# EDGAR Filing Document

**Accession Number:** 0002037431
**File Stem:** 0001829126-25-008232
**Filing Date:** 2025-10
**Character Count:** 55186
**Document Hash:** 37b7b7ad70e27594dbf4064ab828ec9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-008232.hdr.sgml**: 20251020

**ACCESSION NUMBER**: 0001829126-25-008232

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20251020

**DATE AS OF CHANGE**: 20251020

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pelican Acquisition Corp
- **CENTRAL INDEX KEY:** 0002037431
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42666
- **FILM NUMBER:** 251402291

**BUSINESS ADDRESS:**
- **STREET 1:** 1185 AVENUE OF THE AMERICAS, SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-612-1400

**MAIL ADDRESS:**
- **STREET 1:** 1185 AVENUE OF THE AMERICAS, SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pelican Acquisition Corp
- **CENTRAL INDEX KEY:** 0002037431
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **STREET 1:** 1185 AVENUE OF THE AMERICAS, SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-612-1400

**MAIL ADDRESS:**
- **STREET 1:** 1185 AVENUE OF THE AMERICAS, SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): October 17, 2025

**<u>Pelican Acquisition Corporation</u>**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-42666** | **N/A** |
| (State or other jurisdiction <br>of incorporation) | (Commission<br>File Number) | (IRS Employer <br>Identification No.) |

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| | |
|:---|:---|
| **1185 Avenue of the Americas, Suite 349**<br> **New York, NY** | **10036** |
| (Address of principal executive offices) | (Zip Code) |

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Registrant's telephone number, including area code: **(212) 612-1400**

**<u>Not Applicable</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of exchange on which registered** |
| Units, each consisting of one ordinary share and one right | PELIU | The Nasdaq Stock Market LLC |
| Ordinary shares, par value $0.0001 per share | PELI | The Nasdaq Stock Market LLC |
| Rights, each right entitling the holder to receive one-tenth of one ordinary share | PELIR | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure** |

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Pelican Acquisition Corporation (hereinafter, "PELI," "Pelican," or the "Company") is furnishing this Current Report on Form 8-K in connection with the disclosure of certain information about the Company and the March GL Company ("March GL") in the form of an Investor Presentation, which the Company, March GL, and other related parties may reference, from time to time, at investor meetings. A copy of the Investor Presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference.

The information contained in the Investor Presentation is summary information intended to be considered in the context of the Company's SEC filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Investor Presentation speaks only as of the date of this Current Report on Form 8-K. The Company undertakes no duty or obligation to publicly update or revise the information included in the Investor Presentation, although it may do so from time to time. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or other public disclosure. In addition, the exhibit furnished herewith contains statements intended as "forward-looking statements" that are subject to the cautionary statements about forward-looking statements set forth in such exhibit. By furnishing the information contained in the Investor Presentation, the Company makes no admission as to the materiality of any information in the Investor Presentation that is required to be disclosed solely by reason of Regulation FD.

The information in this Item 7.01, including Exhibit 99.1, is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into filings of Pelican under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of any general incorporation language in such filings. This Current Report on Form 8-K will not be deemed as an admission as to the materiality of any information in this Item 7.01, including Exhibit 99.1.

**Additional Information About the Business Combination and Where to Find It**

In connection with the Business Combination, Pelican intends to file with the U.S. Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 (the "Registration Statement"), which will include a preliminary proxy statement/prospectus of Pelican and after the Registration Statement is declared effective, Pelican will mail the definitive proxy statement/prospectus relating to the Business Combination to Pelican's shareholders as of the respective record dates to be established for voting on the Business Combination. The Registration Statement, including the proxy statement/prospectus contained therein, will contain important information about the Business Combination and the other matters to be voted upon at a meeting of the Pelican shareholders (the "Pelican Shareholder Meeting"). This Current Report on Form 8-K does not contain all the information that should be considered concerning the Business Combination and other matters and is not intended to provide a basis for any investment decision or any other decision in respect of such matters. Pelican, Greenland Exploration Limited ("Greenland"), March GL, or Pelican Holdco, Inc. ("PubCo") may also file other documents with the SEC regarding the Business Combination. Pelican's shareholders and other interested persons are advised to read, when available, the Registration Statement, including the preliminary proxy statement/prospectus contained therein, the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the Business Combination, as these materials will contain important information about Pelican, Greenland, March GL, PubCo, and the Business Combination.

Pelican's shareholders and other interested persons will be able to obtain copies of the Registration Statement, including the preliminary proxy statement/prospectus contained therein, the definitive proxy statement/prospectus and other documents filed or that will be filed with the SEC, free of charge, by Pelican, Greenland, March GL, and PubCo through the website maintained by the SEC at <u>www.sec.gov</u>.

**Participants in the Solicitation**

Pelican, Greenland, March GL, PubCo, and their respective directors and officers may be deemed participants in the solicitation of proxies of Pelican shareholders in connection with the Business Combination. More detailed information regarding the directors and officers of Pelican, and a description of their interests in Pelican is contained in Pelican's filings with the SEC, including its Quarterly Report on Form 10-Q for the fiscal quarters ended July 31, 2025, which was filed with the SEC on September 15, 2025, April 30, 2025, which was filed with the SEC on June 27, 2025, and the initial business combination offering filed on Form S-1, and effective as of May 22, 2025, which are available free of charge at the SEC's website at <u>www.sec.gov</u>. Information regarding the persons who may, under the SEC rules, be deemed participants in the solicitation of proxies of Pelican's shareholders and other interested persons in connection with the Business Combination and other matters to be voted upon at the Pelican Shareholders Meeting will be set forth in the Registration Statement for the Business Combination when available.

