1017-00003 · Aurelius Global Media Group · Engagement & Administrative

expert-retention-letter-ciphertrace.docx DOCUMENT Litigation

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PRIVILEGED AND CONFIDENTIAL ATTORNEY WORK PRODUCT PREPARED AT THE DIRECTION OF COUNSEL IN ANTICIPATION OF LITIGATION

CALDERWOOD & HARKNESS LLP Attorneys at Law

1999 Avenue of the Stars, Suite 3100 Los Angeles, California 90067 Telephone: (310) 552-4000 Facsimile: (310) 552-4001 www.calderwoodharkness.com

February 18, 2026

Dr. Nathan Frey Director, Digital Media Forensics CipherTrace Analytics, LLC 2700 Sand Hill Road, Suite 130 Menlo Park, California 94025

Re: Engagement of CipherTrace Analytics, LLC as Digital Forensics and Technical Expert Matter: Aurelius Global Media Group PLC — Pre-Suit Copyright Assessment Matter No.: 1017-00003

Dear Dr. Frey:

This letter sets forth the terms and conditions under which Calderwood & Harkness LLP proposes to retain CipherTrace Analytics, LLC as a digital forensics and technical expert in connection with the above-referenced matter. We ask that you review this letter carefully and, if you find the terms acceptable, execute and return a copy to our office at your earliest convenience so that we may commence work promptly.

1. Introduction and Purpose of Engagement

Calderwood & Harkness LLP ("C&H" or the "Firm") represents Aurelius Global Media Group PLC ("Aurelius" or "AGMG"), a public limited company incorporated in England and Wales (Companies House Registration No. 08724561), with its registered office and principal place of business located at 45 Clarewood Place, London W1K 6TH, United Kingdom. C&H also represents Aurelius's wholly-owned Delaware subsidiary, Aurelius Media Americas, Inc. ("AMA"), a Delaware corporation with offices at 1900 Avenue of the Stars, Suite 2200, Los Angeles, California 90067. Aurelius and AMA are referred to collectively herein as the "Client" where the context so requires.

C&H has been retained in connection with the assessment and anticipated enforcement of Aurelius's copyright interests against StreamNow Holdings, Inc. ("StreamNow"), a Delaware corporation (Secretary of State File No. 7291843) with its principal place of business at 3400 Wilshire Boulevard, Suite 1800, Los Angeles, California 90010. StreamNow operates a direct-to-consumer streaming aggregation platform and sublicenses content bundles to third-party Free Ad-Supported Streaming Television ("FAST") channel operators in multiple international territories.

The core of the matter is as follows. Aurelius alleges that StreamNow has, without authorization, reproduced, distributed, and publicly performed at least 217 Aurelius-owned audiovisual works through StreamNow's streaming aggregation platform and through sublicensed channels operated by third parties. The affected content comprises 142 feature films and 75 television series totaling 1,038 individual episodes. The unauthorized exploitation is believed to have occurred over an approximately 22-month period extending from on or about April 1, 2024 through January 31, 2026, and may be continuing as of the date of this letter.

Among the affected content are several of Aurelius's most commercially and critically significant properties. Key affected works include, but are not limited to, the following:

• The "Meridian" franchise, consisting of six feature films with a combined global theatrical box-office gross of approximately $1.43 billion;

• The "Iron Compass" series, a four-season, 48-episode television series that averaged approximately 9.2 million viewers per episode during its original United Kingdom broadcast run; and

• The "Thornfield" period drama catalog, comprising 12 individual titles and the recipient of seven British Academy of Film and Television Arts (BAFTA) awards.

The unauthorized reproduction and distribution of these works on the StreamNow platform and sublicensed FAST channels represents a substantial and ongoing infringement of Aurelius's exclusive rights under the Copyright Act of 1976, 17 U.S.C. §§ 101 et seq., as well as potential claims under the laws of other jurisdictions in which StreamNow operates.

In connection with this matter, C&H wishes to retain CipherTrace Analytics, LLC ("CipherTrace") as a digital forensics and technical expert to perform analysis of the StreamNow platform, to identify and document the presence of Aurelius-owned content, to analyze viewership and revenue data attributable to the infringing content, and to prepare expert work product suitable for use in pre-suit demand correspondence, settlement negotiations, and, if necessary, in potential litigation to be filed in the United States District Court for the Central District of California (Los Angeles Division). CipherTrace is retained at the direction of counsel in anticipation of litigation, and all work performed under this engagement is intended to be protected by the attorney-client privilege and the work product doctrine, as set forth in greater detail in Section 7 below.

2. Responsible Attorneys

The following attorneys at Calderwood & Harkness LLP shall be responsible for this engagement and for oversight of CipherTrace's work:

• Marcus Delgado, Partner, intellectual Property — Mr. Delgado is the Responsible Partner for this engagement and has overall supervisory authority with respect to all matters relating to CipherTrace's retention and work product.

• Catherine Bloom, Partner, intellectual Property — Ms. Bloom serves as the Billing Partner for this engagement and is responsible for fee administration and client billing matters.

• Wendy Schultz, Senior Associate, intellectual Property — Ms. Schultz is the Lead Associate on this matter and shall serve as the primary day-to-day contact for CipherTrace. All substantive questions, requests for information, deliverables, and status updates should be directed to Ms. Schultz in the first instance.

• Omar Siddiqui, Associate, intellectual Property — Mr. Siddiqui is the Working Associate on this matter and will assist Ms. Schultz in coordinating with CipherTrace and reviewing work product.

All communications regarding this engagement should be directed to Wendy Schultz at the C&H Los Angeles office (telephone: (310) 552-4127; email: wschultz@calderwoodharkness.com), with copies to Marcus Delgado (email: mdelgado@calderwoodharkness.com). CipherTrace should not communicate directly with the Client or with any opposing party or third party regarding the subject matter of this engagement without the prior written approval of C&H, as further described in Section 7 below.

3. Scope of Engagement

CipherTrace is retained to perform the following categories of work in connection with this matter. The scope described below is intended to be comprehensive but may be supplemented or modified by mutual agreement of the parties as the engagement progresses.

3.1 Content Fingerprinting and Identification

CipherTrace shall conduct digital content fingerprinting analysis on the StreamNow platform to confirm the presence of the 217 Aurelius-owned audiovisual works identified above. This analysis shall include, without limitation, the following tasks:

(a) Matching content available on the StreamNow platform against reference materials, including master copies, metadata, and other identifying information to be provided by Aurelius through C&H. Reference materials will be delivered to CipherTrace under separate cover following execution of this engagement letter and will be subject to the data security and handling provisions set forth in Section 9 below.

(b) Documenting each identified title with supporting technical evidence, including but not limited to cryptographic hash values (e.g., SHA-256, MD5), audio and visual fingerprint matches, representative screenshots, frame-level comparisons, and metadata comparisons between the Aurelius reference materials and the copies hosted on the StreamNow platform.

