm attributed to events 1 2 3 4 5 6 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg024.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 $(26.3) $(2.3) $0.8 $10.5 $(7.4) $2.0 $(3.6) $16.1 $1.4 $10.1 $3.2 2024A EBITDA Removal of Angel Studios Contract Impact of CAS Contract Removal of ChosenCon Other Non-recurring Expenses and PF Adjustments 2024A Adj. EBITDA Production Services Licensing & Distribution Consumer Products and Experiences SG&A Costs 2025E EBITDA ($ in millions) Adjusted EBITDA Bridge Source: Company historical financials, PwC, 5&2 Studios projections Note: 1 Milestone payments from CAS consist of additional payments of $21.25mm for Seasons 5 and 6 in 2024 & 2025, and $42.5mm for Season 7, contingent on delivery PF Adjustments to Normalize for Removal of Angel Studios and New CAS Contract Bridge Between 2024 and 2025 5 6 7 8 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) • Includes EBITDA contribution from Joseph & other projects • Includes EBITDA contribution from theatrical releases of Last Supper & streaming of The Chosen, Jonathan and Jesus, Minno & other projects • Includes cost of goods sold from merchandise, marketing, with no planned contribution from experiences in 2025 • Includes $4.9mm of undistributed marketing costs & $19.1mm of undistributed G&A costs 1 2 3 4 6 7 8 5 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg025.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 80.2 87.3 64.3 66.0 67.2 72.0 76.8 67.2 72.0 76.8 66.0 66.0 66.0 66.0 $144.5 $94.3 $67.2 $67.2 $138.0 $76.8 $66.0 $67.2 $138.0 $76.8 $66.0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 1.3, The Chosen S6 1.2 The Chosen S7 $ in millions Production Services Revenue Breakdown Source: 5&2 Studios projections Note: Assumes release occurs with initial revenue payments. Joseph Previous Chosen Series The Chosen S7 Noah Moses Moses Moses Generic CoPro 2031 Generic CoPro 2029 The Way S1 The Way S2 Generic CoPro 2033 The Way S3 Generic CoPro 2035 Contracted Series Generic Series Total Releases 2 1 1 1 1 - 1 1 2 1 1 2.4, Joseph (Cont'd) |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg026.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 Production Services Gross Profit Breakdown Source: 5&2 Studios projections Note: Assumes release occurs with initial revenue payments. Total Releases 2 1 1 1 1 - 1 1 2 1 1 0.2, The Chosen S6 0.2, The Chosen S7 Contracted Series Generic Series 9.5 17.9 4.6 6.0 11.2 12.0 12.8 11.2 12.0 12.8 6.0 6.0 6.0 6.0 $14 $18 $6 $11 $18 $13 $6 $11 $18 $13 $6 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Joseph Previous Chosen Series The Chosen S7 Noah Moses Moses Generic CoPro 2031 Generic CoPro 2029 The Way S1 The Way S2 Generic CoPro 2033 The Way S3 Generic CoPro 2035 0.2, Joseph (Cont'd) Moses |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg027.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 D: Peers Benchmarking  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg028.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 Broker Perspectives on Sum of the Parts Analysis for Media Conglomerate Analyst Date SOTP References Target Share Price 17-Oct-2025 ◼ 12.0x 2025E Consumer Products Operating Income ◼ 8.0x Linear Networks F2025E EBITDA ◼ 8.0x A&E Networks F2025E EBITDA ◼ 14.0x Domestic Parks 2025E EBITDA ◼ 4.0x Disney+ 2025E Revenue $141 06-Oct-2025 ◼ 8.0x Content, Sales, Licensing & Other (CSLO) EV / EBITDA ◼ 3.0x Linear Networks EV/EBITDA ◼ 7.5x Sports EV / EBITDA ◼ 10.0x-12.0x Parks, Experiences and Products EV / EBITDA ◼ 15x Cruise EV / Operating Income $159 29-Sep-2025 ◼ 20.0x Content Sales & Licensing NTM+1Y EBITDA ◼ 4.0x Linear Networks NTM+1Y EBITDA ◼ 11.0x Parks and Experiences NTM+1Y EBITDA ◼ 15.0x Consumer Products NTM+1Y EBITDA ◼ 6.0x Sports NTM+1Y EBITDA ◼ 22.0x DTC EV/EBITDA $152 17-Sep-2025 ◼ 3.5x Content Sales, Licensing, and Other Revenue ◼ 4.0x Linear Networks 2026E EBITDA ◼ 2.5x DTC 2026E Revenue ◼ 9.0x Experiences 2026E EBITDA ◼ 9.0x Sports 2026E EBITDA ◼ 5.0x Corporate 2025E EBITDA $140 Analyst Date SOTP References Target Share Price 17-Oct-2025 ◼ 13.0x Film 2025E EBITDA ◼ 5.0x Cable & Connect 2025E EBITDA ◼ 8.0x Media 2025E EBITDA4 ◼ 8.0x Versant 2025E Adj. EBITDA ◼ 13.0x Parks 2025E EBITDA ◼ 1.0x Peacock 2025E Revenue ◼ 5.0x Corporate & Other 2025E EBITDA $33 31-Jul-2025 ◼ 11.0x Studios EV / EBITDA ◼ 8.0x NBC + O&Os + Bravo + Peacock EV / EBITDA ◼ 5.5x Resi Internet EV / EBITDA ◼ 5.5x International Connectivity EV / EBITDA ◼ 4.0x Video EV / EBITDA ◼ 3.0x Voice EV / EBITDA ◼ 4.0x Advertising & Other EV / EBITDA ◼ 6.0x Business Services EV / EBITDA ◼ 4.0x SpinCo EV / EBITDA3 ◼ 11.0x Park EV / EBITDA $31 31-Jul-2025 ◼ 13.0x Studios NTM+1Y EBITDA ◼ 6.0x Media NTM+1Y EBITDA ◼ 5.0x Connectivity & Platforms NTM+1Y EBITDA ◼ 12.0x Theme Parks NTM+1Y EBITDA $40 Source: Wall Street Research as of 11-Nov-2025 Note: 1 Uses blended 50/50 FY26/27 Estimates. 2 Based on 2025/26E EV/EBITDA. 3 Refers to Versant. 4 Excludes valuation of SpinCo & Peacock. 2 1 13.0x 11.0x 13.0x 12.0x 8.0x 20.0x 3.5x |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-ciiiimg029.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 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. ("5&2 Studios" 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. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interest or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs' investment banking division maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Board and senior management, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, are subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the hand, and Goldman Sachs, on the other hand. |

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

