EX-99.2 15 d198478dex992.htm EX-99.2 EX-99.2

Exhibit 99.2 Investor Presentation July 2021 Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global.Exhibit 99.2 Investor Presentation July 2021 Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global.


Disclaimer and Risk Factors The information provided in this presentation pertaining to the proposed business combination (the “Business Combination”) between Far Peak Acquisition Corporation (“FPAC”) and Bullish Global (together with its subsidiaries, “Bullish”) is for informational purposes only to assist interested parties in making their own evaluation and is not an offer to sell or a solicitation of a proxy, consent or authorization or of an offer to buy with respect to any securities, options, futures or other derivatives related to or in respect of the proposed Business Combination in any jurisdiction. Information contained in this presentation should not be relied upon as advice to buy or sell such securities. You should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this presentation, you confirm that you are not relying upon the information contained herein to make any decision. No legally binding obligations will be created, implied, or inferred from this presentation or the information contained herein. The product outlined in this presentation is still under development. The features of the final product may be different and nothing should be construed as a commitment by Bullish. Important Information While the information in this presentation is believed to be accurate, FPAC, Bullish and their respective agents, advisors, directors, officers, employees and shareholders make no representation or warranties, expressed or implied, as to the accuracy, completeness or reliability of such information. Neither FPAC, Bullish, nor any of their respective affiliates, agents, advisors, directors, officers, employees and shareholders shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this presentation by you or any of your representatives or for omissions from the information in this presentation. We reserve the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide you with access to the amended information or to notify you thereof. The distribution of this presentation may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. The presentation is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the presentation is prohibited. Persons in respect of whom such prohibitions apply must not access the presentation. Forward-Looking Statements Certain information in this presentation and oral statements made in any meeting are forward-looking and relate to Bullish and its anticipated financial position, business strategy, events and courses of action. Words or phrases such as anticipate , objective , may , will , might , should , could , can , intend , expect , believe , estimate , predict , potential , plan , is designed to or similar expressions suggest future outcomes. Without limiting the generality of the foregoing, the forward-looking statements in this presentation include a model of annual revenues and EBITDA for Bullish under various stated operational assumptions (referred to as the “Illustrative Model”). Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. By their nature, forward-looking statements, including the Illustrative Model, involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts and other forward-looking information will not occur, which may cause Bullish’s actual performance and financial results in future periods to differ materially from any estimates of future performance, illustrations of performance results or results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from expectations include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of any definitive agreements with respect to the Business Combination; the outcome of any legal proceedings that may be instituted against FPAC, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of FPAC, to obtain financing to complete the Business Combination or to satisfy other conditions to closing; changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; the ability to meet stock exchange listing standards following the consummation of the Business Combination; the risk that the Business Combination disrupts current plans and operations of Bullish as a result of the announcement and consummation of the Business Combination; the ability to recognize the anticipated benefits of the Business Combination; the other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in FPACs final prospectus relating to its initial public offering dated December 2, 2020 and the risks described below under “Certain Risks Applicable to Bullish.” Readers are cautioned that this list of factors should not be construed as exhaustive. Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 2Disclaimer and Risk Factors The information provided in this presentation pertaining to the proposed business combination (the “Business Combination”) between Far Peak Acquisition Corporation (“FPAC”) and Bullish Global (together with its subsidiaries, “Bullish”) is for informational purposes only to assist interested parties in making their own evaluation and is not an offer to sell or a solicitation of a proxy, consent or authorization or of an offer to buy with respect to any securities, options, futures or other derivatives related to or in respect of the proposed Business Combination in any jurisdiction. Information contained in this presentation should not be relied upon as advice to buy or sell such securities. You should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this presentation, you confirm that you are not relying upon the information contained herein to make any decision. No legally binding obligations will be created, implied, or inferred from this presentation or the information contained herein. The product outlined in this presentation is still under development. The features of the final product may be different and nothing should be construed as a commitment by Bullish. Important Information While the information in this presentation is believed to be accurate, FPAC, Bullish and their respective agents, advisors, directors, officers, employees and shareholders make no representation or warranties, expressed or implied, as to the accuracy, completeness or reliability of such information. Neither FPAC, Bullish, nor any of their respective affiliates, agents, advisors, directors, officers, employees and shareholders shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this presentation by you or any of your representatives or for omissions from the information in this presentation. We reserve the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide you with access to the amended information or to notify you thereof. The distribution of this presentation may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. The presentation is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the presentation is prohibited. Persons in respect of whom such prohibitions apply must not access the presentation. Forward-Looking Statements Certain information in this presentation and oral statements made in any meeting are forward-looking and relate to Bullish and its anticipated financial position, business strategy, events and courses of action. Words or phrases such as anticipate , objective , may , will , might , should , could , can , intend , expect , believe , estimate , predict , potential , plan , is designed to or similar expressions suggest future outcomes. Without limiting the generality of the foregoing, the forward-looking statements in this presentation include a model of annual revenues and EBITDA for Bullish under various stated operational assumptions (referred to as the “Illustrative Model”). Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. By their nature, forward-looking statements, including the Illustrative Model, involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts and other forward-looking information will not occur, which may cause Bullish’s actual performance and financial results in future periods to differ materially from any estimates of future performance, illustrations of performance results or results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from expectations include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of any definitive agreements with respect to the Business Combination; the outcome of any legal proceedings that may be instituted against FPAC, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of FPAC, to obtain financing to complete the Business Combination or to satisfy other conditions to closing; changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; the ability to meet stock exchange listing standards following the consummation of the Business Combination; the risk that the Business Combination disrupts current plans and operations of Bullish as a result of the announcement and consummation of the Business Combination; the ability to recognize the anticipated benefits of the Business Combination; the other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in FPACs final prospectus relating to its initial public offering dated December 2, 2020 and the risks described below under “Certain Risks Applicable to Bullish.” Readers are cautioned that this list of factors should not be construed as exhaustive. Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 2


Disclaimer and Risk Factors (Cont’d) The forward-looking statements, including the Illustrative Model, contained in this presentation are expressly qualified by this cautionary statement. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on forward-looking statements. This presentation, including the Illustrative Model, includes certain financial measures not presented in accordance with International Financial Reporting Standards ( IFRS ). These non-IFRS financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as on alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under IFRS. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. Bullish believes these non-IFRS measures of financial results provide useful information to management and investors regarding certain financial and business trends. These non-IFRS financial measures are subject to inherent limitations as they reflect the exercise of judgments about which expense and income are excluded or included in determining these non-IFRS financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these illustrative measures, together with some of the excluded information not being ascertainable or accessible, Bullish is unable to quantify certain amounts that would be required to be included in the most directly comparable IFRS financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable IFRS measures is included and no reconciliation of the forward-looking non-IFRS financial measures is included. This Illustrative Model contains financial scenarios with respect to Bullish's prospective financial scenarios. Independent auditors have not audited, reviewed, compiled or performed any procedures with respect to such financial scenarios for the purpose of their inclusion in this presentation, and accordingly, cannot express on opinion or provide any other form of assurance with respect thereto for the purpose of this presentation. These scenarios should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the Illustrative Model are inherently uncertain and are subject too wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective scenarios are indicative of the future performance of Bullish or that actual results will not differ materially from those presented in the Illustrative Model. Inclusion of the Illustrative Model in this presentation should not be regarded as a representation by any person that the results contained therein will be achieved. In this presentation, FPAC and Bullish rely on and refer to certain information and statistics obtained from third-party sources which they believe to be reliable. Neither FPAC nor Bullish has independently verified the accuracy or completeness of any such third- party information. Where to Find Certain Important Information In connection with the proposed Business Combination, the successor public entity intends to file with the United States Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4 containing a preliminary proxy statement and a preliminary prospectus, and after the registration statement is declared effective, FPAC will mail a definitive proxy statement/prospectus relating to the proposed Business Combination to its shareholders. This presentation does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. FPAC’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about FPAC, Bullish and the Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed Business Combination will be mailed to shareholders of FPAC as of a record date to be established for voting on the proposed Business Combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: Far Peak Acquisition Corporation, 511 6th Ave #7342, New York, NY 10011. Participants in the Solicitation FPAC, Bullish and their respective directors and executive officers, other members of management and employees may be considered participants in the solicitation of proxies with respect to the proposed Business Combination under the rules of the SEC. Information about the directors and executive officers of FPAC is set forth in FPAC’s IPO Prospectus dated December 2, 2020 filed with the SEC on December 3, 2020. Information regarding other persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the potential transaction and a description of their interests will be set forth in the proxy statement/prospectus when it is filed with the SEC. These documents can be obtained free of charge from the sources indicated above. Non- Offer or Solicitation This communication is for informational purpose only and not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Business Combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Bullish or FPAC, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended. Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 3Disclaimer and Risk Factors (Cont’d) The forward-looking statements, including the Illustrative Model, contained in this presentation are expressly qualified by this cautionary statement. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on forward-looking statements. This presentation, including the Illustrative Model, includes certain financial measures not presented in accordance with International Financial Reporting Standards ( IFRS ). These non-IFRS financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as on alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under IFRS. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. Bullish believes these non-IFRS measures of financial results provide useful information to management and investors regarding certain financial and business trends. These non-IFRS financial measures are subject to inherent limitations as they reflect the exercise of judgments about which expense and income are excluded or included in determining these non-IFRS financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these illustrative measures, together with some of the excluded information not being ascertainable or accessible, Bullish is unable to quantify certain amounts that would be required to be included in the most directly comparable IFRS financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable IFRS measures is included and no reconciliation of the forward-looking non-IFRS financial measures is included. This Illustrative Model contains financial scenarios with respect to Bullish's prospective financial scenarios. Independent auditors have not audited, reviewed, compiled or performed any procedures with respect to such financial scenarios for the purpose of their inclusion in this presentation, and accordingly, cannot express on opinion or provide any other form of assurance with respect thereto for the purpose of this presentation. These scenarios should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the Illustrative Model are inherently uncertain and are subject too wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective scenarios are indicative of the future performance of Bullish or that actual results will not differ materially from those presented in the Illustrative Model. Inclusion of the Illustrative Model in this presentation should not be regarded as a representation by any person that the results contained therein will be achieved. In this presentation, FPAC and Bullish rely on and refer to certain information and statistics obtained from third-party sources which they believe to be reliable. Neither FPAC nor Bullish has independently verified the accuracy or completeness of any such third- party information. Where to Find Certain Important Information In connection with the proposed Business Combination, the successor public entity intends to file with the United States Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4 containing a preliminary proxy statement and a preliminary prospectus, and after the registration statement is declared effective, FPAC will mail a definitive proxy statement/prospectus relating to the proposed Business Combination to its shareholders. This presentation does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. FPAC’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about FPAC, Bullish and the Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed Business Combination will be mailed to shareholders of FPAC as of a record date to be established for voting on the proposed Business Combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: Far Peak Acquisition Corporation, 511 6th Ave #7342, New York, NY 10011. Participants in the Solicitation FPAC, Bullish and their respective directors and executive officers, other members of management and employees may be considered participants in the solicitation of proxies with respect to the proposed Business Combination under the rules of the SEC. Information about the directors and executive officers of FPAC is set forth in FPAC’s IPO Prospectus dated December 2, 2020 filed with the SEC on December 3, 2020. Information regarding other persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the potential transaction and a description of their interests will be set forth in the proxy statement/prospectus when it is filed with the SEC. These documents can be obtained free of charge from the sources indicated above. Non- Offer or Solicitation This communication is for informational purpose only and not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Business Combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Bullish or FPAC, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended. Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 3