**Forward-Looking Statements**

This Current Report on Form 8-K includes certain statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should," "target," "would," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, but are not limited to, statements about Pelican, Greenland, and March GL's ability to effectuate the Business Combination discussed in this document; the benefits of the Business Combination; the future financial performance of PubCo (defined as the Greenland Energy Company, which will be the go-forward public company following the completion of the Business Combination) following the contemplated transactions; changes in the parties' strategy; future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on information available as of the date of this document, and current expectations, forecasts and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Pelican's, Greenland's, March GL's, or PubCo's views as of any subsequent date, and none of Pelican, Greenland, March GL, and PubCo undertakes any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Neither Pelican nor PubCo gives any assurance that either Pelican or PubCo will achieve its business expectations. Therefore, you should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, PubCo's actual result or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the timing to complete the Business Combination by Pelican's business combination deadline, including after approval of applicable extensions and the potential failure to obtain such extension(s) of the business combination by the deadline if sought by Pelican; (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements relating to the Business Combination, (iii) the outcome of any legal, regulatory, or governmental proceedings that may be instituted against Pelican, Greenland, March GL, or PubCo or any investigation or inquiry following announcement of the Business Combination, including in connection with the Business Combination; (iv) the inability to complete the Business Combination due to the failure to obtain approval of Pelican's shareholders or other interested persons; (v) Greenland, March GL, and PubCo's success in retaining or recruiting, or changes required in its officers, key employees or directors, following the Business Combination; (vi) the ability of the parties to obtain the listing of the PubCo's common stock on a national securities exchange upon the date of closing of the Business Combination; (vii) the risk that the Business Combination disrupts current plans and operations of Greenland or March GL; (viii) the ability to recognize the anticipated benefits of the Business Combination; (ix) the unexpected costs related to the Business Combination; (x) the amount of redemptions by the Pelican public shareholders being greater than expected; (xi) the management and board composition of PubCo following the Business Combination; (xii) limited liquidity and trading of PubCo's securities following completion of the Business Combination; (xiii) changes in domestic and foreign business, market, financial, political, and legal conditions, including March GL's expectations of receiving extensions on applicable licenses, (xiv) the possibility that Pelican, Greenland, or March GL may be adversely affected by other economic, business, and/or competitive factors; (xv) operational risks; (xvi) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on Pelican, Greenland, or March GL's resources; (xvii) the risk that the consummation of the Business Combination is substantially delayed or does not occur; and (xviii) other risks and uncertainties indicated from time to time in the Registration Statement, including those under "Risk Factors" therein, and in other filings of Pelican with the SEC.

**No Offer or Solicitation**

This Current Report on Form 8-K relates to a Business Combination between Pelican, Greenland, and March GL. This document does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there by any offer, sale or exchange of securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therein.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Investor Presentation, dated October 17, 2025](pelicanacq_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **PELICAN ACQUISITION CORPORATION** | **PELICAN ACQUISITION CORPORATION** |
| Dated: October 20, 2025 | By: | /s/ Robert Labbé |
|  | Name: | Robert Labbé |
|  |  | Chief Executive Officer |

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## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

G r een la n d E ne r g y Compan y A Ne w En erg y Fronti e r T h r o u g h bu si n e ss a c c o mm o d a t ion ag r ee m e n t P e li c a n A cqu isi t io n , G r ee n l a nd E x p lo r a t io n , a n d Ma r c h GL C o mp a n y s h a ll m e r g e i n t o G r ee n l a n d E n e r g y C o mp a n y .

![](ex99-1_002.jpg)

