Investor Presentaiton

Ownership Analysis Across Redemption Levels Redemption Levels 0.0% 25.0% 50.0% 75.0% 100.0% Grey Rock $1,300 $1,300 $1,300 $1,300 $1,300 SPAC Investors 414 311 207 104 SPAC Sponsor 8.7 8.7 8.7 8.7 8.7 Pro Forma Equity Value $1,723 $1,619 $1,516 $1,412 $1,309 Dividend Yield2 3.5% 3.7% 4.0% 4.2% 4.6% Redemption Levels Pro Forma Ownership 0.0% 25.0% 50.0% 75.0% 100.0% Grey Rock 75.5% 80.3% 85.8% 92.1% 99.3% SPAC Investors 24.0% 19.2% 13.7% 7.3% 0.0% SPAC Sponsor 0.5% 0.5% 0.6% 0.6% 0.7% Total 100.0% 100.0% 100.0% 100.0% 100.0% Note: Assumes $10.00 share price at merger close. Excludes impact of 10.35 million public warrants. Values may not add to totals due to rounding. Certain SPAC Sponsor loans will be repaid at closing 1. Does not reflect the requirement pursuant to the ENPC certificate of incorporation and Business Combination Agreement that ENPC have net tangible assets (as defined in accordance with Rule 3a51-1 (g)(1) of the Exchange Act (or any successor rule)) of at least $5,000,001 upon the redemption of Class A common stock by holders of ENPC Class A common stock 2. Assumes $60 million of dividends GRANITE RIDGE 21 21

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