151 Satellite Connectivity Revenues Could Exceed $130 Billion Per Year ARK believes direct to device capability will be adopted by all telecom operators over time. Addressable Subscribers* Annual Revenue* Annual Addressable Market* Satellite Subscribers As Percent Of Cellular Subscribers Direct to Device 8 billion $6 ~$48 Billion s r 100.000% e ib cr Global Households s b Without Access To 600 Million $60 ~$40 Billion u S S 10.000% T Broadband ar E l SpaceX direct to device with K u l C l T-Mobile, when at scale e C RO RVs 11 Million $1,620 ~$18 Billion f E O ) 1.000% L e B nt A ce cal S r S U e g Recreational Boats 8.5 million $1,620 ~$14 Billion P o RE (L As 0.100% s r e Commercial ib 25 Thousand $225,000 ~$6 Billion cr Aircraft Fleet s b 0.010% u S e Cruise Ships, it l l Warships, 100 Thousand $60,000 ~$6 Billion e at 0.001% Commercial Ships S 1997 2007 2017 2027 Total: ~$132 Billion Forecast *Forecasts. Source: ARK Investment Management LLC, 2024. This ARK forecast is based on a range of data sources, which may be provided upon request. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.