Th i s p r e s ent a t i o n (th i s " P r e s e n t a t i on ") i s b e i n g f u r n i s h e d f o r t h e e x c l u s i v e u s e o f , a n d s o l e l y f o r t h e pu r po s e o f a ss i s t i n g , t h e p a r t i es (s uc h p a r t i e s , to g ether w i th t h e i r s ub s i d i a r i es a n d a ff ili a te s , t h e " Re ci p i e n t s ") to who m i t i s a d d r e s s ed i n ma k i ng t h e i r i nd e p end e n t e va l u a t i o n w i th r e s pe c t to a p r opo s e d bu s in e s s c omb i n a t i o n (t h e " B u s in e s s C omb i n a t i on ") b y a n d am ong Pe li c an Ho l d co , Inc . (" Ho l dco ") , Pe li c an A c qu i s i t i o n C o r po r at i o n ("S PA C") , G r een l a n d E x p l o r at i o n L i m i t e d (" G r ee nl a nd "), a n d M a r c h G L C omp a n y (" M a r c h G L " , a n d to g ether w i th G r een l a nd , e a c h a "C omp a n y" a n d c o ll e c t i v e l y , t h e "C omp a n i e s") . Th i s i n f o r m a t i o n i s b e i n g d i s t r i bu t e d to t h e R e ci p i en ts o n a c o n f id en t i a l b a s i s a n d may no t b e r ep r o duce d o r u s e d , i n who l e o r i n p a r t, f o r a n y o t her p u r po s e s , n o r may i t b e d i s cl o s e d o r othe r w i s e ma de ava il a b l e to a n y th i r d p a r ty . B y r e c e i v i ng th i s i nf o r m a t i on, R e ci p i e nt s , t h e i r a f f i l i a te s a n d r e p r e s e n t a t i v es ag r ee to m a i nt a i n t h e c o n f i den t i a li t y o f t he i nf o r m a t i o n c on ta in e d h e r e i n . W i thou t t h e exp r e s s p ri o r w ri t te n c on s en t o f e a c h o f t h e p a r t i e s , t h i s P r e s ent a t i o n a n d a n y i n f o r m a t i o n c on ta in e d he r e i n may no t b e (i) r e p r o du c e d (i n who l e o r i n p a r t) , (ii) c op i ed at a n y t i m e, (i i i) u s e d f o r a n y p u r po s e o t her th an t h e R e c i p i en t s ' e v a l u a t i o n o f t h e p a r t i e s a n d t h e B u s in e s s C omb i n a t i o n o r (i v) p r o v i d e d to a n y p e r s o n ex c e p t t h e R e ci p i e nt s ' em p l oyees a n d a d v i so r s w i th a need to kno w wh o a r e a d v i s e d o f t h e c o n f i dent i a li t y o f t h e i n f o r m a t i on . Th i s P r e s ent a t i o n s up e r s e d e s a n d r e p l a c e s a l l p r e v i ou s o r a l o r w ri t te n c ommun ic a t i on s between Ho l dc o , t h e C omp a n i e s a n d SP AC r e l a t i ng to t h e s ub j e c t matter he r e o f . The p r o v i s i o n o f t h i s P r e s ent a t i o n s h a ll no t b e take n as a n y fo r m o f c o mm i tment o n t h e p a r t o f Ho l d co , t h e C omp a n i e s a n d SP AC to p r o c eed w i th a n y ne g ot i a t i on s o f t h e B u s in e s s C omb i n a t i o n o r a n y o t her t r an s a c t i on, a n d Ho l d co , t h e C omp a n i e s a n d SP AC r e s e r v e t h e ri g ht to d i s c on t i nu e d i s c u ss i on s o r ne g ot i a t i on s r e ga r d i ng a n y t r an s a c t i o n at a n y t i m e a n d f o r a n y r e a s o n o r n o r e a s on . No Re pr e s e n t a ti ons or W a rr an t ies N o r e p r e s ent a t i on s o r w a rr ant i e s , exp r e ss o r i m p l i e d, a r e g i v e n i n , o r i n r e s pe c t o f , t h e a ccu r a c y o r c omp l ete n e ss o f t h e i nf o r m a t i o n c on ta in e d i n th i s P r e s ent a t i o n o r a n y o t her i n fo r m a t i o n (w h et h er w r i tte n o r o r a l) th a t h as been o r w i l l b e p r o v i de d to you . T o t h e fu ll e s t exte n t pe r m i t te d b y l a w, n e i t h er Ho l dc o , t h e C omp a n i e s a n d SP A C , n o r a n y of the i r r e s pe c t i v e s ub s i d i ar i e s , eq u i t y h o l d e r s , a f f i l i ate s , r e p r e s e n t a t i v e s , p a r tne r s , di r e c to r s , o f f i ce r s , em p l oyee s , a d v i s e r s o r ag en ts s h a l l b e r e s pon si b l e o r li a b l e f o r a n y d i r e c t, i nd i r e c t o r c on s equ e n t i al l o s s o r l o s s o f p r o f i t ar i s i ng f r o m t h e u s e o f t h i s P r e s ent a t i on, i ts c on t en t s , i ts a ccu r a c y o r s u ff i c i e n c y, i ts om i ss i on s , i ts e r r o r s , r e li a n c e o n t he i nf o r m a t i o n c on ta in e d w i t h i n i t , o r o n o p i n i on s c o mm un ic ate d i n r e l a t i o n the r et o o r othe r w i s e a ri s i ng i n c onne c t i o n t he r e w i t h . In a dd i t i o n , th i s P r e s e nt a t i o n d o e s no t pu r po r t to b e i n cl u s i v e o f a l l o f t h e i nf o r m a t i o n ne c e s s a r y to make an e va l u a t i o n o f Ho l dc o , t h e C omp a n i e s , SP AC o r t h e B u s in e s s C omb i n a t i on . V i e we r s o f th i s P r e s ent a t i o n s hou l d e a c h make t h e i r o wn e va l u a t i o n o f Ho l dc o , t h e C o mp a n i e s a n d S P AC a n d o f t h e r e l eva n c e a n d a d e q u a c y o f t h e i n f o r m a t i o n a n d s hou l d make s uc h o t h er i n v e s t i g a t i on s as t h ey deem ne c e s s a r y . N oth i n g he r e i n s hou l d b e c on s t r u e d as l ega l , f i n a nc i a l , t ax o r o t h e r a d v i ce . Yo u s hou l d c on s u l t your o wn a d v i s e r s c once r n i n g a n y l eg a l , f i n a n c i a l , t ax o r o t h e r c on s i de r at i on s c once r n i n g t h e oppo r tun i ty de s cri be d he r e i n . The g e n e r al e x p l a n a t i on s i nc l ud ed i n th i s P r e s ent a t i o n c a nnot, a n d a r e no t i n t end ed t o , a dd r e s s your s pe ci f i c i n v e s tmen t ob j e c t i v e s , f i n a nc i al s i t u a t i on s , o r f i n a nc i al n eed s . Forwa rd - L ook i n g S t ate m en ts Th i s P r e s ent a t i o n c on ta i n s c e r t a i n f o r w a r d - l oo k i ng s tateme n ts w i t h i n t h e me a n i n g o f t h e f e d e r a l s e c u ri t i es l a w s w i th r e s pe c t to t h e B u s in e s s C omb i n a t i o n , i n c l ud i n g e x p e c t a t i on s , ho p e s , b e l i ef s , i n t en t i on s , p l a n s , p r o s pe c t s , f i n a n ci a l r e su l ts o r s t r ate g i es r e g a r d i ng H o l dco, t h e C o m p a n i e s , S P AC a n d t h e p r opo s e d B u s in e s s C omb i n a t i on . Any s tateme n ts o t her th an s tat e men ts o f h i s to ri c al f a c t c on ta in e d i n th i s P r e s ent a t i on, i n cl u d i ng s tatemen ts r e ga r d i ng t h e a nt i c i p a te d b e n e f i t s a n d t i m i ng o f t h e c omp l e t i o n o f t h e B u s in e s s C omb i n a t i o n , s tatemen ts a bou t e a c h C omp a n y ' s ma r ket op p o r tun i ty a n d t h e poten t i al g r o wth o f th a t ma r ket, E a c h C omp a n y ' s s t r a te g y, out c o m e s a n d g r o wth p r o s p e c t s , t r end s i n e a c h C omp a n y ' s i ndu s t r y a n d ma r ket s a n d t h e c ompet i t i v e en v i r on m en t i n wh i c h e a c h C omp a n y op e r ate s , a r e f o r w a r d - l oo k i ng st atement s . The s e f o r w a r d - l ook i ng s tatemen ts g ene r a l l y a r e id en t i f i e d b y t h e wo r d s " b e l i e v e , " "ex pe c t , " "a nt i c i p a te , " "e s t i m a te , " " i nten d , " " s t r ate g y , " " fu t u r e , " " opp o r tun i ty , " " p l a n , " " may , " " s hou l d , " " w ill, " " wou l d , " " w il l b e , " " w i l l c on t i nu e , " " w il l li k e l y r e su l t , " a n d s i m i l a r e x p r e ssi on s . F o r w a r d - l oo k i ng s tatemen t s (i n cl u d i ng p r o j e c t i on s) a r e p r e d ic t i on s , a n d o t her s tatemen ts a bou t fu t u r e e v e n t s o r c ond i t i on s th a t a r e b a s e d o n c u r r en t expe c t a t i o ns , e s t i mate s a n d a ss u m p t i on s a nd , as a r e s u l t , a r e s ub j e c t to ri s k s a n d un c e r t a i nt i e s . M a n y f a c t o rs c ou l d c a u s e a c tu al fu t u r e e v e n t s to d i f f e r m a te r i a ll y f r o m t h e f o r w a r d - l oo k i ng s tatemen ts i n th i s d o c u m en t , wh i c h f a c t o r s w i l l b e d i s c u ss e d i n do c u m en ts o f Ho l dc o a n d SP AC f i l e d , o r to b e f il e d , w i th t h e S e c u ri t i es a n d E x c h a n g e C omm i ss i o n ("S E C") . Yo u s hou l d c a r e fu l l y c on s id er t h e r i s k s a n d un c e r t a i nt i es d e s c r ib e d i n t h e " R i s k Fa cto r s " s e c t i o n of t h e r e g i s t r a t i o n s tatement o n F o r m S - 4 a n d p r o x y s tateme n t /p r o s pe c t u s th a t w il l b e f i l ed b y H o l dco, a n d o t her do c u m en ts th a t w il l b e f i l ed b y Ho l dc o a n d SP AC f r o m t i m e to t i m e w i th t h e S E C . The s e fi li n gs d o o r w i l l id en t i f y a n d a dd r e s s o t her i m po r t a nt ri s k s a n d un c e r t a i nt i es th a t c ou l d c a u s e a c tu al e v e n t s a n d r e su l ts to d if f er m a te ri a ll y f r o m tho s e c on ta in e d i n t h e f o r w a r d - l oo k i ng s tatemen t s . F o r wa r d - l oo k i ng s tatemen ts s p e a k on l y as o f t h e d a te t h ey a r e ma de . The R e ci p i e nt s a r e c a u t i o n e d n o t to pu t undu e r e l i a n c e o n fo r w ar d - l ook i ng s tatemen t s , i nc l ud i n g p r o j e c t i on s , a n d Ho l dc o a ss ume s n o ob li g a t i o n a n d d o e s no t i n t en d to upd a te o r r e v i s e t h e s e fo r w a r d - l ook i ng s tatemen t s , w h et h er as a r e s u l t o f n ew i nfo r m a t i on, fu t u r e e v e n t s , a n y c h a n g e i n the i r e x p e c t a t i on s , c ond i t i on s o r c i r cum s t a n c e s o n wh i c h a n y s uc h s tatement i s b a s e d , o r othe r w i s e . N e i t h er Ho l d co , t h e C omp a n i e s n o r SP AC g i v e s a n y a ss u r a nce th a t e i ther Ho l d co , t h e C omp a n i e s o r SP AC w il l a c h i ev e i ts e x p e c t a t i on s . I ndus t r y and Mar ket D a ta In th i