(c) Identifying the specific Aurelius titles present on the StreamNow platform, with particular attention to works within the Meridian franchise (six films), the Iron Compass series (four seasons, 48 episodes), and the Thornfield period drama catalog (12 titles), as well as all other affected feature films and television series.

(d) Preparing a comprehensive catalog of all confirmed matches, organized by title, format (feature film or television series/episode), and any applicable content identifiers (e.g., ISAN, EIDR, or internal Aurelius catalog numbers).

3.2 Metadata Extraction and Analysis

CipherTrace shall extract and analyze metadata associated with each of the 217 Aurelius titles as hosted on the StreamNow platform. This analysis shall include, without limitation, the following tasks:

(a) Determining the dates of ingestion or upload of Aurelius content onto StreamNow's platform. Based on preliminary information available to C&H, the approximate start date of the unauthorized ingestion is expected to be on or about April 1, 2024. CipherTrace should document the earliest identifiable date of ingestion for each title and, where possible, identify any patterns in the timing or sequencing of uploads.

(b) Identifying the geographic territories in which the Aurelius content has been made available through the StreamNow platform. StreamNow is understood to operate in 14 countries, including the United States, Canada, Australia, the United Kingdom, Germany, France, Italy, Spain, the Netherlands, Sweden, Norway, Denmark, Brazil, and Mexico. CipherTrace should document which Aurelius titles were made available in each territory and identify any geographic restrictions or variations in availability.

(c) Analyzing any content management, digital rights management ("DRM"), or rights-management metadata embedded in or associated with the infringing copies, including but not limited to license identifiers, distributor codes, territorial restriction flags, and any other technical metadata that may bear on the provenance or chain of custody of the unauthorized copies.

3.3 Viewership and Traffic Analysis

CipherTrace shall analyze viewership data, streaming counts, and traffic patterns associated with the 217 Aurelius titles on the StreamNow platform. This analysis shall include, without limitation, the following tasks:

(a) Determining the total number of streams, unique viewers, viewing hours, and other relevant engagement metrics for each of the 217 Aurelius titles during the 22-month infringement period (April 1, 2024 through January 31, 2026), broken down by title, territory, and time period where data permits.

(b) Determining the share of total StreamNow streaming activity attributable to Aurelius content. Preliminary estimates developed from publicly available and third-party analytics data suggest that Aurelius titles represent approximately 7.18% of total StreamNow streams during the relevant period. CipherTrace should validate, refine, or revise this estimate based on its independent analysis.

(c) Identifying viewership trends over the 22-month infringement period, including any significant spikes, seasonal variations, or trends attributable to specific Aurelius titles or marketing activities by StreamNow.

(d) Where possible, identifying viewership data for Aurelius content as distributed on sublicensed FAST channels operated by third parties. The four identified FAST channel sublicensees are:

(i) Brindoval Channel Networks, Inc., a corporation organized under the laws of Texas, with its principal place of business in Dallas, Texas;

(ii) BrightLoop Media, LLC, a limited liability company organized under the laws of Florida, with its principal place of business in Miami, Florida;

(iii) Velvet Stream Partners, LP, a limited partnership organized under the laws of Ontario, Canada, with its principal place of business in Toronto, Ontario, Canada; and

(iv) Pacific Lantern Digital Pty Ltd, a proprietary limited company organized under the laws of New South Wales, Australia, with its principal place of business in Sydney, New South Wales, Australia.

CipherTrace should document the availability and viewership of Aurelius content on each of these sublicensed channels to the extent that data is reasonably accessible through forensic analysis of the StreamNow platform and associated distribution infrastructure.

3.4 Revenue Attribution Modeling

CipherTrace shall develop a methodology to attribute StreamNow revenue to the unauthorized exploitation of Aurelius content. StreamNow's estimated fiscal year 2025 revenue is approximately $312 million, and the infringement period under analysis spans 22 months. The revenue attribution analysis shall encompass the following three revenue streams:

(a) Subscription revenue (SVOD tier): CipherTrace shall analyze the share of StreamNow's subscription-based video-on-demand revenue attributable to Aurelius content. Preliminary estimates, based on refined viewership-share analysis with premium-tier weighting adjustments that account for the higher engagement value of premium film and television content, suggest that approximately $22.4 million in SVOD subscription revenue is attributable to Aurelius content during the infringement period. CipherTrace should develop and document its methodology for arriving at a refined estimate.

(b) Advertising revenue (AVOD tier): CipherTrace shall analyze the share of StreamNow's advertising-supported video-on-demand revenue attributable to Aurelius content, including ad impressions served during or adjacent to the playback of Aurelius titles. Preliminary estimates suggest that approximately $9.7 million in AVOD advertising revenue is attributable to Aurelius content during the infringement period.

(c) Sublicensing fees: CipherTrace shall analyze the sublicensing fees received by StreamNow from the four identified FAST channel operators (Brindoval Channel Networks, Inc.; BrightLoop Media, LLC; Velvet Stream Partners, LP; and Pacific Lantern Digital Pty Ltd) for content bundles containing Aurelius titles. Preliminary estimates suggest that approximately $6.5 million in sublicensing fee revenue is attributable to Aurelius content.

(d) The total attributable revenue across these three revenue streams is preliminarily estimated at approximately $38.6 million ($22.4 million + $9.7 million + $6.5 million). CipherTrace's analysis should validate, refine, or revise these preliminary estimates based on the data and evidence reviewed.

CipherTrace shall coordinate with Hargrove Economic Consulting Group, LLC (specifically, Dr. Elena Vasquez, the damages expert separately retained by C&H in this matter) to ensure consistency between the technical viewership and revenue attribution data developed by CipherTrace and the economic damages modeling to be performed by Dr. Vasquez. C&H will facilitate introductions and coordinate the exchange of information between CipherTrace and Hargrove Economic Consulting Group in a manner consistent with the privilege and confidentiality protections described in this letter.

3.5 Platform Architecture and Operational Analysis

CipherTrace shall analyze StreamNow's platform architecture as it pertains to content ingestion, curation, distribution, and monetization. This analysis is intended to support C&H's legal arguments regarding StreamNow's role in the infringement and, in particular, the question of whether StreamNow may be precluded from asserting the safe harbor protections available to certain service providers under Section 512 of the Digital Millennium Copyright Act ("DMCA"), 17 U.S.C. § 512. The analysis shall include, without limitation, the following tasks:

(a) Documenting evidence that StreamNow actively curates content available on its platform, including the selection and arrangement of titles within its catalog, the creation of curated collections and editorial recommendations, and the exercise of editorial control over catalog composition.

(b) Documenting evidence that StreamNow licenses, or purports to license, content from distributors and rights holders, and that it exercises control over the terms, pricing tiers, and geographic availability of such content.

(c) Documenting evidence that StreamNow actively monetizes content through its multi-tier subscription and advertising revenue model, and that it exercises operational control over the mechanisms of monetization (including advertising insertion, paywall configuration, and revenue allocation).

(d) Distinguishing StreamNow's operations from those of a passive hosting service or mere conduit, with reference to the technical architecture of the platform, the degree of human editorial involvement in content selection and curation, and the commercial structure of StreamNow's relationships with content providers and downstream distributors.

