Bakkt SPAC Presentation Deck

Growth and Margins Compare Favorably to Peers 75.2% bakkt ¹21E-25E CAGR Total Revenue Less Transaction- Based Expenses 55.3% bakkt "25E EBITDA Margin 18.5% 29.8% Revenue Growth CAGR ('20E-'22E) 29.4% Square 16.1% 57.9% '21E Adjusted EBITDA Margin(2) Square afterpay 17.0% afterpay 36.3% 12.7% Source Wall Street research as of January 8, 2021 Note: Peers are las shown from left to right Peypel NASDAQ PYPLI, Square (NYSE 501. AfterPay (ASKAPT) and Shopfly INYSE SHOP The accounting for revenues from cryptocurrency transactions is currently under review and subject to change See Accounting for Cryptocumency Transactions on slide 2. Estimates are based on broker and represent calendar years for all companies regardless of fiscal year Bakkt projections assume a January 1, 2021 transaction closing date and related funding for execution of growth strategy bakkt ve calculated as total revenue les transaction and biscoin costs 21 Measured as Adjusted EBITDA divided by Total Revenue Less Transaction-Based Expenses for Square represents adjusted EBITDA over total revenue less transaction and bitcoin costs. Per companies may calculate hos-GAAP measures such as Add EBITDA differently from how Blakk calculates its Adjusted EBITDA, which reduces its overall usefulness as a comparative measure 33

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