s P r e s ent a t i on, Ho l dc o , t h e C omp a n i e s a n d SP AC r e l y o n a n d r e f e r to c e r t a i n i n f o r m a t i o n a n d s ta t i s t ic s r e ga r d i ng t h e ma r ket s a n d i ndu s t ri e s i n wh i c h e a c h C omp a n y c ompet e s . S uc h i nfo r m a t i o n a n d s ta t i s t ic s a r e b a s e d o n e a c h o f t h e C omp a n y ' s ma na g ement ' s e s t i mate s a nd/or ob ta in e d f r o m th ir d - p a r ty s ou r c e s , i n cl u d i ng r epo r t s b y ma r ket r e s e a r c h f ir m s a n d c omp a n y f i li n g s . W h il e Ho l dc o , t h e C omp a n i e s a n d S P AC b e li ev e s uc h th i r d - p a r ty i n f o r m a t i o n i s r e li a b l e , th e r e c a n b e n o a ss u r a n c e as to t h e a ccu r a c y o r c omp l ete n e ss o f t h e i n d i c a te d i n f o r m a t i on . N e i t h er H o l dco, t h e C o m p a n i e s n o r S P AC h as i nd e p e nd e n t l y v e r if i ed t h e a ccu r a c y o r c omp l ete n e ss o f t h e i n f o r m a t i o n p r o v i de d by t h e th ir d - p a r ty s ou r c e s . E a c h o f Ho l d co , t h e C omp a n i e s a n d SP AC e x p r e ss l y d i s cl a i m a n y r e s pon s i b ili t y o r li a b ili t y f o r a n y dama g e s o r l o ss e s i n c onne c t i o n w i th t h e u s e o f s uc h i nfo r m a t i o n he r e i n . Tra de m a rk s Th i s P r e s ent a t i o n may c ont a i n t r a dema r k s , s e r v i c e ma r k s , t r ade name s a n d c op yr i g h ts o f o t h e r c o mp a n i e s , wh i c h a r e t h e p r o p e r ty o f t h e i r r e s pe c t i v e owne r s , a n d e a c h o f H o l d c o ' s , t h e C omp a n i e s ' o r S P A C ' s u s e the r e of d o e s no t i m p l y an a f f i l i a t i o n w i t h, o r endo r s emen t b y , t h e owne r s o f s u c h t r a dema r k s , s e r v i ce ma r k s , t r ade name s a nd c opy ri g ht s . S o l e l y f o r c on v en i ence, s o m e o f t h e t ra dema r k s , s e r v i ce ma r k s , t r ade name s a n d c op y r i g h ts r e fe r r e d to i n th i s P r e s ent a t i o n may b e l i s te d w i thou t t h e T M ,© o r® s ymbo l s , bu t Ho l dc o , t h e C omp a n i e s a n d SP AC w i l l ass e r t, to t h e f u ll e s t e x te n t und e r a pp l ic a b l e l a w, t h e ri g ht s o f t h e a p p li c a b l e own e r s , i f a n y , to t h e s e t r adem a r k s , s e r v i ce ma r k s , t r ade name s a n d c opy ri g ht s . No Off e r or So li c it a ti on Th i s P r e s ent a t i o n d o e s no t c on s t i t ute (i) a s o li c i ta t i o n o f a p r oxy, c on s en t o r a u t ho r i zat i o n w i th r e s p e c t to a n y s e c u r i t i es o r i n r e s pe c t o f t h e B u s in e s s C omb i n a t i o n o r (i i) an o ff e r to s e l l , a s o li c i ta t i o n o f an o f f e r to bu y o r a r e c ommendat i o n to p u r c h a s e a n y s e c u r i t y o f H o l dco, t h e C omp a n i e s , SP AC o r a n y o f th e i r r e s pe c t i v e a f f i li a te s . N o s uc h o ff e r i ng o f s e c u ri t i es s h a l l b e ma de ex c e p t b y me a n s o f a p r o s p e c tu s meet i ng t h e r equ ir ement s o f t h e S e c u ri t i es A c t o f 1933 , as a mend e d , o r an exempt i o n the r ef r o m . N E I THE R TH E U . S . S E C UR ITIE S A N D E XC HA N GE C O M MI SS I O N N OR A N Y S T AT E O R TE RR ITO R IA L S E C UR ITIE S C O M MI SS I O N H A S APP R OVE D O R D ISAPP R OVE D O F TH E P RO PO S E D T R A N SAC TIO N , A N Y S E C UR ITIE S O R D ETERMI N E D IF THI S P R E S EN TATION IS TR U TH F U L O R C OMPLETE . A N Y RE P R E S EN TATION T O TH E C O N T R AR Y IS A C R IMI N A L O FF E N S E . A dd iti onal I n f o rm a ti on and W he re t o F i nd It In c onne c t i o n w i th t h e B u s in e s s C omb i n a t i o n , H ol dc o i n t end s to f i l e r e l eva nt mate r i a l s w i th t h e S E C , i n cl u d i ng a r e g i s t r at i o n s tatement o n F o r m S - 4 , wh i c h w i l l i nc l ud e a do c u m en t th a t s e r v es as a p r o x y s t a temen t /p r o s p e c tu s . The p r o x y s t a temen t /p r o s p e c tu s w i l l b e s en t to a l l SP AC s h a r e h o l d e r s . Ho l dc o a n d SP AC w i l l a l s o f il e o t h e r do c u m en ts r e ga r d i ng t h e B u s in e s s C omb i n a t i o n w i th t h e S E C . B ef o r e mak i ng a n y v ot i ng o r i n v e s tmen t de ci s i o n, i n v e s to r s , s h a r eh o l de r s a n d o t h e r i nt e r e s te d p e r s on s o f H o l dco, t h e C omp a n i e s a n d SP AC a r e u r g e d to r e ad t h e r e g i s t r at i o n s tatement, t h e p r o x y s tateme n t /p r o s pe c t u s a n d a l l o t h e r r e l eva nt do c u m en ts f il ed o r th a t w i l l b e f il ed w i th t h e S E C in c onne c t i o n w i th B u s in e s s C omb i n a t i o n c a r efu ll y a n d i n the i r ent ir ety as t h ey be c o m e ava il a b l e b e c a u s e t h ey w il l c ont a i n i m po r t a nt i nfo r m a t i o n a bou t t h e B u s in e s s C omb i n a t i on . I n v e s to r s a n d s e c u ri t y ho l de r s w il l b e a b l e to obt a i n f r ee c op i es o f t h e r e g i s t r at i o n s tatement, t h e p r o x y s t a temen t /p r o s p e c tu s a n d a l l o t her r e l eva nt do c u m en ts f il ed o r th a t w il l b e f il ed w i th t h e S E C b y Ho l dc o a n d SP AC th r ou g h t h e web s i te ma i nt a i ne d b y t h e S E C at www . s e c . g o v . The do c u m en ts f il ed b y H o l d c o a n d SP AC w i th t h e S E C a l s o may b e ob ta in e d f r ee o f c h a r g e, on c e a v a il a b l e , o n t h e S E C ' s web s i te at www . s e c . g o v o r b y d i r e c t i ng a r equ e s t t o : P e li c an H o l dc o Inc . , 118 5 A v enu e o f t h e Ame r ic a s , S u i t e 30 4 , N ew Yo r k , N Y 1003 6 o r Pe l i c an A c qu i s i t i o n C o r p o r at i o n , 118 5 A v enu e o f t h e Am e r ic a s , S u i t e 30 4 , N ew Y o r k, N Y 10036 , r e s pe c t i v e l y . P ar ti c i pan t s i n So li c it a ti on Ho l d co , t h e C omp a n i e s , S P AC a n d t h e i r r e s pe c t i v e d i r e c to r s a n d exe c ut i v e o f f i ce r s may b e deemed und e r S E C r u l es to b e p a r t i c i p a nt s i n t h e s o l i c i ta t i o n o f p r o x i es f r o m SP AC ' s s h a r eh o l d e r s i n c onne c t i o n w i th t h e B u s in e s s C omb i n a t i on . A li s t o f t h e name s o f t h e d i r e c to r s a n d exe c ut i v e of f i c e r s o f H o l d co , t h e C omp a n i e s a n d SP AC, a n d i n f o r m a t i o n r e ga r d i ng t h e i r i nte r e s t s i n t h e B u s in e s s C o m b i n a t i o n a n d t h e i r owne r s h i p o f SP AC ' s s e c u ri t i es a r e , o r w i l l b e, c on ta in e d i n Ho l d c o ' s a n d SP A C ' s f i l i n gs w i th t h e S E C . Add i t i on al i nf o r m a t i o n r e ga r d i ng t h e i nte r e s t s o f t h e p e r s on s wh o may, und e r S E C r u l e s , b e deemed p a r t i c i p a nt s i n t h e so li c i ta t i o n o f p r o x i es o f SP A C ' s s h a r eh o l d e r s i n c onne c t i o n w i th t h e B u s in e s s C omb i n a t i o n w il l b e s et fo r t h i n t h e p r o x y s t a temen t /p r o s p e c tu s i nc l ud ed i n t h e F o r m S - 4 f o r t h e B u s in e s s C omb i n a t i o n , wh i c h i s expe c ted to b e f il ed w i th t h e S E C . Yo u may obt a i n f r ee c op i es o f t h e s e do c u m en ts as de s cri be d i n t h e p r e c ed i n g pa r a g r a ph . Use of Pr oje c t i ons and E s ti m ates Th i s p r e s ent a t i o n c on ta i n s p r o j e c t i on s a n d e s t i m a te s . The s e p r o j e c t i on s a n d e s t i mate s h av e no t been a ud i te d o r r e v i ewe d , n o r h as a n y a ud i t o r c o m p il ed o r p e r f o r me d a n y p r o c edu r e s w i th r e s pe c t to t h e p r o j e c t i on s a n d e s t i mate s f o r t h e p u r po s e o f t h e i r i n cl u s i o n i n t h i s p r e s ent a t i on, a n d a cc o r d i n g l y , n o s uc h a ud i t o r h as ex p r e s s ed an op i n i o n or p r o v i de d a n y o t her fo r m o f a ss u r a nce w i th r e s p e c t the r et o f o r t h e p u r po s e o f th i s p r e s ent a t i on . T h e s e p r o j e c t i on s a n d e s t i mate s a r e f o r i ll u s t r at i v e p u r po s e s o n l y a n d s ho u l d no t b e r e l i ed upo n as b e i n g ne c e ss ar il y i nd i c a t i v e o f fu t u r e r e s u l t s . The a ss u m p t i on s a n d e s t i mate s und er l y i n g t h e p r o j e c ted i n fo r m a t i o n a r e i nh e r ent l y un c e r t a i n a n d a re s ub j e c t to a w i de v a ri ety o f s i gni f i c a nt bu s in e ss , r e g u l a to r y, e c ono m i c a n d c ompet i t i v e r i s k s a n d u n c e r t a i nt i es th a t c o u l d c a u s e a c tu al r e su l ts to d i f fer m a te ri a ll y f r o m tho s e c on ta in e d i n t h e p r o j e c ted i n fo r m a t i on . E v e n i f t h e a ss u m p t i on s a n d e s t i mate s a r e c o rr e c t, p r o j e c t i on s a n d e s t i mate s a r e i nhe r ent l y un c e r t a i n du e to a nu m b er o f f a c to rs ou t s id e our c ont r o l . A cc o r d i n g l y , th e r e c a n b e n o a ss u r a nce th a t t h e p r o j e c ted r e s u l ts a r e i n d i c a t i v e o f o u r fu t u r e p e r f o r m a nce o r th a t a c tu al r e s u l t s w il l no t d i ff e r mate r i a l l y f r o m tho s e p r e s e n ted i n t h e p r o j e c ted i nf o r m a t i on . In cl u s i o n o f t h e p r o j e c ted i nf o r m a t i o n i n th i s p r e s ent a t i o n s hou l d no t b e r e g a r de d as a r e p r e s ent a t i o n b y a n y p e r s o n, i nc l ud i n g , w i thou t li m i ta t i on, Ho l d co , t h e C omp a n i e s , o r SP AC, th a t t h e r e s u l ts c on ta in e d i n t h e p r o j e c ted i nfo r m a t i o n w il l b e a c h i e v e d . 1

