Strategy Inc · NASDAQ:MSTR
Strategy — Proxy Contest (September 2026)
50 slides from Strategy's proxy contest presentation, Sep 25, 2026
Slide 1: Proposing Daily Dividends on Every Calendar Day for Strategy's U.S. Listed Preferred Securities
Strategy is proposing Daily Dividends on Every Calendar Day for its U.S. Listed Preferred Securities. Click to learn more. Proposing Daily Dividends on Every Calendar Day for Strategy’s U.S. Listed Preferred Securities Strategy is proposing to pay daily dividends on all our U.S. listed preferred sec
Slide 2: Proposed Amendment Timeline
Watch this presentation from Michael Saylor and Phong Le to learn more Proposed Amendment Timeline e Sep 25: Preliminary Proxy Filed ¢ Oct 5: Definitive Proxy Filed!) Voting Opens e Oct 28: Meeting Date Voting Completes e Nov 1and Nov 2: STRC First Record and Payment Date under New Cadence, respecti
Slide 3: Participant Information
Participant Information The Company and its directors and executive officers may be deemed to be “participants” (as defined in Section 14(a) of the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from Strategy’s stockholders in connection with the matters to be considered
Slide 4: Amendment to Pay Daily Dividends
Strategy* Amendment to Pay Daily Dividends NASDAQ: STRF, STRC, STRK, and STRD September 2026
Slide 5: Important Information & Forward-Looking Statements
Important Information & Forward-Looking Statements Additional Information and Where You Can Find It This communication constitutes soliciting material pursuant to Rule 142-12 under the Securities Exchange Act of 1934, as amended Strategy Inc (the “Company’) has filed a preliminary proxy statement wi
Slide 6: Digital Credit Highlights
Strategy* Digital Credit Highlights
Slide 7: Digital Credit Has Scaled to $16 Billion in Months
Digital Credit Has Scaled to $16 Billion in 20 Months Strategy holds ~90% of the Digital Credit market share at $14.5B che Po —Digital Credit Notional Outstanding (in $B) ‘reasy wer 6b) STRG moved to semi-monthly 1 SATA moved to daily 1 1 1 1 ceo 1 | Digital Credit Added 2" BTC treasury issuer $350M
Slide 8: Strategy Digital Credit Overview
Strategy Digital Credit Overview STRF STRC STRE STRK STRD Lowest Risk Treasury Credit Euro-Denominated Upside Exposure Highest Yield Size $1.3B $9.3B $0.9B $1.4B $1.4B Liquidity” $7M $141M - $7M $7M Dividend % 10% (Fixed) 12% (Variable) 10% (Fixed) 8% (Fixed) 10% (Fixed) Div. Frequency Quarterly Sem
Slide 9: Digital Credit Tax-Equivalent Yield vs. Other Credit
Digital Credit Tax-Equivalent Yield vs. Other Credit 21.4% 19.8% 19.3% 5.7% 4.4% 4.0% 3.9% 3.7% STRE STRC STRK STRF Private JunkBonds Bank —Investment Mortgage Commercial Treasury © Money Bank Credit Preferreds Grade Backed Paper Bills Markets Accounts: (Tax-Eq. Yield) ones roi corstture ‘weste*ndvo
Slide 10: STRC Highlights as of September 2026
STRC Highlights as of September 2026 Current Yield Avg. Daily Liquidity (30D) 12.2% $141M Tax-Deferred (“ROC”) / Nasdaq-Listed 19.3% Tax-Eq. Yield (1) Buyback Program USD Assets STRC repurchased; $0.9B capacity remaining BTC Rating BTC Reserve 6.1x $68.5B Notional Value $9.3B USD Duration 3.8 Yrs BT
Slide 11: STRC Is the Platform for Digital Money and Digital Yield
STRC Is the Platform for Digital Money and Digital Yield @ CASTL & G | hope m ( @ Digital Apyx Castle —) Hermetica | Hope |_Kraken Ondo Money/Yield| 9 + ~~ Ss} ( vw = = | urxo | atshares | L__ Pendle Kk Rox | Saturn J Spreads Je oe J UTXO | 5) ane = ™ Digital STRC. ; . Credit = Digital | : es) . ——s
Slide 12: STRC Is a Building Block for Financial Products
STRC Is a Building Block for Financial Products Daily dividends would strengthen product fit across $420M+ of reported STRC AUM Stablecoins / DeFi $241 M STRC AUM Yield-bearing dollars and on- chain financial products MAI“ 0K = =—-Brermetica @renove E¥Saturn ya SPREADS §=©6- S Strata Representative
Slide 13: Our Objective is for STRC to Trade Over Time at $99-$100
