#1BLACK SKY SEPTEMBER 2021 T Carpe INVESTOR PRESENTATION WA FREDSA#2Confidentiality, Proprietary Information, and Forward Looking Statements Confidentiality and Disclosures. This presentation has been prepared for use by Osprey Technology Acquisition Corp. ("Osprey") and BlackSky Holdings, Inc. ("BlackSky") in connection with their proposed business combination. This presentation is for information purposes only and is being provided to assist interested parties in making their own evaluation with respect to a potential business combination between Osprey and BlackSky and related transactions and may not be reproduced or redistributed, in whole or in part, without the prior written consent of Osprey and BlackSky. Neither Osprey nor BlackSky makes any representation or warranty as to the accuracy or completeness of the information contained in this presentation. The information in this presentation and any oral statements made in connection with this presentation are subject to change and are not intended to be all-inclusive or to contain all the information that a person may desire when evaluating the transactions contemplated in this presentation. . This presentation does not constitute either advise or a recommendation regarding any securities. This presentation and any oral statements made in connection with this presentation shall neither constitute an offer to sell nor the solicitation of an offer to buy any securities, or the solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with the proposed business combination, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdictions. Any offer to sell securities will be made only pursuant to a definitive Subscription Agreement and will be made in reliance on an exemption from registration under the Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering. Osprey and BlackSky reserve the right to withdraw or amend for any reason any offering and to reject any Subscription Agreement for any reason. This communication is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. Forward-Looking Statements. Certain statements in this presentation may constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding Osprey's or BlackSky's expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, statements regarding: (1) the size, demands and growth potential of the markets for BlackSky's products and BlackSky's ability to serve those markets, (ii) the degree of market acceptance and adoption of BlackSky's products, (iii) BlackSky's ability to develop innovative products and compete with other companies engaged in the space technology industry, (iv) BlackSky's ability to attract customers and maintain relationships, and (v) the implied upside and implied valuation of BlackSky. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of Osprey's registration statement on Form S-1, the proxy statement/prospectus on Form S-4 relating to the business combination, which was filed by Osprey on May 13, 2021 as amended on August 2, 2021, with the Securities and Exchange Commission (the "SEC"), the final proxy statement filed on August 11, 2021 with the SEC, and other documents filed by Osprey from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Osprey and BlackSky assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Osprey nor BlackSky gives any assurance that either Osprey or BlackSky will achieve its expectations. Use of Projections. The financial projections, estimates and targets in this presentation are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Osprey's and BlackSky's control. While all financial projections, estimates and targets are necessarily speculative, Osprey and BlackSky believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this presentation should not be regarded as an indication that Osprey and BlackSky, or their representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events. Use of Data. The data contained herein is derived from various internal and external sources. All of the market data in the presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Further, no representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. Osprey and BlackSky assume no obligation to update the information in this presentation. Further, the BlackSky 2019 financial data included in this presentation were audited in accordance with private company AICPA standards. Accordingly, such information and data may not be included, may be adjusted, or may be presented differently, in any proxy statement/prospectus to be filed with the SEC. In addition, this presentation includes estimates of certain financial metrics of BlackSky that may differ from BlackSky's actual financial metrics presented in any such proxy statement/prospectus. BlackSky is currently in the process of uplifting its financials to comply with public company and SEC requirements. BLACK SKY Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. 