Bullish · NYSE:BLSH
Bullish — Merger or Acquisition (May 2026)
16 slides from Bullish's merger presentation, May 5, 2026
Slide 1: The Next Evolution of Capital Markets Is Here
Ie aa ~ The Next Evolution of Capital Markets Is Here.
Slide 2: Capital Markets Move In Infrastructure Eras
Capital Markets Move In Infrastructure Eras Each defined by foundational technology advancements. ti Pre-1970s Paper Era Limited Connectivity Ownership moved through paper records, signatures, and settlement windows, 1970s - 2020s Electronic Era Connected, Gated, Centralized Markets became faster an
Slide 3: Tokenization Turns Assets Into Active Infrastructure
Tokenization Turns Assets Into Active Infrastructure Tokenization oe ieee a a ae Active Asset }* Always-on Static Record Database entry + Custodian-held + Always-on Instant Dynamic Reconciliation-heavy Infrastructure Settlement Functionality Markets, ownership and Real-time settlement Directly embed
Slide 4: Digital Commodities And Fiat Have Already Migrated
Digital Commodities And Fiat Have Already Migrated Global securities $270T+ ; Digital Tokenized Stablecoins commodities Securities $300B+ $2.6T+ Are Next Es Approaching $11 100x Digital Commodities monthly volume 900x Stablecoins ¢ Bullish
Slide 5: Unlocking This $270T Opportunity Requires An Integrated Service Provider
Unlocking This $270T Opportunity Requires An Integrated Service Provider ) _\ End-to-end Unified transfer ore are te 2) tokenization services agent ledger y P e — relationships ba" Everything you need to go. Adopted where it matters most Mile dlta . Tokenized and certificated, unified y from token d
Slide 6: Bullish is Acquiring Equiniti
— , - —— <A Bullish is Acquiring Equiniti. Becoming a market leading transfer agent, with over 15,000 global clients, 3,000 issuers, and 20 million KYC’d shareholder customers. —— °F
Slide 7: Bullish Now
Bullish Now Bullish Combined 2026E Highlights Global, regulated digital assets spot and | .3B 1 5,000+ derivatives exchange Revenue Corporate Clients Leading digital stots mada and ~$500M $500B+ visibility platform 5 Adjusted EBITDA Annual Dividends Proprietary digital lee Copan Processed assets ind
Slide 8: 1. End-To-End Tokenization Services
1. End-To-End Tokenization Services Acomplete, integrated, and proprietary vertical tokenization stack. Tech & Compliance Layer Token design Architecting tokenomics and governance frameworks Token creation Writing, auditing, and deploying smart contracts Token compliance Managing regulatory, KYC/AML
Slide 9: 2. Unified Transfer Agent Ledger
2. Unified Transfer Agent Ledger One source of truth across certificated and tokenized shares. Blockchain Layer On-chain issuance Programmable securities minted natively on public blockchain infrastructure 24/7 settlement Atomic, real-time transfer with no T+] delay Global liquidity access Eligible
Slide 10: 3. Broad Base of Blue-Chip Issuer Relationships
3. Broad Base of Blue-Chip Issuer Relationships Greater vi Seamless Integration No listing change Issuers keep their primary venue ~ NYSE, Nasdaq, LSE unchanged Ability To Hyperscale Phased opt-in Activate tokenized shares when ready ~ pilot, partial, or full Tokenization Adoption No vendor switch E
Slide 11: Strong Diversified Earnings
Strong Diversified Earnings Adds high-margin, durable, recurring revenue at scale Scaled High Platform Quality ~$1.3B ~85%+ Combined Revenue Combined 2026E 2026 targeted to grow Recurring Revenue! 6-8%+ from 2027E to 2029E 1. Combined 2026€ Recurng Revenue includes Bullh 2026E Subscription, Servoes
Slide 12: Financial Terms
Financial Terms «= Bullish to acquire 100% of Equiniti for $4.28 + Stock consideration valued at $2.358 in newly issued Bullish ordinary shares valued at $38.48 per share based on Bullish’s 30-day VWAP as of close on May 4, 2026 * Bullish to assume Equinit’s existing $1.85B debt comprised of a $1.58
Slide 13: 2026E Combined Financial Outlook
2026E Combined Financial Outlook Pre-Close / Pre-Synergy 2026E Outlook Bulish Standione tow Base Adjusted Transaction Revenue $140 $150 Combined Company Subscription, Services & Other $220 $235 Pre-close, P i Total Adhsted Revers soso $385 (Pre-close, Pre-synergies) Adjusted OPEX ($210) ($220) BLSH
Slide 14: 2027E-2029E Combined Medium-Term Outlook
2027E-2029E Combined Medium-Term Outlook Revenue Growth = 6-8%+ combined annual . revenue growth, 2027E-2029E Growth targeted to accelerate ‘over the medium-term outlook 20% growth from Tokeni & Blockchain Services tion Equiniti flat to low-single-digit i traditional transfer agent revenue and inter
Slide 15: The Next Evolution of Capital Markets Is Here
The Next Evolution of Capital Markets Is Here.
Slide 16: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “will” “expect,” "should,” “could,” “anticipate,” "estimate," "predict