Enhanced Group Inc. · NYSE:ENHA
Enhanced — SPAC Merger (November 2025)
42 slides from Enhanced's SPAC merger presentation, Nov 26, 2025
Slide 1: Slide 1
Slide 2: Disclaimer
Disclaimer Important Information for Investors and Shareholders This communication lates toa proposed transaction incvng A Parade ‘Acquistion Cep, a Beis Veg sands business company A Parad”) ‘20d Enhanced Ltd Enhanced" This communication does nt constute _anofler to set or exchange, othe slstaton of
Slide 3: Disclaimer: Use of Data
Disclaimer Use of Data ‘The data contained erin is derive rom varius internal and exter sources we beive to be reals No representations made as tothe reasonableness ofthe assumptions within or the accuracy or completonesso any projections or medeling or any other information contained herein. cordin
Slide 4: Transaction Overview
Transaction Overview ‘Transaction Structure + Business combination of Enhanced and A Paradise Acquisition Corp. ("APAD"). + $1,440m gross proceeds, consisting of $200m cash in trust, a $40m private placement, $1,200m in seller’s eauity. + Apeiron to receive high-vote shares representing 95% of the v
Slide 5: Investment Highlights
Investment Highlights Q l (C Empowering athletes to lead their own performance journey through physician-supervised enhancements and full transparency. ) 4) ) (Bridging elite sport and mass-consumer wellness by demonstrating world-record-level results and translating those into accessible lifestyle
Slide 6: Inspiration, Innovation, Empower
sing . Inspiration + Innovation ‘lo Empower Enhanced Games is positioned to become one of the most watched events in the world, demonstrating, on the global stage, the tangible benefits of performance enhancements. Data will be gathered from the world’s best athletes, driving innovation in Performan
Slide 7: Athlete quotes: Introduction to Enhanced
“._realistically I’ve achieved everything I can, and now Enhanced Games is giving me a new opportunity.” ‘Three-time Olympian; Two-time World Champion “to compete on a stage where female athletes are valued and compensated fairly and equally to men. I believe this is the future of sport.” Two-time W
Slide 8: Enhanced Games
Enhanced Games
Slide 9: More Time = More Experiences
More ‘Time = More Experiences Share of Time Towards Experiences The COVID pandemic redefined the workweek, and in- office Fridays have faded, giving rise to the pseudo three- day weekend. As Al automates daily tasks, people are reclaiming time for leisure and real-world connections. Spending data co
Slide 10: Enhanced Games: Las Vegas, May 2026
Enhanced Games: Las Vegas, May 2026 The Enhanced Games is intended to be a global annual competition that celebrates and advances human potential through safe, transparent enhancement, offering fair play, record pay, unmatched athlete care, and a Super Bowl level half-time show. Who 50 elite athlete
Slide 11: Enhanced Games: Competition Overview
Enhanced Games: ompetition Overview Total prize money to athletes: (up to) $25,000,000 Breakdown: + $6.15M Event Prize Money + $9.50M World Record (“WR”) Bonuses + $9.35M Performance Team Salaries & Appearance Fees Aquatics Athletics 50m, 4-lane competition pool 150m, 6-lane track 24 Athletes 18 Ath
Slide 12: Enhanced Performance Team
e Enhanced Performance Team Within the broader pool of athletes in the Enhanced Games, we have created the Enhanced Performance Team, our roster of athletes who have all entered into contracts with Enhanced. Signing with Enhanced is like joining a professional sports franchise: everything is taken c
Slide 13: Clinical Study
Clinical Study In collaboration with an internationally recognized health authority, Enhanced is sponsoring and expects to obtain IRB approval for a groundbreaking clinical research study that will evaluate the effects of personalized, medically supervised performance-enhancing substances on elite a
Slide 14: The First Superhuman World Record
The First World Record 50 Meters to History «in On February 25, 2025, Kristian Gkolomeev set a new World Record in the 50m Freestyle. He achieved this after being enhanced for three weeks. Seven weeks later, he returned - this time in a regulation swimsuit - and broke the World Record again. By taki
Slide 15: The Self-Sustaining Content Machine
The Self Sustainin 7 Content Machine ~ Athletics Showcase Events Premium Entertainment High Virality Efforts The foundation of Enhanced is the Enhanced Games, a self-sustaining engine of content, brand awareness, and profit. Athlete “Behind the Scenes” Our model creates its own momentum: + Year-roun
Slide 16: A Premier Social Media Audience
A Premier Social Media Audience Geographic Distribution Age & Gender Non English Speaking ~33.6% Female ~5% ~66% of our audience is in English-speaking markets, ensuring advertiser access. With half in North America anda strong presence in Europe and Oceania, we offer a culturally influential global
Slide 17: Live Enhanced
Live Enhanced
Slide 18: Hitting Zeitgeist
Hitting Zeitgeist From treating illness to engineering human performance iS ot Traditional Medicine We believe there is growing awareness that traditional medicine is designed to make sick people less sick. It is reactive by nature, focused on diagnosing and managing disease once health has already
Slide 19: What Does It Mean To Live Enhanced?