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▪ O v e r 2 M i ll i o n A c r es ▪ 3 L i c en se s c o v er i n g th e en t i r e b a s i n . ▪ 50 + L e a d s a n d p r o spe c t s . ▪ 1 ,800 - l i ne k m o f q u a l i t y 2 D d a t a c o v e ri ng m a j o ri t y o f t he b a s i n . ▪ O v e r 1 3 B i ll i o n Bar r e l s o f G r o s s O i l 1 D en se r S ei s m i c S u r v e y s , E v a l u a t i o n o f D eep e r F o r m a t i o n s , a n d Un c o n v en t i o n a l m a y S i g n i f i c a nt ly I n c r e a s e R ese r v e s . ▪ P e a k d a i ly p r o d u c t i o n c o ul d r e a c h a n e x c ess o f 1 . 5 - 2 . 0 + m i ll i o n b a r r els per d a y . ▪ M a r ch G L t o E x pl o r e a n d E a r n u p t o 70 % o f t he J am e s o n L an d B a s i n . ▪ T h e d e a l i s s t r u c t u r e d t o i n c e n t ivi z e r a p i d a n d t h or ou g h e x p l or a t i on o f o n e o f G r een l a n d ' s l a r g e s t u n d ev el o p e d en e r g y a ss e t s . ▪ F un d i ng : Ma r c h G L fu n d s 100 % o f i niti a l d rill i ng a t J a m eso n L a n d B a s i n - $40 m m fo r the fi rst w e ll , a nd $20 m m fo r the s e c o nd w e ll . I n t e r e s t E a r n i n g: ▪ ▪ ▪ ▪ I niti a ll y a pp o i nte d a s Fi e l d O p e ra ti o ns Ma na g e r. 50 % o f e nti re b a si n a fte r fi rst w e ll . 70 % o f e nti re b a si n a fte r s e c o nd w e ll . E xc lu s i v e Li censes for O v er 2 Milli on Acres i n Green l and's Ja m eson Land Bas i n: O n e o f t h e La r ges t Supe r g ian t U nexp l o r e d H y d r oca r bo n R esou r ces 1 : Ind e p en d ent en g i nee r i ng r e p or t p r e p a r e d by Sp r o u l e - E R C E r e p or t S e p t e m b e r 1 , 202 5 ov e r 1 3 bill i o n b a rr e l s o f g ross o i l , 9 . 1 b i ll i o n b a rr e l s o f n et o il (P 1 0) . T h e C o m p a n y e s t i m a t e s t h e J a m e s o n L a n d B a s in m a y ha v e s i g n i f ican tl y m or e b a rr e l s o f o il w i t h f u r t h e r e v a l u a ti o n o f t h e d eep er h or i z o n s , m or e d e n s e l y c o n d u c t e d s e i s m i c su rv e ys , a n d e v a l u a ti o n of u n c o n v en t i o n a l r e sou r c e s . 2

