ELEVATING THE GAME. EVOLVING THE CULTURE. Investor Presentation October 2026 Ticker “TONT” Confidential 1

Graf Global (TONT) presented a deal to combine with BIG3, targeting a $337M enterprise value and $402M equity value. The transaction, expected to close in early 2027, assumes $65M in cash post-closing. BIG3 members will roll over all equity, representing 70.6% of pro forma ownership. The company plans investments in hiring, marketing, and monetization strategies. (Source: SEC filing)

Black Hills Corp. (BKH) and NorthWestern Energy (NWE) announced the merged company will be named Bright Horizon Energy, trading as HZN on NYSE if approved. The merger awaits final Montana regulatory approval. Both companies' shares continue trading under current tickers during the process. The merger has received shareholder and other regulatory approvals.

Black Hills Corp. (BKH) and NorthWestern Energy (NWE) plan to merge, with the new entity named Bright Horizon Energy and trading under 'HZN' on the NYSE, pending regulatory approval. The merger, expected by Nov. 12, 2026, requires final approval from the Montana Public Service Commission. Both companies have already received shareholder and other regulatory approvals.

Elon Musk has proposed a merger between SpaceX and Tesla, valued at $3.5T, forming the largest corporate deal in history. SpaceX, public since 2024, is valued at $2T, while Tesla is valued at $1.5T. Musk cited AI, chips, energy, and connectivity as key drivers. Analysts expect a 90% chance of approval by early 2027, pending Tesla shareholder approval and regulatory hurdles.

Salesforce (CRM) announced a $5.66B acquisition of Braze (BRZE), a customer engagement platform, to enhance its AI marketing capabilities. Braze shareholders will receive $47.50 per share. The deal is expected to close in fiscal 2028, subject to approvals, and will be funded with cash. Salesforce anticipates growth accretion but near-term profitability dilution. Braze will continue operating independently until the deal closes.

Rivian (RIVN) acquired Third Dimension AI, a company specializing in AI-powered 3D spatial generation, to enhance its autonomous driving systems. The acquisition aims to accelerate synthetic data generation and full-world simulation for driver assistance and self-driving technologies. Financial terms were not disclosed.