**Exhibit (c)(iv)**

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg001.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 Sequel Discussion Materials for the Special Committee of 5&2 Studios Goldman Sachs & Co. LLC December 4, 2025 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg002.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 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. ("5&2 Studios" 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. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interest or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs' investment banking division maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Board and senior management, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, are subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the hand, and Goldman Sachs, on the other hand. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 3 DRAFT FOR DISCUSSION PURPOSES ONLY ($ in millions, except per share data) Summary of Key Terms Source: 5&2 Studios projections prepared by its management on 06-Nov-2025 and approved for Goldman Sachs' use by the Special Committee of 5&2 Studios ("5&2 Studios Projections") 1 Includes Series A and Series B Shares. All phantom shares units and writers & producers interest awards are cash settled and treated as deferred compensation. 2 Other adjustments includes the deferred compensation pertaining to phantom shares units, writers & producers interest cash bonus and associated accrued transaction expenses. 3 Includes shares sold by Ricky Ray Butler and Earl Seals. 4 Total proceeds to unitholders reflects 2.8mm phantom shares units (including writers & producers interest) payout of $9.0mm and writers & producers cash bonus of $0.4mm. Denotes shareholder group represented by Special Committee Transaction Metrics Purchase Price Per Share $3.25 (\*) Fully Diluted Shares Outstanding (mm)¹ 12.5 Implied Equity Value $40.7 Net Debt & Other Adjustments² 4.5 Implied Enterprise Value $45.2 Implied EV / Adj. EBITDA Metric 2025E Adj. EBITDA $3.2 14.1 x 2026E Adj. EBITDA $2.6 17.4 x Proceeds to Selling Shareholders Series B $18.2 Other Selling Shareholders³ 7.6 Total Proceeds to Shareholders $25.8 Total Proceeds to Unitholders⁴ 9.4 Total Capital Required $35.2 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg004.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 ($ in millions) Summary Financials Source: 5&2 Studios, 5&2 Studios Projections 1 Indicates number of film / TV projects to be released in each year, including Seasons 5, 6 and 7 of The Chosen, Joseph, The Way, Jonathan and Jesus, Minno, & other projects 1 5&2 Studios Projections 2022A 2023A 2024A LTM Q3 2025A Q4 2025E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Production Services Revenue $3 4 $5 2 $6 8 $3 8 $145 $9 4 $6 7 $6 7 $138 $7 7 $6 6 $6 7 $138 $7 7 $6 6 Licensing and Distribution Revenue 5 1 5 3 2 $6 7 3 2 0 7 0 9 4 2 5 2 5 2 7 - 2 3 2 5 2 7 Consumer Products and Experiences Revenue 2 3 2 8 3 0 $9 2 5 3 9 3 7 3 8 3 3 3 6 3 7 3 8 3 4 3 1 3 2 Total Revenue $6 1 $9 4 $130 $202 $5 3 $242 $153 $174 $199 $196 $138 $129 $105 $195 $133 $125 % Growth 52.9 % 38.5 % NA NA 8 6 % (37)% 1 4 % 1 4 % (2)% (30)% (6)% (19)% 8 6 % (32)% (6)% Production Services COGS $(28) $(44) $(57) $(34) $(130) $(76) $(61) $(56) $(120) $(64) $(60) $(56) $(120) $(64) $(60) Licensing and Distribution COGS (4) (11) (27) $(1) (57) (15) (58) (78) (18) (19) (20) - (17) (19) (20) Consumer Products and Experiences COGS (19) (20) (22) $(7) (19) (32) (28) (29) (25) (28) (28) (29) (25) (23) (24) Total COGS $(51) $(76) $(107) $(146) $(41) $(206) $(122) $(148) $(163) $(163) $(111) $(108) $(85) $(163) $(106) $(104) % of Revenue (84)% (81)% (82)% (72)% (78)% (85)% (80)% (85)% (82)% (83)% (80)% (84)% (81)% (84)% (80)% (83)% Production Services Gross Profit $5 $8 $1 0 $4 $1 4 $1 8 $6 $1 1 $1 8 $1 3 $6 $1 1 $1 8 $1 3 $6 Licensing and Distribution Gross Profit 1 3 5 5 1 6 5 1 2 1 5 7 6 7 - 6 6 7 Consumer Products and Experiences Gross Profit 3 7 8 3 6 7 9 9 8 8 8 8 8 8 8 Total Gross Profit $1 0 $1 8 $2 3 $5 6 $1 1 $3 6 $3 1 $2 7 $3 6 $3 3 $2 7 $2 1 $2 0 $3 2 $2 7 $2 1 % Margin 1 6 % 1 9 % 1 8 % 2 8 % 2 2 % 1 5 % 2 0 % 1 5 % 1 8 % 1 7 % 2 0 % 1 6 % 1 9 % 1 6 % 2 0 % 1 7 % Production Services SG&A $(1) $(3) $(3) $(3) $(3) $(3) $(3) $(3) $(4) $(4) $(4) $(4) Licensing and Distribution SG&A - - - - - - - - - - - - Consumer Products and Experiences SG&A (1) (6) (6) (6) (6) (7) (7) (7) (7) (7) (7) (8) Segment SG&A $(2) $(9) $(9) $(9) $(10) $(10) $(10) $(10) $(11) $(11) $(11) $(12) % of Revenue (4)% (4)% (6)% (5)% (5)% (5)% (7)% (8)% (10)% (6)% (8)% (9)% Total Segment Income $9 $2 7 $2 2 $1 8 $2 6 $2 3 $1 7 $1 0 $9 $2 1 $1 6 $9 % Margin 1 8 % 1 1 % 1 4 % 1 0 % 1 3 % 1 2 % 1 2 % 8 % 9 % 1 1 % 1 2 % 8 % Corporate SG&A $(17) $(23) $(26) $(6) $(24) $(19) $(20) $(20) $(19) $(16) $(15) $(14) $(13) $(12) $(12) % of Revenue (27)% (24)% (20)% (12)% (10)% (13)% (11)% (10)% (10)% (12)% (11)% (13)% (7)% (9)% (9)% % Growth 3 8 % 1 4 % (8)% (20)% 2 % 2 % (3)% (16)% (10)% (8)% (5)% (5)% (5)% Adj. EBITDA $(7) $(5) $(3) $(13) $3 $3 $3 $(2) $6 $4 $1 $(4) $(5) $8 $4 $(2) % Margin (11)% (5)% (2)% (6)% 5 % 1 % 2 % (1)% 3 % 2 % 0 % (3)% (4)% 4 % 3 % (2)% Memo: Project Releases 1 1 3 2 - 2 1 1 1 1 - 1 1 2 1 1 Historical |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg005.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 ($ in millions) Summary of Free Cash Flow Projections Source: 5&2 Studios Projections 5&2 Studios Projections FYE 31-Dec 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Terminal Year Revenue $242 $153 $174 $199 $196 $138 $129 $105 $195 $133 $125 $139 % Growth (YoY) 86.3 % (36.8)% 14.0 % 14.0 % (1.5)% (29.6)% (6.2)% (18.9)% 85.8 % (31.8)% (6.2)% NM Adj. EBITDA $3 $3 $(2) $6 $4 $1 $(4) $(5) $8 $4 $(2) $1 % Margin 1.3 % 1.7 % (1.1)% 3.1 % 2.0 % 0.4 % (3.3)% (4.4)% 4.2 % 2.7 % (1.8)% 0.4 % Unlevered Free Cash Flow Q4 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Terminal Year Adj. EBITDA $3 $3 $(2) $6 $4 $1 $(4) $(5) $8 $4 $(2) $1 (-) Cash Taxes - - - (0) (0) - - - - - - - (-) Capital Expenditures (3) (5) (1) (1) (5) (1) (1) (1) (1) (1) (1) - (-/+) Change in NWC 8 (4) 4 (2) (0) (3) 2 7 4 (0) (1) - (-) Non-recurring G&A (3) (4) (3) (2) (1) (1) (1) (1) (1) (1) (1) - (-) Creative Content Development (JV) - (3) (0) (0) (0) (0) - - - - - - (-/+) Cash Bonus Accrual Catch-up (3) - - - - - - - - - - - (-/+) Working Capital Hedge (3) 4 4 - - - - - - - - - Operating Free Cash Flow $(1) $(9) $3 $1 $(2) $(3) $(4) $1 $11 $2 $(4) $1 (+) Installment Payments - 22 44 - - - - - - - - - (-) Cash Taxes on Installment Payments - - (5) - - - - - - - - - Unlevered Free Cash Flow $(1) $14 $41 $1 $(2) $(3) $(4) $1 $11 $2 $(4) $1 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg006.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 Financial Analyses Illustrative Sequel Price Per Share Implied Enterprise Value Comments Discounted Cash Flow $41 – $54 ◼ High: WACC of 9.0% / Perpetuity Growth Rate 5.0% ◼ Low: WACC of 19.0% / Perpetuity Growth Rate (5.0)% ◼ Reflects cash flows from Q4 2025E through terminal year Precedent M&A Transactions (EV / LTM Adj. EBITDA) $19 ◼ LTM EV / EBITDA multiple of 6.0 x based on Lionsgate's acquisition of eOne from Hasbro ◼ LTM Adj. (2025E) EBITDA of $3.2mm Reference Only: Public Company Trading (EV / 2025E Adj. EBITDA) $36 - $48 ◼ High: EV / 2025E Adj. EBITDA of 15.1x based on public company peers ◼ Low: EV / 2025E Adj. EBITDA of 11.1x based on public company peers ◼ 2025E EBITDA of $3.2mm $109 $166 $148 $109 $284 $262 $2.62 $3.45 Valuation Date of Sep 30, 2025 \| ($ in millions, except per share data) Source: 5&2 Studios Projections, publicly available material and Company filings. Note: market data as of 03-Dec-2025. A $109 $166 $148 $109 $284 $262 $3.00 $3.83 $1.56 B C Counter Proposal: $3.25 Summary of Sequel Illustrative Financial Analysis |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg007.