Disclaimer and Risk Factors (Cont’d) Risk Factors Bullish is subject to a broad spectrum of risks and uncertainties that may lead to actual events, results or performance to differ materially from what is represented in this presentation. Key risk factors include: Risks related to the timing and likelihood of completing the transaction due to closing conditions not being satisfied or failure to obtain the necessary approvals i.e. shareholders or regulators. As an early stage company entering a highly competitive market with a limited operating history, the operations of Bullish are nascent, unproven and subject to material legal, regulatory, operational, reputational, tax and other risks. If Bullish fails to attract customers, its business, operating results and financial condition may be significantly harmed. The future development and growth of crypto assets is subject to a variety of factors that are difficult to predict and evaluate. If crypto assets do not grow as Bullish expects, Bullish’s business, operating results and financial condition could be adversely affected. Bullish has not yet fully developed, tested or launched any products and its business is not assured to be profitable. The assets and revenues of Bullish are substantially correlated to the prices and volatility of crypto assets. If such price declines, Bullish’s business, operating results, and financial condition would be adversely affected. Bullish’s business may require regulatory licenses and qualifications that Bullish does not currently have and that may be costly and time-consuming to obtain and, even if obtained, may subsequently be revoked. Bullish considers many factors in determining in which markets to offer services, and financial penalties and regulatory censure may be among the risks relating to any particular market. Bullish relies heavily on the use of innovative technology to service its business, however it may not be successful in developing and deploying the necessary technology. Cyberattacks and security breaches of Bullish’s platform, or those impacting Bullish’s customers or third parties, could adversely impact Bullish’s brand and reputation and its business, operating results and financial condition. Bullish’s failure to safeguard and manage its customers’ fiat currencies and crypto assets could adversely impact its business, operating results and financial condition. The loss or destruction of private keys required to access any crypto assets held in custody for Bullish’s own account or for its customers may be irreversible. If Bullish is unable to access its private keys or if Bullish experiences a hack or other data loss relating to its ability to access any crypto assets, it could cause regulatory scrutiny, reputational harm, and other losses. Legal, regulatory and accounting rules, standards and practices relating to cryptocurrencies and Bullish products are uncertain and still developing. Changes and developments in these or a failure to properly characterize or assess accounting treatment may adversely affect our business, operating results, and financial condition and may, in some cases, lead to licensing requirements, regulatory scrutiny, investigations, fines, restatements, and other penalties. Bullish’s business will rely on Block.one and other third-party vendors and service providers for material aspects of its operations, requiring entering appropriate contracting arrangements. Accounting and tax treatment of Bullish activities in different jurisdictions may change or be uncertain. If such accounting and tax treatment changes or such activities are not properly characterized for accounting or tax purposes, Bullish’s financial position and performance could be adversely affected. Industry data, projections and estimates contained in this presentation are inherently uncertain, subject to interpretation and may not have been independently verified. Bullish’s business requires a significant deployment of compliance programs and internal controls directed at dealing with extensive regulatory obligations. Such programs and controls are in general still developing in the crypto industry and if Bullish’s programs and controls are not effective or a regulator considers them insufficient the consequences may include reputational harm, regulatory enforcement action and affect Bullish’s ability to conduct business. The foregoing summarizes certain of the general risks related to the business of Bullish, and such list is not exhaustive. The foregoing list has been prepared solely for purpose of assisting interested parties in making their own evaluation with respect to the Business Combination and not for any other purpose. You should carefully consider these risks and uncertainties together with the other available information and should carry out your own diligence and consult with your own financial and legal advisors. A more expansive description of the key risk factors will be filed with the SEC as part of the Form F-4 registration statement referred to above and in subsequent filings with the SEC, and such risk factors will be more extensive than, and may differ significantly from, the above summary. Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 4Disclaimer and Risk Factors (Cont’d) Risk Factors Bullish is subject to a broad spectrum of risks and uncertainties that may lead to actual events, results or performance to differ materially from what is represented in this presentation. Key risk factors include: Risks related to the timing and likelihood of completing the transaction due to closing conditions not being satisfied or failure to obtain the necessary approvals i.e. shareholders or regulators. As an early stage company entering a highly competitive market with a limited operating history, the operations of Bullish are nascent, unproven and subject to material legal, regulatory, operational, reputational, tax and other risks. If Bullish fails to attract customers, its business, operating results and financial condition may be significantly harmed. The future development and growth of crypto assets is subject to a variety of factors that are difficult to predict and evaluate. If crypto assets do not grow as Bullish expects, Bullish’s business, operating results and financial condition could be adversely affected. Bullish has not yet fully developed, tested or launched any products and its business is not assured to be profitable. The assets and revenues of Bullish are substantially correlated to the prices and volatility of crypto assets. If such price declines, Bullish’s business, operating results, and financial condition would be adversely affected. Bullish’s business may require regulatory licenses and qualifications that Bullish does not currently have and that may be costly and time-consuming to obtain and, even if obtained, may subsequently be revoked. Bullish considers many factors in determining in which markets to offer services, and financial penalties and regulatory censure may be among the risks relating to any particular market. Bullish relies heavily on the use of innovative technology to service its business, however it may not be successful in developing and deploying the necessary technology. Cyberattacks and security breaches of Bullish’s platform, or those impacting Bullish’s customers or third parties, could adversely impact Bullish’s brand and reputation and its business, operating results and financial condition. Bullish’s failure to safeguard and manage its customers’ fiat currencies and crypto assets could adversely impact its business, operating results and financial condition. The loss or destruction of private keys required to access any crypto assets held in custody for Bullish’s own account or for its customers may be irreversible. If Bullish is unable to access its private keys or if Bullish experiences a hack or other data loss relating to its ability to access any crypto assets, it could cause regulatory scrutiny, reputational harm, and other losses. Legal, regulatory and accounting rules, standards and practices relating to cryptocurrencies and Bullish products are uncertain and still developing. Changes and developments in these or a failure to properly characterize or assess accounting treatment may adversely affect our business, operating results, and financial condition and may, in some cases, lead to licensing requirements, regulatory scrutiny, investigations, fines, restatements, and other penalties. Bullish’s business will rely on Block.one and other third-party vendors and service providers for material aspects of its operations, requiring entering appropriate contracting arrangements. Accounting and tax treatment of Bullish activities in different jurisdictions may change or be uncertain. If such accounting and tax treatment changes or such activities are not properly characterized for accounting or tax purposes, Bullish’s financial position and performance could be adversely affected. Industry data, projections and estimates contained in this presentation are inherently uncertain, subject to interpretation and may not have been independently verified. Bullish’s business requires a significant deployment of compliance programs and internal controls directed at dealing with extensive regulatory obligations. Such programs and controls are in general still developing in the crypto industry and if Bullish’s programs and controls are not effective or a regulator considers them insufficient the consequences may include reputational harm, regulatory enforcement action and affect Bullish’s ability to conduct business. The foregoing summarizes certain of the general risks related to the business of Bullish, and such list is not exhaustive. The foregoing list has been prepared solely for purpose of assisting interested parties in making their own evaluation with respect to the Business Combination and not for any other purpose. You should carefully consider these risks and uncertainties together with the other available information and should carry out your own diligence and consult with your own financial and legal advisors. A more expansive description of the key risk factors will be filed with the SEC as part of the Form F-4 registration statement referred to above and in subsequent filings with the SEC, and such risk factors will be more extensive than, and may differ significantly from, the above summary. Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 4


Bullish Leadership 1 Chairman Chief Executive Officer Co-Founder and CEO of Block.one Former President of NYSE Visionary founder with track record of World-class exchange leader for 15 years exceptional shareholder returns Heavily involved in several initiatives at ICE that contributed Led the successful creation of a new to outsized share price performance, outperforming 2 blockchain software that has led exchange peers by 3.1x and the S&P 500 by 4.6x Thomas Brendan to many successful blockchain Farley Blumer Led five different regulated exchanges, one clearing implementations including the organization and one broker-dealer EOS blockchain Implemented many major strategic initiatives including Based in Asia Pacific for 15+ years with large strategic M&A (NYSE, IDC) and internal projects (NYSE experience building organizations trading technology reboot, etc.) specializing in gaming, digital assets and Invested US$10m in Coinbase on behalf of the NYSE in 2013 collaborative data-sharing ecosystems and as President NYSE Group where he increased tech listings market share and built new trading technology from scratch for the largest exchange in the world Advisory Board Peter Thiel Alan Howard Richard Li Christian Angermayer Senior Advisor Senior Advisor Senior Advisor Senior Advisor 1. Thomas Farley to be appointed CEO of Bullish post transaction close 2. Market data from May 2006 to May 2018. Exchange peers include CME Group, NASDAQ Group, Deutsche Borse and LSE Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 5Bullish Leadership 1 Chairman Chief Executive Officer Co-Founder and CEO of Block.one Former President of NYSE Visionary founder with track record of World-class exchange leader for 15 years exceptional shareholder returns Heavily involved in several initiatives at ICE that contributed Led the successful creation of a new to outsized share price performance, outperforming 2 blockchain software that has led exchange peers by 3.1x and the S&P 500 by 4.6x Thomas Brendan to many successful blockchain Farley Blumer Led five different regulated exchanges, one clearing implementations including the organization and one broker-dealer EOS blockchain Implemented many major strategic initiatives including Based in Asia Pacific for 15+ years with large strategic M&A (NYSE, IDC) and internal projects (NYSE experience building organizations trading technology reboot, etc.) specializing in gaming, digital assets and Invested US$10m in Coinbase on behalf of the NYSE in 2013 collaborative data-sharing ecosystems and as President NYSE Group where he increased tech listings market share and built new trading technology from scratch for the largest exchange in the world Advisory Board Peter Thiel Alan Howard Richard Li Christian Angermayer Senior Advisor Senior Advisor Senior Advisor Senior Advisor 1. Thomas Farley to be appointed CEO of Bullish post transaction close 2. Market data from May 2006 to May 2018. Exchange peers include CME Group, NASDAQ Group, Deutsche Borse and LSE Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 5


The Bitcoin and crypto liquidity market is lucrative but inefficient, and primarily consists of exchanges that prosper at the expense of asset holders Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 6The Bitcoin and crypto liquidity market is lucrative but inefficient, and primarily consists of exchanges that prosper at the expense of asset holders Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 6



