Bakkt SPAC Presentation Deck

Investment Plan ($ millions) Personnel(¹) Marketing Technology D&A Other (2) Total . . . . Commentary Investment focused on data & analytics capabilities, engineering personnel and sales & marketing to drive growth Ability to flex variable cost structure Significant operating leverage . Projected Operating Expenses 2021E 2022E $103 106 19 bakkt 20 11 $259 $120 117 26 41 12 $316 No additional investment anticipated to achieve positive cash flow, expected in 2023 Cost structure advantage, leverage ICE relationship and significant infrastructure investments to-date 2023E $129 102 31 54 15 $331 2024E $141 65 33 56 18 $314 Note: Projections assume a January 1, 2021 transaction closing date and related funding for execution of growth strategy. There may be decimal differences due to rounding (1) Personnel expense includes capitalized software development costs and executive compensation (both cash and non-cash), with the exception of an incentive equity grant to the incoming CEO, which is being finalized (2) Other includes professional fees, technology, occupancy, merchant processing fees, business insurance, risk and compliance services, intercompany charges-ICE, and other operating costs 2025E $156 60 36 46 21 $320 30

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