This analysis should be documented in a manner suitable for inclusion in, or as a supporting exhibit to, legal briefs and declarations to be filed by C&H in connection with anticipated motions practice, including motions for preliminary injunctive relief.

3.6 Forensic Report Preparation

CipherTrace shall prepare a comprehensive written forensic report summarizing all findings, methodologies, data sources, and conclusions arising from the work described in Sections 3.1 through 3.5 above. The forensic report shall meet the following requirements:

(a) The report shall be prepared in a form suitable for use in: (i) pre-suit demand correspondence to be directed to StreamNow and its counsel; (ii) settlement negotiations between the parties; and (iii) potential litigation, including as an exhibit to declarations filed in support of motions for temporary restraining orders and/or preliminary injunctive relief in the United States District Court for the Central District of California.

(b) The report shall set forth CipherTrace's qualifications, the scope of its engagement, the data and materials reviewed, the methodologies employed, and the factual and technical conclusions reached, in sufficient detail to satisfy the requirements for expert testimony under Federal Rule of Evidence 702 and the standards established by the Supreme Court in Daubert v. Merrell Dow Pharmaceuticals, Inc., 509 U.S. 579 (1993), and its progeny.

(c) CipherTrace shall be prepared to supplement the report as additional data becomes available, whether through voluntary production by StreamNow, third-party subpoena, or court-ordered discovery.

(d) CipherTrace, and Dr. Nathan Frey in particular, shall be prepared, if called upon by C&H, to provide expert testimony in the form of written declarations, deposition testimony, and/or live trial testimony in proceedings in the United States District Court for the Central District of California or any other forum in which this matter may be adjudicated.

4. Deliverables and Timeline

CipherTrace shall deliver the following work product in accordance with the timeline set forth below:

C&H anticipates that the Preliminary Findings Memorandum will be used to inform the formal pre-suit demand letter targeted for service on StreamNow and its counsel in March 2026. The Final Forensic Report is intended to support the potential filing of a complaint in the Central District of California, currently targeted for June 2026, if settlement negotiations are not successful. CipherTrace should plan its work accordingly and should promptly notify C&H of any circumstances that may affect its ability to meet these target dates.

5. Compensation and Fee Estimate

The estimated total fee for the scope of work described in this engagement letter is One Hundred Seventy-Five Thousand Dollars ($175,000.00). This estimate covers all professional fees for the engagement team, including the services of Dr. Nathan Frey and all supporting analysts, engineers, and other personnel at CipherTrace who may be assigned to this matter.

Fees shall be billed on a time-and-materials basis at CipherTrace's standard expert rates, as previously communicated to C&H. CipherTrace shall submit monthly invoices to C&H at the Los Angeles office, with each invoice providing a reasonable description of the services performed, the personnel involved, the hours expended, and the applicable billing rates. All invoices shall reference Matter No. 1017-00003 and shall be payable within thirty (30) days of receipt by C&H.

Any work anticipated to cause the total professional fees to exceed the $175,000 estimate requires prior written approval from C&H, which may be provided by either Wendy Schultz or Marcus Delgado. CipherTrace shall promptly notify C&H if, at any point during the engagement, CipherTrace reasonably believes that the total fees are likely to approach or exceed the estimated amount.

Reasonable out-of-pocket expenses incurred by CipherTrace in connection with this engagement, including but not limited to travel expenses, software licensing fees for forensic analysis tools, data acquisition costs, and similar disbursements, shall be reimbursed at cost. Any individual expense item exceeding Five Thousand Dollars ($5,000.00) requires prior written approval from C&H before it is incurred. CipherTrace shall document all out-of-pocket expenses and include itemized expense reports with its monthly invoices.

6. Confidentiality Obligations

All information, documents, data, communications, and materials provided to CipherTrace by C&H, Aurelius, AMA, or any of their respective agents, representatives, or affiliates in connection with this engagement, as well as all information concerning the existence and terms of this engagement itself, shall constitute "Confidential Information" for purposes of this letter.

CipherTrace shall hold all Confidential Information in strict confidence and shall not disclose Confidential Information to any third party without the prior written consent of C&H, except as may be required by applicable law, regulation, or court order. In the event that CipherTrace receives a subpoena, court order, or other legal process requiring or purporting to require the disclosure of Confidential Information, CipherTrace shall promptly notify C&H (and in any event prior to any such disclosure) so that C&H may seek appropriate protective relief on behalf of the Client.

CipherTrace shall limit internal access to Confidential Information to those personnel who are directly involved in performing the services described in this engagement letter and who have a need to know such information in order to carry out their responsibilities. CipherTrace shall ensure that all such personnel are informed of the confidential nature of the information and are bound by obligations of confidentiality at least as protective as those set forth in this letter.

Upon the conclusion of the engagement, or upon the earlier request of C&H, CipherTrace shall return to C&H or destroy all Confidential Information in its possession, custody, or control, including all copies, extracts, summaries, and derivative works, and shall certify in writing that it has done so. This obligation is subject to any applicable document-retention obligations imposed by law, regulation, or professional standards, provided that any Confidential Information retained pursuant to such obligations shall remain subject to the confidentiality provisions of this letter.

CipherTrace acknowledges that Aurelius Global Media Group PLC is a publicly traded company, with its shares admitted to trading on the Alternative Investment Market ("AIM") of the London Stock Exchange (ticker symbol: AGLM), and with American Depositary Receipts ("ADRs") traded over-the-counter in the United States. CipherTrace further acknowledges that certain information provided to it in connection with this engagement may constitute material nonpublic information ("MNPI") within the meaning of applicable U.S. and international securities laws. CipherTrace and its personnel shall comply with all applicable securities laws and regulations, including without limitation Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5 promulgated thereunder, and shall not purchase, sell, or otherwise trade in the securities of Aurelius, StreamNow, or any other party to this matter, or tip any other person to trade in such securities, on the basis of information obtained through this engagement.

7. Privilege and Work Product Protection

CipherTrace is retained at the direction of Calderwood & Harkness LLP, acting as legal counsel for Aurelius Global Media Group PLC and Aurelius Media Americas, Inc., in anticipation of litigation against StreamNow Holdings, Inc. and potentially other parties. The engagement is structured to preserve the protections of the attorney-client privilege and the work product doctrine to the fullest extent permitted by applicable law.

All work product, reports, analyses, memoranda, data compilations, communications, and materials generated by CipherTrace in connection with this engagement (collectively, "Expert Work Product") are intended to be protected by the attorney-client privilege and/or the work product doctrine as recognized under Federal Rule of Civil Procedure 26(b)(3) and applicable state law. CipherTrace shall treat all Expert Work Product as privileged and confidential and shall not disclose any Expert Work Product to any person or entity other than C&H personnel identified in Section 2 above without the prior written approval of C&H.