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 Valuation Date of Sep 30, 2025 \| ($ in millions, except per share data) Illustrative DCF Analysis Source: 5&2 Studios Projections and Company filings Note: market data as of 03-Dec-2025. Net debt and other adjustments calculated as $(10.5)mm of cash, $0.5mm of long-term lease liabilities, $9.0mm of phantom units cash settlement, $0.4mm of writers & producers cash bonus, and $5mm of transaction expenses, all as of 31-Sep-2025 per Company filings. A Implied Enterprise Value Implied Equity Value Per Share Perpetuity Growth Rate Perpetuity Growth Rate (5.0)% 0.0 % 5.0 % (5.0)% 0.0 % 5.0 % 9.0 % $49 $50 $54 9.0 % $3.49 $3.57 $3.83 14.0 % 45 45 46 14.0 % 3.21 3.24 3.29 19.0 % 41 41 42 19.0 % 3.00 3.01 3.02 % of Enterprise Value in Terminal Value Implied Terminal Value / EBITDA Exit Multiple Perpetuity Growth Rate Perpetuity Growth Rate (5.0)% 0.0 % 5.0 % (5.0)% 0.0 % 5.0 % 9.0 % 3.7 % 5.9 % 12.9 % 9.0 % 6.8 x 11.1 x 26.3 x 14.0 % 1.9 % 2.7 % 4.4 % 14.0 % 5.0 7.1 11.7 19.0 % 1.1 % 1.4 % 2.0 % 19.0 % 4.0 5.3 7.5 Illustrative WACC Illustrative WACC Illustrative WACC Illustrative WACC |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg008.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 EV/EBITDA LTM Multiples \| ($ in millions) Select Precedent Transaction Source: Publicly available information, press releases, public filings Sale of eOne Film & TV Business to Lionsgate from Hasbro for ~$500mm in December 2023 B ◼ Lionsgate acquired eOne from Hasbro for $523.1mm in Dec-2023 – $373.1mm in cash and $150mm in debt ◼ Acquisition adds over 6,500 titles to Lionsgate's library, including Yellowjackets, The Rookie, and Monopoly development rights ◼ Supported Lionsgate's spin-off of its studio business into Lionsgate Studios ◼ Expanded Lionsgate's global footprint in the UK and Canada and strengthens both scripted and unscripted production through key broadcaster partnerships ◼ Transaction chosen for its relevance as eOne is solely a film & TV business with an extensive content library of non-Hasbro-owned IP, comparable to the sale of 5&2 Studios as a film & TV business centered solely around the distribution of non-5&2-owned IP ◼ Global content studio specializing in film, TV, and music production and distribution based in Canada ◼ Now operates under Lionsgate Studios as part of Lionsgate Films and Lionsgate Television divisions ◼ Focused on developing and bringing to worldwide markets the best content across all media, including scripted, unscripted, and podcasts with extensive scale and a deep commitment to high-quality entertainment Transaction Overview & Relevance eOne Overview Lionsgate Overview ◼ Leading global entertainment company with operations across film, television, and streaming, driven by studio's bold and entrepreneurial culture ◼ Owns a 20,000+ title film and TV library, including franchises like John Wick, The Hunger Games, and Twilight ◼ Operates Lionsgate Studios, Lionsgate Films, Lionsgate Television, and Lionsgate Alternative Television Select Metrics $523M eOne EV 6.0 x EV / LTM EBITDA |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg009.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 ($ in billions, except per share data) Selected Public Company Trading Multiples Source: Factset, market data as of 03-Dec-2025, Company financials Note: Financials calendarized to 31-Dec fiscal year end. UMG figures reflects 50% credit for financial assets. C EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Name FY2025 FY2026 NTM FY2025 FY2026 NTM YoY '23 -'25 FY2025 FY2026 Pure Play Content Disney 105.74 85 $189 $224 2.3 x 2.2 x 2.2 x 11.1 x 10.1 x 10.2 x 3 % 5 % 21 % 22 % Lionsgate 7.18 79 $2 $4 1.5 1.3 1.4 15.1 12.1 12.4 100 7 10 11 UMG 24.99 74 $46 $47 3.2 3.0 3.1 14.4 13.2 13.3 6 7 23 23 WMG 27.86 77 $15 $19 2.8 2.6 2.7 12.5 11.2 11.3 6 3 22 24 Mean 2.5 x 2.3 x 2.3 x 13.3 x 11.6 x 11.8 x 29 % 6 % 19 % 20 % Median 2.5 x 2.4 x 2.4 x 13.5 x 11.6 x 11.8 x 6 % 6 % 21 % 22 % Closing Price % of 52-Week High Fully Diluted Equity Value Enterprise Value |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg010.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 A: Additional Company Detail |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg011.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 History of 5&2 Studios Source: Company materials ◼ 5&2 Studios 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 ◼ 5&2 produces content, while CAS owns the IP for select shows and fully finances production: The Chosen, The Chosen in the Wild with Bear Grylls, Book of Moses, and The Way Founded to create and produce The Chosen through "fan-funded" efforts where $11M was raised through Angel Studios in 2018 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, handing non-profit license of The Chosen to 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 (NFP) 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") ◼ Granted Lionsgate the rights to distribute and exploit the Series, including future seasons, across various platforms such as television, SVOD, VOD and more ◼ Company retains merchandising, soundtrack, and several ancillary rights, while Lionsgate is responsible for distribution expenses, residual payments, and adhering to delivery requirements ◼ 15% Distribution Fees ◼ Distribution Expenses incurred by Lionsgate License Agreement with Angel Studios (signed in 2022) terminated Sold rights to The Chosen to CAS for ~$245mm comprised of ~$160mm in loan forgiveness and $85mm in installment payments ◼ 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 5&2 Studios no longer owns The Chosen IP |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg013.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 The Chosen 5&2 Studios Corporate Structure and Funding 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. 