Exchange Revenues Exceed US$70b per Annum YTD 2021 Annualized Volume Mix and Estimated Revenue Pool May 15, 2021 Spot and Derivative Volume Mix by Trading Venue EOS Binance 5% Kraken 43% 4% FTX 4% OKEX ETH 7% US$70b+ BTC 37% 58% Other 15% Huobi 15% Coinbase Pro 11% Note: Company estimate for annual industry revenues based on applying a revenue capture Calculated using Coingecko 24h volume data of fiat and stablecoin pairs as of May 15, 2021 of 10bps to January - April 2021 spot and derivative crypto volumes. Coin volume mix is based on 2021 spot volumes through May 15, 2021 of launch pairs Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 8 8Exchange Revenues Exceed US$70b per Annum YTD 2021 Annualized Volume Mix and Estimated Revenue Pool May 15, 2021 Spot and Derivative Volume Mix by Trading Venue EOS Binance 5% Kraken 43% 4% FTX 4% OKEX ETH 7% US$70b+ BTC 37% 58% Other 15% Huobi 15% Coinbase Pro 11% Note: Company estimate for annual industry revenues based on applying a revenue capture Calculated using Coingecko 24h volume data of fiat and stablecoin pairs as of May 15, 2021 of 10bps to January - April 2021 spot and derivative crypto volumes. Coin volume mix is based on 2021 spot volumes through May 15, 2021 of launch pairs Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 8 8


Bitcoin and crypto holders, who provide liquidity and the network eec ff ts that exchanges rely upon, typically reap none of the rewards Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 9Bitcoin and crypto holders, who provide liquidity and the network eec ff ts that exchanges rely upon, typically reap none of the rewards Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 9


Asset holders are further harmed by these market ineiciencies in the f ff orm of suppressed asset appreciation Excessive Excessive Downward Volatility Fees Sell-Pressure Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 10Asset holders are further harmed by these market ineiciencies in the f ff orm of suppressed asset appreciation Excessive Excessive Downward Volatility Fees Sell-Pressure Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 10


Excessive volatility and liquidity fragmentation expose traders to hidden slippage costs Other Exchange Exchanges Trader Exchange Market Fees Making Fees Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 11Excessive volatility and liquidity fragmentation expose traders to hidden slippage costs Other Exchange Exchanges Trader Exchange Market Fees Making Fees Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 11


In response to this inequity, we have seen the astronomical rise of decentralized finance (DeFi) over the last 12 months Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 12In response to this inequity, we have seen the astronomical rise of decentralized finance (DeFi) over the last 12 months Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 12



We redesigned the “exchange” to benefit asset holders, enable traders, and increase market integrity #bullish Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 14We redesigned the “exchange” to benefit asset holders, enable traders, and increase market integrity #bullish Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 14


Bullish Combines the Best of Central Order Books and DeFi Exchanges Bullish + Proprietary hybrid order book combines Traditional Crypto Exchanges Decentralized Finance Exchanges Liquidity Pool capability with a CLOB + Deterministic liquidity and lending with High performance Central Limit Order + Liquidity Pools align interests and attract + Book (CLOB) deep and stable liquidity  predictable pricing and depth across + Low transaction fees + Deterministic liquidity and lending with market conditions predictable pricing and depth across + Maintains user and trading method + Low transaction fees market conditions privacy + - Lack of compliance Compliance frameworks + Robust compliance - Lack of scalability - + Rely on external market makers for the High performance and transaction - provision of liquidity in the book High transaction costs throughput - - Misaligned incentives between users and Lack of privacy + Maintains user and trading method company resulting in less liquidity - Lack of support for high frequency trading privacy - Probabilistic liquidation algorithms + Immutable proof of transactions published on a public blockchain Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 15Bullish Combines the Best of Central Order Books and DeFi Exchanges Bullish + Proprietary hybrid order book combines Traditional Crypto Exchanges Decentralized Finance Exchanges Liquidity Pool capability with a CLOB + Deterministic liquidity and lending with High performance Central Limit Order + Liquidity Pools align interests and attract + Book (CLOB) deep and stable liquidity predictable pricing and depth across + Low transaction fees + Deterministic liquidity and lending with market conditions predictable pricing and depth across + Maintains user and trading method + Low transaction fees market conditions privacy + - Lack of compliance Compliance frameworks + Robust compliance - Lack of scalability - + Rely on external market makers for the High performance and transaction - provision of liquidity in the book High transaction costs throughput - - Misaligned incentives between users and Lack of privacy + Maintains user and trading method company resulting in less liquidity - Lack of support for high frequency trading privacy - Probabilistic liquidation algorithms + Immutable proof of transactions published on a public blockchain Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 15


Bullish is powered by Liquidity Pools that are optimized to generate yield Automate Portfolio Management Earn Passive Income Deposit weighted portfolio of two assets, Trading Fees Liquidity Pool trading fees • Real time rebalancing. LMT order fees • ex. 50% BTC & 50% USD 90% BTC & 10% EOS Lending Yield Margin lending algorithms built into the trading 7 day withdraw engine add additional yield on deposited assets with deterministic liquidation assurance Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 16Bullish is powered by Liquidity Pools that are optimized to generate yield Automate Portfolio Management Earn Passive Income Deposit weighted portfolio of two assets, Trading Fees Liquidity Pool trading fees • Real time rebalancing. LMT order fees • ex. 50% BTC & 50% USD 90% BTC & 10% EOS Lending Yield Margin lending algorithms built into the trading 7 day withdraw engine add additional yield on deposited assets with deterministic liquidation assurance Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 16



Traders Experience the Bullish Hybrid Order Book Hybrid Order Book Bid Ask Depth Benefits to Traders Price Deep and predictable liquidity across highly variable market conditions Deterministic margin lending that is transparent and designed to remain financially solvent The Bullish AMM will provide liquidity at prices calculated deterministically based on the size of the Liquidity Pool and the No taker fees ratio of the assets in it Customers can also post limit orders in addition to the Liquidity Pool liquidity, creating greater depth in the order book Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 18Traders Experience the Bullish Hybrid Order Book Hybrid Order Book Bid Ask Depth Benefits to Traders Price Deep and predictable liquidity across highly variable market conditions Deterministic margin lending that is transparent and designed to remain financially solvent The Bullish AMM will provide liquidity at prices calculated deterministically based on the size of the Liquidity Pool and the No taker fees ratio of the assets in it Customers can also post limit orders in addition to the Liquidity Pool liquidity, creating greater depth in the order book Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 18


1 Bullish's US$6.5b treasury will participate in the Liquidity Pools to generate revenue and reinforce competitive advantages 1. Refer to Illustrative Transaction Summary. Participation amount will vary Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 191 Bullish's US$6.5b treasury will participate in the Liquidity Pools to generate revenue and reinforce competitive advantages 1. Refer to Illustrative Transaction Summary. Participation amount will vary Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 19


The Bullish Treasury Earns and Adds Liquidity Creates Barriers and Competitive Creates Trust and Displays Alignment Advantages Compounding earnings from Market leading balance sheet strength and By removing dependence on third-party pair-driven revenue streams such its deployment across Bullish's own liquidity providers, the Bullish Liquidity as trading and lending products gives users comfort in both Pool creates market permanence and exchange stability and product quality prioritizes Liquidity Pool return optimization as opposed to adopting a classic “race to the bottom” fee structure Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 20The Bullish Treasury Earns and Adds Liquidity Creates Barriers and Competitive Creates Trust and Displays Alignment Advantages Compounding earnings from Market leading balance sheet strength and By removing dependence on third-party pair-driven revenue streams such its deployment across Bullish's own liquidity providers, the Bullish Liquidity as trading and lending products gives users comfort in both Pool creates market permanence and exchange stability and product quality prioritizes Liquidity Pool return optimization as opposed to adopting a classic “race to the bottom” fee structure Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 20



Bullish Launch Expected To Coincide With Public Market Entry Early 2019 July 2021 2H 2021 1 Bullish Invite-only Pilot for Oicial Public L ff aunch Conceptualization Institutional and with Bullish Liquidity for Retail Traders Retail Clients November 2020 2H 2021 TBC 2021 Closed Internal Beta with Institutional/ Scaling Third- Beta with Limited Arbs/Systematics Party Liquidity Pilot Website Note: Planned dates subject to change. Beta onwards contingent on GFSC DLT License 1. July 2021 Pilot will be paper-trading only Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 22Bullish Launch Expected To Coincide With Public Market Entry Early 2019 July 2021 2H 2021 1 Bullish Invite-only Pilot for Oicial Public L ff aunch Conceptualization Institutional and with Bullish Liquidity for Retail Traders Retail Clients November 2020 2H 2021 TBC 2021 Closed Internal Beta with Institutional/ Scaling Third- Beta with Limited Arbs/Systematics Party Liquidity Pilot Website Note: Planned dates subject to change. Beta onwards contingent on GFSC DLT License 1. July 2021 Pilot will be paper-trading only Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 22


Illustrative Transaction Summary (US$ and millions, except per share figures) 1 Sources & Uses Pro Forma Valuation Share Price US$10 Sources Amount % Pro Forma Shares Outstanding (millions of shares) 903 Cash in Trust US$600 6.6% Pro Forma Equity Value US$9,027 PIPE US$300 3.3% (+) PF Debt - - (-) Pro Forma Cash to Balance Sheet US$1,620 Equity Rollover US$8,127 90.0% 2 (-) Market Value of BTC US$4,826 2 Total Sources US$9,027 100.0% (-) Market Value of EOS US$81 Pro Forma Enterprise Value US$2,500 US$6.5b of 3 Pro Forma Ownership Uses Amount % Balance Sheet 2 Assets Cash to Balance Sheet US$840 9.3% Far Peak Sponsor Shares 1.1% PIPE Investors Equity Rollover US$8,127 90.0% 3.3% Far Peak Public Investors 6.6% Transaction Costs US$60 0.7% Total Uses US$9,027 100.0% Bullish Equity Holders 89.0% 1. Assumes no redemptions 2. Bullish cash, BTC and EOS holdings as of July 2, 2021. Assumes 141,951 BTC priced at US$34,000 and 20,200,006 EOS priced at US$4.00. Subject to asset reallocation by Bullish Treasury. Crypto assets to be priced at deal closing 3. Does not include the impact of FPAC warrants. Numbers rounded to add to 100% where applicable Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 23Illustrative Transaction Summary (US$ and millions, except per share figures) 1 Sources & Uses Pro Forma Valuation Share Price US$10 Sources Amount % Pro Forma Shares Outstanding (millions of shares) 903 Cash in Trust US$600 6.6% Pro Forma Equity Value US$9,027 PIPE US$300 3.3% (+) PF Debt - - (-) Pro Forma Cash to Balance Sheet US$1,620 Equity Rollover US$8,127 90.0% 2 (-) Market Value of BTC US$4,826 2 Total Sources US$9,027 100.0% (-) Market Value of EOS US$81 Pro Forma Enterprise Value US$2,500 US$6.5b of 3 Pro Forma Ownership Uses Amount % Balance Sheet 2 Assets Cash to Balance Sheet US$840 9.3% Far Peak Sponsor Shares 1.1% PIPE Investors Equity Rollover US$8,127 90.0% 3.3% Far Peak Public Investors 6.6% Transaction Costs US$60 0.7% Total Uses US$9,027 100.0% Bullish Equity Holders 89.0% 1. Assumes no redemptions 2. Bullish cash, BTC and EOS holdings as of July 2, 2021. Assumes 141,951 BTC priced at US$34,000 and 20,200,006 EOS priced at US$4.00. Subject to asset reallocation by Bullish Treasury. Crypto assets to be priced at deal closing 3. Does not include the impact of FPAC warrants. Numbers rounded to add to 100% where applicable Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 23