All written and electronic communications between CipherTrace and C&H regarding the subject matter of this engagement, including emails, memoranda, reports, letters, file-sharing transmissions, and any other form of communication, should be prominently marked with the following legend:

"PRIVILEGED AND CONFIDENTIAL — ATTORNEY WORK PRODUCT — PREPARED AT THE DIRECTION OF COUNSEL IN ANTICIPATION OF LITIGATION"

CipherTrace shall not communicate directly with Aurelius, AMA, StreamNow, or any other party regarding the subject matter of this engagement without the prior written approval of C&H. All communications with the Client or with third parties shall be coordinated through C&H to preserve applicable privilege protections.

CipherTrace acknowledges and agrees that the decision whether to disclose, produce, or waive privilege with respect to any Expert Work Product or any communication between CipherTrace and C&H rests solely and exclusively with C&H and its Client. CipherTrace shall not make any disclosure that could be construed as a waiver of privilege without the express prior written authorization of C&H.

8. Independence and Conflicts

CipherTrace represents and warrants that, as of the date of this letter, it has no current engagement, business relationship, financial interest, or other connection involving StreamNow Holdings, Inc., Meridian Digital Distributors, LLC, Franklin Ogilvie (individually), Pinnacle Ventures Fund III, LP, Grantham Roth & Pearce LLP (counsel to StreamNow), or any of the four identified FAST channel sublicensees — namely, Brindoval Channel Networks, Inc., BrightLoop Media, LLC, Velvet Stream Partners, LP, or Pacific Lantern Digital Pty Ltd — that would impair its independence, objectivity, or ability to provide unbiased expert analysis and testimony in connection with this engagement.

CipherTrace shall promptly notify C&H in writing if, at any time during the course of this engagement, CipherTrace becomes aware of any actual or potential conflict of interest that could affect its independence or objectivity, including but not limited to any new engagement, business relationship, or financial interest involving any of the parties or entities identified in the preceding paragraph.

CipherTrace confirms that its analysis and conclusions in connection with this engagement shall be based solely on the data, evidence, and materials reviewed, applying generally accepted forensic methodologies and standards of practice in the field of digital media forensics. CipherTrace's findings and opinions shall not be influenced by the interests or desired outcomes of any party, including the Client.

9. Data Security and Handling

CipherTrace shall maintain commercially reasonable data security measures, consistent with industry best practices and applicable legal requirements, to protect all data, work product, and Confidential Information received, generated, or maintained in connection with this engagement. Such measures shall include, at a minimum, the use of encrypted storage, access controls, audit logging, and secure transmission protocols for all sensitive data.

All Aurelius content provided to CipherTrace, including but not limited to master copies, reference files, screeners, and associated metadata, shall be stored exclusively on encrypted, access-controlled systems maintained by CipherTrace. Such content shall not be copied, duplicated, or distributed beyond the scope of this engagement, and CipherTrace shall maintain a chain-of-custody log documenting the receipt, storage, and disposition of all Aurelius content in its possession.

CipherTrace shall comply with all applicable data protection and privacy laws in connection with any personal data processed during the course of this engagement, including but not limited to the California Consumer Privacy Act ("CCPA"), Cal. Civ. Code § 1798.100 et seq., the General Data Protection Regulation ("GDPR"), Regulation (EU) 2016/679, and any other applicable privacy or data protection statutes, regulations, or requirements.

10. Term and Termination

This engagement shall commence upon execution of this letter by both parties and shall continue until the scope of work described herein is completed or the engagement is earlier terminated in accordance with this Section.

C&H may terminate this engagement at any time, for any reason or for no reason, upon written notice to CipherTrace. In the event of termination by C&H, CipherTrace shall be compensated for all work performed and reasonable expenses incurred through the effective date of termination, and CipherTrace shall promptly deliver to C&H all work product, including any partially completed deliverables, generated in connection with the engagement through such date.

CipherTrace may terminate this engagement only for good cause, including but not limited to non-payment of fees in accordance with the terms of this letter or the emergence of a conflict of interest that cannot be resolved. Any termination by CipherTrace shall require at least fifteen (15) days' prior written notice to C&H, during which period CipherTrace shall continue to perform its obligations under this letter in good faith and shall cooperate with C&H to ensure an orderly transition of work.

11. No Guarantee of Outcome

CipherTrace acknowledges that its engagement hereunder is to provide objective forensic analysis and expert work product based on the data and evidence available. C&H makes no representation or guarantee regarding the outcome of any litigation, settlement, arbitration, or other legal proceeding that may arise in connection with this matter. CipherTrace's compensation under this engagement is not contingent upon the outcome of any such proceeding.

12. Governing Law

This engagement letter, and all rights and obligations of the parties hereunder, shall be governed by and construed in accordance with the laws of the State of California, without regard to principles of conflicts of law. Any dispute arising out of or relating to this engagement letter shall be subject to the exclusive jurisdiction of the state and federal courts located in Los Angeles County, California.

13. Acceptance

We look forward to working with CipherTrace on this important matter. If the foregoing terms are acceptable, please indicate your acceptance by signing and dating a copy of this letter in the space provided below and returning the executed copy to the undersigned at the Calderwood & Harkness LLP Los Angeles office. Upon execution by both parties, this letter shall constitute the binding agreement between C&H and CipherTrace with respect to the engagement described herein.

We look forward to working with you on this important matter.

Sincerely,

CALDERWOOD & HARKNESS LLP

By: ________

Name: Marcus Delgado

Title: Partner, intellectual Property

Date: ________

Calderwood & Harkness LLP 1999 Avenue of the Stars, Suite 3100 Los Angeles, California 90067

ACCEPTED AND AGREED

CIPHERTRACE ANALYTICS, LLC

By: ________

Name: Dr. Nathan Frey

Title: Director, Digital Media Forensics

Date: ________

CipherTrace Analytics, LLC 2700 Sand Hill Road, Suite 130 Menlo Park, California 94025

Enclosures: None (reference materials to be provided under separate cover following execution of this engagement letter)

cc: Catherine Bloom, Partner, Calderwood & Harkness LLP cc: Wendy Schultz, Senior Associate, Calderwood & Harkness LLP

Deliverable	Description	Target Due Date
Preliminary Findings Memorandum	A memorandum summarizing CipherTrace's initial findings with respect to content identification, metadata analysis, and preliminary viewership and revenue data, sufficient to inform the drafting of a formal demand letter to StreamNow.	Within 4 weeks of engagement — target date: approximately March 18, 2026
Final Forensic Report	A comprehensive forensic report addressing all elements of the scope of engagement described in Section 3, including content fingerprinting results, metadata analysis, viewership and traffic analysis, revenue attribution modeling, and platform architecture analysis, prepared in a form suitable for use in litigation.	Within 8 weeks of engagement — target date: approximately April 15, 2026
Supplemental Reports	Supplemental reports, analyses, or memoranda as may be requested by C&H during the course of the matter, including updates to reflect newly obtained data or to address specific issues raised in settlement negotiations or litigation.	As requested by C&H