5 As of the completion of Season 4. Lionsgate Licensing & Distribution Amazon Contract for The Chosen The Chosen App4 ◼ Content Studio -> Service Provider to CAS and third-party projects ◼ Merchandise ◼ Live ◼ Physical Studio Come and See Foundation (CAS) 5&2 Studios, Inc. Dallas Jenkins Control / Founders Minority Shareholders (Represented by Special Committee) Fund CAS Productions Distribution Distribute Net Proceeds Book of Moses The Chosen in the Wild The Way Fathom Theatrical Distribution 33 Episodes5 Q2 '25 S5 Release 8 Episodes Q4 '29 S1 Release 4 Episodes Q3 '25 S5 Release 8 Episodes 2032+ S1 Release |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg014.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 Source: Company filings Event Date Shareholder Group ◼ Reg A Offering of 13,900,000 Common Units ◼ 5 Total Shareholders (Dallas Jenkins, Derral Eves, Ricky Ray Butler, Earl Seals, Matthew Faraci) ◼ $1.00 Issuance Price per Share Founders Shareholders Public Shareholders 1 Issuance (June 2018) ◼ Offered and Raised 11,190,030 Class A Preferred Units from ~16,000 Total Shareholders through Reg A Offering ◼ $1.00 Issuance Price per Share ◼ 6,950,000 Total Series A Common Shares ◼ 4 Total Shareholders (Dallas Jenkins, Derral Eves, Ricky Ray Butler, Earl Seals) ◼ $2.00 Per Share Basis ◼ 5,595,015 Total Series A Preferred Shares ◼ ~16,000 Total Shareholders ◼ $2.00 Per Share Basis ◼ 1:2 Conversion of Common Units to Series A ◼ 1:2 Conversion of Class A Preferred Units to Series A Preferred ◼ 6,950,000 Total Series A Common Shares as of Q1 2025 ◼ 4 Total Shareholders (Dallas Jenkins, Derral Eves, Ricky Ray Butler, Earl Seals) ◼ $2.00 Per Share Basis ◼ 5,585,229 Total Series B Common Shares as of Q1 2025 ◼ ~16,000 Total Shareholders ◼ $2.00 Per Share Basis, less dividend of $2.40 per share = $(0.40) Per Share Basis ◼ Each Series A Share Has 10 Votes ◼ All Series A Preferred Unit Holders Received a Dividend of $2.40 / Share ◼ All Series A Preferred Unit Holders Have Converted to Series B Common ◼ Each Series B Share Has 1 Vote 2 3 Delaware Conversion (November 2022) Class A Conversion (November 2022 – December 2024) https://www.bams ec.com/filing/1654 95418006629?cik= 1733443 https://www.bams ec.com/filing/1654 95418006710?cik= 1733443 https://www.bams ec.com/filing/1104 65923009391?cik= 1733443 https://www.bams ec.com/filing/1410 57825000582?cik= 1733443 Evolution of 5&2 Studios Equity Capitalization |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg015.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 Reg A Offering Details ◼ A Regulation A ("Reg A") Offering is an exemption from registration with the SEC that allows companies to raise capital from the public, including both accredited and non-accredited investors, through the sale of securities ◼ As part of The Chosen, LLC's initial Reg A filing in June 2018, up to 13,000,000 shares were offered at $1 per share to public shareholders as Class A Preferred Units ◼ Purchasers of Class A Preferred Units ("Preferred Units"), offered to public shareholders, will become Members of the Company ◼ The Units offered are a membership interest of preferred equity – as such, the Company must make distributions, pro rata amongst the holders of the Preferred Units, equal to 120% of the purchase price of the Units before the holders of the Common Units (Founders) will receive any distributions ◼ With the exception of distributions, the Class A Preferred Units will hold no other preference in any respect, whether economic, voting or otherwise, to the Common Units ◼ Holders of the Class A Preferred Units (public shareholders) and Common Units (Founders' shareholders) will vote collectively on all matters ◼ Each Membership Unit will receive 1 vote ◼ The Class A Preferred Units are freely transferrable, subject to any restrictions imposed by applicable securities laws and regulations, should Preferred Units holders want to transfer any units Key Terms for Securities Offered to Public Shareholders ◼ A Reg A offering is an exemption from registration for public offerings, eligible to companies organized in and with their principal place of business in the US or Canada ◼ Reg A includes two offering tiers: – Tier 1: For offerings up to $20 million in a 12-month period – Tier 2: For offerings up to $75 million in a 12-month period (applicable to The Chosen, LLC) ◼ Tier 2 issuers are required to include audited financial statements in their offering documents and to file annual, semiannual, and current reports with the Commission on an ongoing basis ◼ With the exception of securities that will be listed on a national securities exchange upon qualification, purchasers in Tier 2 offerings must either be accredited investors or be subject to certain limitations on their investment – Non-accredited investors can purchase in a Tier 2 offering to no more than the greater of (a) 10% of the greater of annual income or net worth (for natural person) or (b) 10% of the greater of annual revenue or net assets for such purchaser's most recently completed fiscal year (for non-natural persons) Reg A Offering |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg016.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 Shareholders Class Shares Percentage of Total Dallas Jenkins Series A 3,269,273 21.3 % Derral Eves Series A 1,334,393 8.7 Ricky Ray Butler Series A 1,467,833 9.6 Earl Seals Series A 878,501 5.7 Top 20 Crowd Series B 745,550 4.9 Remaining Crowd Series B 4,839,679 31.6 Total Common Shares 12,535,229 81.9 % W&P Incentives Phantom Units 660,000 4.3 Other Phantom Shares 2,119,000 13.8 Total Fully Diluted Shares 15,314,229 100.0 % Overview of Shareholder Base Source: Company materials Denotes shareholder group represented by Special Committee |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg017.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 B: Illustrative WACC Analysis Detail |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg018.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 Illustrative 5&2 Studios WACC Analysis Source: Wall Street research, Duff & Phelps, Axioma, Company filings; market data as of 03-Dec-2025 WACC Calculation Relevant Comparable Companies WACC Sensitivity Company IFRS Debt ($mm) Market Cap ($mm) Debt / Cap Current Historical Beta 3Y Median 2Y Median 1Y Median 6M Median Min Max GAIA 6 82 7 % 0.95 0.80 0.68 0.88 0.92 0.13 1.18 LiveOne 16 57 22 % 2.34 1.35 1.24 2.02 2.20 0.94 2.34 CuriosityStream 0 266 0 % 0.78 1.81 1.58 1.13 1.01 0.76 2.36 fuboTV 326 3,702 8 % 0.64 2.44 2.39 1.29 1.12 0.64 2.82 Median 7 % 0.86 1.58 1.41 1.21 1.06 0.67 2.35 Cost of Equity Risk-Free Rate 4.7 % 30Y US Treasury w / 20Y Maturity Equity Beta 1.45 Historical beta rounded from peers Equity Risk Premium 6.1 % Kroll US historical equity risk premium Cost of Equity 13.6 % Cost of Debt Pre-Tax Cost of Debt 0.0 % Per Management Marginal Tax Rate 21.0 % Corporate tax rate in USA Cost of Debt 0.0 % Debt / Capital 0.0 % Per Management WACC 13.6 % 0.75 1.45 2.30 9.3 % 13.6 % 18.8% |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 19 DRAFT FOR DISCUSSION PURPOSES ONLY Historical Peer Betas Over Time Source: Axioma, Company filings; market data as of 03-Dec-2025 Denotes beta used in WACC build 1.45 0.95 2.34 0.78 0.64 0 0.50 1.00 1.50 2.00 2.50 3.00 Dec-2022 Jun-2023 Dec-2023 Jun-2024 Dec-2024 Jun-2025 Dec-2025 Beta Gaia Liveone Curiositystream FuboTV |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg020.