A Bullish Investment 1 Growing cryptocurrency US$6.5b balance sheet The Bullish leadership Innovative hybrid order market represents a is a strategic asset and team has an exceptional book with a clear path significant opportunity allows Bullish to deliver track record of to exchange scale and as mainstream deep and high-quality shareholder value creation revenues institutions increasingly liquidity in available in the financial services embrace the asset class trading pairs and blockchain industries 1. Refer to Illustrative Transaction Summary Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 24A Bullish Investment 1 Growing cryptocurrency US$6.5b balance sheet The Bullish leadership Innovative hybrid order market represents a is a strategic asset and team has an exceptional book with a clear path significant opportunity allows Bullish to deliver track record of to exchange scale and as mainstream deep and high-quality shareholder value creation revenues institutions increasingly liquidity in available in the financial services embrace the asset class trading pairs and blockchain industries 1. Refer to Illustrative Transaction Summary Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 24


Bullish Exchange May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 25Bullish Exchange May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 25





Bullish Exchange How Bullish Generates Revenues Exchange Revenues primarily from: Market Making Revenues – Fees generated from trading activity on the hybrid order book, which comprises market Margin Market maker fees and LMT order fees Interest Fees Making Fees Margin Revenues – Fees generated from trading activity Spot (Maker) Fees: attributed to margin trading and interest received for the 1 10 bp provision of margin trading Net Revenues Spread Bullish Exchange Liquidity Treasury Management Traders Providers Charge 25% on all revenue Treasury Management - revenue generated from asset allocation, No Taker Share Fees Weighted primarily from the Liquidity Pools of the Exchange Bullish Treasury 1. Represents initial planned spread Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 29Bullish Exchange How Bullish Generates Revenues Exchange Revenues primarily from: Market Making Revenues – Fees generated from trading activity on the hybrid order book, which comprises market Margin Market maker fees and LMT order fees Interest Fees Making Fees Margin Revenues – Fees generated from trading activity Spot (Maker) Fees: attributed to margin trading and interest received for the 1 10 bp provision of margin trading Net Revenues Spread Bullish Exchange Liquidity Treasury Management Traders Providers Charge 25% on all revenue Treasury Management - revenue generated from asset allocation, No Taker Share Fees Weighted primarily from the Liquidity Pools of the Exchange Bullish Treasury 1. Represents initial planned spread Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 29


Bullish Exchange Strategic Growth Framework Crypto is relatively nascent compared to equities, fixed income and other asset classes… …providing Bullish opportunity for growth through M&A and new product development Experienced management team with Young, but rapidly growing Public currency will attract demonstrated M&A experience industry acquisition targets Possible Growth Areas Vertical Integration Trading Products On-Ramps/Off-Ramps Geographic Providing deeper offering in regions Clearinghouse and Offering futures (dates and Providing superior on-ramps such as Asia and United States custody functionality perpetual), options on spot and off-ramps between and options on futures crypto and fiat Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 30Bullish Exchange Strategic Growth Framework Crypto is relatively nascent compared to equities, fixed income and other asset classes… …providing Bullish opportunity for growth through M&A and new product development Experienced management team with Young, but rapidly growing Public currency will attract demonstrated M&A experience industry acquisition targets Possible Growth Areas Vertical Integration Trading Products On-Ramps/Off-Ramps Geographic Providing deeper offering in regions Clearinghouse and Offering futures (dates and Providing superior on-ramps such as Asia and United States custody functionality perpetual), options on spot and off-ramps between and options on futures crypto and fiat Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 30


Crypto Market Dynamics May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 31Crypto Market Dynamics May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 31


Crypto Market Dynamics Crypto is a Large, Rapidly Growing and Evolving Market Crypto markets are growing exponentially both in terms of market capitalization and trading volumes As trading volume and institutional cryptocurrency activity continues to increase, there will be greater demand for high quality liquidity and a trusted platform 1 Bitcoin Daily Trading Volume Logarithmic Scale BTC/USD YTD Average Daily Volume: US$70 billion 1,000,000.00 100,000.00 10,000.00 1,000.00 1 Bitcoin 100.00 2 Apple LTM Average 2 10.00 Square LTM Average US Equity 2020 Average 1.00 2017 2018 2019 2020 2021 1. Source: CoinMarketCap as of May 7, 2021 2. Source: S&P CapitalIQ as of May 7, 2021 Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 32Crypto Market Dynamics Crypto is a Large, Rapidly Growing and Evolving Market Crypto markets are growing exponentially both in terms of market capitalization and trading volumes As trading volume and institutional cryptocurrency activity continues to increase, there will be greater demand for high quality liquidity and a trusted platform 1 Bitcoin Daily Trading Volume Logarithmic Scale BTC/USD YTD Average Daily Volume: US$70 billion 1,000,000.00 100,000.00 10,000.00 1,000.00 1 Bitcoin 100.00 2 Apple LTM Average 2 10.00 Square LTM Average US Equity 2020 Average 1.00 2017 2018 2019 2020 2021 1. Source: CoinMarketCap as of May 7, 2021 2. Source: S&P CapitalIQ as of May 7, 2021 Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 32


Crypto Market Dynamics Key Growth Drivers of Crypto Increased Access to Institutional and Corporate Expanding Global Retail Adoption Trading Adoption Acceptance 86% 8% Familiar brands providing Over $64 billion in institutional 3 of central banks are of US individuals own increased access to crypto AUM 1 2 considering digital currencies crypto cryptocurrency trading Corporate treasuries beginning 21% to embrace crypto assets of US individuals expect 2 to own crypto 1. Source: Survey by Bank of International Settlements which interviewed 65 central banks (February 2021) 2. Source: ING International Survey, Mobile Banking – cryptocurrency (2018) 3. Source: CoinShares Digital Asset Fund Flows Weekly (May 3, 2021) Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 33Crypto Market Dynamics Key Growth Drivers of Crypto Increased Access to Institutional and Corporate Expanding Global Retail Adoption Trading Adoption Acceptance 86% 8% Familiar brands providing Over $64 billion in institutional 3 of central banks are of US individuals own increased access to crypto AUM 1 2 considering digital currencies crypto cryptocurrency trading Corporate treasuries beginning 21% to embrace crypto assets of US individuals expect 2 to own crypto 1. Source: Survey by Bank of International Settlements which interviewed 65 central banks (February 2021) 2. Source: ING International Survey, Mobile Banking – cryptocurrency (2018) 3. Source: CoinShares Digital Asset Fund Flows Weekly (May 3, 2021) Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 33


Crypto Market Dynamics Bancor-Based DeFi Liquidity Pools for the Largest Crypto Assets Have Generated Significant Liquidity and Trading Volume Uniswap V2 ETH-USDT ADV / Pool Size 90% 80% 70% 60% 50% 40% 30% 20% Bullish Simulation 10% 0% Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 30-Day V2 ETH-USDT 60-Day V2 ETH-USDT 90-Day V2 ETH-USDT 180-Day V2 ETH-USDT Bullish Simulation Source: Uniswap Note: Data incorporates the ratio of the simple (unweighted) moving average volume for a given period of time to the simple (unweighted) moving average Liquidity Pool size for the same time period Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 34Crypto Market Dynamics Bancor-Based DeFi Liquidity Pools for the Largest Crypto Assets Have Generated Significant Liquidity and Trading Volume Uniswap V2 ETH-USDT ADV / Pool Size 90% 80% 70% 60% 50% 40% 30% 20% Bullish Simulation 10% 0% Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 30-Day V2 ETH-USDT 60-Day V2 ETH-USDT 90-Day V2 ETH-USDT 180-Day V2 ETH-USDT Bullish Simulation Source: Uniswap Note: Data incorporates the ratio of the simple (unweighted) moving average volume for a given period of time to the simple (unweighted) moving average Liquidity Pool size for the same time period Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 34


Appendix I Go-to-Market Plan May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 35Appendix I Go-to-Market Plan May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 35


Appendix I : Go-to-Market Plan Global Reach Key markets at launch Target markets where licensing approach is being determined Note: Available features may vary by market subject to applicable regulatory constraints. Bullish intends to hold only a GFSC DLT license at launch. We intend to comply with marketing rules in key markets Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 36Appendix I : Go-to-Market Plan Global Reach Key markets at launch Target markets where licensing approach is being determined Note: Available features may vary by market subject to applicable regulatory constraints. Bullish intends to hold only a GFSC DLT license at launch. We intend to comply with marketing rules in key markets Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 36


Appendix I : Go-to-Market Plan Retail and Institutional Segments Institutional Segment Institutions Institutional Investors: Companies whose primary business is investing Institutional Investors Financial Services Corporates Other Corporates Financial Services Corporates: Other financial services companies who are actively involved in the crypto market Crypto Crypto Crypto Miners & Corporate Crypto Other Corporates: Other companies who produce, hold, or Systemic Hedge Prime Block Treasury Market manage crypto assets Funds Funds Brokers Producers Makers 1 Overall Market Size: Global with 400+ institutions Mass Retail Crypto Advanced Retail Retail Segment Descriptions Investors Enthusiasts Investors VIP/Whales Advanced Retail Investors Population Size Large Medium Medium Small VIP/Whales Crypto Knowledge Low High High High Global with focus on Asia Investment Knowledge Low Low High High 1 Transaction Size Small Small-Med Med-Large Significant Overall Market Size: 40m+ users Trading Frequency Passive Passive Active Active % HODLRs Medium High Low Medium 1. Source: Company estimates of global potential TAM Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 37Appendix I : Go-to-Market Plan Retail and Institutional Segments Institutional Segment Institutions Institutional Investors: Companies whose primary business is investing Institutional Investors Financial Services Corporates Other Corporates Financial Services Corporates: Other financial services companies who are actively involved in the crypto market Crypto Crypto Crypto Miners & Corporate Crypto Other Corporates: Other companies who produce, hold, or Systemic Hedge Prime Block Treasury Market manage crypto assets Funds Funds Brokers Producers Makers 1 Overall Market Size: Global with 400+ institutions Mass Retail Crypto Advanced Retail Retail Segment Descriptions Investors Enthusiasts Investors VIP/Whales Advanced Retail Investors Population Size Large Medium Medium Small VIP/Whales Crypto Knowledge Low High High High Global with focus on Asia Investment Knowledge Low Low High High 1 Transaction Size Small Small-Med Med-Large Significant Overall Market Size: 40m+ users Trading Frequency Passive Passive Active Active % HODLRs Medium High Low Medium 1. Source: Company estimates of global potential TAM Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 37