PRIVILEGED AND CONFIDENTIAL ATTORNEY WORK PRODUCT PREPARED AT THE DIRECTION OF COUNSEL IN ANTICIPATION OF LITIGATION
CALDERWOOD & HARKNESS LLP Attorneys at Law
1999 Avenue of the Stars, Suite 3100 Los Angeles, California 90067 Telephone: (310) 552-4000 Facsimile: (310) 552-4001 www.calderwoodharkness.com
February 18, 2026
Dr. Nathan Frey Director, Digital Media Forensics CipherTrace Analytics, LLC 2700 Sand Hill Road, Suite 130 Menlo Park, California 94025
Re: Engagement of CipherTrace Analytics, LLC as Digital Forensics and Technical Expert Matter: Aurelius Global Media Group PLC — Pre-Suit Copyright Assessment Matter No.: 1017-00003
Dear Dr. Frey:
This letter sets forth the terms and conditions under which Calderwood & Harkness LLP proposes to retain CipherTrace Analytics, LLC as a digital forensics and technical expert in connection with the above-referenced matter. We ask that you review this letter carefully and, if you find the terms acceptable, execute and return a copy to our office at your earliest convenience so that we may commence work promptly.
1. Introduction and Purpose of Engagement
Calderwood & Harkness LLP ("C&H" or the "Firm") represents Aurelius Global Media Group PLC ("Aurelius" or "AGMG"), a public limited company incorporated in England and Wales (Companies House Registration No. 08724561), with its registered office and principal place of business located at 45 Clarewood Place, London W1K 6TH, United Kingdom. C&H also represents Aurelius's wholly-owned Delaware subsidiary, Aurelius Media Americas, Inc. ("AMA"), a Delaware corporation with offices at 1900 Avenue of the Stars, Suite 2200, Los Angeles, California 90067. Aurelius and AMA are referred to collectively herein as the "Client" where the context so requires.
C&H has been retained in connection with the assessment and anticipated enforcement of Aurelius's copyright interests against StreamNow Holdings, Inc. ("StreamNow"), a Delaware corporation (Secretary of State File No. 7291843) with its principal place of business at 3400 Wilshire Boulevard, Suite 1800, Los Angeles, California 90010. StreamNow operates a direct-to-consumer streaming aggregation platform and sublicenses content bundles to third-party Free Ad-Supported Streaming Television ("FAST") channel operators in multiple international territories.
The core of the matter is as follows. Aurelius alleges that StreamNow has, without authorization, reproduced, distributed, and publicly performed at least 217 Aurelius-owned audiovisual works through StreamNow's streaming aggregation platform and through sublicensed channels operated by third parties. The affected content comprises 142 feature films and 75 television series totaling 1,038 individual episodes. The unauthorized exploitation is believed to have occurred over an approximately 22-month period extending from on or about April 1, 2024 through January 31, 2026, and may be continuing as of the date of this letter.
Among the affected content are several of Aurelius's most commercially and critically significant properties. Key affected works include, but are not limited to, the following:
•  The "Meridian" franchise, consisting of six feature films with a combined global theatrical box-office gross of approximately $1.43 billion;
•  The "Iron Compass" series, a four-season, 48-episode television series that averaged approximately 9.2 million viewers per episode during its original United Kingdom broadcast run; and
•  The "Thornfield" period drama catalog, comprising 12 individual titles and the recipient of seven British Academy of Film and Television Arts (BAFTA) awards.
The unauthorized reproduction and distribution of these works on the StreamNow platform and sublicensed FAST channels represents a substantial and ongoing infringement of Aurelius's exclusive rights under the Copyright Act of 1976, 17 U.S.C. §§ 101 et seq., as well as potential claims under the laws of other jurisdictions in which StreamNow operates.
In connection with this matter, C&H wishes to retain CipherTrace Analytics, LLC ("CipherTrace") as a digital forensics and technical expert to perform analysis of the StreamNow platform, to identify and document the presence of Aurelius-owned content, to analyze viewership and revenue data attributable to the infringing content, and to prepare expert work product suitable for use in pre-suit demand correspondence, settlement negotiations, and, if necessary, in potential litigation to be filed in the United States District Court for the Central District of California (Los Angeles Division). CipherTrace is retained at the direction of counsel in anticipation of litigation, and all work performed under this engagement is intended to be protected by the attorney-client privilege and the work product doctrine, as set forth in greater detail in Section 7 below.
2. Responsible Attorneys
The following attorneys at Calderwood & Harkness LLP shall be responsible for this engagement and for oversight of CipherTrace's work:
•  Marcus Delgado, Partner, intellectual Property — Mr. Delgado is the Responsible Partner for this engagement and has overall supervisory authority with respect to all matters relating to CipherTrace's retention and work product.
•  Catherine Bloom, Partner, intellectual Property — Ms. Bloom serves as the Billing Partner for this engagement and is responsible for fee administration and client billing matters.
•  Wendy Schultz, Senior Associate, intellectual Property — Ms. Schultz is the Lead Associate on this matter and shall serve as the primary day-to-day contact for CipherTrace. All substantive questions, requests for information, deliverables, and status updates should be directed to Ms. Schultz in the first instance.
•  Omar Siddiqui, Associate, intellectual Property — Mr. Siddiqui is the Working Associate on this matter and will assist Ms. Schultz in coordinating with CipherTrace and reviewing work product.
All communications regarding this engagement should be directed to Wendy Schultz at the C&H Los Angeles office (telephone: (310) 552-4127; email: wschultz@calderwoodharkness.com), with copies to Marcus Delgado (email: mdelgado@calderwoodharkness.com). CipherTrace should not communicate directly with the Client or with any opposing party or third party regarding the subject matter of this engagement without the prior written approval of C&H, as further described in Section 7 below.
3. Scope of Engagement
CipherTrace is retained to perform the following categories of work in connection with this matter. The scope described below is intended to be comprehensive but may be supplemented or modified by mutual agreement of the parties as the engagement progresses.
3.1 Content Fingerprinting and Identification
CipherTrace shall conduct digital content fingerprinting analysis on the StreamNow platform to confirm the presence of the 217 Aurelius-owned audiovisual works identified above. This analysis shall include, without limitation, the following tasks:
(a) Matching content available on the StreamNow platform against reference materials, including master copies, metadata, and other identifying information to be provided by Aurelius through C&H. Reference materials will be delivered to CipherTrace under separate cover following execution of this engagement letter and will be subject to the data security and handling provisions set forth in Section 9 below.
(b) Documenting each identified title with supporting technical evidence, including but not limited to cryptographic hash values (e.g., SHA-256, MD5), audio and visual fingerprint matches, representative screenshots, frame-level comparisons, and metadata comparisons between the Aurelius reference materials and the copies hosted on the StreamNow platform.
(c) Identifying the specific Aurelius titles present on the StreamNow platform, with particular attention to works within the Meridian franchise (six films), the Iron Compass series (four seasons, 48 episodes), and the Thornfield period drama catalog (12 titles), as well as all other affected feature films and television series.
(d) Preparing a comprehensive catalog of all confirmed matches, organized by title, format (feature film or television series/episode), and any applicable content identifiers (e.g., ISAN, EIDR, or internal Aurelius catalog numbers).
3.2 Metadata Extraction and Analysis
CipherTrace shall extract and analyze metadata associated with each of the 217 Aurelius titles as hosted on the StreamNow platform. This analysis shall include, without limitation, the following tasks:
(a) Determining the dates of ingestion or upload of Aurelius content onto StreamNow's platform. Based on preliminary information available to C&H, the approximate start date of the unauthorized ingestion is expected to be on or about April 1, 2024. CipherTrace should document the earliest identifiable date of ingestion for each title and, where possible, identify any patterns in the timing or sequencing of uploads.
(b) Identifying the geographic territories in which the Aurelius content has been made available through the StreamNow platform. StreamNow is understood to operate in 14 countries, including the United States, Canada, Australia, the United Kingdom, Germany, France, Italy, Spain, the Netherlands, Sweden, Norway, Denmark, Brazil, and Mexico. CipherTrace should document which Aurelius titles were made available in each territory and identify any geographic restrictions or variations in availability.
(c) Analyzing any content management, digital rights management ("DRM"), or rights-management metadata embedded in or associated with the infringing copies, including but not limited to license identifiers, distributor codes, territorial restriction flags, and any other technical metadata that may bear on the provenance or chain of custody of the unauthorized copies.
3.3 Viewership and Traffic Analysis
CipherTrace shall analyze viewership data, streaming counts, and traffic patterns associated with the 217 Aurelius titles on the StreamNow platform. This analysis shall include, without limitation, the following tasks:
(a) Determining the total number of streams, unique viewers, viewing hours, and other relevant engagement metrics for each of the 217 Aurelius titles during the 22-month infringement period (April 1, 2024 through January 31, 2026), broken down by title, territory, and time period where data permits.
(b) Determining the share of total StreamNow streaming activity attributable to Aurelius content. Preliminary estimates developed from publicly available and third-party analytics data suggest that Aurelius titles represent approximately 7.18% of total StreamNow streams during the relevant period. CipherTrace should validate, refine, or revise this estimate based on its independent analysis.
(c) Identifying viewership trends over the 22-month infringement period, including any significant spikes, seasonal variations, or trends attributable to specific Aurelius titles or marketing activities by StreamNow.
(d) Where possible, identifying viewership data for Aurelius content as distributed on sublicensed FAST channels operated by third parties. The four identified FAST channel sublicensees are:
(i) Brindoval Channel Networks, Inc., a corporation organized under the laws of Texas, with its principal place of business in Dallas, Texas;
(ii) BrightLoop Media, LLC, a limited liability company organized under the laws of Florida, with its principal place of business in Miami, Florida;
(iii) Velvet Stream Partners, LP, a limited partnership organized under the laws of Ontario, Canada, with its principal place of business in Toronto, Ontario, Canada; and
(iv) Pacific Lantern Digital Pty Ltd, a proprietary limited company organized under the laws of New South Wales, Australia, with its principal place of business in Sydney, New South Wales, Australia.
CipherTrace should document the availability and viewership of Aurelius content on each of these sublicensed channels to the extent that data is reasonably accessible through forensic analysis of the StreamNow platform and associated distribution infrastructure.
3.4 Revenue Attribution Modeling
CipherTrace shall develop a methodology to attribute StreamNow revenue to the unauthorized exploitation of Aurelius content. StreamNow's estimated fiscal year 2025 revenue is approximately $312 million, and the infringement period under analysis spans 22 months. The revenue attribution analysis shall encompass the following three revenue streams:
(a) Subscription revenue (SVOD tier): CipherTrace shall analyze the share of StreamNow's subscription-based video-on-demand revenue attributable to Aurelius content. Preliminary estimates, based on refined viewership-share analysis with premium-tier weighting adjustments that account for the higher engagement value of premium film and television content, suggest that approximately $22.4 million in SVOD subscription revenue is attributable to Aurelius content during the infringement period. CipherTrace should develop and document its methodology for arriving at a refined estimate.
(b) Advertising revenue (AVOD tier): CipherTrace shall analyze the share of StreamNow's advertising-supported video-on-demand revenue attributable to Aurelius content, including ad impressions served during or adjacent to the playback of Aurelius titles. Preliminary estimates suggest that approximately $9.7 million in AVOD advertising revenue is attributable to Aurelius content during the infringement period.
(c) Sublicensing fees: CipherTrace shall analyze the sublicensing fees received by StreamNow from the four identified FAST channel operators (Brindoval Channel Networks, Inc.; BrightLoop Media, LLC; Velvet Stream Partners, LP; and Pacific Lantern Digital Pty Ltd) for content bundles containing Aurelius titles. Preliminary estimates suggest that approximately $6.5 million in sublicensing fee revenue is attributable to Aurelius content.
(d) The total attributable revenue across these three revenue streams is preliminarily estimated at approximately $38.6 million ($22.4 million + $9.7 million + $6.5 million). CipherTrace's analysis should validate, refine, or revise these preliminary estimates based on the data and evidence reviewed.
CipherTrace shall coordinate with Hargrove Economic Consulting Group, LLC (specifically, Dr. Elena Vasquez, the damages expert separately retained by C&H in this matter) to ensure consistency between the technical viewership and revenue attribution data developed by CipherTrace and the economic damages modeling to be performed by Dr. Vasquez. C&H will facilitate introductions and coordinate the exchange of information between CipherTrace and Hargrove Economic Consulting Group in a manner consistent with the privilege and confidentiality protections described in this letter.
3.5 Platform Architecture and Operational Analysis
CipherTrace shall analyze StreamNow's platform architecture as it pertains to content ingestion, curation, distribution, and monetization. This analysis is intended to support C&H's legal arguments regarding StreamNow's role in the infringement and, in particular, the question of whether StreamNow may be precluded from asserting the safe harbor protections available to certain service providers under Section 512 of the Digital Millennium Copyright Act ("DMCA"), 17 U.S.C. § 512. The analysis shall include, without limitation, the following tasks:
(a) Documenting evidence that StreamNow actively curates content available on its platform, including the selection and arrangement of titles within its catalog, the creation of curated collections and editorial recommendations, and the exercise of editorial control over catalog composition.
(b) Documenting evidence that StreamNow licenses, or purports to license, content from distributors and rights holders, and that it exercises control over the terms, pricing tiers, and geographic availability of such content.
(c) Documenting evidence that StreamNow actively monetizes content through its multi-tier subscription and advertising revenue model, and that it exercises operational control over the mechanisms of monetization (including advertising insertion, paywall configuration, and revenue allocation).
(d) Distinguishing StreamNow's operations from those of a passive hosting service or mere conduit, with reference to the technical architecture of the platform, the degree of human editorial involvement in content selection and curation, and the commercial structure of StreamNow's relationships with content providers and downstream distributors.
This analysis should be documented in a manner suitable for inclusion in, or as a supporting exhibit to, legal briefs and declarations to be filed by C&H in connection with anticipated motions practice, including motions for preliminary injunctive relief.
3.6 Forensic Report Preparation