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 C: Detailed Financial Supplements |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg021.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 Pro Forma Adjusted Revenue and EBITDA Source: Company historical financials, PwC $ in 000s FY22 FY23 FY24 LTM Jun'25 Revenue, Reported $30,532 $80,929 $159,336 $198,230 Diligence Adjustments 242 – – (100) Revenue, Diligence Adjusted 30,774 80,929 159,336 198,130 Pro Forma Adjustments 30,588 12,877 (29462) (41555) Revenue, Pro Forma Adjusted 61,362 93,806 129,874 156,575 Cash Consideration Adjustment – – – 21,250 Revenue, Cash Consideration Adjusted 61,362 93,806 129,874 177,825 EBITDA, Reported 403 (1707) (3613) 2,464 As a % of Reported Revenue 1.3 % (2.1)% (2.3)% 1.2 % Diligence Adjustments 1 . Non-Recurring Professional Services Expenses – 5,190 13,128 9,360 2 . Abandoned Israel Project – 1,425 195 195 3 . One-Time Merch Mailer Campaign – 1,166 – – 4 . Board Related Expenses – 460 654 621 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) (242) 8 . The Chosen App Costs – 917 2,100 416 9 . Gain on Sale to CAS – – (13022) – 10. Gain / Loss on Asset Disposition – 6 0 (192) (192) 11. Other Income / Expenses – (37) (12) (4) 12. One-Time Sponsorship Income – – – (100) 13. The Chosen Adventures Impairment Loss – – – 10,496 14. JV Film Development Cost – – – 424 15. One-Time Sign On Bonus – – – 1,000 16. Writer Royalty Expense Normalization 289 278 – – 17. One-Time Warehouse Moving Expenses 507 127 331 930 18. Stolen Inventory – – – 144 19. Inventory Donation – – 8,110 8,110 Diligence Adjustments (+/ - NQ) 1,878 9,587 10,798 31,160 EBITDA, Diligence Adjusted (+/ - NQ) 2,281 7,880 7,185 33,624 As a % of Diligence Adjusted Revenue 7.4 % 9.7 % 4.5 % 17.0 % Pro Forma Adjustments (+/ - NQ) (8786) (12626) (9537) (40219) EBITDA, Pro Forma Adjusted (+/ - NQ) (6504) (4747) (2352) (6596) As a % of Pro Forma Adjusted Revenue (10.6)% (5.1)% (1.8)% (4.2)% |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg022.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 $159.3 $129.9 $242.0 $3.2 $(30.4) $(2.3) $76.6 $40.3 $(4.7) 2024A Revenue Angel Studios New CAS Agreement Removal of ChosenCon PF 2024A Revenue Production Services Licensing & Distribution Consumer Products and Experiences 2025E Revenue ($ in millions) Adjusted Revenue Bridge Source: Company historical financials, PwC, 5&2 Studios Projections PF Adjustments to Normalize for Removal of Angel Studios and New CAS Contract Bridge Between 2024 and 2025 1 2 3 4 5 6 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 • Includes $64.3mm of Production services revenue attributed to Joseph & $80.2mm attributed to other remaining projects • Includes $25.6mm of theatrical revenue attributed to Last Supper & $45.1mm of streaming revenue attributed to The Chosen, Holy Night, Jonathan and Jesus, Minno, and other projects • Includes $24.9mm revenue attributed to merchandise, $0.1mm attributed to events 1 2 3 4 5 6 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg023.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 $(26.3) $(2.3) $0.8 $10.5 $(7.4) $2.0 $(3.6) $16.1 $1.4 $10.1 $3.2 2024A EBITDA Removal of Angel Studios Contract Impact of CAS Contract Removal of ChosenCon Other Non-recurring Expenses and PF Adjustments 2024A Adj. EBITDA Production Services Licensing & Distribution Consumer Products and Experiences SG&A Costs 2025E EBITDA ($ in millions) Adjusted EBITDA Bridge Source: Company historical financials, PwC, 5&2 Studios Projections Note: 1 Milestone payments from CAS consist of additional payments of $21.25mm for Seasons 5 and 6 in 2024 & 2025, and $42.5mm for Season 7, contingent on delivery PF Adjustments to Normalize for Removal of Angel Studios and New CAS Contract Bridge Between 2024 and 2025 5 6 7 8 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) • Includes EBITDA contribution from Joseph & other projects • Includes EBITDA contribution from theatrical releases of Last Supper & streaming of The Chosen, Jonathan and Jesus, Minno & other projects • Includes cost of goods sold from merchandise, marketing, with no planned contribution from experiences in 2025 • Includes $4.9mm of undistributed marketing costs & $19.1mm of undistributed G&A costs 1 2 3 4 6 7 8 5 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg024.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 80.2 87.3 64.3 66.0 67.2 72.0 76.8 67.2 72.0 76.8 66.0 66.0 66.0 66.0 $144.5 $94.3 $67.2 $67.2 $138.0 $76.8 $66.0 $67.2 $138.0 $76.8 $66.0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 1.3, The Chosen S6 1.2 The Chosen S7 ($ in millions) Production Services Revenue Breakdown Source: 5&2 Studios Projections Note: Assumes release occurs with initial revenue payments. Joseph Previous Chosen Series The Chosen S7 Noah Moses Moses Moses Generic CoPro 2031 Generic CoPro 2029 The Way S1 The Way S2 Generic CoPro 2033 The Way S3 Generic CoPro 2035 Contracted Series Generic Series Total Releases 2 1 1 1 1 - 1 1 2 1 1 2.4, Joseph (Cont'd) |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-civimg025.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 9.5 17.9 4.6 6.0 11.2 12.0 12.8 11.2 12.0 12.8 6.0 6.0 6.0 6.0 $14 $18 $6 $11 $18 $13 $6 $11 $18 $13 $6 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 ($ in millions) Production Services Gross Profit Breakdown Source: 5&2 Studios Projections Note: Assumes release occurs with initial revenue payments. Total Releases 2 1 1 1 1 - 1 1 2 1 1 0.2, The Chosen S6 0.2, The Chosen S7 Contracted Series Generic Series Joseph Previous Chosen Series The Chosen S7 Noah Moses Moses Generic CoPro 2031 Generic CoPro 2029 The Way S1 The Way S2 Generic CoPro 2033 The Way S3 Generic CoPro 2035 0.2, Joseph (Cont'd) Moses |

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