What Does It Mean To Live Enhanced? To Live Enhanced is to choose progress. For some, it means advanced science: hormone therapy, longevity, peptides, and beyond. For others, it means supplementation and coaching. Where one sits on that spectrum is very personal. The Enhanced Performance Products po
Slide 20: A Growing Industry
A Growing Industry & FnF Research: Global dietary supplements market; 2) Grandview: Globel GLP-1 recepto Personalized nutrition & supplements market; 5) Future Market Insights, Data Bridge Marke Je Adenine Dinucleotide Market Note(s): Global Addressable Markets for 2025 & 5-Yr Precedence Research: G
Slide 21: Personalized Performance Protocols
Personalized Performance Protocols Expected to launch in Q1 2026, our flagship Rx platform aims to redefine Par tner Provides performance medicine. We move beyond one-size-fits-all treatments to deliver an athlete derived, data-driven experience that begins with personalization. + BLOOD / BIOMARKER
Slide 22: Personalized Supplements
Personalized Supplements Passion slhase Our eroralasdSelemartristorn Partner Provides Expected to launch Q1 2026, our personalized supplement platform delivers the same elite-grade formulations used by our professional athletes, tailored to each consumer's unique biology through a scalable, ++ INGRE
Slide 23: The Enhanced Halo Effect
The Enhanced Halo Effect
Slide 24: The Enhanced Halo Effect
The Enhanced Halo Effect =+ ENHANCED ‘The Enhanced Halo Effect Alll rights reserved | ENHANCED 2025
Slide 25: Collective Social Media Reach
Collective Social Me The combined social media following for the Enhanced Performance Team across Instagram, TikTok, and X is approximately 2.6 million followers. Top 4 Athletes by Social Media Reach: wv dia Reac Fred Kerley Wesley Kitts Marius Kusch Ben Proud Instagram: 1.2M followers Instagram: 74
Slide 26: Medical & Scientific Commissions
Medical & Scientific Commissions Scientific Note(s): This list is not exhaustive. A complete overview of the Medical and Scientific Commissions is available at e > >< Prof Dr Guido Pieles Chait, Medical Commission + Sports Cardiology and Screening, Doha. + Honorary Professor of Sports Cardiology at
Slide 27: Leadership Team
Leadership Team Maximilian Martin Co-Founder & CEO. + Strategic leadership, content distribution, partnerships. + Previously, Co-Founder & CEO, Bitfield. | _~< Prof Dr Guido Pieles Chair, Medical Commission + Ensuring athletes are safe to compete; overseeing safe enhancement protocols. + Sports Card
Slide 28: Major Investors in Enhanced
Major Investors in Enhanced APEIRON THIEL 178 ANTHOS (A) Family Office Christian Angermayer. Investor Name: Apeiron Investment Group. If Karatage Family Office Peter Thiel. Investor Name: Thiel Capital. WINKLEVOSS CAPITAL GP: Omeed Malik, Chris Buskirk, Donald Trump Jr. Investor Name: 1789 Capital.
