Form of Proxy

The proposal seeks approval of the Amended and Restated Agreement and Plan of Merger dated January 19, 2026 (as amended, the Merger Agreement) among Warner Bros. Discovery, Inc. (WBD), Netflix, Inc., Nightingale Sub, Inc. (a wholly owned Netflix subsidiary), and New Topco 25, Inc. / New WBD (a wholly owned WBD subsidiary), pursuant to which, at the effective time, Merger Sub will merge into New WBD, with New WBD surviving the merger and becoming a wholly owned subsidiary of Netflix (the Merger).

To approve the conversion of Old WBD (as defined in the proxy statement) from a Delaware corporation into a Delaware limited liability company following the completion of the merger of a newly formed Delaware corporation and wholly owned subsidiary of New WBD with and into WBD in accordance with Section 251(g) of the General Corporation Law of the State of Delaware and pursuant to an agreement and plan of merger and prior to the completion of the separation and distribution described in the proxy statement.

To approve, on an advisory (non-binding) basis, the compensation that may be paid or become payable to WBDs named executive officers that is based on or otherwise relates to the Merger.