2#3Confidentiality, Proprietary Information, and Forward Looking Statements (cont.) Use of Non-GAAP Financial Metrics. This presentation includes certain non-GAAP financial measures (including on a forward-looking basis) such as Adjusted EBITDA. These non-GAAP measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP. Reconciliations of non- GAAP measures to their most directly comparable GAAP counterparts are included in the Appendix to this presentation. BlackSky believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about BlackSky. BlackSky's management uses forward-looking non-GAAP measures to evaluate BlackSky's projected financials and operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents, including that they exclude significant expenses that are required by GAAP to be recorded in BlackSky's financial measures. In addition, other companies may calculate non- GAAP measures differently, or may use other measures to calculate their financial performance, and therefore, BlackSky's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Trademarks. Osprey and BlackSky own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This presentation may also contain trademarks, service marks, trade names and copyrights of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with Osprey or BlackSky, or an endorsement or sponsorship by or of Osprey or BlackSky. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this presentation may appear without the TM, SM, ® or symbols, but such references are not intended to indicate, in any way, that Osprey or BlackSky will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks, trade names and copyrights. Participation in Solicitation. Osprey and BlackSky and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of Osprey's shareholders in connection with the proposed business combination. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed business combination of Osprey's directors and officers in Osprey's filings with the SEC, including Osprey's registration statement on Form S-1, which was originally filed with the SEC on October 31, 2019. To the extent that holdings of Osprey's securities have changed from the amounts reported in Osprey's registration statement on Form S-1, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Osprey's shareholders in connection with the proposed business combination is set forth in the proxy statement/prospectus on Form S-4 for the proposed business combination, which was filed by Osprey on May 13, 2021 as amended on August 2, 2021 with the SEC and the final proxy statement filed on August 11, 2021 with the SEC. Investors and security holders of Osprey and BlackSky are urged to read the proxy statement/prospectus and other relevant documents that will be filed with the SEC carefully and in their entirety when they become available because they will contain important information about the proposed business combination. Investors and security holders will be able to obtain free copies of the proxy statement and other documents containing important information about Osprey and BlackSky through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Osprey can be obtained free of charge by directing a written request to Osprey Technology Acquisition Corp. 1845 Walnut Street, Suite 1111, Philadelphia, PA 19103. Right This presentation is not a substitute for the registration statement or for any other document that Osprey may file with the SEC in connection with the Potential Business Combination. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. BLACK SKY Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. 3#4Transaction Size Capital Structure Pro Forma Ownership ¹ 1 + Expected Timeline • 4E • Transaction Overview Osprey Technology Acquisition Corp. (NYSE: SFTW) is a publicly listed special purpose acquisition company with $318m cash in trust ●C Raised $180m of PIPE commitments, including $20m from Osprey affiliates Pro forma for the transaction, BlackSky will have in excess of $445m in cash to enhance operations, growth and profitability • -30% SPAC and founder shares -57% existing BlackSky shareholders ~ 13% PIPE investors All primary shares Sources S-4 declared effective by the SEC on August 11th Shareholder vote scheduled for September 8th Seller Rollover SPAC Cash in Trust Additional PIPE Equity Founder Shares² Total sources Uses Amount $925 318 180 55 $1,478 Seller Rollover Cash to Balance Sheet Founder Shares 2 Estimated Fees and Expenses³ Total uses $1,478 Note: Assumes no redemptions from the public shareholders of SFTW. 1. The percentages set forth herein are contingent on certain assumptions, including, but not limited to, Osprey's share price and redemptions as of closing, the final closing date of the business combination transaction, the form of certain consent obligations and the final closing date and full subscription of BlackSky's ongoing rights offering. 