Appendix II Liquidity Pool Primer May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 38Appendix II Liquidity Pool Primer May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 38


Appendix II : Liquidity Pool Primer What is a Liquidity Pool? USD / BTC Pool USD / EOS Pool USD USD Assets in Liquidity Pools are always held as pairs, segregated for trading pairs available on the 1 exchange and for which Liquidity Pools exists X Holding separate pairs of assets in Liquidity Pools is EOS BTC critical to the price formation process and functioning of the Pricing Algorithm and Hybrid order book Liquidity Pool Liquidity Pool Liquidity Pool A A A B B B Price of asset Relative value Price variation Market forces rises with of asset B to between venues balance prices scarcity, asset A drops, incentivizes incentivizing incentivizing arbitrage Over time prices sale into the exchange of reflect “true” Liquidity Pool asset A for Driven by supply market asset B & demand Initial Equilibrium Price Disconnect Market Pursues Equilibrium Note: In extreme market conditions liquidity pool(s) may need to be paused 1. Liquidity Pools give direct participation and are not technically 'pools' Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 39Appendix II : Liquidity Pool Primer What is a Liquidity Pool? USD / BTC Pool USD / EOS Pool USD USD Assets in Liquidity Pools are always held as pairs, segregated for trading pairs available on the 1 exchange and for which Liquidity Pools exists X Holding separate pairs of assets in Liquidity Pools is EOS BTC critical to the price formation process and functioning of the Pricing Algorithm and Hybrid order book Liquidity Pool Liquidity Pool Liquidity Pool A A A B B B Price of asset Relative value Price variation Market forces rises with of asset B to between venues balance prices scarcity, asset A drops, incentivizes incentivizing incentivizing arbitrage Over time prices sale into the exchange of reflect “true” Liquidity Pool asset A for Driven by supply market asset B & demand Initial Equilibrium Price Disconnect Market Pursues Equilibrium Note: In extreme market conditions liquidity pool(s) may need to be paused 1. Liquidity Pools give direct participation and are not technically 'pools' Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 39


Appendix II : Liquidity Pool Primer Bullish’s Strategic Balance Sheet Provides a Liquidity and Price Advantage Larger Liquidity Pools allow for better depth of market (illustrative) Smaller Liquidity Pool $5 million + 100 BTC Client Buying BTC Bid Ask $5 million + ($50,000 x 1 BTC) Hypothetical situation where the market price is Depth of =    $50,010 ask for 1 BTC           100 BTC – 1 BTC determined by the BTC to USD ratio. Book $5 million + ($50,000 x 10 BTC) Price 1 10 =    $61,111 ask for 10 BTC 100 BTC – 10 BTC Bullish Liquidity Pool $5 billion + 100,000 BTC Client Buying BTC Bid Ask $5 billion + ($50,000 x 1 BTC) With a larger Bullish Liquidity Pool and hybrid order book, =    $50,001 ask for 1 BTC pricing is less impacted by a single trade. Therefore 100,000 BTC – 1 BTC Depth of Bullish is able to have a better depth of book at the Book same price level of competing market maker. $5 billion + ($50,000 x 10 BTC) =    $50,010 ask for 10 BTC 100,000 BTC – 10 BTC Price 1 10 Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 40Appendix II : Liquidity Pool Primer Bullish’s Strategic Balance Sheet Provides a Liquidity and Price Advantage Larger Liquidity Pools allow for better depth of market (illustrative) Smaller Liquidity Pool $5 million + 100 BTC Client Buying BTC Bid Ask $5 million + ($50,000 x 1 BTC) Hypothetical situation where the market price is Depth of = $50,010 ask for 1 BTC 100 BTC – 1 BTC determined by the BTC to USD ratio. Book $5 million + ($50,000 x 10 BTC) Price 1 10 = $61,111 ask for 10 BTC 100 BTC – 10 BTC Bullish Liquidity Pool $5 billion + 100,000 BTC Client Buying BTC Bid Ask $5 billion + ($50,000 x 1 BTC) With a larger Bullish Liquidity Pool and hybrid order book, = $50,001 ask for 1 BTC pricing is less impacted by a single trade. Therefore 100,000 BTC – 1 BTC Depth of Bullish is able to have a better depth of book at the Book same price level of competing market maker. $5 billion + ($50,000 x 10 BTC) = $50,010 ask for 10 BTC 100,000 BTC – 10 BTC Price 1 10 Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 40


Appendix III Other Exchange Operations May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 41Appendix III Other Exchange Operations May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 41


Appendix III : Other Exchange Operations Bullish Exchange Overview Customer Account Customer Account 1 3 2 Trading Spot Bullish Hybrid Order Book Trading Margin Margin Wallet AB Spot Wallet AB Spot Wallet AB Margin Wallet AB A A A A Hybrid Order Book B B B B Customer Account 4 6 5 Margin Service Providing Liquidity Liquidity Services AB Pool A Margin Wallet AB Spot Wallet AB Pricing Algorithm A A A Lent Liquidity B A Unlent Lending B B B B Lent Unlent Liquidity Lending Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 42Appendix III : Other Exchange Operations Bullish Exchange Overview Customer Account Customer Account 1 3 2 Trading Spot Bullish Hybrid Order Book Trading Margin Margin Wallet AB Spot Wallet AB Spot Wallet AB Margin Wallet AB A A A A Hybrid Order Book B B B B Customer Account 4 6 5 Margin Service Providing Liquidity Liquidity Services AB Pool A Margin Wallet AB Spot Wallet AB Pricing Algorithm A A A Lent Liquidity B A Unlent Lending B B B B Lent Unlent Liquidity Lending Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 42


Appendix III : Other Exchange Operations Margin Services Leveraging stable liquidity, Bullish gives liquidity providers a uniquely safe way to lend without risk of default Low Demand High Availability High Demand Liquidity Demand Low Availability Margin Lending Depth of liquidity taken in Low liquidity demand means High liquidity demand means hybrid order book dictates high asset availability for low asset availability for available funds for margin margin lending (low fees) margin lending (high fees) lending (unused portion) Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 43Appendix III : Other Exchange Operations Margin Services Leveraging stable liquidity, Bullish gives liquidity providers a uniquely safe way to lend without risk of default Low Demand High Availability High Demand Liquidity Demand Low Availability Margin Lending Depth of liquidity taken in Low liquidity demand means High liquidity demand means hybrid order book dictates high asset availability for low asset availability for available funds for margin margin lending (low fees) margin lending (high fees) lending (unused portion) Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 43


Appendix III : Other Exchange Operations Custody Overview Security Oversight Advantage of on-chain Cash balances will be means we will always held in banks with have a real-time crypto experience A Layered Approach to Custody Security and with strong immutable ledger of fiduciary standards individual client balances that are auditable Sensitive and critical custody components and asset- based operations are cryptographically verified, signed, Segregation and attested via internal blockchains Client assets (crypto and fiat) are always held Designed to self-correct in the event of partial loss or separately from Bullish’s own assets damage of any systems or data Disaster Recovery and Back-Up Procedures Insurance Secure Geographical Distribution Signed & Attested Systems Multisig Wallets Hardened Cloud and Offline Cold Keys Cryptographic Chain of Command Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 44Appendix III : Other Exchange Operations Custody Overview Security Oversight Advantage of on-chain Cash balances will be means we will always held in banks with have a real-time crypto experience A Layered Approach to Custody Security and with strong immutable ledger of fiduciary standards individual client balances that are auditable Sensitive and critical custody components and asset- based operations are cryptographically verified, signed, Segregation and attested via internal blockchains Client assets (crypto and fiat) are always held Designed to self-correct in the event of partial loss or separately from Bullish’s own assets damage of any systems or data Disaster Recovery and Back-Up Procedures Insurance Secure Geographical Distribution Signed & Attested Systems Multisig Wallets Hardened Cloud and Offline Cold Keys Cryptographic Chain of Command Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 44


Appendix III : Other Exchange Operations Custody Overview Bank Account 3rd Party Custodian 3rd Party Custodian(s) Tiered Approach to Wallet Architecture (Customer Assets) (Customer Assets) (Bullish Operational Assets) At any time, the majority of crypto assets will be held in offline cold storage utilizing complex, multi-sig, white-list-only transfer processes.  Withdrawal times are 24 - 48 hours Client deposits/withdraws Hot Wallet to/from hot wallet Customer deposits and withdrawals are made strictly via hot wallet. Operational assets outside of cold storage will be segregated across multiple hot wallets. Customer Assets Operational Assets Bullish partners with third-party custodian for cold storage services and self-managed hot wallets that are directly managed by Bullish exchange operations Wallet address 1 Wallet address 1 Bullish's approach to custody provides for segregation of customer assets from Bullish corporate assets, and reduced risk concentration across all hot and cold wallets forming a multi-tiered, Wallet address … Wallet address … layered security approach Wallet address n Wallet address n Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 45Appendix III : Other Exchange Operations Custody Overview Bank Account 3rd Party Custodian 3rd Party Custodian(s) Tiered Approach to Wallet Architecture (Customer Assets) (Customer Assets) (Bullish Operational Assets) At any time, the majority of crypto assets will be held in offline cold storage utilizing complex, multi-sig, white-list-only transfer processes. Withdrawal times are 24 - 48 hours Client deposits/withdraws Hot Wallet to/from hot wallet Customer deposits and withdrawals are made strictly via hot wallet. Operational assets outside of cold storage will be segregated across multiple hot wallets. Customer Assets Operational Assets Bullish partners with third-party custodian for cold storage services and self-managed hot wallets that are directly managed by Bullish exchange operations Wallet address 1 Wallet address 1 Bullish's approach to custody provides for segregation of customer assets from Bullish corporate assets, and reduced risk concentration across all hot and cold wallets forming a multi-tiered, Wallet address … Wallet address … layered security approach Wallet address n Wallet address n Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 45


Appendix IV Compliance and Regulation May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 46Appendix IV Compliance and Regulation May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 46