CipherTrace shall prepare a comprehensive written forensic report summarizing all findings, methodologies, data sources, and conclusions arising from the work described in Sections 3.1 through 3.5 above. The forensic report shall meet the following requirements:
(a) The report shall be prepared in a form suitable for use in: (i) pre-suit demand correspondence to be directed to StreamNow and its counsel; (ii) settlement negotiations between the parties; and (iii) potential litigation, including as an exhibit to declarations filed in support of motions for temporary restraining orders and/or preliminary injunctive relief in the United States District Court for the Central District of California.
(b) The report shall set forth CipherTrace's qualifications, the scope of its engagement, the data and materials reviewed, the methodologies employed, and the factual and technical conclusions reached, in sufficient detail to satisfy the requirements for expert testimony under Federal Rule of Evidence 702 and the standards established by the Supreme Court in Daubert v. Merrell Dow Pharmaceuticals, Inc., 509 U.S. 579 (1993), and its progeny.
(c) CipherTrace shall be prepared to supplement the report as additional data becomes available, whether through voluntary production by StreamNow, third-party subpoena, or court-ordered discovery.
(d) CipherTrace, and Dr. Nathan Frey in particular, shall be prepared, if called upon by C&H, to provide expert testimony in the form of written declarations, deposition testimony, and/or live trial testimony in proceedings in the United States District Court for the Central District of California or any other forum in which this matter may be adjudicated.
4. Deliverables and Timeline
CipherTrace shall deliver the following work product in accordance with the timeline set forth below:
C&H anticipates that the Preliminary Findings Memorandum will be used to inform the formal pre-suit demand letter targeted for service on StreamNow and its counsel in March 2026. The Final Forensic Report is intended to support the potential filing of a complaint in the Central District of California, currently targeted for June 2026, if settlement negotiations are not successful. CipherTrace should plan its work accordingly and should promptly notify C&H of any circumstances that may affect its ability to meet these target dates.
5. Compensation and Fee Estimate
The estimated total fee for the scope of work described in this engagement letter is One Hundred Seventy-Five Thousand Dollars ($175,000.00). This estimate covers all professional fees for the engagement team, including the services of Dr. Nathan Frey and all supporting analysts, engineers, and other personnel at CipherTrace who may be assigned to this matter.
Fees shall be billed on a time-and-materials basis at CipherTrace's standard expert rates, as previously communicated to C&H. CipherTrace shall submit monthly invoices to C&H at the Los Angeles office, with each invoice providing a reasonable description of the services performed, the personnel involved, the hours expended, and the applicable billing rates. All invoices shall reference Matter No. 1017-00003 and shall be payable within thirty (30) days of receipt by C&H.
Any work anticipated to cause the total professional fees to exceed the $175,000 estimate requires prior written approval from C&H, which may be provided by either Wendy Schultz or Marcus Delgado. CipherTrace shall promptly notify C&H if, at any point during the engagement, CipherTrace reasonably believes that the total fees are likely to approach or exceed the estimated amount.
Reasonable out-of-pocket expenses incurred by CipherTrace in connection with this engagement, including but not limited to travel expenses, software licensing fees for forensic analysis tools, data acquisition costs, and similar disbursements, shall be reimbursed at cost. Any individual expense item exceeding Five Thousand Dollars ($5,000.00) requires prior written approval from C&H before it is incurred. CipherTrace shall document all out-of-pocket expenses and include itemized expense reports with its monthly invoices.
6. Confidentiality Obligations
All information, documents, data, communications, and materials provided to CipherTrace by C&H, Aurelius, AMA, or any of their respective agents, representatives, or affiliates in connection with this engagement, as well as all information concerning the existence and terms of this engagement itself, shall constitute "Confidential Information" for purposes of this letter.
CipherTrace shall hold all Confidential Information in strict confidence and shall not disclose Confidential Information to any third party without the prior written consent of C&H, except as may be required by applicable law, regulation, or court order. In the event that CipherTrace receives a subpoena, court order, or other legal process requiring or purporting to require the disclosure of Confidential Information, CipherTrace shall promptly notify C&H (and in any event prior to any such disclosure) so that C&H may seek appropriate protective relief on behalf of the Client.
CipherTrace shall limit internal access to Confidential Information to those personnel who are directly involved in performing the services described in this engagement letter and who have a need to know such information in order to carry out their responsibilities. CipherTrace shall ensure that all such personnel are informed of the confidential nature of the information and are bound by obligations of confidentiality at least as protective as those set forth in this letter.
Upon the conclusion of the engagement, or upon the earlier request of C&H, CipherTrace shall return to C&H or destroy all Confidential Information in its possession, custody, or control, including all copies, extracts, summaries, and derivative works, and shall certify in writing that it has done so. This obligation is subject to any applicable document-retention obligations imposed by law, regulation, or professional standards, provided that any Confidential Information retained pursuant to such obligations shall remain subject to the confidentiality provisions of this letter.
CipherTrace acknowledges that Aurelius Global Media Group PLC is a publicly traded company, with its shares admitted to trading on the Alternative Investment Market ("AIM") of the London Stock Exchange (ticker symbol: AGLM), and with American Depositary Receipts ("ADRs") traded over-the-counter in the United States. CipherTrace further acknowledges that certain information provided to it in connection with this engagement may constitute material nonpublic information ("MNPI") within the meaning of applicable U.S. and international securities laws. CipherTrace and its personnel shall comply with all applicable securities laws and regulations, including without limitation Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5 promulgated thereunder, and shall not purchase, sell, or otherwise trade in the securities of Aurelius, StreamNow, or any other party to this matter, or tip any other person to trade in such securities, on the basis of information obtained through this engagement.
7. Privilege and Work Product Protection
CipherTrace is retained at the direction of Calderwood & Harkness LLP, acting as legal counsel for Aurelius Global Media Group PLC and Aurelius Media Americas, Inc., in anticipation of litigation against StreamNow Holdings, Inc. and potentially other parties. The engagement is structured to preserve the protections of the attorney-client privilege and the work product doctrine to the fullest extent permitted by applicable law.
All work product, reports, analyses, memoranda, data compilations, communications, and materials generated by CipherTrace in connection with this engagement (collectively, "Expert Work Product") are intended to be protected by the attorney-client privilege and/or the work product doctrine as recognized under Federal Rule of Civil Procedure 26(b)(3) and applicable state law. CipherTrace shall treat all Expert Work Product as privileged and confidential and shall not disclose any Expert Work Product to any person or entity other than C&H personnel identified in Section 2 above without the prior written approval of C&H.
All written and electronic communications between CipherTrace and C&H regarding the subject matter of this engagement, including emails, memoranda, reports, letters, file-sharing transmissions, and any other form of communication, should be prominently marked with the following legend:
"PRIVILEGED AND CONFIDENTIAL — ATTORNEY WORK PRODUCT — PREPARED AT THE DIRECTION OF COUNSEL IN ANTICIPATION OF LITIGATION"
CipherTrace shall not communicate directly with Aurelius, AMA, StreamNow, or any other party regarding the subject matter of this engagement without the prior written approval of C&H. All communications with the Client or with third parties shall be coordinated through C&H to preserve applicable privilege protections.
CipherTrace acknowledges and agrees that the decision whether to disclose, produce, or waive privilege with respect to any Expert Work Product or any communication between CipherTrace and C&H rests solely and exclusively with C&H and its Client. CipherTrace shall not make any disclosure that could be construed as a waiver of privilege without the express prior written authorization of C&H.
8. Independence and Conflicts
CipherTrace represents and warrants that, as of the date of this letter, it has no current engagement, business relationship, financial interest, or other connection involving StreamNow Holdings, Inc., Meridian Digital Distributors, LLC, Franklin Ogilvie (individually), Pinnacle Ventures Fund III, LP, Grantham Roth & Pearce LLP (counsel to StreamNow), or any of the four identified FAST channel sublicensees — namely, Brindoval Channel Networks, Inc., BrightLoop Media, LLC, Velvet Stream Partners, LP, or Pacific Lantern Digital Pty Ltd — that would impair its independence, objectivity, or ability to provide unbiased expert analysis and testimony in connection with this engagement.
CipherTrace shall promptly notify C&H in writing if, at any time during the course of this engagement, CipherTrace becomes aware of any actual or potential conflict of interest that could affect its independence or objectivity, including but not limited to any new engagement, business relationship, or financial interest involving any of the parties or entities identified in the preceding paragraph.
CipherTrace confirms that its analysis and conclusions in connection with this engagement shall be based solely on the data, evidence, and materials reviewed, applying generally accepted forensic methodologies and standards of practice in the field of digital media forensics. CipherTrace's findings and opinions shall not be influenced by the interests or desired outcomes of any party, including the Client.
9. Data Security and Handling
CipherTrace shall maintain commercially reasonable data security measures, consistent with industry best practices and applicable legal requirements, to protect all data, work product, and Confidential Information received, generated, or maintained in connection with this engagement. Such measures shall include, at a minimum, the use of encrypted storage, access controls, audit logging, and secure transmission protocols for all sensitive data.
All Aurelius content provided to CipherTrace, including but not limited to master copies, reference files, screeners, and associated metadata, shall be stored exclusively on encrypted, access-controlled systems maintained by CipherTrace. Such content shall not be copied, duplicated, or distributed beyond the scope of this engagement, and CipherTrace shall maintain a chain-of-custody log documenting the receipt, storage, and disposition of all Aurelius content in its possession.
CipherTrace shall comply with all applicable data protection and privacy laws in connection with any personal data processed during the course of this engagement, including but not limited to the California Consumer Privacy Act ("CCPA"), Cal. Civ. Code § 1798.100 et seq., the General Data Protection Regulation ("GDPR"), Regulation (EU) 2016/679, and any other applicable privacy or data protection statutes, regulations, or requirements.
10. Term and Termination
This engagement shall commence upon execution of this letter by both parties and shall continue until the scope of work described herein is completed or the engagement is earlier terminated in accordance with this Section.
C&H may terminate this engagement at any time, for any reason or for no reason, upon written notice to CipherTrace. In the event of termination by C&H, CipherTrace shall be compensated for all work performed and reasonable expenses incurred through the effective date of termination, and CipherTrace shall promptly deliver to C&H all work product, including any partially completed deliverables, generated in connection with the engagement through such date.
CipherTrace may terminate this engagement only for good cause, including but not limited to non-payment of fees in accordance with the terms of this letter or the emergence of a conflict of interest that cannot be resolved. Any termination by CipherTrace shall require at least fifteen (15) days' prior written notice to C&H, during which period CipherTrace shall continue to perform its obligations under this letter in good faith and shall cooperate with C&H to ensure an orderly transition of work.
11. No Guarantee of Outcome
CipherTrace acknowledges that its engagement hereunder is to provide objective forensic analysis and expert work product based on the data and evidence available. C&H makes no representation or guarantee regarding the outcome of any litigation, settlement, arbitration, or other legal proceeding that may arise in connection with this matter. CipherTrace's compensation under this engagement is not contingent upon the outcome of any such proceeding.
12. Governing Law
This engagement letter, and all rights and obligations of the parties hereunder, shall be governed by and construed in accordance with the laws of the State of California, without regard to principles of conflicts of law. Any dispute arising out of or relating to this engagement letter shall be subject to the exclusive jurisdiction of the state and federal courts located in Los Angeles County, California.
13. Acceptance
We look forward to working with CipherTrace on this important matter. If the foregoing terms are acceptable, please indicate your acceptance by signing and dating a copy of this letter in the space provided below and returning the executed copy to the undersigned at the Calderwood & Harkness LLP Los Angeles office. Upon execution by both parties, this letter shall constitute the binding agreement between C&H and CipherTrace with respect to the engagement described herein.
We look forward to working with you on this important matter.
Sincerely,
CALDERWOOD & HARKNESS LLP
By: ________
Name: Marcus Delgado
Title: Partner, intellectual Property
Date: ________
Calderwood & Harkness LLP 1999 Avenue of the Stars, Suite 3100 Los Angeles, California 90067
ACCEPTED AND AGREED
CIPHERTRACE ANALYTICS, LLC
By: ________
Name: Dr. Nathan Frey
Title: Director, Digital Media Forensics
Date: ________
CipherTrace Analytics, LLC 2700 Sand Hill Road, Suite 130 Menlo Park, California 94025
Enclosures: None (reference materials to be provided under separate cover following execution of this engagement letter)
cc: Catherine Bloom, Partner, Calderwood & Harkness LLP cc: Wendy Schultz, Senior Associate, Calderwood & Harkness LLP
Deliverable | Description | Target Due Date
Preliminary Findings Memorandum | A memorandum summarizing CipherTrace's initial findings with respect to content identification, metadata analysis, and preliminary viewership and revenue data, sufficient to inform the drafting of a formal demand letter to StreamNow. | Within 4 weeks of engagement — target date: approximately March 18, 2026
Final Forensic Report | A comprehensive forensic report addressing all elements of the scope of engagement described in Section 3, including content fingerprinting results, metadata analysis, viewership and traffic analysis, revenue attribution modeling, and platform architecture analysis, prepared in a form suitable for use in litigation. | Within 8 weeks of engagement — target date: approximately April 15, 2026
Supplemental Reports | Supplemental reports, analyses, or memoranda as may be requested by C&H during the course of the matter, including updates to reflect newly obtained data or to address specific issues raised in settlement negotiations or litigation. | As requested by C&H

PRIVILEGED AND CONFIDENTIAL ATTORNEY WORK PRODUCT PREPARED AT THE DIRECTION OF COUNSEL IN ANTICIPATION OF LITIGATION

CALDERWOOD & HARKNESS LLP

ACCEPTED AND AGREED

CIPHERTRACE ANALYTICS, LLC

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