**Exhibit (c)(v)**

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Project Sequel Discussion Materials for the Special Committee of 5&2 Studios Goldman Sachs & Co. LLC December 30, 2025 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 2 Disclaimer These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the Special Committee of the Board of Directors of 5&2 Studios, Inc. ("5&2 Studios" 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. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interest or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs' investment banking division maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs' role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Special Committee of the Board of Directors, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, are subject to, and governed by, any written agreement between the Company, the Special Committee of the Board of Directors and/or any committee thereof, on the hand, and Goldman Sachs, on the other hand. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 3 ($ in millions, except per share data) Summary of Key Terms Source: 5&2 Studios projections prepared by its management and approved for Goldman Sachs' use by the Special Committee of 5&2 Studios ("5&2 Studios Projections"). 1 Includes Series A and Series B Shares. All phantom shares units and writers & producers interest awards are cash settled and treated as deferred compensation. 2 Total proceeds to unitholders reflects 2.8mm phantom shares units (including writers & producers interest) payout of $10.4mm and writers & producers cash bonus of $0.5mm. 3 The company will repurchase shares of Series A common stock from Ricky Ray Butler who is a member of the Company's controlling stockholder. 4 Held indirectly through The Chosen Productions LLC. Denotes minority stockholders Transaction Metrics Memo: Fully Diluted Shares Outstanding (mm) Purchase Price Per Share $3.75 (\*) Fully Diluted Shares Outstanding (mm)¹ 12.5 Implied Equity Value $47.0 Net Debt & Other Adjustments (10.0) Total Proceeds to Unitholders² 10.9 Transaction Expenses 5.0 Implied Enterprise Value $52.9 Implied EV / Adj. EBITDA Metric 2025E Adj. EBITDA $3.2 16.5 x 2026E Adj. EBITDA $2.6 20.4 x Proceeds to Selling Shareholders ($3.75 per share) Series B $20.9 Other Selling Shareholders3 4.0 Total Proceeds to Shareholders $24.9 Total Proceeds to Unitholders² 10.9 Total Capital Required $35.8 Series A Shares for Dallas, Derral, Earl, and Ricky (Rolling)4 5.9 Series A Shares for Ricky (Selling) 1.1 Series B (Selling) 5.6 Fully Diluted Shares Outstanding (mm) 12.5 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 4 ($ in millions) Summary Financials Source: 5&2 Studios, 5&2 Studios Projections 1 Indicates number of film / TV projects to be released in each year, including Seasons 5, 6 and 7 of The Chosen, Joseph, The Way, Jonathan and Jesus, Minno, & other projects 1 5&2 Studios Projections FYE 31-Dec 2022A 2023A 2024A LTM Q3 2025A Q4 2025E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Production Services Revenue $34 $52 $68 $38 $145 $94 $67 $67 $138 $77 $66 $67 $138 $77 $66 Licensing and Distribution Revenue 5 15 32 $6 73 20 70 94 25 25 27 - 23 25 27 Consumer Products and Experiences Revenue 23 28 30 $9 25 39 37 38 33 36 37 38 34 31 32 Total Revenue $61 $94 $130 $202 $53 $242 $153 $174 $199 $196 $138 $129 $105 $195 $133 $125 % Growth 53 % 38 % NA NA 86 % (37)% 14 % 14 % (2)% (30)% (6)% (19)% 86 % (32)% (6)% Production Services COGS $(28) $(44) $(57) $(34) $(130) $(76) $(61) $(56) $(120) $(64) $(60) $(56) $(120) $(64) $(60) Licensing and Distribution COGS (4) (11) (27) $(1) (57) (15) (58) (78) (18) (19) (20) - (17) (19) (20) Consumer Products and Experiences COGS (19) (20) (22) $(7) (19) (32) (28) (29) (25) (28) (28) (29) (25) (23) (24) Total COGS $(51) $(76) $(107) $(146) $(41) $(206) $(122) $(148) $(163) $(163) $(111) $(108) $(85) $(163) $(106) $(104) % of Revenue (84)% (81)% (82)% (72)% (78)% (85)% (80)% (85)% (82)% (83)% (80)% (84)% (81)% (84)% (80)% (83)% Production Services Gross Profit $5 $8 $10 $4 $14 $18 $6 $11 $18 $13 $6 $11 $18 $13 $6 Licensing and Distribution Gross Profit 1 3 5 5 16 5 12 15 7 6 7 - 6 6 7 Consumer Products and Experiences Gross Profit 3 7 8 3 6 7 9 9 8 8 8 8 8 8 8 Total Gross Profit $10 $18 $23 $56 $11 $36 $31 $27 $36 $33 $27 $21 $20 $32 $27 $21 % Margin 16 % 19 % 18 % 28 % 22 % 15 % 20 % 15 % 18 % 17 % 20 % 16 % 19 % 16 % 20 % 17 % Production Services SG&A $(1) $(3) $(3) $(3) $(3) $(3) $(3) $(3) $(4) $(4) $(4) $(4) Licensing and Distribution SG&A - - - - - - - - - - - - Consumer Products and Experiences SG&A (1) (6) (6) (6) (6) (7) (7) (7) (7) (7) (7) (8) Segment SG&A $(2) $(9) $(9) $(9) $(10) $(10) $(10) $(10) $(11) $(11) $(11) $(12) % of Revenue (4)% (4)% (6)% (5)% (5)% (5)% (7)% (8)% (10)% (6)% (8)% (9)% Total Segment Income $9 $27 $22 $18 $26 $23 $17 $10 $9 $21 $16 $9 % Margin 18 % 11 % 14 % 10 % 13 % 12 % 12 % 8 % 9 % 11 % 12 % 8 % Corporate SG&A $(17) $(23) $(26) $(6) $(24) $(19) $(20) $(20) $(19) $(16) $(15) $(14) $(13) $(12) $(12) % of Revenue (27)% (24)% (20)% (12)% (10)% (13)% (11)% (10)% (10)% (12)% (11)% (13)% (7)% (9)% (9)% % Growth 38 % 14 % (8)% (20)% 2 % 2 % (3)% (16)% (10)% (8)% (5)% (5)% (5)% Adj. EBITDA $(7) $(5) $(3) $(13) $3 $3 $3 $(2) $6 $4 $1 $(4) $(5) $8 $4 $(2) % Margin (11)% (5)% (2)% (6)% 5 % 1 % 2 % (1)% 3 % 2 % 0 % (3)% (4)% 4 % 3 % (2)% Memo: Project Releases 1 1 3 2 - 2 1 1 1 1 - 1 1 2 1 1 Historical |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 5 ($ in millions) Summary of Free Cash Flow Projections Source: 5&2 Studios Projections Note: Unlevered free cash flow reflects the value of the net operating losses and deferred tax assets on the balance sheet accrued through 2035 within the cash taxes and cash taxes on installment payments line items. 