2. Represents Sponsor's holdings of Class A common stock subsequent to the one-for-one conversion of Sponsor's Class B common stock into Class A common stock immediately prior to the consummation of the merger, excluding -2.4m shares of the newly issued Class A common stock subject to lock-up arrangements in effect until common stock price achieves certain targets or the shares are otherwise forfeited. 3. Comprised primarily of underwriting, legal, financial advisor and other fees in connection with the business combination. Credit Suisse is entitled to $11,068,750 of deferred underwriting fees in connection with Osprey's initial public offering. Credit Suisse and Moelis are additionally entitled to customary fees in connection with the PIPE investment, payable upon the closing of the business combination. Additionally, Moelis is entitled to a transaction fee of $8,000,000 inclusive of any placement fee payable at closing, or a termination fee equal to the greater of $3,500,000 or 10% of any compensation payable to Osprey in the event of a termination of the merger agreement. Union Square Advisors is entitled to a fee of $350,000 for its transaction support advice to Osprey. Credit Suisse is entitled to a customary transaction fee and a discretionary fee from BlackSky for its financial advisory services, in each case payable upon the closing of the business combination, and will not be receiving additional compensation from Osprey in connection with any financial advisor services. BLACK SKY Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. Amount $925 445 55 53 % 63% 21% 12% 4% 100% % 63% 30% 4% 4% 100% 4#5Recent Highlights Since June 2021 Investor Day Growing Government Demand for BlackSky Results in Major Wins Won ~$30m contract for Al analytics from a US government agency Contract with NRO expanded in August due to strong demand Conducted successful pilots with, and secured investment from, Palantir 2021 and 2022 Revenue Growth on Track 2021 Revenue on track to nearly double 2022 Revenue remains on track to more than double 2021 25 New Enterprise Customers by Year-end On track to sign contracts with multiple Fortune 500 customers in Q3 Strong incoming interest from >30 enterprise customers BLACK SKY Accelerating Constellation Deployment Set to achieve constellation of 14 smallsats by year-end¹ Launches identified for the next 11 smallsats 1.7b 2.5b Pipeline Grows to $2.5 Billion Expanded re-seller network with new agreements with Ursa Space, Bluesky International and Gtt NetCorp - Added $135m in new commercial opportunities Experienced Public Company Leadership Enhanced leadership and governance with addition of three new executives, and three highly experienced and respected board members 1. Launch schedules subject to weather, Covid-19 restrictions and other unforeseen launch conditions. Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. 5#6BlackSky and Palantir Collaboration Aids Government Agencies in Predicting Events BlackSky also Secures Investment from Palantir and Enters into Multi-Year Strategic Partnership Delivers real-time actionable intelligence for Defense and Intelligence customers Integrates BlackSky Imagery and analytics directly into Foundry Palantir users can access BlackSky Tasking and Analytics on Demand Opportunity to accelerate and expand US and International D&I Go To Market Strategy Qitem yan STL - L Q BLACK SKY Har ⒸD or OF 20 Thapki BLACK SKY Be The First To Know Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. A Ante HAN CELE Lap eder P "Our collaboration with BlackSky radically compresses the decision-chain for warfighters." (Shyam Sankar, COO, Palantir Technologies) sr#7Herat, third largest city in Afghanistan, falls to Taliban BLACK SKY Taliban Takeover of Afghanistan in Last 30 days August 2021 | BlackSky Constellation Taliban Take Second Afghan City in Two Days.. DE TE 30-Day Persistent Monitoring of the Fall of Afghanistan with Spectra Al Mazar-i-Sharif, Afghanistan's fourth largest city to fall to Taliban 100 10 .. 303 Taliban Militants Dead, 125 Others Injured in The Last 24 Hours Taliban in control of Afghanistan, panic in Kabul Afghan forces surrender Bagram air base to Taliban www.bestonda.com a 04:47 UTC 300+ Spectra Al-Generated Collection Tips 200+ Images Captured 90-Minute Latency from Collection to Delivery 09 AUGUST 2021 Kabul Evacuation 06:36 UTC Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. 