August 14, 2026 Merger of Harte Hanks, Inc. (Nasdaq: HHS) into Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) Merger Presentation Important Disclaimer This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, express or implied statements regarding the structure, timing and completion of the proposed Merger; expectations regarding the ownership structure of the combined company; the anticipated timing of closing; the expected executive officers and directors of the combined company; the future operations of the combined company; the nature, strategy and focus of the combined company; the executive and board structure of the combined company; and other statements that are not historical fact. All statements other than statements of historical fact contained in this presentation are forward-looking statements. These forward-looking statements are made as of the date they were first issued, and were based on the then-current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management. There can be no assurance that future developments affecting Star, Harte Hanks, or the proposed Merger will be those that have been anticipated. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Star’s control. Star’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to (i) the risk that the conditions to the closing of the proposed Merger are not satisfied, including the failure to timely obtain stockholder approval for the Merger, if at all; (ii) uncertainties as to the timing of the consummation of the proposed Merger and the ability of each of Star and Harte Hanks to consummate the proposed Merger; (iii) risks related to Star’s ability to manage its operating expenses and its expenses associated with the proposed Merger pending closing; (iv) risks related to the failure or delay in obtaining required approvals from any governmental or quasi-governmental entity necessary to consummate the proposed Merger; (v) risks related to the market price of the Star preferred stock relative to the value suggested by the merger consideration; (vi) unexpected costs, charges or expenses resulting from the Merger; (vii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed Merger; (viii) risks related to the inability of the combined company to success operate as a combined business; and (ix) risks associated with the possible failure to realize certain anticipated benefits of the proposed Merger, including with respect to future financial and operating results, among others. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. These and other risks and uncertainties are more fully described in periodic filings with the SEC, including the factors described in the section titled “Risk Factors” in Star’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC, and in other filings that Star makes and will make with the SEC in connection with the proposed Merger, including the Proxy Statement/Prospectus described below under “Additional Information and Where to Find It.” You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof or as of the dates indicated in the forward-looking statements. Star expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. This presentation does not purport to summarize all of the conditions, risks and other attributes of an investment in Star or Harte Hanks. Participants in the Solicitation Star, Harte Hanks, and their respective directors and certain of their executive officers and employees may be considered participants in the solicitation of proxies from Harte Hanks’s stockholders with respect to the proposed Merger under the rules of the SEC. Information about the directors and executive officers of Star is set forth in its Definitive Proxy Statement related to its 2026 Annual Meeting of Stockholders, which was filed with the SEC on April 30, 2026 and certain other documents filed by Star with the SEC, and in subsequent documents filed with the SEC. Information about Harte Hanks’s directors and officers is available in its Definitive Proxy Statement related to its 2026 Annual Meeting of Stockholders, which was filed with the SEC on April 9, 2026, and in subsequent documents filed by Harte Hanks with the SEC. Additional information will be made available to you regarding the persons who may be deemed participants in the proxy solicitations and their direct and indirect interests (by security holdings or otherwise) in the Merger and related transactions in a registration statement on Form S-4 (the “Form S-4”) that will contain the Proxy Statement/Prospectus, and other relevant materials, each that will be filed with the SEC and disseminated to Harte Hank’s stockholders when they become available. Instructions on how to obtain free copies of this document and, when available, the Form S-4 and Proxy Statement/Prospectus, are set forth below in the section headed “Additional Information and Where to Find It”. This presentation relates to the proposed Merger involving Star and Harte Hanks and may be deemed to be solicitation material with respect to Harte Hanks’s stockholders in respect of the proposed Merger. In connection with the proposed Merger, Star will file the Form S-4 and Proxy Statement/Prospectus. This presentation is not a substitute for the Form S-4, the Proxy Statement/Prospectus or for any other document that Star or Harte Hanks may file with the SEC and or that Harte Hanks may send to its stockholders in connection with the proposed Merger. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF HARTE HANKS ARE URGED TO READ THE FORM S-4, THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT STAR, HARTE HANKS, THE PROPOSED MERGER AND RELATED MATTERS. 2 Transaction Summary Star Equity Holdings, Inc. (“Star”) to acquire Harte Hanks Inc. (“Harte Hanks”) for $5.00/share ~$384M FY2025 pro forma revenue ~$30M (1) FY2025 pro forma adj. EBITDA $10M cost synergies Scale and diversification Creates a multi-BPO platform across talent solutions, customer care, marketing, sales, and fulfillment & logistics Financing Capacity Increased ability to finance growth, including acquisitions, by leveraging the combined company’s larger scale and credit profile Synergy upside ~$10M of run-rate savings from duplicative public-company and corporate overhead costs Balanced consideration Up to 50% cash with the balance in STRRP preferred, funded by a mix of cash on hand and debt financing NOL utilization The combined company will benefit from Star's $215 million U.S. Federal net operating losses (“NOL”) (2) Owner mindset Star’s Board and management own approximately 35% of shares outstanding (3) and expect to own more over time (1) Includes $10M of anticipated cost synergies from merger of Star and Harte Hanks. See slide 9 for additional detail. (2) As of December 31, 2025. (3) Excludes unvested and unissued RSUs as of 8/12/2026 Indicative terms: $5.00 / share · ~$38.4M equity value · up to 50% cash / balance STRRP preferred 3 Transaction Details and Terms Consideration and Financing Consideration mix Up to 50% cash; balance in Star Series A preferred (Nasdaq: STRRP) Election Shareholder election; cash capped at ~$19.2M, preferred uncapped Preferred terms $10.00 liquidation preference, 10% perpetual cash dividend Financing Cash portion funded with cash on hand and debt financing Approvals and Closing Conditions Board approvals Approved by the Boards of both Star and Harte Hanks Stockholder vote Harte Hanks shareholder approval required prior to close Other conditions Form S-4 and other closing conditions 4 Transaction will be accretive from day one and is funded without issuing common stock At close, Harte Hanks, Inc. will merge with and into a wholly owned subsidiary of Star Equity Holdings, Inc.; Star Equity Holdings, Inc. will be the surviving public entity and will continue trading on Nasdaq $5.00 per share of HHS, in cash and STRRP ~$38.4M implied equity value on ~7.68M shares Q4 2026 expected close, subject to conditions
Strategic Rationale: Creating a Larger, Diversified BPO Offering Adding Harte Hanks to Star’s Business Services division to build a larger, diversified BPO platform Recruitment process outsourcing Executive & contingent search Talent intelligence Hudson Talent Solutions + Fulfillment & Logistics Customer Care Revenue Solutions Harte Hanks = C O M B I N E D Star BPO Platform Multiple BPOs serving Fortune 500 clients using shared services and cross selling Larger, diversified BPO An enterprise-wide outsourcing platform built on Hudson and Harte Hanks’ infrastructure, operations, and account teams Meaningful cost synergies Removes duplicative public-company, back-office, and leadership costs Cross-sell upside Shared blue-chip clients and the same buyers create cross-sell opportunities across the platform Addition of HHS to Hudson Talent Solutions creates a scaled, diversified BPO platform 5 Harte Hanks — Business Divisions (1) Three complementary BPO offerings that benefit from scale, cross-sell reach, and shared infrastructure as part of Star’s Business Services division (1) All financials from HHS FY2025 and FY2024 earnings releases; revenue Solutions was reported as Marketing Services prior to FY2025. $74.4M 47% of FY2025A revenue Pick, pack and ship, kitting and print distribution, plus 3PL freight moving 1.3B+ lbs a year through 9,000+ carriers Fulfillment & Logistics 85.0 82.0 74.4 8.9 5.8 6.6 FY23 FY24 FY25 Revenue ($M) EBITDA ($M) $50.1M 31% of FY2025A revenue 2,000+ trained agents across phone, chat, email and social, plus CRM development, AI chatbots and self- service tools Customer Care 53.6 52.9 50.1 9.5 10.1 6.2 FY23 FY24 FY25 Revenue ($M) EBITDA ($M) $35.1M 22% of