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E n g i ne e ri ng Ha lli burton, IP T , and S ta m pede D rilli ng a r e m ob ili z i ng the i r pe r sonnel and equ i p m ent to Opt i m a ll y P os i t i oned W e ll s (O P W 1 and O P W 2) L o g i s t i c s a n d S e r v i c e P r o v i der D r i ll i n g O pe r a t i o n s O pe r a t i on s an d Log is t ic s T eam Lead i n g I ndus t ry V e t e r ans 3

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▪ S ei s m ic ▪ F ie l d W o r k ▪ D a t a P r o c e ss i ng a n d I n t e r p r e t a t i o n A R C O I n v e s tme n t (i n 202 5 d o ll a r s) $27 5 MM D r i ll - R e a d y P r o j e ct w i t h o v e r $280 M i ll i o n I n v e s t e d 8 0 Mil e E q u i p m e n t 8 0 Mil e a n d M a r c h G L M o d e rn D a t a P r o ce ss i n g , E n g i ne e ri ng a n d L o g i s t i c a l S pen d ▪ D9 B u ll d o z e r ▪ H ou s i n g f or 40 + w o r k e r s ▪ G e n e r a t o r s a n d o t h e r e q u ip m e n t ▪ S ei s m i c r e p r o c e s s i n g ▪ L i d ar an d g r av i t y ▪ L og i s t i cs $8 MM O ve r $28 0 M illi o n Inves t e d i n t h e P r o ject P r i m e d f o r D r illi n g 4

