Market Overview

LionTree Announces Minority Investment in Ripken Baseball

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Ripken Investment is a continuation of LionTree's Expertise in Sports
Media and Amateur & Youth Sports

LionTree LLC ("LionTree"), a global investment and merchant bank focused
on the technology, media and telecommunications ("TMT") sectors, today
announced that it has made a significant minority investment through its
investing arm, LionTree Partners LLC, in Ripken Holdings LLC ("Ripken
Baseball" or the "Company"), a youth sports education & entertainment
company founded by Hall of Fame baseball player Cal Ripken, Jr., and his
brother, former MLB player, Bill Ripken.

LionTree's investment is driven by its positive view of marquee brands
as multi-channel platforms and excitement around the future of youth
sports education and live experiences. This investment is a continuation
of LionTree's expertise within the growth areas of sports including
investments in theAthletic, Second Spectrum, and FuboTV as well as
advising Gamechanger in its sale to Dick's Sporting Goods and Drone
Racing League on its Series B equity raise. As part of the transaction,
Aryeh B. Bourkoff, Founder and CEO of LionTree, will join the Company's
Board of Directors.

Ripken Baseball is a leader within youth sports education and grows the
game by hosting tournaments, camps, spring training events and player
development programming. The Company operates three facilities, located
in Aberdeen, Maryland; Myrtle Beach, South Carolina; and Pigeon Forge,
Tennessee. The Company also offers online streaming of tournaments and
coaching content on its website, along with an ecommerce site that sells
apparel and instructional materials.

LionTree's investment will support several growth initiatives: 1)
organic and inorganic expansion in the U.S.; 2) the launch of new
digital products for youth athletes, parents and coaches to leverage its
unique insights and content; and 3) other new technology products such
as mobile apps leveraging content and data. In addition, LionTree will
provide strategic advice and assist senior leadership in forging new
relationships and partnerships with sports, media and technology
companies.

"Cal Ripken Jr., a multi-generational sports icon, created this platform
to share his experience and value system with the next generation of
youth athletes, their families, and their coaches," said Aryeh B.
Bourkoff, Founder and CEO of LionTree. "Cal's message of hard work
equals success is timeless and can be applied to all facets of sports
and life. We look forward to partnering with Cal and his team and
leveraging our expertise to add multi-platform digital offerings such as
analytics tools and mobile apps to educate young athletes for
generations to come."

"I am proud of the way we have been able to grow and expand all that
Ripken Baseball does, and now with this investment and long-term
partnership with LionTree we can accelerate the growth plans and enhance
our digital presence to reach even more people who share our passion,"
said Cal Ripken, Jr., President of Ripken Baseball. "We can do that much
more with terrific partners, and we view LionTree as just such a
partner. Having Aryeh Bourkoff join our board brings a level of
experience and expertise to our team that is unmatched. Our team is very
excited and optimistic about the future of our organization and all that
we look to accomplish in the years ahead."

About LionTree LLC

LionTree is a differentiated global investment and merchant banking firm
focused on media, technology and telecommunications. Founded in 2012,
LionTree works across offices in New York, San Francisco, London and
Paris to serve clients on transactions around the globe. The Firm
leverages its unique insights and relationships across its integrated
product set: M&A Advisory, Capital Raising, IPO Advisory, Merchant
Banking, Institutional Investor Membership (IIM) and LT Growth. Across
these focus areas the firm connects clients with tailored ideas,
actionable opportunities and resources that drive results. KindredCast,
LionTree's podcast series, features interviews with leaders in TMT and
provides a look into the stories of executives who are among the most
entrepreneurial of our time.

About Ripken Holdings LLC

The mission of Ripken Baseball is to inspire athletes through remarkable
experiences, the Ripken Way. Ripken Baseball brings teammates, coaches
and families together through on-site tournaments, camps and clinics
hosted at its state-of-the-art baseball and softball facilities - The
Ripken Experience Aberdeen Powered by Under Armour in Maryland, The
Ripken Experience Myrtle Beach in South Carolina and The Ripken
Experience Pigeon Forge in Tennessee. For more information, visit www.RipkenBaseball.com and
follow @RipkenBaseball on Facebook, Twitter and Instagram.

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