Our Objective is for STRC to Trade Over Time at $99-$100 —Closing Price $100 $80 $60 July 27, 2026 June 29, 2026 Strategy Initiates STRC Digital Credit and MSTR Repurchases and Announces Repurchase Authorizations Ongoing Share Buyback Policy Announced) $40 $20 $0 Jul-25 Sep-2! 25 Nov-25 Jan-26 Mar-2
Slide 14: Upgrades to Make STRC More Robust
Upgrades to Make STRC More Robust Each enhancement is designed to improve price stability, liquidity, and investor demand v1 V2 V3 V4 V5 Jul 2025 Dec 2025 Jun 2026 Jun 2026 Nov 2026 (Proposed) Monthly dividends Monthly dividends ae thel eee Daily dividends Variable rate Variable rate Variable rate V
Slide 15: Amendment Proposal
Strategy* Amendment Proposal
Slide 16: Thank You, Shareholders, for Approving Semi-Monthly Dividends on STRC
Thank You, Shareholders, for Approving Semi-Monthly Dividends on STRC « Shareholders approved the amendment on June 8, 2026 ° 97.5% of STRC shares voted were cast FOR the proposal() 99.9% of MSTR shares voted were cast FOR the proposal) * Dividends paid two times a month instead of once: 15" & month
Slide 17: Proposing to Accrue and Pay Daily Dividends on STRF, STRC, STRK & STRD
Proposing to Accrue and Pay Daily Dividends on STRF, STRC, STRK & STRD 1) Dividends accrued ~15x more frequently for STRC (semi-monthly to daily), and ~90x more frequently for STRF/K/D (quarterly to daily), economics unchanged “) 2) Each calendar day is a record date with next business day as paymen
Slide 18: STRC Record Date Schedule: Old vs New Cadence
STRC Record Date Schedule: Old vs New Cadence Each box is one year of record dates; only the number of the pieces changes Record Dates — 15t" & Month-end RECORD DATES / YEAR Old Cadence Record Dates — Every calendar day illustrative only: Assuming 265 U.S. calendar days a year. Each tile is one reco
Slide 19: STRF/K/D Record Date Schedule: Old vs New Cadence
STRF/K/D Record Date Schedule: Old vs New Cadence Each box is one year of record dates; only the number of the pieces changes Record Dates — Quarter-end RECORD DATES / YEAR Old Cadence Record Dates — Every calendar day illustrative only: Assuming 265 U.S. calendar days a year. Each tile is one recor
Slide 20: Daily Dividend Payment Calculation
Daily Dividend Payment Calculation STEP 1 | SEMI-MONTHLY DIVIDEND PER SHARE $100 x 12.00% / 24 $0.50 Stated amount Illustrative annual rate Semi-Monthly Dividend STEP 2 | DAILY DIVIDEND PER SHARE $0.50 / 15 $0.03 Semi-Monthly Calendar days in Daily Dividend amount Semi-Monthly period “ Each day’s di
Slide 21: Every Calendar Day is a Record Date
Every Calendar Day is a Record Date Dividends are paid on the next business day | | Record date Record date + Payment date ye Public Holiday November 2026 Assuming 12% dividend rate Mon Tue Wed Thu Fri Sat Each calendar dey ne payment (1) Day: rritee terwot attaf ade eca’y availabe “or November 80 s
Slide 22: Proposed Amendment Timeline
Proposed Amendment Timeline Voting opens Voting completes Sep 25 Oct 5 Oct 28 => = Preliminary Definitive Shareholder proxy filed proxy filed Meeting Date Alldates are targets and remain supject to Boarc and stockholder approvals, required filings and operational readiness. Strategy® 19
Slide 23: Proposed Transition Timeline
Proposed Transition Timeline STRC STRF /STRK/ STRD Last Record Date Oct 15, 2026 Dec 15, 2026 Old cadence Last Payment Date Nov 2, 2026 Dec 31, 2026 First Record Date Nov 1, 2026 Jan 1, 2027 New cadence First Payment Date Nov 2, 2026 Jan 4, 20270)
Slide 24: Amendment Benefits
Strategy* Amendment Benefits
Slide 25: First Global Securities with Calendar Day Accruals / Dividends
First Global Securities with Calendar Day Accruals / Dividends Digital Credit that works every day + Weekends and public holidays count as record dates + Better aligns economics with actual ownership periods + More closely mirrors daily accrual in money market funds Built for the digital transformat
Slide 26: Higher Dividend Frequency Could Reduce Ex-Date Volatility