Slide 29: =+ ENHANCED All rights
=+ ENHANCED All rights reserved | ENHANCED 2025
Slide 30: Key Company Financial Projections
Key Company Financial Projections Net Revenue ($m) Gross Profit ($m) EBITDA ($m) Revenue Growth % Gross Margin % EBITDA Margin % na 205% 104% 90% 87% 84% (64%) 24% $300 ee we $152 $42 $110 $10 S58 a S16 2026E 2027E 2028E ($37) 2026E Prescriptions ore 2026E 2027E 2028E 20276 === Games —— 26-28 CAGR =
Slide 31: Expected Favorable Return on Marketing
Expected Favorable Return on Marketing Subscriber Base ‘Annual Marketing Spend ($m) tTv/cac As % of Revenue 29% 13% 11% 426k $55 69% 50x $27 38k 165k 30x 30x $15 55k 44k 38k 3 an & | ee 2026E 20276 2028E 2026E 2027 2028E 2026 2027 2028E = Prescription = OTC = Marketing & Advertising expense = Prescr
Slide 32: Operation Assumptions
Operation Assumptions Prescription (New Organic) OTC (New Organic) _ New Monthly Performance Marketing Monthly Subscribers Vs Conversion Rate Monthly subscribers Vs Conversion Rate rato ‘Subscribers vs Monthly CAC 0 WE ore Comrise Baselines for both organic subscribers and conversion rate Baselines
Slide 33: Transaction Overview
Transaction Overview ‘Transaction Summary Pro Forma Enterprise Value + Implied pro forma enterprise value of $1,310m. Share Price $10.00 « APAD to combine with Enhanced Ltd. Pro Forma Shares Outstanding 154m + Private Placement: Enhanced also announced a $40m SAFE investment convertible into preferr
Slide 34: P&L Forecast Overview
P&L Forecast Overview In million ($) Overview Estimates 2026E 2027E 2028E Net Revenue - $57 $175 $367 Growth - na 205% 104% COGS 7 $5 $23 $67 Gross Margin - $52 $152 $300 Gross Margin % - 90% 87% 84% Marketing & Advertising expense St) $15 $27 $55 Games expense $4 $31 $33 $35 Salaries & Athlete Cost
Slide 35: Let's Build The Future of Sport Together
=+ ENHANCED Let’s Build The Future of Sport Together. =+ ENHANCED All rights reserved | ENHANCED 2025
Slide 36: Appendix
Appendix =+ ENHANCED Allrights reserved | ENHANCED 2025,
Slide 37: Peer Margin Profile
Peer Margin Profile «a Revenue CAGR ox | | Liberty Media (F1) MSG Sports 2027 — Liberty Media (F1) MSG Sports 26% 2% Liberty Media (F1) MSG Sports 11% Manchester United 34% Manchester United Atlanta Braves 32% Atlanta Braves 11% Atlanta Braves 150% Enhanced 87% Enhanced 24% Enhanced 11% Hims & Hers
Slide 38: Peer Margin Profile
Peer Margin Profile e. Revenue CAGR ox | | Liberty Media (F1) MSG Sports 37% Liberty Media (F1) MSG Sports 29% 3% — Liberty Media (F1) MSG Sports 11% Manchester United 41% Manchester United Atlanta Braves 32% Atlanta Braves 14% Atlanta Braves 150% Enhanced 84% Enhanced 42% Enhanced 11% Hims & Hers H
Slide 39: Peer Multiple Benchmarking
Peer Multiple Benchmarking «. Tax 59x 6.1K 2027 an 47x EV/Revenue a 27% 24x 12x || | __ — Liberty Media (F1) MSG Sports Manchester Atlanta Braves Enhanced a Hinge Health GoodRx Holdings Omada Health United 23.8x 166x 123% 8.x EV/Gaoss Profit asx a om om tox 1.3x, |_| = |__| — = Liberty Media(F1) MSG
Slide 40: Peer Multiple Benchmarking
Peer Multiple Benchmarking «:) 59x 3.6x EV/Revenue 3.2% 2ax 22x Liberty Media (F1) MSG Sports Manchester ‘Atlanta Braves Enhanced a Hinge Health GoodRx Holdings Omada Health United 227 149% 16x 42 45 be: 43x 32x wl 42x 33x || || = |_| — = Liberty Media(F1) MSG Sports Manchester Allanta Braves Enhanc
Slide 41: Summary of Risks
Summary of Risks Risks Related to Enhanced’s Financial and Capital Needs 1. Emhancea’s business model wil requitesgniscant upton and ongoing investment te fundlive evens, media production, and eect 10 consumer operations andi may not be abet obtain the financing it no0ds on acceptable terms, o at al
Slide 42: Summary of Risks
Summary of Risks Risks Relating to Enhanced!’ Legal and Regulatory Obligations 25, hence opertein aro een haute od vate vit ees ttn cares nog or that in pong aor sks os ses model Mare rete ting norcent ote days and dol etree Sere cot or eet once eng tee or feigned edgier conplane cvs eputenalhrm end