Appendix IV : Compliance and Regulation Bullish Has a Robust, Institutional Caliber Regulatory Compliance Framework Oversight Quarterly reporting to the board Negative advice reporting Application and regulatory coordination Regulatory Licensing Board and Senior management advisory Policy Compliance (Compliance risk & controls) Support Regulatory change management Incident & Breach Management Policy monitoring approach Compliance New product review and approval Assurance & Compliance Framework Monitoring Tools and Technology Framework & Perform specific review, audit or special Monitoring Training and Compliance culture Operations investigation of any business activity Identify compliance obligations, assess non-compliance risk and develop risk response Compliance Regulatory liaison and mandated disclosure Advice and guidance on compliance controls Activities Customer onboarding journey/KYC (Exchange Only) Screening Risk-based Due Diligence Client Classification (Exchange Only) Technology solutions AML/CTF Client Appropriateness (Exchange Only) Customer Care Enhanced Due Diligence Treating Customers Fairly/Customer Care (Exchange Only) Activities Ongoing Customer Monitoring Protection of customer data Transaction Monitoring (Exchange Only) Case Management &  UAR/SAR Reporting Fraud & ABC Fraud and ABC program Conflicts of Interest Gifts & Entertainment Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 47Appendix IV : Compliance and Regulation Bullish Has a Robust, Institutional Caliber Regulatory Compliance Framework Oversight Quarterly reporting to the board Negative advice reporting Application and regulatory coordination Regulatory Licensing Board and Senior management advisory Policy Compliance (Compliance risk & controls) Support Regulatory change management Incident & Breach Management Policy monitoring approach Compliance New product review and approval Assurance & Compliance Framework Monitoring Tools and Technology Framework & Perform specific review, audit or special Monitoring Training and Compliance culture Operations investigation of any business activity Identify compliance obligations, assess non-compliance risk and develop risk response Compliance Regulatory liaison and mandated disclosure Advice and guidance on compliance controls Activities Customer onboarding journey/KYC (Exchange Only) Screening Risk-based Due Diligence Client Classification (Exchange Only) Technology solutions AML/CTF Client Appropriateness (Exchange Only) Customer Care Enhanced Due Diligence Treating Customers Fairly/Customer Care (Exchange Only) Activities Ongoing Customer Monitoring Protection of customer data Transaction Monitoring (Exchange Only) Case Management & UAR/SAR Reporting Fraud & ABC Fraud and ABC program Conflicts of Interest Gifts & Entertainment Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 47


Appendix IV : Compliance and Regulation Increased Regulation Has Contributed to an Explosion of Growth in Numerous Asset Classes Over Time Energy Markets Post-Enron Treasury Markets post-TRACE 1 2 Natural Gas Monthly Futures Volumes T-Bill Annual Volumes, primary dealers ($b) 5,000 180 Fall of Enron Federal Energy Regulatory FINRA proposes TRACE reporting 4,545 162 Commission amends the Natural for UST (began in 2017) 4,091 Gas Act and Federal Power Act to 144 combat fraud-based market 3,636 126 manipulation in energy markets 3,182 108 2,727 90 2,273 72 1,818 54 1,364 36 909 18 455 0 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 1. ICE Futures Europe 2. SIFMA Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 48 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Appendix IV : Compliance and Regulation Increased Regulation Has Contributed to an Explosion of Growth in Numerous Asset Classes Over Time Energy Markets Post-Enron Treasury Markets post-TRACE 1 2 Natural Gas Monthly Futures Volumes T-Bill Annual Volumes, primary dealers ($b) 5,000 180 Fall of Enron Federal Energy Regulatory FINRA proposes TRACE reporting 4,545 162 Commission amends the Natural for UST (began in 2017) 4,091 Gas Act and Federal Power Act to 144 combat fraud-based market 3,636 126 manipulation in energy markets 3,182 108 2,727 90 2,273 72 1,818 54 1,364 36 909 18 455 0 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 1. ICE Futures Europe 2. SIFMA Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 48 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020


Appendix V Other May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 49Appendix V Other May 01, 2021 Confidential property of block.one. Do not distribute or reproduce without express permission from block.one. 49


Appendix V : Other World-Class Talent and Crypto Leaders Advisory Board Bullish Global Board of Directors Brendan Blumer Kokuei Yuan Andrew Bliss Peter Thiel Co-Founder and CEO Executive Chairman CSO of Block.one Senior Advisor of Block.one of Block.one Peter is an entrepreneur and investor who co-founded PayPal and Palantir Technologies and also made the first outside investment in Early blockchain investor Oversees Block.one’s financial Previously CFO, COO of Block.one Facebook and management operations Co-Founded Block.one, okay.com and Gamecliff >20 years as an investment Alan Howard professional Senior Advisor Alan co-founded Brevan Howard Asset Management, a European hedge fund specializing in macro trading in 2002 Bullish Executive Team Richard Li Thomas Farley Max Nam-Storm Ian Smith Senior Advisor Chief Executive Chief Technology Chief Product Officer Richard is the founder and chairman of the private investment group 1 Officer Officer Pacific Century Group CEO & Chairman of Far Previously Global CIO at CLSA Previously Regional Head of GS Peak Acquisition Corp Electronic Trading at Goldman >20 years experience in financial Christian Angermayer Sachs Previously President of services technology including at Senior Advisor NYSE Group J.P Morgan and UBS Christian is a serial entrepreneur and investor & Founder of Apeiron Investment Group, his family office and asset management business Aaron Liebling Alex Erasmus Steve Ellis Chief Operating Chief Legal Officer Chief Financial Officer Officer Established experience in digital assets, tokenization, trading, financial services and relevant technologies James Mendes Abby Blumer Eddie Schwartz Chief People Officer Chief Communications Officer CISO, IT & Infrastructure Track record of success in the blockchain and digital assets market Note: Support function resources are a service provided by Block.one and over time responsibilities will transition to Bullish employees 1. Thomas Farley to be appointed CEO of Bullish post transaction close Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 50Appendix V : Other World-Class Talent and Crypto Leaders Advisory Board Bullish Global Board of Directors Brendan Blumer Kokuei Yuan Andrew Bliss Peter Thiel Co-Founder and CEO Executive Chairman CSO of Block.one Senior Advisor of Block.one of Block.one Peter is an entrepreneur and investor who co-founded PayPal and Palantir Technologies and also made the first outside investment in Early blockchain investor Oversees Block.one’s financial Previously CFO, COO of Block.one Facebook and management operations Co-Founded Block.one, okay.com and Gamecliff >20 years as an investment Alan Howard professional Senior Advisor Alan co-founded Brevan Howard Asset Management, a European hedge fund specializing in macro trading in 2002 Bullish Executive Team Richard Li Thomas Farley Max Nam-Storm Ian Smith Senior Advisor Chief Executive Chief Technology Chief Product Officer Richard is the founder and chairman of the private investment group 1 Officer Officer Pacific Century Group CEO & Chairman of Far Previously Global CIO at CLSA Previously Regional Head of GS Peak Acquisition Corp Electronic Trading at Goldman >20 years experience in financial Christian Angermayer Sachs Previously President of services technology including at Senior Advisor NYSE Group J.P Morgan and UBS Christian is a serial entrepreneur and investor & Founder of Apeiron Investment Group, his family office and asset management business Aaron Liebling Alex Erasmus Steve Ellis Chief Operating Chief Legal Officer Chief Financial Officer Officer Established experience in digital assets, tokenization, trading, financial services and relevant technologies James Mendes Abby Blumer Eddie Schwartz Chief People Officer Chief Communications Officer CISO, IT & Infrastructure Track record of success in the blockchain and digital assets market Note: Support function resources are a service provided by Block.one and over time responsibilities will transition to Bullish employees 1. Thomas Farley to be appointed CEO of Bullish post transaction close Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 50


Appendix V : Other Corporate Structure Cash Injected Cash & Crypto Assets New Block.one Investors Investors (Cayman) Bullish Global (Cayman) Public listing of this entity or parent ListCo IP Bullish SG Bullish HK Bullish Bullish Bullish (GI) Bullish US LLC Pte Ltd Limited Ventures Capital Limited (USA) (Hong Kong) (Singapore) (Cayman) (Gibraltar) (Cayman) Group Services Group Services Group Services Regulatory License (pending) Treasury Growth Opportunities Liquidity Pool Participation Exchange Operations Note: Corporate structure is subject to change Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 51Appendix V : Other Corporate Structure Cash Injected Cash & Crypto Assets New Block.one Investors Investors (Cayman) Bullish Global (Cayman) Public listing of this entity or parent ListCo IP Bullish SG Bullish HK Bullish Bullish Bullish (GI) Bullish US LLC Pte Ltd Limited Ventures Capital Limited (USA) (Hong Kong) (Singapore) (Cayman) (Gibraltar) (Cayman) Group Services Group Services Group Services Regulatory License (pending) Treasury Growth Opportunities Liquidity Pool Participation Exchange Operations Note: Corporate structure is subject to change Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 51


