Differentiated Corporate Strategy and Structure November 2023 A Diversified Holding Company with a Private Equity Strategy • Diversified holding company with two divisions • Operating divisions led by local management. Corporate HQ functions like a private equity firm and manages Investments division • Q3 cash & cash equivalents less debt of $20.7 million; well-positioned to pursue acquisitions • Tax-efficient Series A 10% Preferred Stock (non- convertible) issued Sept. 2019 in an acquisition Common Stock (Nasdaq: STRR): Stock Price (1): $0.99 15.8 million shares outstanding (2) Series A Preferred Stock (Nasdaq: STRRP): Stock Price (1): $9.50 1.92 million shares outstanding (2) 10% annual cash dividend Financial Highlights Investment Highlights (1) 11/17/23 closing price. (2) 11/3/23 share count. $49.3M LTM Revenue (4) $14.2M LTM Gross Profit (4) $20.7M (5) Cash Balance $25.0M (6) Investments (4) Last twelve months (“LTM”) financials are as of September 30, 2023, and do not include the discontinued operations of Digirad Health, Inc. (5) As of September 30, 2023. (6) As of September 30, 2023, public investments portfolio value was $4.3M. Investments Real Estate Public Investments Private Investments • Holds private company debt and equity interests • Strategic investments in potential acquisitions or JVs • Star Equity Fund manages public equity portfolio • Strategic investments in undervalued public companies, potential acquisitions or JVs • Owns, manages, and finances operating company real estate assets Maine / New England • Designs and manufactures modular housing units for commercial and residential projects (3) Effective May 4, 2023, Star Equity sold its Healthcare division for $40 million. Corporate HQ Functions like a private equity firm and is responsible for: • Oversight of Operating Management Teams • Capital Allocation • Strategic Leadership • Restructurings & Turnarounds • M&A • Bank Relationships • Capital Markets • Investor Relations • Financial Reporting, FP&A • Compliance & Legal • Management of investments Construction KBS EBGL Similar to Private Equity with Key Distinctions Star Equity shareholders do not pay any fees and have public market liquidity Long-term partnership approach rather than short- term transactional mentality Able to pursue both private and public acquisition targets, sometimes through activism (7) Open-ended investment time horizon allows for flexible holding periods Looking for accretive bolt-ons and new verticals Flexible deal structuring given ability to use mix of cash, debt, common, preferred Minneapolis-St Paul Area • Designs and manufactures wall panels and engineered wood products • Distributes building materials and operates a lumber yard and showroom Star Equity currently has two divisions (3) : (7) Public activism efforts are not always in pursuit of acquisition. Case Study: Healthcare Division $63.2 million of value realized through portfolio optimization • High single-digit annual organic growth • Reputation for quality and reliability Case Study: Construction Division Improved operating performance & strong growth has unlocked value Star Equity Holdings Rick Coleman, CEO admin@starequity.com Contacts Targets: public or private companies • Market cap of $5-50M and more valuable inside Star Equity • Assets, earnings, and cash flows (no start-ups or VC situations) • SG&A and public company cost reduction opportunities • Opportunities for improved operating and financial performance • Bolt-ons for existing platform businesses or create new divisions • Businesses with growth potential and strong operating teams Three asset classes: Real Estate, Public, and Private Investments • Real Estate: o Formed in April 2019 with two sale-leaseback transactions o Owns, manages, and finances operating company real estate assets • Public Investments: o Strategic investments including potential acquisition targets or JVs o Seeks to unlock shareholder value and improve corporate governance at its portfolio companies • Private Investments: o Private company debt and equity interests shown below: Investor Relations Lena Cati, The Equity Group Inc. 212-836-9611 / lcati@equityny.com Sept 2018 Sept 2018 Feb 2021 Mar 2021 May 2022 May 2023 Real Estate Sales $1 Million Telerhythmics Sale $2 Million MDOS Sale $1.4 Million DMS Sale $18.8 Million Reorganization Margins DHI Sale $40 Million Over 5 years, Star Equity streamlined its Healthcare division through non-core asset sales and improved performance, culminating in the $40 million sale of Digirad Health in May 2023 despite STRR market cap being $10 million at the time Real Estate Portfolio Value 3 Factories $6.35 Million (1)(2) Public Investments Portfolio Value Public Equities $4.3 Million (2) (2) As of 9/30/2023 based on price at close. Private Investments Portfolio Value​ TTG Note​ $7.0 Million​ TTG Equity​ $6.0 Million​ MDOS Note​ $1.3 Million​ Total $14.3 Million September 2019 • Approx. 145k sq. ft. of production capacity / two facilities • Primarily in single-family residential housing market • Approx. 175k sq. ft. of production capacity / two facilities • Expanded into new markets with a sales pipeline of approximately $50 million • Mid-teens annual organic growth • Reputation for quality and reliability November 2023 Long-Term Goal • Profitability hampered by swings in commodity prices and sub- optimal contract language • Improved operational efficiencies and risk mitigation • Stronger market presence and reputation following acquisition of Big Lake Lumber, Inc. FY 2022 Revenue $57.1M Gross Profit $12.7M Adj. EBITDA $6.3M FY 2021 Revenue $48.0M Gross Profit $3.0M* Adj. EBITDA $(2.7)M* FY 2020 Revenue $28.9M Gross Profit $4.1M Adj. EBITDA $0.7M * FY 2021 Construction margins were affected by COVID-related raw materials price increases. Construction division significantly more valuable today than its 2019 purchase price (1) Based on 2019 third-party appraisals and includes purchase price paid for Big Lake Lumber real estate; (2) Value estimated by sale leaseback advisor to be around $15.0M. Star Equity Acquisition Strategy Investments Division