03:39 UTC Kunduz Combat 15 AUGUST 2021 12 AUGUST 2021 Capture of Ghazni 07:41 UTC 13:16 UTC Capture of Herat 15 AUGUST 2021 13 AUGUST 2021 Bagram Surrender 7#81 Simple API Integration Berth Occupancy Economic Indicators 548 Collects in 12 Months 100% 12-Month Persistent Monitoring of Port Hedland, Australia BLACK SKY Port Hedland, Australia Spectra Al Port Monitoring August 19, 2021 BlackSky Constellation LL SP₂ RHI АРБ SP1 CHERITE VISTO ВНР BHP SALO Roy Hill Infrastructure Fortescue Metal Group BHP 9,000+ Global Sites BlackSky Spectra Al: Autonomous Monitoring Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. Berth Occupancy Rates 62% 6496 500+ Major Ports 66% 68% Intraday Updates 72% Monitor the Global GDP 00#9BLACK SKY BlackSky is Defining the Category of Real-time Global Intelligence Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary.#10BLACK SKY Supply Chain Container Shor BLACK SKY SUPPIKA ENERGY Chamber of Comme Shipping Activity at Port shortages Qasim May 21, 2021 Semiconductor Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. SUPPLY CHAIN International Moon, soon to be the first face-to-face May 21, 20 Biden Host BlackSky is an Al-driven SaaS Platform Powered by our Proprietary Space and Terrestrial Sensor Network CHAIN as North rea, Chip Shortage Top da Events 12 May 21, 2021 Port of Long Beach (33) We Deliver Real-time Information, Insights and Analytics about our Changing World SUPPLY CHAIN SK Hynix Wins Europe's H May 21, 2011 oval for to Bion intel Unit LAST 30 DAYS SUPPLY CHAIN trades recovery cctvp-19 ensis hits from ord high recor B May 21, 2021 May 21, 25251 Events 12 20 Expect SUPPLY CHAIN ZIM Rides Rising Tide to Record Quarterly Profit Power Outages (22) Battery largest inve trilion May 20,2021 meets May 21, OPA PRINTS SUPPLY CHAIN SUPPLY Blank Sailing Schedules Creating Further Deta Shippers LAST 3 DAYS 10 Events#11BlackSky's Platform is Disrupting a Highly Fragmented Market by Providing Customers an Intuitive SaaS Experience Today BlackSky Integrates Multiple Space & Terrestrial Data Sources to Deliver Al-enabled Insights BlackSky Constellation BLACK SKY Apps EO & SAR Earth Data :01: Data Feeds AI / ML-POWERED ANALYTICS Global Intel Database ETL / MULTI-SOURCE DATA MANAGEMENT Enterprise Business Intelligence News & Other Media Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. API loT Sensors & Navigation Data Feeds APIs Environmental, Humanitarian & Crisis Response Data 11#12A First Mover $40bn+ TAM 1 TAM Expansion Wide Moat $2.5bn Pipeline 80% Gross Margins 2 BLACK SKY BlackSky Investment Highlights Proprietary, Al-driven SaaS Platform and Space Network o Disruptor in a Large and Expanding Market Opportunity o Intuitive SaaS Experience with Affordable Data & Analytics Addressing Pent Up Market Demand o Fully Operational, Vertically Integrated Space and SaaS Infrastructure o Near-term, High Visibility Pipeline and Revenue Growth High Margin, Scalable Financial Profile 1. Estimated TAM represents 2025, based on third party reports and management estimates. 2. At scale defined as 2025E. Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. BlackSky is Defining a New Category of Real-time Global Intelligence 12#13BlackSky Delivers Real-time Insights, Information & Analytics about Our Changing World Monitor the World in Real-time BLACK SKY Proprietary Data Lake Understand and Predict Change Detect and Analyze Global Activity DASHBOARD All Sites / Haneda Airport ~ Haneda Airport Analytics AIRCRAFT 260 240 220 200 180 160 140 PLAN 120 AIRCRAFT SHIP Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. STATUS PRODUCTS SITES ORDERS LAST 6 MONTHS Reset Zoom W you marthan REPORT 13 +NE#14X Current Market is Highly Fragmented Data Providers Consultants / Experts BLACK SKY BlackSky's Al-driven SaaS Platform is Disrupting an Inefficient Industry Software Providers = 8+883² Geospatial Analyst End User Slow and inefficient process High cost of ownership Extensive development and data acquisition cycles .. ........ Al-driven SaaS Platform Delivering Insights, Information and Analytics BLACK SKY End User Easy to use self-service web-based platform Dramatically lower total cost of ownership Reduced time to insights Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. 