Appendix V : Other Annualized Daily 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% Volatility BTC/USD Liquidity Pool – Average Dislocation Spread Daily Volume (ADV) Sensitivity 4.8 5.4 6.0 6.6 7.2 7.8 8.4 9.0 9.5 10.1 10.7 11.3 11.9 (in bps) Pool Size (US$k) ADV of Arbitrage Volume (US$k) US$390,584 US$106,381 US$124,353 US$143,363 US$163,411 US$184,498 US$206,624 US$229,788 US$253,991 US$279,232 US$305,512 US$332,831 US$361,188 BTC Price US$5,000,000 Primary drivers of Bullish trading US$781,168 US$212,763 US$248,706 US$286,725 US$326,822 US$368,996 US$413,248 US$459,576 US$507,982 US$558,465 US$611,025 US$665,662 US$722,376 US$10,000,000 US $35,000 volume are expected to be: US$1,171,752 US$319,144 US$373,058 US$430,088 US$490,233 US$553,495 US$619,872 US$689,364 US$761,973 US$837,697 US$916,537 US$998,493 US$1,083,564 US$15,000,000 Aggregate crypto market trading volume US$5,000,000 US$121,579 US$142,117 US$163,843 US$186,756 US$210,855 US$236,142 US$262,615 US$290,275 US$319,123 US$349,157 US$380,378 US$412,786 US$446,382 BTC Price US$243,158 US$284,235 US$327,686 US$373,511 US$421,710 US$472,283 US$525,230 US$580,551 US$638,245 US$698,314 US$760,757 US$825,573 US$892,763 and liquidity US $40,000 US$10,000,000 US$364,736 US$426,352 US$491,529 US$560,267 US$632,565 US$708,425 US$787,845 US$870,826 US$957,368 US$1,047,471 US$1,141,135 US$1,238,359 US$1,339,145 US$15,000,000 Aggregate size of Liquidity Pool US$136,776 US$159,882 US$184,323 US$210,100 US$237,212 US$265,659 US$295,442 US$326,560 US$359,013 US$392,802 US$427,926 US$464,385 US$502,179 BTC Price US$5,000,000 consisting of Bullish-dedicated liquidity US$273,552 US$319,764 US$368,647 US$420,200 US$474,424 US$531,319 US$590,884 US$653,120 US$718,026 US$785,603 US$855,851 US$928,770 US$1,004,359 US$10,000,000 US $45,000 and third-party funds US$410,328 US$479,646 US$552,970 US$630,300 US$711,636 US$796,978 US$886,326 US$979,679 US$1,077,039 US$1,178,405 US$1,283,777 US$1,393,154 US$1,506,538 US$15,000,000 Price volatility of listed crypto (e.g. BTC) US$151,974 US$177,647 US$204,804 US$233,445 US$263,569 US$295,177 US$328,269 US$362,844 US$398,903 US$436,446 US$475,473 US$515,983 US$557,977 BTC Price US$5,000,000 Absolute price level of listed crypto (e.g. US$1,115,954 US$303,947 US$355,294 US$409,608 US$466,889 US$527,138 US$590,354 US$656,538 US$725,689 US$797,807 US$872,893 US$950,946 US$1,031,966 US $50,000 US$10,000,000 BTC) US$1,673,931 US$455,921 US$532,940 US$614,411 US$700,334 US$790,707 US$885,531 US$984,806 US$1,088,533 US$1,196,710 US$1,309,339 US$1,426,419 US$1,547,949 US$15,000,000 Composition of volume between types of US$613,775 US$167,171 US$195,412 US$225,284 US$256,789 US$289,926 US$324,695 US$361,096 US$399,129 US$438,794 US$480,091 US$523,020 US$567,581 BTC Price US$5,000,000 liquidity takers (i.e., arbitrage traders vs. US$334,342 US$390,823 US$450,568 US$513,578 US$579,852 US$649,389 US$722,191 US$798,257 US$877,588 US$960,182 US$1,046,040 US$1,135,163 US$1,227,549 US$10,000,000 US $55,000 others) US$501,513 US$586,235 US$675,853 US$770,367 US$869,777 US$974,084 US$1,083,287 US$1,197,386 US$1,316,381 US$1,440,273 US$1,569,060 US$1,702,744 US$1,841,324 US$15,000,000 Trading spreads and platform operating US$5,000,000 US$182,368 US$213,176 US$245,765 US$280,133 US$316,283 US$354,212 US$393,923 US$435,413 US$478,684 US$523,736 US$570,567 US$619,180 US$669,572 BTC Price performance on Bullish relative to US$364,736 US$426,352 US$491,529 US$560,267 US$632,565 US$708,425 US$787,845 US$870,826 US$957,368 US$1,047,471 US$1,141,135 US$1,238,359 US$1,339,145 US$10,000,000 US $60,000 competitors US$547,105 US$639,529 US$737,294 US$840,400 US$948,848 US$1,062,637 US$1,181,768 US$1,306,239 US$1,436,052 US$1,571,207 US$1,711,702 US$1,857,539 US$2,008,717 US$15,000,000 Note: Arbitrage volume is estimated for a given level of market volatility, pool size and Bitcoin price level based on the mathematical relationship between volume and what is required to keep Bullish’s pricing in line with the market providing for price synchronization frequency and dislocation spread allowances. Bullish arb volume assumes backtest pool size of US$5 billion, volatility coefficient of 99,819, and volatility squared coefficient of 2,166,193. Bullish dislocation spread assumes volatility coefficient of 0.0228. Dislocation spread is calculated as annualized daily volatility divided by the square root of 365 multiplied by the dislocation spread volatility coefficient and multiplied by 10,000. ADV is calculated as the sum of (1) annualized daily volatility divided by the square root of 365 multiplied by the arb volume volatility coefficient, and (2) annualized daily volatility divided by the square root of 365, squared, multiplied by the arb volume volatility squared coefficient, divided by 1,000 multiplied by the pool size, divided by the backtest pool size, and multiplied by Bitcoin price. See page 54 for additional detail on modeling methodology Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 52Appendix V : Other Annualized Daily 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% Volatility BTC/USD Liquidity Pool – Average Dislocation Spread Daily Volume (ADV) Sensitivity 4.8 5.4 6.0 6.6 7.2 7.8 8.4 9.0 9.5 10.1 10.7 11.3 11.9 (in bps) Pool Size (US$k) ADV of Arbitrage Volume (US$k) US$390,584 US$106,381 US$124,353 US$143,363 US$163,411 US$184,498 US$206,624 US$229,788 US$253,991 US$279,232 US$305,512 US$332,831 US$361,188 BTC Price US$5,000,000 Primary drivers of Bullish trading US$781,168 US$212,763 US$248,706 US$286,725 US$326,822 US$368,996 US$413,248 US$459,576 US$507,982 US$558,465 US$611,025 US$665,662 US$722,376 US$10,000,000 US $35,000 volume are expected to be: US$1,171,752 US$319,144 US$373,058 US$430,088 US$490,233 US$553,495 US$619,872 US$689,364 US$761,973 US$837,697 US$916,537 US$998,493 US$1,083,564 US$15,000,000 Aggregate crypto market trading volume US$5,000,000 US$121,579 US$142,117 US$163,843 US$186,756 US$210,855 US$236,142 US$262,615 US$290,275 US$319,123 US$349,157 US$380,378 US$412,786 US$446,382 BTC Price US$243,158 US$284,235 US$327,686 US$373,511 US$421,710 US$472,283 US$525,230 US$580,551 US$638,245 US$698,314 US$760,757 US$825,573 US$892,763 and liquidity US $40,000 US$10,000,000 US$364,736 US$426,352 US$491,529 US$560,267 US$632,565 US$708,425 US$787,845 US$870,826 US$957,368 US$1,047,471 US$1,141,135 US$1,238,359 US$1,339,145 US$15,000,000 Aggregate size of Liquidity Pool US$136,776 US$159,882 US$184,323 US$210,100 US$237,212 US$265,659 US$295,442 US$326,560 US$359,013 US$392,802 US$427,926 US$464,385 US$502,179 BTC Price US$5,000,000 consisting of Bullish-dedicated liquidity US$273,552 US$319,764 US$368,647 US$420,200 US$474,424 US$531,319 US$590,884 US$653,120 US$718,026 US$785,603 US$855,851 US$928,770 US$1,004,359 US$10,000,000 US $45,000 and third-party funds US$410,328 US$479,646 US$552,970 US$630,300 US$711,636 US$796,978 US$886,326 US$979,679 US$1,077,039 US$1,178,405 US$1,283,777 US$1,393,154 US$1,506,538 US$15,000,000 Price volatility of listed crypto (e.g. BTC) US$151,974 US$177,647 US$204,804 US$233,445 US$263,569 US$295,177 US$328,269 US$362,844 US$398,903 US$436,446 US$475,473 US$515,983 US$557,977 BTC Price US$5,000,000 Absolute price level of listed crypto (e.g. US$1,115,954 US$303,947 US$355,294 US$409,608 US$466,889 US$527,138 US$590,354 US$656,538 US$725,689 US$797,807 US$872,893 US$950,946 US$1,031,966 US $50,000 US$10,000,000 BTC) US$1,673,931 US$455,921 US$532,940 US$614,411 US$700,334 US$790,707 US$885,531 US$984,806 US$1,088,533 US$1,196,710 US$1,309,339 US$1,426,419 US$1,547,949 US$15,000,000 Composition of volume between types of US$613,775 US$167,171 US$195,412 US$225,284 US$256,789 US$289,926 US$324,695 US$361,096 US$399,129 US$438,794 US$480,091 US$523,020 US$567,581 BTC Price US$5,000,000 liquidity takers (i.e., arbitrage traders vs. US$334,342 US$390,823 US$450,568 US$513,578 US$579,852 US$649,389 US$722,191 US$798,257 US$877,588 US$960,182 US$1,046,040 US$1,135,163 US$1,227,549 US$10,000,000 US $55,000 others) US$501,513 US$586,235 US$675,853 US$770,367 US$869,777 US$974,084 US$1,083,287 US$1,197,386 US$1,316,381 US$1,440,273 US$1,569,060 US$1,702,744 US$1,841,324 US$15,000,000 Trading spreads and platform operating US$5,000,000 US$182,368 US$213,176 US$245,765 US$280,133 US$316,283 US$354,212 US$393,923 US$435,413 US$478,684 US$523,736 US$570,567 US$619,180 US$669,572 BTC Price performance on Bullish relative to US$364,736 US$426,352 US$491,529 US$560,267 US$632,565 US$708,425 US$787,845 US$870,826 US$957,368 US$1,047,471 US$1,141,135 US$1,238,359 US$1,339,145 US$10,000,000 US $60,000 competitors US$547,105 US$639,529 US$737,294 US$840,400 US$948,848 US$1,062,637 US$1,181,768 US$1,306,239 US$1,436,052 US$1,571,207 US$1,711,702 US$1,857,539 US$2,008,717 US$15,000,000 Note: Arbitrage volume is estimated for a given level of market volatility, pool size and Bitcoin price level based on the mathematical relationship between volume and what is required to keep Bullish’s pricing in line with the market providing for price synchronization frequency and dislocation spread allowances. Bullish arb volume assumes backtest pool size of US$5 billion, volatility coefficient of 99,819, and volatility squared coefficient of 2,166,193. Bullish dislocation spread assumes volatility coefficient of 0.0228. Dislocation spread is calculated as annualized daily volatility divided by the square root of 365 multiplied by the dislocation spread volatility coefficient and multiplied by 10,000. ADV is calculated as the sum of (1) annualized daily volatility divided by the square root of 365 multiplied by the arb volume volatility coefficient, and (2) annualized daily volatility divided by the square root of 365, squared, multiplied by the arb volume volatility squared coefficient, divided by 1,000 multiplied by the pool size, divided by the backtest pool size, and multiplied by Bitcoin price. See page 54 for additional detail on modeling methodology Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 52


