The Buxton Helmsley Group, Inc. (together with certain of its affiliates, “BHG” or “we”), the New York City-based investment fund manager with financial interests in EchoStar Corporation (“EchoStar” or the “Company”) (NASDAQ: SATS), today issued an open letter (the “Letter”) to the Company’s Board of Directors, largely relating to the Company and its recent merger with DISH Network Corp. (“DISH”). Within the Letter, BHG discusses apparent pre-merger material misstatements of financial position occurring at DISH (apparent, undisclosed asset value depreciation expenses, in apparent violation of GAAP ASC 350/360 and Regulation S-X), and apparent fraudulent conveyances occurring after the Company was privately notified by BHG (on December 27, 2023) as to findings of evidenced net asset insolvency at DISH.

BHG had given the Company an opportunity to privately respond, if it had any substantive defense to these findings, and the Company issued no response.

The Letter issued by BHG to the Company today, in addition to the instances of private correspondence leading up to this Letter, may be found at: https://www.buxtonhelmsley.com/sats/

About Buxton Helmsley: The Buxton Helmsley Group, Inc. is a New York City-based investment advisory firm and fund manager, engaging both active and passive investment strategies across a range of asset classes, with a general focus on opportunities in North America and Europe. The investment approach is based on deep fundamental analysis and risk management, with a focus on ensuring disclosure obligations being upheld under applicable accounting standards and securities laws.

Disclosure and Disclaimer:

This press release and the attached public letter (the “Letter”) has been published by The Buxton Helmsley Group, Inc. (“BHG”). BHG is a registered investment advisor in the United States (particularly, registered with the State of New York).

This Letter is for informational purposes only and is not an offer or solicitation to buy or sell any investment product. BHG is also not proposing any particular investment proposal, nor a particular investment decision, nor recommending or suggesting an investment strategy, explicitly or implicitly, concerning EchoStar Corporation or DISH Network Corporation (each, an “Issuer”, and together, the “Issuers”), and therefore the Letter is not information recommending or suggesting an investment strategy or investment recommendation.

Our research expresses our opinions, which we have based on publicly available information, research, inferences, and deductions through our due diligence and analytical processes.

Our research and this Letter include forward-looking statements, estimates, projections, and opinions prepared with respect to, among other things, certain accounting, legal, and regulatory issues each Issuer faces and the potential impact of those issues on its future business, financial condition and results of operations, as well as more generally, the Issuer’s anticipated operating performance, access to capital markets, market conditions, assets, and liabilities. Such statements, estimates, projections and opinions may prove to be substantially inaccurate and are inherently subject to significant risks and uncertainties beyond BHG’s (and its affiliates and related parties) control. No representation is made (or warranty given) as to the accuracy, completeness, achievability, or reasonableness of such statements of opinion.

BHG believes all information contained within the Letter is accurate and reliable, and has been obtained from public sources it believes to be accurate and reliable. However, such information is presented “as is,” without warranty of any kind, whether express or implied. BHG and its affiliates make no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or regarding the results to be obtained from its use. All expressions of opinion are subject to change without notice, and BHG is not obligated to update or supplement this Letter or any other letters, or any of the information, analysis, and opinions contained in them. BHG makes no representation, express or implied, as to the accuracy, completeness, achievability, reasonableness, and timeliness of any such information, or statements regarding the results to be obtained from its use.

Readers of the Letter consent to perform their own research and due diligence before making any investment decision with respect to the securities covered herein. Readers of the Letter also represent to BHG that they possess sufficient investment sophistication to critically assess the information, analysis, and opinions in the Letter.

Readers of the Letter agree to release BHG and its affiliates and related parties from any and all liability for any direct or indirect trading losses caused by acting on any information in the Letter. Affiliated and related parties of BHG include, but are not limited to, partners, principals, officers, directors, employees, members, clients, investors, advisors, consultants, and agents. In no event shall BHG or its affiliates and related persons be liable for any claims, losses, costs, or damages of any kind, including direct, indirect, punitive, exemplary, incidental, special, or consequential damages, arising out of or in any way connected with the contents of the Letter. Readers further agree that they will not communicate the contents of the Letter to any other person unless that person has consented to be bound by these same terms.

BHG, based on the contents of the Letter, believes certain securities of the Issuers are materially overvalued by the open market compared to their true, intrinsic value; that is, in addition to the belief that certain securities of the Issuers are more likely than not worthless. Given those beliefs, at the time of this Report being publicly released, BHG, its affiliates, and/or related persons (possibly along with or through its members, partners, affiliates, employees, and/or consultants) held a short interest in securities of the Issuers, whether through direct short sales, options, swaps, over-the-counter derivatives, or any other derivative securities.

BHG, its affiliates and/or related persons may take additional positions in the Issuers (long and/or short) at a future date, and disclaim any obligation to provide a public notification as to any such transactions, except to the extent required by law.

For U.S. recipients: The Letter is being distributed in the U.S. in compliance with the Investment Advisors Act of 1940. The information in the Letter is intended solely for the use of institutional investors, and may not be used or relied upon by any other person for any purpose. Such information is provided for informational purposes only and does not constitute a solicitation to buy or an offer to sell any securities under any U.S. federal or state securities laws, rules, or regulations. All readers of the Letter should seek competent, independent advice (financial and/or legal advice), prior to transacting in securities of the Issuers.

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