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ARC O D iscove r e d P r udho e B a y - Th e La r ges t Oil F i e l d i n N o rt h A m e r ica The eng i ne of A l aska ' s E c o no m y s i nce 1970s - 13 b illi on barre l s, 1 . 5 Milli on BO E/ day peak 1 R a n k e d J a m e s o n L a n d B a s i n a s t o p h y d r o c a r b o n p r os p e c t i n G r ee n l a n d – w i t h s i m i l a r 70 d e g r ee s L a t i tu d e a s P r u d h o e B a y O i l p r i c e c o l l a p s e (1985 – 19 8 6) A R C O ' s Con t r i b u t i o n 3 W h y A R C O H a d t o R e l i n q u i s h 4 C o n d uc t e d f i e l d ma pp i n g , s e is m i c , g r a v i t y , a n d m a g n e t ic d a t a a c q u i s i t i on I d e nt i f i e d s i g n i f i c a nt r e s ou r c e p o t e nt i a l w i t h e s t i m a t e s o f t e n s o f b i ll i on s o f b a r r e l s C o r p o r a t e r e s t r uc tu r i n g a n d c o s t - c ut t i n g (12 , 000 j o b s c ut 1985 – 198 7) E x t r e m e r o y a lt i e s a n d c a s h c r un c h d i s i n c e nt i v i z e d A R C O f r om d r i l l i n g th e f ir s t w e ll Ja m eso n Lan d B as i n w a s ARC O ' s t o p p r ospec t t ha t w a s neve r d r ill ed 1 : h tt p s : // d e c .a l a s k a. g o v / s p a r / pp r / r e s p o n s e / s u m _ f y 0 6 / 0 6 0 3 0 23 0 1 / f a c t s h e e t s / 0 6 0 30 2 3 0 1_ f a c t s h e e t _ P B . pd f # : ~ : t e x t =in% 2 0 N o r t h % 20 A m e r i c a % 2 0 a n d % 2 0 t h e , A % 2 0 co nfi r m a t i o n % 20 w e ll % 2 0w a s % 2 0 d r i ll e d 2: P 10 R e s o u r c e E s t i m a t e , S p r o u l e - E R C E S e p t em b e r 1, 2025 R e p o r t Ja m eson Land Bas i n has t h e sa m e p o tent i a l 2 5 3 : A R C O I n t e rn a l R e p o r t , 01/06/ 1 9 87 4 : h ttps : // w ww . c o mpa n y - h i s t o r i e s . c o m / A t l a n t i c - R i c h f i e l d - C o mpa n y - C o mpa n y - Hi st o r y . h t ml

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▪ P r u d h o e B a y $5+ / bb l b r e a k e v e n i n 1970s ▪ T h i s w a s w i t h 1960 s - 70 s t e c hn o l o gy a nd z e r o a r c t i c i n f r a s t ru c t u r e ▪ M o d e rn a r c t i c s u pp l y c h a i n s (i ce - c l a ss t a n k e r s , m o d u l a r p l a nt s , r em o t e o p e r a t i o n s) o f f e r r e d uc e d l o g i s t i c s c o s t s v s . 1970 s A r c t i c o p e r a t i o n s ▪ J am e so n L a n d B a si n o i l : ~ 40 ƒ A P I , l i g ht , h i gh e r B r e nt C r u d e p r i c i ng Mo d e r n t e c hn o l o g y a n d s u p e r g i a nt s c a l e e c o n o m i c s o f J am e s o n L a n d B a s i n ma y a c h i e v e c o m p e t i t i v e b r e a k e v e n i n t h e $25 + p e r - b a r r e l r a n g e . J ame s on L a nd Ba sin S up e r gi a n t Oil Field - E n e r g y S ec u ri ty a nd Inde p e nd e n c e J am e s o n F i el d ha s t h e P o t ent i a l t o b e L o w e r - C o s t P r o d u c e r P r u d h o e B a y U . S . s hal e a v e r a g e b r ea k e v e n o f $6 1 t o $70 / bbl . L a r g e - s c a l e po t ent i a l r e s e r v es L ow e r - c o s t s uppl y a l t er n at i v e w he n pr i ces d r o p R edu ce U . S . & E u r o pea n v u l ne r a b i l i t y t o v o l a t i l e ene r g y s uppl i e r s 13 http s: // i se r a l a sk a . o r g / st a t i c / le ga c y _ p u b l i c a t i o n _ l i n k s / f o r m a l / f pp a p e r s / f pp1 1 . pdf http s: // d s p a c e. m i t . e d u / b i t st r e a m / h a n dl e / 1721. 1 / 43131 / 24592617 - M I T . pd f ? se q u en c e= 2 & i sA llo w e d = y http s : // www . n yt i m e s . c o m / 197 7 / 0 3 / 22 / a rc h i v e s / 3 - u s - c o n c e r n s - wa nt - f u ll - p r i c e - fo r - pr ud h o e - b a y - o i l . html http s: // o n e p et r o . o r g / s p e / g en e r a l - i n f o r m a t i o n / 2020 / P r u dh o e - B a y - f i eld htt p s : // www . s t a t i s t a. c o m / s t a t i s t i c s / 7 48207 /b r e a ke ve n - p r i c e s - fo r - u s - o i l - p r o d u c e r s - b y - o i lf i el d /

