Investor Presentaiton

Traditional SPAC Comparison vs. ENPC SPAC Size Promote (# of Shares at Merger Close)' Sponsor Warrants / Units² Promote Economics Traditional SPAC ENPC $414.0 $414.0 10.35 0.87 6.85 Forfeited Multiple of Invested Capital (MOIC) Traditional SPAC ENPC SPAC Size $414.0 $414.0 Promote (@ $10.00 at Merger Close)' $103.5 $8.7 Sponsor Warrants (Black Scholes Valuation at Merger Close)³ $23.2 $ - Return at Merger Close $126.7 $8.7 Risk Capital Investment $10.3 $6.9 MOIC at Merger Close 12.33x 1.25x Note: Traditional SPAC represents a $414mm SPAC, similar sized SPAC as ENPC for comparison 2. Assumes sponsor warrants purchased at $1.50 per warrant for the risk capital invested by the SPAC sponsor 3. Sponsor warrants valued using Black-Scholes methodology assuming 5-year term, 40 vol, 0% dividend yield, 0.25% borrowing cost 1. Sponsor promote under traditional SPAC calculated assuming sponsor retains 20% of outstanding shares of the SPAC on an as-converted basis 4. Risk capital calculated assuming upfront underwriting spread of 2.0% of SPAC size plus $2 million invested for additional expenses and working capital GRANITE RIDGE 20 20

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