Bakkt SPAC Presentation Deck

Illustrative Transaction Overview (Smillions, except per share figures) Sources & Uses(1) Amount Sources Cash Held in SPAC Trust Issuance of Shares to Target PIPE Total Sources Uses Stock Consideration Transaction Fees Cash to Balance Sheet Total Uses Amount $207 2,082 (1) Assumes no redemptions (2) ICE has committed $50 million to the PIPE transaction. (3) Minimum cash condition is $425 million (4) 325(2) $2,614 $2,082 50 48230 $2,614 8% 80% 12% 100% 80% 2% 18% 100% Note: The accounting for revenues from cryptocurrency transactions is currently under review and subject to change. See "Accounting for Cryptocurrency Transactions" on slide 2. Pro Forma Valuation(¹) Share Price Pro Forma Shares Outstanding Pro Forma Equity Value (+) PF Debt (-) PF Cash Pro Forma Enterprise Value Particulars Pro Forma EV / Total Revenue Less Transaction-Based Expenses 2022E 2023E 2024E 2025E Includes milion of cash on Bakit balance sheet. bakkt Represents ICE pro forma economic interest, ICE's effective voting interest will be below 50%. Represents ownership on a fully-diluted basis. Pro Forma Ownership PIPE 12% VIH Public Shareholders 8% VIH Founder Shares ICE Pro Forma Ownership 65% Amount $ 10.00 267 $2,666 Bakkt Equity Holders 78% (574)(4) $2,092 Multiple 9.3x 5.9x 4.8x 4.1x 32

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