Terran Orbital SPAC Presentation Deck

Transaction Priced at a Discount to Peer Multiples (Continued) Deal Value Discount to Future Enterprise Value vs. Selected SPACE SPACS Assuming Terran's Valuation Methodology 68% TERRAN ORBITAL 90% TERRAN ORBITAL AST 66% SATELLOGIC Median: 42% 54% REDWIRE 42% ASTRA 15% BLACK SKY Implied Future EV below Deal EV NM ROCKET LAB Source: Company management, Company presentations, public filings. Note: Terran Valuation Method for DTRV assumes '25P Adjusted EBITDA multiple of 11x discounted back 4.0 years at a discount rate of 20%. Analysis excludes Virgin Galactic given lack of '25P Adjusted EBITDA forecast. NM planet. 32

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