14#15BLACK SKY Observations per day from our proprietary data lake of Data Sources 1M >100K Al-Powered SaaS Platform BlackSky is monitoring Global Activity in Real-time ~18K delivering Significant Events per day BLACK SKY Supply Chain Container Shor May 21, 2021 ENERGY SUPPSHA Chamber of Comme Shipping Activity at Port warns a s supply shortages Qasim Semiconductor Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. May 21,2021 SUPPLY CHAIN Leto-face International Moon, soon to be the to b SUPPLY CHAIN, COPPE Som upports Emencoed and gent standards upe wwwtable May 21, 2021 May 21, 2525 Events 12 SUPPCHAIN Biden Hosts Moon as North Korea, Chip Shortage Top Agenda er inspection Port of Long Beach (33) ENERGY ainer Line CMA.COM C Cantomers BoING May 21,2021 May 21, 2021 Pioneel SUPPLY CHAIN K Hynix Wins Europe's Approval to for Unit Deal CRAS SUPPLY CHAIN from COVID-19very record high LAST 30 DAYS May 21,2021 May 21-2001 Events 12 PRINT CHAINVEST Korea-US US Synergy Semiconductor, Battery and B 44 ton investments in May 21 Expectatio largest inve 089&C SUPPLY CHAIN Rising Tide to ZIM Re Record Quarterly Profit May 23, 2005 Power Outages (22) Automating Auckland's Port CHAR May 20,2021 TO SUPPLY CHAM ngày Speaking on at that Fastors Global 2 SUPPLY CHAI ng kap 3 Stocks Standing Tallin the Saru Equipment industry SUPPLY CHAIN Blank Sailing Schedules Creating Further Delays for Shippers Fres 200 May 19,2021 AST 3 DAYS Events: 12 O O GUPPLY CHAIN Container Cargo Market Sidst Cord 19 Hot PPING Delle May 21, 2001 15 Sh#161. 2. 3. 4. BlackSky is Revolutionizing the Customer Experience BLACKSKY REAL-TIME GLOBAL INTELLIGENCE LEGACY EARTH DATA Outdated & Inefficient Current Experience Wait 2 to 3 days 9. Generate report 10. Analyze report Get image Give image to analyst 11. Deliver report 12. Integrate into workflows 8. Import image into analysis software Call customer service Wait for collection feasibility Get a quote Order image BLACK SKY $120K for imagery in 2-3 days 5. 6. 7. $12K for on-demand imagery & insights in 90 minutes ~ BLACK SKY Experience 1. Log in to SaaS 2. Select data feed 3. Receive automated alerts 4. Insights in under 2 hours Note: Estimated monthly cost for daily imagery collection / analytics based on comparison of BlackSky and legacy mapping company pricing incorporating priority tasking requirements to ensure collection and minimum area ordering requirements (25km2 minimum for BlackSky vs. 100km2 for legacy companies). Legacy companies reviewed include Maxar, Airbus and others. Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. 16#17lew Internal - Business Tasking Frequency Once Select image collection frequency NEXT 7 DAYS Collection date range Detectv ☐ Airfield Monitoring + Post Collection Settings Port Monitoring License Commercial Single... Select a license agreement to associate with collected products Imagery Constraints Withhold NONE 30 DAYS PERMANENT Select length of time products are withheld in BlackSky archive catalog Remote Delivery Destination None Select additional location to deliver collected products Maximum cloud cover Off-nadir Priority STANDARD BLACK SKY Priority 0 Buildings Detection Spectra Tasking From Collection to Insights in ~90 Minutes Course mporary closed MORNI COLDBLOW SLADE GREEN BARNES CRAY Crown Decorating Centre Dartford LEYTON CROSS Dartford Grammar School North Kent 11:56 expo.blacksky.com ddaczewitzbsky Organization. blacksky BLACK SKY + APPROVALS Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. STATUS NEW TASK LOGOUT 17#18CLIENT CASE STUDY US and International Defense and Intelligence Agencies OPERATIONAL REQUIREMENTS Assured Access to task collections of key facilities and military activity on a Regional and Global Scale High Frequency Dawn to Dusk Collection Low latency collection to delivery Ability to directly downlink imagery into military systems CURRENT MARKET APPROACH Polar orbiting satellites with limited imaging windows, capacity and latency constraints ADDRESSABLE MARKET D&I ($ in billions) $5.2 $10.4 2020 2025 Source: Third party reports and management estimates. Note: D&l stands for Defense & Intelligence. BLACK SKY BlackSky's Solution Meets Needs for Both Intelligence and Military (Tactical ISR) Applications Provides assured access to capacity in critical regions around the world Provides end user with direct tasking capability Ensures high frequency and low latency collection, (hourly revisit, ~<90 minute delivery) Provides an option to directly downlink imagery into customer systems for delivery within minutes Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. 