Bakkt SPAC Presentation Deck

FINANCIALS INVESTMENT PLAN PROJECTED OPERATING EXPENSES ($ millions) Non-marketing expenses Marketing Total Investment focused on data and analytics capabilities, engineering personnel and sales and marketing to drive growth Ability to flex variable cost structure CONFIDENTIAL AND PROPRIETARY Y1E $153 106 $259 ][ Significant operating leverage Y2E $199 117 $316 Y3E $229 102 $331 No additional investment anticipated to achieve positive cash flow, expected in 2023 Y4E $249 65 $314 Y5E $260 Cost structure advantage, leverage ICE relationship and significant infrastructure investments to date 60 $320 bakkt Note: 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 CEO. (2) Other includes professional fees, technology, occupancy, merchant processing fees, business insurance, risk and compliance services, intercompany charges - ICE, and other operating costs. 67

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