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A C as e S t ud y : N o r w a y , N o rt h S ea , an d B a r en t s S e a P r oduc t i on US D $1. 9 T r illi o n S ove r e i g n W ea l t h Fun d B u il t w i t h E ne r g y Resou r ces ▪ E st a b l i s h ed i n 199 0 t o m a n a g e su rp l u s p et ro l eu m re v e n u es f o r l o n g - t erm b e ne f i t s. ▪ L a r g est so v ere i g n w e a l t h f u n d g l o b a ll y , w i t h $1 . 9 t r il l i o n i n a ss e t s a s o f J u n e 2025 . ▪ ~U S D $340 k p e r E a c h N o r w e g ia n . ▪ Ho l d s 1 . 5 % o f a l l l i s t e d c o m p a n i e s w o r l d wi d e , in ve s t in g i n o ve r 8 , 50 0 f i r m s a c r o ss 70+ c o u n t r i es. ▪ N o r w a y ' s p et ro l eu m i n d u st ry b eg a n a f ter t h e d i s c o v ery o f t h e G ro n i n g en g a s f i e l d i n t h e N e t h e r l a n d s , w hi c h hi g h l i g ht e d t h e N o r t h S e a ' s p o t e nt i a l . ▪ Key exa mp l e: E k o f i sk (d i s c o v ered 1969 , P h i ll i p s P et ro l eu m) , i n i t i a l reserv es o f 3 . 4 b i ll i o n b a rrel s, st i l l p ro d u c i n g a f ter 50 + y e a rs . ▪ A pp r ox i m a t e l y ~ 2 m i ll i o n B O E/ d a y , a cc o u n t i n g f o r ~ 2 % o f g l o b a l oi l s u pp l y . N o r w a y E ne rg y I ndu s t r y 1 Den m a r k E ne rg y I ndu s tr y 3 N o r w a y G o v e r n m e n t P ension Fund G lobal 2 ▪ P r o d u c ti o n b e g a n i n 1972 ▪ P e a k P r o d u c ti o n wa s 389 , 16 3 b a rr e l s / d a y i n 2004. ▪ D e n m a rk w a s se l f - s u ffi ci e n t i n o i l and g a s f r o m 199 7 t o 2013. ▪ N et ex p o rt er u n t i l e a r l y 2020s . T o ta l m a r k e t v a l u e ($U S D tr i ll i o n) $2 . 0 $1 . 8 $1 . 6 $1 . 4 $1 . 2 $1 . 0 $0 . 8 $0 . 6 $0 . 4 $0 . 2 $- 1 9 98 1 9 99 2 0 00 2 0 01 2 0 02 2 0 03 2 0 04 2 0 05 2 0 06 2 0 07 2 0 08 2 0 09 2 0 10 2 0 11 2 0 12 2 0 13 2 0 14 2 0 15 2 0 16 2 0 17 2 0 18 2 0 19 2 0 20 2 0 21 2 0 22 2 0 23 2 0 24 ▪ O i l re v e n u es a re i n t eg r a t ed i n t o g e n era l b u d g et , f u n d i n g u n iv ersa l h e a l t h c a re (100 % c o v era g e) , f ree ed u c a t i o n , soc i a l serv i c es a n d re n e w a b l e e n er g y d ev e l o p me n t . ▪ M a n y D a n i sh i n f r a st ru c ture p ro j e c t s p a rt l y f u n d ed b y o i l re v e n u es. D e n ma r k r e v e n ue s f r o m o i l a n d g a s i n t h e N o r t h S e a $6 5 b i ll i o n + 4 G o v er n me n t S h a re o f O i l R ev e n u es ($ b i ll i o n s) $8 .0 $7 .0 $6 .0 $5 .0 $4 .0 $3 .0 $2 .0 $1 .0 $- 2 0 00 2 0 01 2 0 02 2 0 03 2 0 04 2 0 05 2 0 06 2 0 07 2 0 08 2 0 09 2 0 10 2 0 11 2 0 12 2 0 13 2 0 14 2 0 15 2 0 16 2 0 17 2 0 18 2 0 19 2 0 20 14 1 : C o u n t r y A na l y s i s Br i e f N o r w a y , E I A , A u g u s t 202 4 2 : h t t p s : // www .nb i m . n o / e n/in v e s t m e n t s / t h e - f u nd s - v a lu e/ 3 : h t t p s : // www . c e ic d a t a. c om / e n/ in d ica t o r / d e n m a r k /cr u d e - o i l - p r o d u c t i o n 4 : h t t p s : // e n g . n o r d s o e f o nd e n . d k/ o i l - an d - g a s / o i l - an d - g a s - in - d e n m a r k

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28% 7% 59% 5% 1% Pu b lic S h a r e h o l d er s S p o n s o r S h a re h o l d er s M a r c h G L S h a re h o l de r s G r ee n l a n d S h a r e h o l d e r s U n d erw ri t e r S h a re h o l d ers T r a n s a c t i o n S u m m a r y P r o F o r m a V alu a t ion ($mm , e x cept per sha r e) P r o F o r m a Ow ne r ship (2) (m m sha r es) (1) Ass u m e n o r e d e m p t io n s f r om P e li c a n 's t ru st a cc o un t a n d e s t i m a t e d t r a n sa c t ion ex p e n s e s of $1 0 mi llio n . T r a ns a ct i on St r uctu r e • P e li c a n w il l r e - d om est i c a t e to Tex a s fr o m t h e Ca y m a n I s land s pri or to c l o s in g • P e li c an , Gr ee nland , an d M ar ch G L s hal l m e rg e in to s ub s idiari es o f P e li c a n H o ld c o , In c . , a n ew l y f o r m ed Tex a s c o rp o ra t i o n to b e r e na m ed Gr ee nlan d E n e rg y C om pan y in c o nn ect i o n w i th t h e t ran s a ct i o n • Ex i st in g M ar ch G L s har e h o ld e r s w il l r ece i v e a n aggr e ga te o f 20 m illi o n s har es o f Gr ee nlan d E n e rg y C om pan y c omm o n st o ck (v alu ed a t $200 m illi o n) • Ex i st in g Gr ee nlan d Ex pl o ra t i o n s har e h o ld e r s w il l r ece i v e a n aggr e ga te o f 1 . 5 m illi o n s har es o f Gr ee nlan d E n e rg y C om pan y c om mo n st o ck (v alu ed at $15 m illi o n) • P e li c a n s har e h o ld e r s w il l r ece i v e o n e s har e o f Gr ee nlan d E n e rg y C om pan y c om mo n st o ck f o r e a ch s har e o f P e li c a n c omm o n st o ck c urr e n t l y h e l d (s ub ject to r e d e m p t i o n s) Sou r c e s & U s e s ($mm) (1) I ll u s t r a t i v e P r o F o r ma V a l u a t i on & O w n e r sh i p (2) (2) Ass u m e n o r e d em p t io n s f r om P e li c a n 's t ru st a cc o un t , s h a r e s c o n v e r t e d f r om r i g h t s a r e i n c l ud e d in pub lic s h a r e c o un t , a n d 718 , 75 0 c o mm on s h a r e s h e ld b y P e li c an s p o n sor a r e c a n ce ll e d . 18 So u r c es $200 . 0 S h a r es Iss u ed t o M a r c h G L S h a r e h ol d e r s $15 . 0 S h a r es Iss u ed t o G r ee n la n d S h a r e h ol d e r s $86 . 3 P eli c an c a s h in t r u s t (1) $301 . 3 T o t al So u r c es Us es $215 . 0 E qu i t y C o n s i d e r a t ion t o G r ee n la n d a n d M a r c h G L S h a r e h ol d e r s $76 . 3 C a s h t o B ala n c e S h e e t $10 . 0 E s t im a t ed F ees & E x p e n s es (1) $301 . 3 T o t al Us es $10 . 00 S h a r e Pri c e 33 . 672 T o t al S h a r es O ut s t a nd i n g $336 . 7 E qu i t y V al ue $76 . 3 L e ss : P r o F orma C a s h $0 Pl u s : D e bt $260 . 4 E nt er p r i s e V al u e % N O . of S h a r es 28 . 2% 9 . 488 P ub lic S h a r e h ol d e r s 7 . 1% 2 . 390 S p o n s or S h a r e h ol d e r s 59 . 4% 20 . 000 M a r c h G L S h a r e h ol d e r s 4 . 5% 1 . 500 G r ee n la n d S h a r e h ol d e r s 0 . 9% 0 . 295 U nd e r w ri t e r s S h a r e h ol d e r s 100 . 0% 33 . 672 T o t al S h a r es O ut s t a nd i n g