18#19CLIENT CASE STUDY $10bn+ Global Construction Company BUSINESS REQUIREMENTS Monitor progress of building, warehouse and highway construction (e.g., how many miles or square feet were constructed per day) ● Monitor large-scale highway and steel / concrete construction projects worldwide CURRENT MARKET APPROACH Contract with local aerial company to deliver high-cost imagery (slow and sometimes unreliable) ADDRESSABLE MARKET Real Estate / Construction ($ in billions) $4.6 2020 Source: Third party reports and management estimates. BLACK SKY $8.8 2025 • * 14 Fortune 500 Engineering & Construction Companies A BlackSky's SaaS Solution On-demand imaging and analytics Easy to use self service interface for project managers Affordable Annual subscription Scales across Global project portfolio Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. M 19#20COMMERCIAL USE CASE $40bn+ Insurance Company BUSINESS REQUIREMENTS Conduct post-disaster damage assessments Early damage assessments Prioritize search and rescue Post event assessments (business interruption, return to business, monitor reconstruction) ● ● ● CURRENT MARKET APPROACH Highly manual process to procure high cost areal and drone imagery from multiple vendors ADDRESSABLE MARKET Financial Services / Insurance ($ in billions) $1.5 2020 Source: Third party reports and management estimates. BLACK SKY $2.8 2025 25 Fortune 500 Property & Casualty Insurance Companies BlackSky's SaaS Solution Provide on-demand imaging and analytics through a SaaS platform Provide affordable responsive high priority tasking with guaranteed capacity over areas of interest Rapid and automated damage assessment Annual subscription Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. 20#21Expanding Customer Base (# of customers) 14 2020A Commercial BLACK SKY ~50 Strong Demand from World-Class Customers 2021E -150 2022E Defense and Intelligence U.S. Defense & Intelligence > AFWERX A Robust Pipeline Growth ($ in billions) +4.2x I $0.6 Jan 2020 $1.7 Dec 2020 $2.5 Jun 2021 Selected Customers International Defense & Intelligence Middle East Ministry of Defense Middle East Ministry of Defense APAC Ministry of Defense High Revenue Visibility ($ in millions) YOY REVENUE GROWTH 91% 54% $21 2020A 2021E Contracted and Follow-on 1 $40 9% 91% 1. Contracted and follow-on revenue for each year represents projected estimates as of year-end of the respective previous year, and Customer growth rates are estimated. Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. Commercial 183% $114 11% 89% 2022E Net New Multiple Commercial Customers Across Variety of Industries 21#22Expansion of Existing Contracts Drives Significant 2022 Revenue Visibility ~100% of 2021E revenue expected to be in contracted backlog by end of Q3 ~90% of 2022E revenue from expansion of and follow-on to existing contracts ~75% of 2022E revenue expected to be in contracted backlog by end of Q1 2022 ~$200m pipeline coverage of ~15x net new revenues assumed in 2022E forecast BLACK SKY 20 2021 Net New Other Customers Customer D Customer C Customer B Customer A Total Revenue ($ in millions) $40 2021E Note: Contracted and follow-on revenue for each year represents projected estimates as of year-end of the respective previous year. Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. $114 2022 Net New 2022E ~5x ~2x ~4x ~6x ~1x ~5x 22#2354% $14 2019A-2021E CAGR: 71% $21 Revenue 91% 183% 98% 72% $40 ($ in millions) BLACK SKY $114 Revenue Growth and Operating Leverage $226 $389 40% $546 2019A 2020A 2021E 2022E 2023E 2024 2025E Gross Profit ($ in millions) 16% (13%) 20% 62% Limited Marginal Costs to Scale $71 74% 78% $168 $305 80% $436 $2 ($3) $8 2019A 2020A 2021E 2022E 2023E 2024 2025E Adj. EBITDA 1 ($ in millions) Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. 2% 32% 46% 45% $72 $177 Note: Percentages above revenue, gross profit and Adj. EBITDA represent YoY revenue growth, gross margin and Adj. EBITDA margin, respectively. Financials represent BlackSky only and exclude discontinued operations for the Launch Division which was sold in June 2020. 1. Adj. EBITDA is a non-GAAP measure. See reconciliation of historic measure in Appendix. $246 ($31) ($29) ($41) $2 2019A 2020A 2021E 2022E 2023E 2024 2025E 23#24BlackSky at a Glance BlackSky is Defining a New Category in Real-time Global Intelligence Ready to Scale A First Mover A First Mover in Real-time Global Intelligence 14 Smallsats on Orbit by Year-end 2021 10 Ground Stations by Year-end 2021 ~71% 2019A-2021E Revenue CAGR 11 Satellites in Production and / or Staged for Launch ~175 Employees ~92% 2021E-2025E Revenue CAGR $340m Funding Raised 2 ~40% Employees with Clearance 80% / 45% Gross / Adj. EBITDA Margins at Scale 1 $2.5bn Pipeline 2014 Year of Incorporation 1. Adj. EBITDA Margin is a non-GAAP measure. See reconciliation of historic measure in Appendix. At scale defined as 2025E. 2. Includes both debt and equity raised since inception. BLACK SKY Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. 24#25BLACK SKY MARKET OPPORTUNITY & COMPETITIVE LANDSCAPE#26Highly Fragmented Market Ready for Disruption Highly fragmented market for data, analysis and software Large ecosystem with no single scale dominant category owner Many players provide point solutions without addressing customer needs Inefficient processes and high cost of ownership for end users Extensive development and data acquisition cycles BLACK SKY Space Data AIRBUS Aspire ICEYE HawkEye 300 Capela Space MAXAR SATELLOGIC planet. Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. End User Geospatial Analyst Geospatial Software & Analytics HEXAGON SPACE KNOW Orbital Insight Palantir Descartes Labs esri Consultants / Experts ALION - BAE SYSTEMS Booz | Allen | Hamilton Jacobs leidos 26#271 Defense industry shift to space-based tactical ISR 2 3 Secular Mega Trends Driving High-growth Outlook Commercial demand for real-time geospatial intelligence Proliferation of GPS-enabled devices 4 Web mapping services shift to real-time updates BLACK SKY Estimated TAM ($ in billions) Source: Third party reports and management estimates. Copyright BlackSky 2021. All rights reserved. Confidential & Proprietary. $13+ 2020 $40+ 2025 27#28BlackSky has built a Platform of Critical Capabilities to Disrupt the Market Revolutionize the Customer Experience SaaS Platform Intuitive platform for accessing and integrating globally multi-sourced information Frequency High revisit rate and low latency collection for persistent monitoring and detection Affordable Data & Analytics BLACK SKY - AI / ML-powered analytics and solutions, not just data Dusk-to-dawn Flexibility to monitor throughout the day and in real-time Real-time Global Intelligence Dynamic earth observation, monitoring and detection Vertically Integrated Platform Space Consultants/ Data Experts High Revisit Smallsat Constellation Smallsat Design and Manufacturing Proprietary Data Lake of Global Activity Al-enabled SaaS Platform Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. B Software/ Analytics 28#29BLACK SKY O On-demand real-time global intelligence Intuitive self-service SaaS platform Affordable data and analytics --High-frequency low-latency space network for global monitoring Earth Data Providers Imagery Map Layers OF BlackSky is Disrupting a Large and Expanding Market for Real-time Global Intelligence BLACK SKY High Value TAM (2025): $40bn+ Insights Information Low Earth Data Small ● ● TAM Source: Third party reports and management estimates. Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. Large TAM Expansion Opportunity End Users 40 * Decision makers Business analysts Operations staff Financial analysts Imagery analysts Geospatial analysts 29#30Increases speed to insights Enabling a Revolutionary Customer Experience Spectra Tasking Task the BlackSky constellation and manage collection deck prioritie Spects Tasking training guide BLACK SKY Reduces high start-up, data, software and staffing costs $ 000. Lowers total cost of ownership Be The First To Know 8+0 Integrated directly into customer workflows Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. Ï Easy to Use BlackSky Events Create on topic geographically relevant event feeds 30#31Executing against Clear Milestones with Upside Potential On Track to Meet Near-term Milestones Contracted backlog provides significant revenue visibility for 2021 and 2022 revenue New multi-year contract wins and extensions strengthen out year forecast and visibility Commercial partnership with Palantir enhances D&I go-to- market strategy Strong commercial demand puts on track to add 30 new enterprise customers by year-end Constellation deployment schedule ahead of plan, expect to achieve capacity and revisit performance to drive near term revenue growth Executive team and Board with significant public company experience in place BLACK SKY 0 Multiple Levers to Accelerate Growth Plan Strategic M&A Expansion of strategic partnerships Acceleration of commercial market traction through API access Upsell of services and data available through our SaaS Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. 31#32BLACK SKY D U APPENDIX 1717777#33($ in millions) FY ending 12/31 Imagery Data, Software & Analytics Engineering & Integration Revenue % growth (-) Cost of Goods Sold Gross profit % margin (-) Opex (-) Other Operating Expense and Adjustments Operating profit % margin (+) D&A (+) Adjustments Adj. EBITDA % margin (-) Capex 2 Free Cash Flow (FCF) ² 3 BlackSky Financial Summary BLACK SKY 2019A $1 13 0 $14 (12) $2 16% (35) (13) ($46) 7 8 ($31) (34) ($65) 2020A $3 16 3 $21 54% (24) ($3) (13%) (29) (10) ($41) 10 2 ($29) (18) ($47) 2021E $11 17 12 $40 91% (32) $8 20% (49) (71) ($112) 22 49 ($41) (95) ($136) 2022E $61 33 20 $114 183% (43) $71 62% (69) (96) ($94) 42 55 $2 2% (121) ($118) 2023E $148 67 12 $226 98% (58) $168 74% (96) (87) ($15) 53 34 $72 32% (138) ($66) 2024E $261 113 16 $389 72% (84) $305 78% (128) (101) $77 20% 80 21 $177 46% (66) $111 2025E 63% $348 180 18 $546 40% (110) $436 80% (190) (102) $144 26% 79 23 $246 45% % FCF conversion Note: Financials represent BlackSky only and exclude discontinued operations for the Launch Division which was sold in June 2020. Other Operating Expense includes expenses related to transaction, employee retention bonuses, shared launch services, stock compensation, depreciation and amortization. 