FY2025A revenue B2B marketing agency, DataView data services and outsourced inside sales Revenue Solutions 52.9 50.3 35.1 6.6 5.2 5.6 FY23 FY24 FY25 Revenue ($M) EBITDA ($M) 6 Newco’s larger size Shareholder value creation Our plan: build scale through disciplined acquisitions • Microcap aggregation over the long-term optimizes shareholder value creation • NewCo is a logical aggregator of select micro-caps that meet our acquisition criteria • Medium-term (~5-year) goals: outperform the Russell 2000 Index and earn inclusion • Organic growth complemented by accretive acquisitions to scale quickly and profitably (1) Less than $250 million market capitalization. (2) Illiquidity leads to less investor interest, which in turn drives further illiquidity. Harte Hanks is Star’s second micro-cap merger in the past year, after the combination of Hudson Global and Star in August 2025 — transformative steps that leave us materially stronger and better able to create shareholder value Structural disadvantages of a micro-cap (1) Cost burden Public-company costs consume a disproportionate share of revenue Capital access Limited ability to raise equity or debt on attractive terms Market visibility Smaller investor base and limited analyst coverage Negatives of being a micro-cap vs a larger-cap stock: Lower liquidity Less buying / investor interest Lower valuations / multiples “Micro-Cap Purgatory” (2)2 1 7 Star Following the Merger Reporting Segments (1) Business Services Building Solutions Investments Building Solutions Other Investments Business ServicesBusiness Services Business Services Business Services Real Estate Assets Inve tm nts + Future bolt-on acquisitions Energy Services + Future bolt-on acquisitions + Future bolt-on acquisitions (1) On August 22, 2025, the Company completed its previously announced acquisition of Star Operating Companies, Inc. (“Star Operating”, formerly known as Star Equity Holdings, Inc.), pursuant to the Agreement and Plan of Merger, dated as of May 21, 2025 (the “Merger Agreement”), by and among the Company, Star Operating and HSON Merger Sub, Inc., a wholly owned subsidiary of the Company (“Merger Sub”). Upon the terms and subject to the conditions of the Merger Agreement, on August 22, 2025, at the effective time of the merger pursuant to the Merger Agreement (the “Merger”), Merger Sub merged with and into Star Operating, with Star Operating continuing as the surviving corporation of the Merger as a wholly owned subsidiary of the Company. Effective September 5, 2025, the Company changed (i) its name to Star Equity Holdings, Inc. and (ii) its trading symbol on Nasdaq to STRR and STRRP. Future Divisions To be established with the potential acquisition of new verticals 8
Reconciliation of Pro Forma Adjusted EBITDA 9 1. For Star Equity, pro forma Building Solutions and Investments results for the full year of 2025 as opposed to August 22, 2025 through December 31, 2025. Pro forma Energy Services reflects results from Alliance Drilling Tools for the full year in 2025. Alliance Drilling Tools was acquired by Star Operating Companies on March 3, 2025. 2. Pro forma Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non- operating (income) expense, stock-based compensation expense, and other non-recurring expenses (“Adjusted EBITDA”) are presented to provide additional information about the Company's operations on a basis consistent with the measures which the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the Company's profitability or liquidity. Furthermore, EBITDA and Adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies. $ in 000s Unaudited Star Equity (pro forma) Harte Hanks Combined Net loss ($4,058) ($811) ($4,869) Provision for (benefit from) income taxes 330 (197) 133 Interest (income) expense, net (78) - (78) Other expenses, net - 1,394 1,394 Depreciation and amortization 5,618 4,472 10,090 Pro forma EBITDA (non-GAAP) 1,812 4,858 6,670 Stock-based compensation 1,671 258 1,929 Restructuring expense - 1,782 1,782 Transaction costs related to mergers and acquisitions 5,004 - 5,004 Severance / contingent salary 891 - 891 Interest income 1,249 - 1,249 Impairment of cost method investment 432 - 432 Loss (gain) on equity method investment 755 - 755 Foreign currency (gain) loss 303 - 303 Unrealized (gain) loss on equity securities 35 - 35 Financing cost 114 - 114 Other non-operating expense (income) (4) - (4) Other non-recurring expenses 363 - 363 Pro forma Adjusted EBITDA (non-GAAP) $12,625 $6,898 $19,523 Estimated annualized run-rate cost synergies 10,000 Pro forma Adjusted EBITDA post-synergies (non-GAAP) $29,523 10 Contact Us Jeff Eberwein CEO Rick Coleman COO Shawn Miles EVP – Finance admin@starequity.com Investor Relations The Equity Group Inc. Lena Cati Senior Vice President 212-836-9611 / lena.cati@theequitygroup.com 10