5&2 Studios Projections FYE 31-Dec 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Terminal Year Revenue $242 $153 $174 $199 $196 $138 $129 $105 $195 $133 $125 $139 % Growth (YoY) 8 6 % (37)% 1 4 % 1 4 % (2)% (30)% (6)% (19)% 8 6 % (32)% (6)% NM Adj. EBITDA $3 $3 $(2) $6 $4 $1 $(4) $(5) $8 $4 $(2) $1 % Margin 1 % 2 % (1)% 3 % 2 % 0 % (3)% (4)% 4 % 3 % (2)% 0.4 % Unlevered Free Cash Flow Q4 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Terminal Year Adj. EBITDA $3 $3 $(2) $6 $4 $1 $(4) $(5) $8 $4 $(2) $1 (-) Cash Taxes - - - (0) (0) - - - - - - - (-) Capital Expenditures (3) (5) (1) (1) (5) (1) (1) (1) (1) (1) (1) - (-/ +) Change in NWC 8 (4) 4 (2) (0) (3) 2 7 4 (0) (1) - (-) Non-recurring G&A (3) (4) (3) (2) (1) (1) (1) (1) (1) (1) (1) - (-) Creative Content Development (JV) - (3) (0) (0) (0) (0) - - - - - - (-/ +) Cash Bonus Accrual Catch-up (3) - - - - - - - - - - - (-/ +) Working Capital Hedge (3) 4 4 - - - - - - - - - Operating Free Cash Flow $(1) $(9) $3 $1 $(2) $(3) $(4) $1 $1 1 $2 $(4) $1 (+) Installment Payments - 2 2 4 4 - - - - - - - - - (-) Cash Taxes on Installment Payments - - (5) - - - - - - - - - Unlevered Free Cash Flow $(1) $1 4 $4 1 $1 $(2) $(3) $(4) $1 $1 1 $2 $(4) $1 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 6 Financial Analyses Illustrative Sequel Price Per Share Implied Enterprise Value Comments Discounted Cash Flow $41 – $54 ◼ High: Discount rate of 9.0% / Perpetuity Growth Rate 5.0% ◼ Low: Discount rate of 19.0% / Perpetuity Growth Rate (5.0)% ◼ Reflects cash flows from Q4 2025E through terminal year Reference Only: Precedent M&A Transactions (EV / LTM Adj. EBITDA) $19 ◼ LTM EV / EBITDA multiple of 6.0 x based on Lionsgate's acquisition of eOne from Hasbro ◼ LTM Adj. (2025E) EBITDA of $3.2mm Reference Only: Public Company Trading (EV / 2025E Adj. EBITDA) $38 - $56 ◼ High: EV / 2025E Adj. EBITDA of 17.5x based on public company peers ◼ Low: EV / 2025E Adj. EBITDA of 11.9x based on public company peers ◼ 2025E EBITDA of $3.2mm Valuation Date of Sep 30, 2025 \| ($ in millions, except per share data) Source: 5&2 Studios Projections, publicly available material and Company filings. Note: market data as of 30-Dec-2025. Proposal: $3.75 Summary of Sequel Illustrative Financial Analysis $2.79 $3.00 $3.94 $1.56 $3.83  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 7 Valuation Date of Sep 30, 2025 \| ($ in millions, except per share data) Illustrative Discounted Cash Flow Analysis Source: 5&2 Studios Projections and Company filings Note: Net debt and other adjustments calculated $(10.5)mm of cash, $0.5mm reflecting the portion of short-term lease liabilities, $5mm of transaction expenses, and deferred liability associated with phantom units and writers & producers cash bonus calculated in each case, all as of 30-Sep-2025. Fully diluted shares outstanding calculated as the sum of Series A shares and Series B shares. Implied Enterprise Value Implied Equity Value Per Share Perpetuity Growth Rate Perpetuity Growth Rate (5.0)% 0.0 % 5.0 % (5.0)% 0.0 % 5.0 % 9.0 % $49 $50 $54 9.0 % $3.49 $3.57 $3.83 14.0 % 45 45 46 14.0 % 3.21 3.24 3.29 19.0 % 41 41 42 19.0 % 3.00 3.01 3.02 % of Enterprise Value in Terminal Value Implied Terminal Value / EBITDA Exit Multiple Perpetuity Growth Rate Perpetuity Growth Rate (5.0)% 0.0 % 5.0 % (5.0)% 0.0 % 5.0 % 9.0 % 3.7 % 5.9 % 12.9 % 9.0 % 6.8 x 11.1 x 26.3 x 14.0 % 1.9 % 2.7 % 4.4 % 14.0 % 5.0 7.1 11.7 19.0 % 1.1 % 1.4 % 2.0 % 19.0 % 4.0 5.3 7.5 Illustrative WACC Illustrative WACC Illustrative WACC Illustrative WACC |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Appendix |

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| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 9 Illustrative Sequel WACC Analysis Source: Wall Street research, Kroll, Axioma, Company filings; market data as of 30-Dec-2025 WACC Calculation Relevant Comparable Companies WACC Sensitivity Equity to Capital Equity / Capital Ratio 100.0 % Cost of Equity Risk-Free Rate 4.8 % 30Y US Treasury w / 20Y Maturity Equity Beta 1.45 Historical beta rounded from peers Equity Risk Premium 6.1 % Kroll US historical equity risk premium Cost of Equity 13.7 % WACC 13.7 % 0.75 1.45 2.30 9.4 % 13.7 % 18.8 % Company IFRS Debt ($mm) Market Cap ($mm) Debt / Cap Current Historical Beta 3Y Median 2Y Median 1Y Median 6M Median Min Max GAIA 6 91 6 % 0.97 0.80 0.68 0.90 0.92 0.13 1.18 LiveOne 16 50 24 % 2.32 1.59 1.79 2.11 2.22 0.94 2.34 CuriosityStream 0 222 0 % 0.87 1.79 1.56 1.12 1.00 0.76 2.36 fuboTV 326 3,241 9 % 0.64 2.44 2.35 1.24 1.09 0.64 2.82 Median 8 % 0.92 1.69 1.68 1.18 1.04 0.67 2.35 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 10 Historical Peer Betas Over Time Source: Axioma, Company filings; market data as of 30-Dec-2025 0.97 2.32 0.87 0.64 0 0.50 1.00 1.50 2.00 2.50 3.00 Dec-2022 Jun-2023 Dec-2023 Jun-2024 Dec-2024 Jun-2025 Dec-2025 GAIA LiveOne CuriosityStream fuboTV |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 11 EV/EBITDA LTM Multiples \| ($ in millions) Select Precedent Transaction Source: Publicly available information, press releases, public filings Sale of eOne Film & TV Business to Lionsgate from Hasbro for ~$500mm in December 2023 ◼ Lionsgate acquired eOne from Hasbro for $523.1mm in Dec-2023 – $373.1mm in cash and $150mm in debt ◼ Acquisition adds over 6,500 titles to Lionsgate's library, including Yellowjackets, The Rookie, and Monopoly development rights ◼ Supported Lionsgate's spin-off of its studio business into Lionsgate Studios ◼ Expanded Lionsgate's global footprint in the UK and Canada and strengthens both scripted and unscripted production through key broadcaster partnerships ◼ Transaction chosen for its relevance as eOne is solely a film & TV business with an extensive content library of non-Hasbro-owned IP, comparable to the sale of 5&2 Studios as a film & TV business centered solely around the distribution of non-5&2-owned IP ◼ Global content studio specializing in film, TV, and music production and distribution based in Canada ◼ Now operates under Lionsgate Studios as part of Lionsgate Films and Lionsgate Television divisions ◼ Focused on developing and bringing to worldwide markets the best content across all media, including scripted, unscripted, and podcasts with extensive scale and a deep commitment to high-quality entertainment Transaction Overview & Relevance eOne Overview Lionsgate Overview ◼ Leading global entertainment company with operations across film, television, and streaming, driven by studio's bold and entrepreneurial culture ◼ Owns a 20,000+ title film and TV library, including franchises like John Wick, The Hunger Games, and Twilight ◼ Operates Lionsgate Studios, Lionsgate Films, Lionsgate Television, and Lionsgate Alternative Television Select Metrics $523M eOne EV 6.0 x EV / LTM EBITDA |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 12 ($ in billions, except per share data) Selected Public Company Trading Multiples Source: Factset, market data as of 30-Dec-2025, Company financials Note: Financials calendarized to 31-Dec fiscal year end. UMG figures reflects 50% credit for financial assets. EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Name FY2025 FY2026 NTM FY2025 FY2026 NTM YoY '23 -'25 FY2025 FY2026 Pure Play Content Disney 114.79 93 $205 $240 2.5 x 2.4 x 2.4 x 11.9 x 10.9 x 10.9 x 3 % 5 % 21 % 22 % Lionsgate 9.25 98 $3 $5 1.7 1.6 1.6 17.5 14.0 14.0 100 7 10 11 UMG 25.95 76 $48 $48 3.3 