2019A and 2020A financials are audited. 1. Adj. EBITDA is a non-GAAP measure. See reconciliation of historic measure in Appendix. 2. Free cash flow defined as Adj. EBITDA - Capex. 3. Free cash flow conversion defined as (Adj. EBITDA - Capex) / Adj. EBITDA. Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. (37) $209 85% 33#34($ in millions) FY ending 12/31 Net Income (Loss) from Continuing Operations (+) Depreciation (+) Amortization (+) Interest (+) Taxes (+) LeoStella Equity Method Entry and other non-cash expenses EBITDA (+) Launch Division Gain / Loss (Disc. Ops, Net (+) Shared Services and Bonuses) (+) Other Gain / Loss (Debt and Unrealized) (+) Satellite Impairment Loss (+) Stock Compensation Reconciliation of Non-GAAP Financials Adj. EBITDA (-) Capex Free Cash Flow (FCF)¹ BLACK SKY 2019A ($66) 6 1 14 1 ($44) 4 (1) 7 4 ($31) (34) ($65) 2020A ($20) 8 1 5 1 ($4) (28) 0 2 ($29) (18) ($47) 2021E ($272) 21 1 160 (0) ($90) (0) 26 19 4 ($41) (95) ($136) 2022E ($99) 40 1 5 (2) ($54) 57 $2 (121) ($118) 2023E ($23) 52 1 8 $38 I I 34 $72 (138) ($66) 2024E $69 79 1 8 $157 21 $177 (66) $111 2025E $105² 77 1 1 38 $223 Note: 2019A and 2020A financials are audited. Financials represent BlackSky only and exclude discontinued operations for the Launch Division which was sold in June 2020. 1. Free cash flow defined as Adj. EBITDA - Capex. 2. Increase from original projection, as presented in the February 2021 deck, of $99 to $105 results from two factors: (a) $4 decrease in 2025 tax expense resulting from revised estimate calculations and (b) $2 decrease in 2025 Opex. Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. I 23 $246 (37) $209 34#35CLIENT CASE STUDY $100bn+ Oil & Gas Company BUSINESS REQUIREMENTS Global oil and gas company using geospatial data in the Security Operations Center (SOC) to monitor oil fields, tank farms, and to respond to natural disasters and crises ● CURRENT MARKET APPROACH Buy satellite data and integrate internally Current imagery provider takes 3 weeks for average delivery (tasking to delivery) which does not meet response to critical events / natural disasters ● ADDRESSABLE MARKET Commodities / Natural Resources / Mining ($ in billions) $3.8 2020 Source: Third party reports and management estimates. BLACK SKY $6.7 2025 *0 + 10 55 Fortune 500 Energy Companies 5 BlackSky's Disruptive Solution Provide on-demand imaging and analytics through a SaaS platform Automated site monitoring with change detection and alerts On-demand with preferred tasking for crisis event monitoring Annual subscription Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. 35#36CLIENT CASE STUDY $2bn+ Global Environmental Company BUSINESS REQUIREMENTS Monitor excessive clearing of timber, earth disturbance in / around mining sites ● CURRENT MARKET APPROACH Human inspections of remote sites to monitoring Transitioning to using remote sensors from space Current provider increasing prices and is not able to deliver daily imaging ● ● ADDRESSABLE MARKET Commodities / Natural Resources / Mining ($ in billions) $3.8 2020 Source: Third party reports and management estimates. BLACK SKY $6.7 2025 BlackSky's Disruptive Solution Provide on-demand imaging and analytics through a SaaS platform Daily site monitoring of dam locations to anticipate flooding - using imagery, global and local news sources and other third- party sensors Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. 36#37BLACK SKY New Members of BlackSky Management Team Johan Broekhuysen Financial Advisor Founding Principal at Open Water Capital Partners Domestic & international experience leading public, high-growth tech companies CFO of Segra Chris Lin General Counsel 19+ years working with business, government and legal teams to spur growth and innovation 17yr tenure at comScore Chief Privacy and Administrative Officer and General Counsel at Ratuken Advertising Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. Henry Dubois CDO Domestic & international experience leading telecom companies through growth & M&A activities Managing Director at HED Consulting President, COO and CFO of DigitalGlobe CFO of GeoEye 37#38BLACK SKY Dr. Magid M. Abraham comscore NeuraWell THERAPEUTICS New Board Members Tim Harvey VTS BAE SYSTEMS Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. James Tolonen New Relic ◆IGN® SAP Ⓡ 38#39BLACK SKY Be The First To Know