Higher Dividend Frequency Could Reduce Ex-Date Volatility Median price decline % on ex-dividend date 0.49% 0.36% Lower” Monthly Semi-Monthly Daily Note: As of 8-< filed on September 21, 2026. (1} Median cpening price gao on ex-dividend dates (% af prior trading day close), excluding the June 2028 eb
Slide 27: Our Prefs Would be 93% of the Total Daily Dividend Market Cap
Our Prefs Would be 93% of the Total Daily Dividend Market Cap Market Cap 24 j 0 0 0 Pay Quarterly Dividends” $ 1 62T Would Pay Daily Dividends?) - Ceutich 5 “STRE, STRC, STRK, STRD” $15B sssisays securities Source: Bloomgerg. Universe screened incluces common and preferred securities listed glooally
Slide 28: Amendment is Favorable to Pref Holders
Amendment is Favorable to Pref Holders v¥ Next evolution of Digital Credit after positive feedback on semi-monthly v Similar to money market fund’s accrual cycle v Reduced volatility, increased liquidity, stronger demand v Lowers month-end price volatility, impacting monthly marks for fund managers
Slide 29: Amendment is Favorable to MSTR Holders
Amendment is Favorable to MSTR Holders Y Strengthening our preferred securities to create competitive advantages v Increased pref demand to drive Amplification and Bitcoin Per Share Y Accretive BTC purchases can drive mNAV higher, lowering cost of capital ¥ Drives more capital into BTC, supporting B
Slide 30: Strategy's Ambition is to be the World's Largest Company
Strategy’s Ambition is to be the World’s Largest Company In terms of market cap Own The Most Capital BTC 30% BTC ARR Expands BTC Accumulation Ability Supports Digital Credit Create The Issue The Best Equity Strategy® Strongest Credit MSTR STRC Beneficiary of Digital Credit business, Target selling D
Slide 31: Thank You
Strategy* Thank You
Slide 32: Appendix
Strategy* Appendix
Slide 33: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPls used in this Presentation (Cont’d) ‘The Company uses BPS (jn Sats), BTC Yield. BTC Gain and BTC § Gain as KPIs to help assess the performance of its strategy of acquiring bitcoin in a manner it believes to be accretive to shareholders. The Company also believes these
Slide 34: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPls used in this Presentation (Cont’d) BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain are not, and should not be understood as, financial performance, valuation or liquidity measures. Specifically: BPS (in Sats) does not represent (i) the ability of the Company to sat
Slide 35: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPls used in this Presentation (Cont’d) In calculating BPS (in Sats), BTC Yield, BTC Gain, and BTC $ Gain, the Company does not consider the source of capital used for the acquisition of its bitcoin. When the Company purchases bitcoin using proceeds from offerings of non-
Slide 36: Important Information about KPIs used in this Presentation (Cont'd)
. . . . , Important Information about KPls used in this Presentation (Cont’d) Change in Method of Calculating KPIs for Interim Periods Effective January 1, 2026, the Company changed the method by which it calculates BTC Yield, BTC Gain and BTC $ Gain when presenting such KPIs for any period that is
Slide 37: Important Information about mNAV, Net BTC, Net BPS, and BPS ($)
Important Information about mNAV, Net BTC, Net BPS, and BPS ($) MNAV is a market-derived ratio, expressed as a multiple, equal to + the market price per share of the Company's class A common stock, as reported on the Nasdaq Global Select Market, as of a specified date or time; divided by + the Compa
Slide 38: Important Information about mNAV, Net BTC and Net BPS (Cont'd)
Important Information about mNAV, Net BTC and Net BPS (Cont'd) In general, when mNAV is greater than one, the issuance of additional shares of common stock to acquire bitcoin would be expected to increase Net Bitcoin Per Share (in Sats) or Net Bitcoin Per Share (in USD), and therefore to be accretiv