3.1 3.1 14.8 13.3 13.3 6 7 23 23 WMG 30.47 84 $16 $20 3.0 2.8 2.8 13.4 12.0 12.0 6 3 22 24 Mean 2.6 x 2.5 x 2.5 x 14.4 x 12.5 x 12.6 x 29 % 6 % 19 % 20 % Median 2.7 x 2.6 x 2.6 x 14.1 x 12.7 x 12.7 x 6 % 6 % 21 % 23 % Closing Price % of 52-Week High Fully Diluted Equity Value Enterprise Value |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 13 Shareholders Class Shares Percentage of Total Common Shares Dallas Jenkins Series A1 3,002,393 24.0% Derral Eves Series A1 1,734,713 13.8 Ricky Ray Butler Series A1 1,334,393 10.6 Earl Seals Series A1 878,501 7.0 Top 20 Series B Shareholders Series B 745,550 5.9 Other Series B Shareholders Series B 4,839,679 38.6 Total Fully Diluted Shares Outstanding2 12,535,229 100.0 % Total Series A Shares Series A 6,950,000 55.4 Total Series B Shares Series B 5,585,229 44.6 Writers & Producers Phantom Units 660,000 Other Phantom Units 2,119,000 Total Phantom Units 2,779,000 Overview of Shareholder Base Source: Company materials 1 Held indirectly through The Chosen Productions LLC. 2 Includes Series A and Series B Shares. All phantom shares units and writers & producers interest awards are cash settled and treated as deferred compensation. Management estimates between 0.3% and 0.4% of total Series A and Series B shares owned by Angel Studios and potential affiliates Management estimates between 40,000 and 45,000 shares owned by Angel Studios and potential affiliates Denotes minority stockholders Ricky Ray Butler anticipates selling 1,066,667 shares owned and rolling 267,726 shares |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534188d1_ex99-cvimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Banking \| 14 Project Sequel vs. Project Cornerstone \| ($ in millions) Overview of Revised Management Projections Source: 5&2 Studios, 5&2 Studios Projections General Commentary on Differences Relative to Project Cornerstone, Project Sequel forecasts were extended to a total of 10 years to reflect the Company's full view of the production slate as well as being revised down by ~50% to reflect management's view of the business outlook and in consideration of feedback received during Project Cornerstone. Specific differences and adjustments are noted below: • Revenue: Project Sequel forecast reflects a lower volume slate with only projects funded by the Come-And-See Foundation ("CAS") included versus any new projects contemplated, as well as the removal of unscripted and animated series. The number of co-productions were also adjusted to be released every other year starting in 2029 (instead of being released every year in Project Cornerstone's). Lastly, ancillary revenue amount was reduced by ~50% to reflect management revised view of the value and likelihood of these revenue streams • Adjusted EBITDA: Project Sequel forecast reflects a downward revision of EBITDA estimates due to compressed contribution margin from ancillary segments, lower slate volume, and reduced corporate SG&A consistent with the lower scale of the business throughout the projections; however, general operating expense remain consistent with previous Project Cornerstone estimates resulting in lower margins. Note, previously, Project Cornerstone forecast included installment payments within Adj. EBITDA which re-cast to a free cash flow item in the Project Sequel forecast • Unlevered Free Cash Flow: Project Sequel reflect managements inclusion of working capital forecasts (including a hedge), additional non-recurring cash G&A expenses, and creative development capital expenditures all of which were previously not reflected in the Project Cornerstone forecast 2025E 2026E 2027E 2028E 2029E Revenue (Sequel) $242 $153 $174 $199 $196 Revenue (Cornerstone) $225 $291 $354 $378 $380 Revenue (Sequel vs. Cornerstone) $17 $(138) $(179) $(180) $(184) Adjusted EBITDA (Sequel) $3 $3 $(2) $6 $4 Adjusted EBITDA (Cornerstone) Excl. Installment Payments $5 $16 $22 $40 $53 EBITDA (Sequel vs. Cornerstone) $(2) $(13) $(24) $(34) $(49) Memo: Installment Payments $22 $22 $44 - - Memo: EBITDA (Cornerstone) As Presented $27 $38 $65 - - Unlevered Free Cash Flow (Sequel) $(1) $14 $41 $1 $(2) Unlevered Free Cash Flow (Cornerstone) $2 $28 $43 $34 $58 Unlevered Free Cash Flow (Sequel vs. Cornerstone) $(3) $(14) $(2) $(33) $(61) |

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

&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; **Calculation of Filing Fee Tables** <br>

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| | | | | |
|:---|:---|:---|:---|:---|
| | | &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; **Transaction Valuation**  | &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; **Fee Rate**  | &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; **Amount of Filing Fee**  |
| Fees to be Paid | 1 | $31365859.00 | 0.0001381 | $4331.63 |
| Fees Previously Paid |  |  |  |  |
|  | Total Transaction Valuation: | $31365859.00  |  |  |
|  | Total Fees Due for Filing: |  |  | $4331.63  |
|  | Total Fees Previously Paid:  |  |  | $0.00  |
|  | Total Fee Offsets:  |  |  | $0.00  |
|  | Net Fee Due:  |  |  | $4331.63  |

---

&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; **Offering Note** <br>

&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; <sup>1</sup> Estimated solely for the purposes of determining the filing fee pursuant to Rule 0-11 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Transaction Value has been calculated assuming a price per share of $3.75 in the Reverse Stock Split to cash out 5,585,229 shares of Common Stock and to satisfy the Company's obligations to employees, directors and service providers for 2,779,000 Phantom Units under the Executive Interests Plan. In such case, the aggregate cash consideration to be paid in the Reverse Stock Split will be $31,365,859. Capitalized terms that are used but not defined in this Filing Fee Exhibit have the meanings ascribed to them in the Schedule 13e-3 to which this exhibit relates. The amount of the filing fee, calculated in accordance with Rule 0-11(b) of the Exchange Act, equals $138.10 per $1,000,000 of the aggregate amount of the Transaction Valuation (or 0.01381% of the aggregate Transaction Valuation).

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Registrant or Filer Name | Form or Filing Type | File Number | Initial Filing Date | Filing Date | Fee Offset Claimed | Fee Paid with Fee Offset Source |
| Fee Offset Claims | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Fee Offset Sources | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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