Investor Presentation INVESTOR PRESENTATION March 2026 FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES This presentation contains, and our other communications may contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements, written, oral or ...

Core Insights - The Financial Times has significantly reduced its investment in Sifted, a news site for tech entrepreneurs, due to a downturn in tech funding in Europe [1][2] - Sifted's value was cut by £550,000 shortly after the FT increased its stake, resulting in nearly 90% of the investment being wiped out [2] - The overall investment environment for European start-ups has deteriorated, with funding dropping from over $100 billion during the pandemic to around $45 billion in 2024 [6] Company Performance - The FT's revenues increased by 2.5% in 2024 to £454.6 million, while pre-tax profit slightly declined to £3.89 million [7] - The number of print and digital subscribers rose by 6% to 1.5 million, with digital-only subscriptions also increasing by 6% to 1.35 million [7] Sifted's Operations - Sifted transitioned from a free news service to a subscription model with a paywall in 2021 and reported a 32% year-on-year increase in its "pro" subscribers [3][4] - The headcount at Sifted decreased from 56 in 2023 to 47 in 2024, reflecting operational adjustments amid financial challenges [4] Industry Trends - Digital publishers are facing challenges due to changes in web traffic driven by AI, prompting a shift towards subscription-based models [5] - Other media organizations are also reducing their coverage of European technology businesses, indicating a broader trend in the industry [5]

Core Insights - The S&P 500 index is experiencing uncertainty due to rising economic and geopolitical tensions, while the technology sector, particularly semiconductor and chipmaking companies, is leading in price action and growth [1][2] - There is a notable gap in attention and capital allocation among technology companies, presenting investment opportunities in undervalued stocks like Adobe, DocuSign, and Block [2] Group 1: Adobe - Adobe's business model, based on subscription services, allows for predictable cash flows, making it a strong candidate for investment amid economic uncertainties [4] - Currently trading at 65% of its 52-week high, Adobe presents an attractive asymmetric return profile, with significant upside potential [5] - Analyst Gil Luria from DA Davidson has reiterated a Buy rating for Adobe, projecting a price target of $500 per share, indicating a potential upside of 31% from current levels [6] Group 2: DocuSign - DocuSign is a leader in remote signing services, which are increasingly essential in a digitizing global economy, and it trades at 70% of its 52-week high, suggesting a favorable risk-to-return profile [7][8] - The stock commands a premium P/E ratio of 54.8x, justified by its market share and high margins, indicating strong investor confidence in its cash flow stability [10] Group 3: Block - Block is well-positioned to benefit from the growing trend of online retailers developing their own stablecoins, which could enhance payment processing efficiency [12] - Analysts forecast a significant increase in Block's earnings per share (EPS) to $0.78 in Q4 2025, a 200% increase from the current $0.26, highlighting its potential for growth [13] - Block's stock is currently trading at 66% of its 52-week high, presenting a favorable risk-to-reward ratio for investors [14]

Company Overview - HealthStream is a market leader in workforce solutions for U S healthcare organizations, focusing on learning, credentialing, and scheduling [18] - The company serves the highly regulated healthcare industry, which faces challenges in improving patient safety and workforce retention [18] - HealthStream's vision is to improve the quality of healthcare by developing the people who deliver care, with 96% of employees reporting that the vision inspires their performance [6, 9] Financial Performance - In Q1 2025, HealthStream's revenues reached $73 5 million, with an adjusted EBITDA of $16 2 million [18] - For FY 2024, the company reported revenues of $291 6 million and an adjusted EBITDA of $66 8 million [18] - The company has a strong balance sheet with $113 3 million in cash as of Q1 2025 and no debt [18] Market and Growth Strategies - HealthStream is expanding its total addressable market by targeting 1,000+ nursing schools and 1,000,000+ nursing students [33] - The company's growth strategies include expanding its customer network, increasing the value of each account through cross-selling, and growing new revenue streams via partners and PaaS capabilities [38] - The total addressable market (TAM) is 12,600,000 individuals focused on healthcare delivery [29]