Slide 39: Important Information about mNAV, Net BTC and Net BPS (Cont'd)
Important Information about mNAV, Net BTC and Net BPS (Cont'd) Net BPS (in Sats) and Net BPS (S) are intended to take account of the senior claims described above, but they do so on the basis of a number of assumptions and are subject to additional limitations, including that + the Company's debt-li
Slide 40: Important Information about Amplification
Important Information about Amplification “Amplification” is a ratio, as of a specified date or time, equal to’ + the Company's BTC Reserve; divided by * its Net Reserve. It expresses the extent to which the Company's total bitcoin holdings exceed the portion of those holdings after accounting for s
Slide 41: Important Information about Terms used in this Presentation
Important Information about Terms used in this Presentation BTC Forecast BTC ARR is an assumed annualized rate of return on bitcoin expressed as a percentage. This metrics presented for illustrative purposes only, and no prediction as to the price of bitcoin is being made. BTC Volatility is the assu
Slide 42: Important Information about Terms used in this Presentation
Important Information about Terms used in this Presentation Tax ‘Tax-Equivalent Yield, with respect to any preferred security. is the annualized stated interest rate that would be required on a corporate bond trading at par for a U.S. individual investor to receive after-tax cash interest payments e
Slide 43: Annex C: Transcript: Amendment to Pay Daily Dividends Presentation
Annex C Transcript: Amendment to Pay Daily Dividends Presentation Michael Saylor Thank you for joining us today. I'm Michael Saylor, the Executive Chairman of Strategy. I'm here with Phong Le, our President and CEO and we're here to talk about an amendment to pay daily dividends. This is the latest
Slide 44: Amendment to Pay Daily Dividends
Gourde Strategy® NASDAQ: STRF, STRC, STRK, and STRD September 2026 ania ‘Amendment to Pay idends September 2026
Slide 45: Strategy Post on X
€ Post B Strategy Bur @Strategy Strategy is proposing daily dividends on $STRF, $STRC, SSTRK, and SSTRD, accruing every calendar day, including weekends and holidays, and paid the next business day, with economics unchanged. The proposed changes aim to support price stability, liquidity, and demand.
Slide 46: Strategy Post on X
€ Post Strategy @Strategy To view more information, click here. Strategy Proposes to Accrue and Pay Daily Dividends on STRF, STRC, STRK, STRD Strategy Proposes to Pay Daily Dividends on its U.S. Listed Preferred Securities From strategy.com 8:08 AM - Sep 25, 2026 - 5,084 Views 01 uv On Qe
Slide 47: Michael Saylor Post on X
EX Michael Saylor @ Boov Ry @saylor Strategy is proposing daily dividends on $STRF, $STRC, SSTRK, and SSTRD, accruing every calendar day, including weekends and holidays, and paid the next business day, with economics unchanged. The proposed changes aim to support price stability, liquidity, and dem
Slide 48: Michael Saylor Post on X
€ Post EX Michael Saylor @ Bor Nay @saylor To view more information, click here. Strategy Proposes to Accrue and Pay Daily Dividends on STRF, STRC, STRK, STRD Strategy Proposes to Pay Daily Dividends on its U.S. Listed Preferred Securities From strategy.com 8:07 AM - Sep 25, 2026 - 34K Views Ow ts Q
Slide 49: Phong Le Post on X
€ Post Phong Le @ & Boor @phongle The era of always-on capital markets is here. Daily dividends, 365 days a year. B Strategy 4 @Strategy - 1h Strategy is proposing daily dividends on $STRF, SSTRC, SSTRK, and $STRD, accruing every calendar day, including weekends and holidays, and paid the next busin
Slide 50: Annex G
Annex G Chaitanya Jain (CJ) So, you know, that's what digital credit is. And in terms of what we did today earlier this morning, it's a pretty monumental day for us - so, it's auspicious that we're speaking right now - as we announced that we're going to move our U.S.-listed preferred equity instrum