Appendix V : Other Illustrative P&L Sensitivity US$800,000 US$1,000,000 US$1,200,000 US$1,400,000 US$1,600,000 US$1,800,000 Liquidity Pool ADV US$80,000 US$100,000 US$120,000 US$140,000 US$160,000 US$180,000 Third Party Maker ADV 10% 10% 10% 10% 10% 10% As % of Liquidity Pool ADV Annual Revenue and EBITDA US$880,000 US$1,100,000 US$1,320,000 US$1,540,000 US$1,760,000 US$1,980,000 Total ADV sensitivity analysis given varying Bullish Portion of Liquidity Pool 55% 55% 55% 55% 55% 55% assumptions on: Base Spread (in bps) 8.0 8.0 8.0 8.0 8.0 8.0 Dislocation Spread (in bps) 8.4 8.4 8.4 8.4 8.4 8.4 Trading volumes Total Spread (in bps) 16.4 16.4 16.4 16.4 16.4 16.4 Liquidity Pool Gross Revenues US$477,532 US$596,915 US$716,298 US$835,682 US$955,065 US$1,074,448 Third-party participation in the Liquidity Pool Paid to Clients (US$159,926) (US$199,908) (US$239,890) (US$279,871) (US$319,853) (US$359,834) 55%/45% split of Bullish/third-party Liquidity Pool Net Revenues US$317,606 US$397,007 US$476,409 US$555,810 US$635,212 US$714,613 pool assets Third Party Maker Gross Revenues US$23,360 US$29,200 US$35,040 US$40,880 US$46,720 US$52,560 Paid to Clients (US$7,823) (US$9,779) (US$11,735) (US$13,691) (US$15,647) (US$17,602) 25%/75% split of Bullish/third-party Third Party Maker Net Revenues US$15,537 US$19,421 US$23,305 US$27,189 US$31,073 US$34,958 revenue on third-party assets Lending Gross Revenues US$182,221 US$182,221 US$182,221 US$182,221 US$182,221 US$182,221 Composition of volume between types of Paid to Clients (US$61,026) (US$61,026) (US$61,026) (US$61,026) (US$61,026) (US$61,026) Lending Net Revenues US$121,195 US$121,195 US$121,195 US$121,195 US$121,195 US$121,195 liquidity takers US$2,920 US$3,650 US$4,380 US$5,110 US$5,840 US$6,570 On/Off Ramp (10 bps on 1% LP ADV) Bullish’s estimated trading spread of 16.4 bps US$11,000 US$11,000 US$11,000 US$11,000 US$11,000 US$11,000 Other Net Revenues Utilization of 9% of the Liquidity Pool for margin Total Net Revenues US$468,258 US$552,273 US$636,289 US$720,305 US$804,320 US$888,336 lending at 21% APR Expenses US$259,510 US$287,894 US$315,291 US$342,688 US$370,086 US$397,483 1 Bullish’s expense margin and growth profile EBITDA Margin 44.6% 47.9% 50.4% 52.4% 54.0% 55.3% 1 EBITDA US$208,747 US$264,379 US$320,998 US$377,616 US$434,234 US$490,853 All figures in US$K, unless otherwise noted Note: Dislocation spread based on annualized daily volatility of 70%. Lending assumptions based on a liquidity pool size of US$10 billion, loan utilization of 9.0%, and APR of 20.8%. An independent auditor has not reviewed the presented financial information. IFRS accounting treatment applied to illustrative financial results remains subject to confirmation and may differ from that presented. See page 54 for additional detail on modeling methodology 1. Represents earnings before interest, taxes, depreciation and amortization. Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 53Appendix V : Other Illustrative P&L Sensitivity US$800,000 US$1,000,000 US$1,200,000 US$1,400,000 US$1,600,000 US$1,800,000 Liquidity Pool ADV US$80,000 US$100,000 US$120,000 US$140,000 US$160,000 US$180,000 Third Party Maker ADV 10% 10% 10% 10% 10% 10% As % of Liquidity Pool ADV Annual Revenue and EBITDA US$880,000 US$1,100,000 US$1,320,000 US$1,540,000 US$1,760,000 US$1,980,000 Total ADV sensitivity analysis given varying Bullish Portion of Liquidity Pool 55% 55% 55% 55% 55% 55% assumptions on: Base Spread (in bps) 8.0 8.0 8.0 8.0 8.0 8.0 Dislocation Spread (in bps) 8.4 8.4 8.4 8.4 8.4 8.4 Trading volumes Total Spread (in bps) 16.4 16.4 16.4 16.4 16.4 16.4 Liquidity Pool Gross Revenues US$477,532 US$596,915 US$716,298 US$835,682 US$955,065 US$1,074,448 Third-party participation in the Liquidity Pool Paid to Clients (US$159,926) (US$199,908) (US$239,890) (US$279,871) (US$319,853) (US$359,834) 55%/45% split of Bullish/third-party Liquidity Pool Net Revenues US$317,606 US$397,007 US$476,409 US$555,810 US$635,212 US$714,613 pool assets Third Party Maker Gross Revenues US$23,360 US$29,200 US$35,040 US$40,880 US$46,720 US$52,560 Paid to Clients (US$7,823) (US$9,779) (US$11,735) (US$13,691) (US$15,647) (US$17,602) 25%/75% split of Bullish/third-party Third Party Maker Net Revenues US$15,537 US$19,421 US$23,305 US$27,189 US$31,073 US$34,958 revenue on third-party assets Lending Gross Revenues US$182,221 US$182,221 US$182,221 US$182,221 US$182,221 US$182,221 Composition of volume between types of Paid to Clients (US$61,026) (US$61,026) (US$61,026) (US$61,026) (US$61,026) (US$61,026) Lending Net Revenues US$121,195 US$121,195 US$121,195 US$121,195 US$121,195 US$121,195 liquidity takers US$2,920 US$3,650 US$4,380 US$5,110 US$5,840 US$6,570 On/Off Ramp (10 bps on 1% LP ADV) Bullish’s estimated trading spread of 16.4 bps US$11,000 US$11,000 US$11,000 US$11,000 US$11,000 US$11,000 Other Net Revenues Utilization of 9% of the Liquidity Pool for margin Total Net Revenues US$468,258 US$552,273 US$636,289 US$720,305 US$804,320 US$888,336 lending at 21% APR Expenses US$259,510 US$287,894 US$315,291 US$342,688 US$370,086 US$397,483 1 Bullish’s expense margin and growth profile EBITDA Margin 44.6% 47.9% 50.4% 52.4% 54.0% 55.3% 1 EBITDA US$208,747 US$264,379 US$320,998 US$377,616 US$434,234 US$490,853 All figures in US$K, unless otherwise noted Note: Dislocation spread based on annualized daily volatility of 70%. Lending assumptions based on a liquidity pool size of US$10 billion, loan utilization of 9.0%, and APR of 20.8%. An independent auditor has not reviewed the presented financial information. IFRS accounting treatment applied to illustrative financial results remains subject to confirmation and may differ from that presented. See page 54 for additional detail on modeling methodology 1. Represents earnings before interest, taxes, depreciation and amortization. Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 53


Appendix V : Other Bullish Has a High Multiple Peer Group EV / 2023E EBITDA Crypto Electronic Platforms Exchanges Online Brokers 49.0x 31.8x 30.8x 26.2x 24.4x 23.3x 23.4x 20.7x 19.1x Median = 23.4x 16.9x 14.7x 1 1 2022E – 2023E Crypto Electronic Platforms Exchanges Online Brokers Revenue Growth 59.4% 32.2% 29.8% 24.9% 19.4% 13.4% 11.2% 4.2% 5.4% 10.7% 6.8% Median = 13.4% 1 1 Source: Bakkt and eToro estimates per Management. All other peer estimates are based on Capital IQ and Wall Street research estimates. Note: Market data as of July 2, 2021 1. Valuation multiples reflect implied enterprise value for announced transactions Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 54Appendix V : Other Bullish Has a High Multiple Peer Group EV / 2023E EBITDA Crypto Electronic Platforms Exchanges Online Brokers 49.0x 31.8x 30.8x 26.2x 24.4x 23.3x 23.4x 20.7x 19.1x Median = 23.4x 16.9x 14.7x 1 1 2022E – 2023E Crypto Electronic Platforms Exchanges Online Brokers Revenue Growth 59.4% 32.2% 29.8% 24.9% 19.4% 13.4% 11.2% 4.2% 5.4% 10.7% 6.8% Median = 13.4% 1 1 Source: Bakkt and eToro estimates per Management. All other peer estimates are based on Capital IQ and Wall Street research estimates. Note: Market data as of July 2, 2021 1. Valuation multiples reflect implied enterprise value for announced transactions Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 54


Appendix V : Other Modeling Methodology ADV Sensitivity Model Methodology Total Bullish Revenue Model Methodology (Assuming BTC/USD-Only Liquidity Pool) (Extrapolated From BTC/USD-Only Liquidity Pool) Simulated arbitrage-driven Liquidity Pool volume for: Used findings from BTC/USD-only Liquidity Pool historical simulation (as described to the left) One Liquidity Pool (BTC/USD) Increased Liquidity Pool to US$10b (US$5b BTC + US$5b USD), US$5b Bullish Liquidity Pool contribution (US$2.5b BTC + including third-party participation US$2.5b USD) Maintained one Liquidity Pool (BTC/USD) Volume generated by profit-seeking arbitrage traders was Extrapolated expected volume opportunity for entire Bullish Exchange mathematically determined using tick-by-tick data from the largest US-based crypto exchange over the two-year period ending March While simulation is based exclusively on BTC/USD-only Liquidity Pool, 2021 subject to: expectation is that Bullish will ultimately invest into multiple Liquidity Pools (including non BTC/USD Liquidity Pools) 10 bps of external trading costs Therefore, model results are meant to be directionally appropriate Bullish spread including a dislocation spread in periods of high rather than precisely accurate volatility 5 second time delay in periods of high volume Annualized BTC price volatility over the two-year period estimated to be approximately 75% The USD notional volume of arbitrage traders is: Linearly proportional to Liquidity Pool size Linearly proportional to BTC price Highly correlated with volatility for a given Liquidity Pool size and BTC 2 price level (R of .91) Assumption that arbitrage trades are the only trades on Bullish Exchange is overly simplistic and conservative; therefore, another key determinant of ADV potential is the mix of arbitrage vs. non-arbitrage volume Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 55Appendix V : Other Modeling Methodology ADV Sensitivity Model Methodology Total Bullish Revenue Model Methodology (Assuming BTC/USD-Only Liquidity Pool) (Extrapolated From BTC/USD-Only Liquidity Pool) Simulated arbitrage-driven Liquidity Pool volume for: Used findings from BTC/USD-only Liquidity Pool historical simulation (as described to the left) One Liquidity Pool (BTC/USD) Increased Liquidity Pool to US$10b (US$5b BTC + US$5b USD), US$5b Bullish Liquidity Pool contribution (US$2.5b BTC + including third-party participation US$2.5b USD) Maintained one Liquidity Pool (BTC/USD) Volume generated by profit-seeking arbitrage traders was Extrapolated expected volume opportunity for entire Bullish Exchange mathematically determined using tick-by-tick data from the largest US-based crypto exchange over the two-year period ending March While simulation is based exclusively on BTC/USD-only Liquidity Pool, 2021 subject to: expectation is that Bullish will ultimately invest into multiple Liquidity Pools (including non BTC/USD Liquidity Pools) 10 bps of external trading costs Therefore, model results are meant to be directionally appropriate Bullish spread including a dislocation spread in periods of high rather than precisely accurate volatility 5 second time delay in periods of high volume Annualized BTC price volatility over the two-year period estimated to be approximately 75% The USD notional volume of arbitrage traders is: Linearly proportional to Liquidity Pool size Linearly proportional to BTC price Highly correlated with volatility for a given Liquidity Pool size and BTC 2 price level (R of .91) Assumption that arbitrage trades are the only trades on Bullish Exchange is overly simplistic and conservative; therefore, another key determinant of ADV potential is the mix of arbitrage vs. non-arbitrage volume Confidential property of Bullish Global. Do not distribute or reproduce without express permission from Bullish Global. 55