#1PLAYBOY INVESTOR PRESENTATION December 2020#2PLAYBOY 2020 2 Legal Disclaimer This presentation (this "Presentation") is provided for information purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Mountain Crest Acquisition Corp. ("MCAC") and Playboy Enterprises, Inc. ("Playboy" or the "Company") and related transactions (the "Proposed Business Combination") and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, this Presentation. To the fullest extent permitted by law in no circumstances will MCAC, Playboy or any of their respective subsidiaries, stockholders, a liates, representatives, partners, directors, o cers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of pro t arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither MCAC nor Playboy has independently veri ed the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Playboy or the Proposed Business Combination. Viewers of this Presentation should each make their own evaluation of Playboy and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Forward Looking Statements Certain statements included in this Presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," "model," "target," "goal," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of nancial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identi ed in this Presentation, and on the current expectations of MCAC's and Playboy's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a de nitive statement of fact or probability. Actual events and circumstances are di cult or impossible to predict and will di er from assumptions. Many actual events and circumstances are beyond the control of MCAC and Playboy. These forward-looking statements involve signi cant risks and uncertainties that could cause the actual results to di er materially from those discussed in the forward-looking statements. Most of these factors are outside MCAC's and Playboy's control and are di cult to predict. Factors that may cause such di erences include, but are not limited to: (1) the occurrence of any event, change, or other circumstances that could give rise to the termination of the de nitive merger agreement (the "Agreement"); (2) the outcome of any legal proceedings that may be instituted against MCAC and Playboy following the announcement of the Agreement and the transactions contemplated therein; (3) the inability to complete the Proposed Business Combination, including due to failure to obtain approval of the stockholders of MCAC, certain regulatory approvals, or satisfy other conditions to closing in the Agreement; (4) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Agreement or could otherwise cause the transaction to fail to close; (5) the impact of COVID-19 pandemic on Playboy's business and/or the ability of the parties to complete the Proposed Business Combination; (6) the inability to obtain or maintain the listing of MCAC's shares of common stock on Nasdaq following the Proposed Business Combination; (7) the risk that the Proposed Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Proposed Business Combination; (8) the ability to recognize the anticipated bene ts of the Proposed Business Combination, which may be a ected by, among other things, competition, the ability of Playboy to grow and manage growth pro tably, and retain its key employees; (9) costs related to the Proposed Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that MCAC or Playboy may be adversely a ected by other economic, business, and/or competitive factors; (12) risks relating to the uncertainty of the projected nancial information with respect to Playboy; (13) risks related to the organic and inorganic growth of Playboy's business and the timing of expected business milestones; (14) the amount of redemption requests made by MCAC's stockholders; and (15) other risks and uncertainties indicated from time to time in the nal prospectus of MCAC for its initial public o ering and the proxy statement relating to the Proposed Business Combination, including those under "Risk Factors" therein, and in other documents of MCAC led, or to be led, with the Securities and Exchange Commission ("SEC"). If any of these risks materialize or our assumptions prove incorrect, actual results could di er materially from the results implied by these forward-looking statements. There may be additional risks that neither MCAC nor Playboy presently know or that MCAC and Playboy currently believe are immaterial that could also cause actual results to di er from those contained in the forward-looking statements. In addition, forward-looking statements re ect MCAC's and Playboy's expectations, plans or forecasts of future events and views as of the date of this Presentation. MCAC and Playboy anticipate that subsequent events and developments will cause MCAC's and Playboy's assessments to change. However, while MCAC and Playboy may elect to update these forward-looking statements at some point in the future, MCAC and Playboy speci cally disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing MCAC's and Playboy's assessments as of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Use of Projections This Presentation contains projected nancial information with respect to Playboy. Such projected nancial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such nancial forecast information are inherently uncertain and are subject to a wide variety of signi cant business, economic, competitive and other risks and uncertainties. See "Forward-Looking Statements" above. Actual results may di er materially from the results contemplated by the nancial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results re ected in such forecasts will be achieved.#3PLAYBOY 2020 3 Legal Disclaimer (Continued) Financial Information; Non-GAAP Financial Measures The nancial information, data and projections contained in this Presentation does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented di erently in, any de nitive proxy statement or registration statement led by MCAC with the SEC or any amendments thereto, and such di erences may be material. In addition, certain nancial information, data, projections and statements included herein assume no redemptions by MCAC shareholders in connection with the Proposed Business Combination, and the actual amount of any such redemptions could cause such assumptions and nancial information, data, projections and statements to di er materially from those set forth in this Presentation. Some of the nancial information and data contained in this Presentation, such as Adjusted EBITDA, has not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). MCAC and Playboy believe that the use of these non-GAAP nancial measures provides an additional tool for investors to use in evaluating historical or projected operating results and trends in and in comparing Playboy's nancial measures with other similar companies, many of which present similar non-GAAP nancial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to nancial measures determined in accordance with GAAP. The principal limitation of these non-GAAP nancial measures is that they exclude signi cant expenses and revenue that are required by GAAP to be recorded in Playboy's nancial statements. In addition, they are subject to inherent limitations as they re ect the exercise of judgments by management about which expense and revenue items are excluded or included in determining these non-GAAP nancial measures. In order to compensate for these limitations, management presents historical non- GAAP nancial measures in connection with GAAP results. You should review Playboy's audited nancial statements and reconciliations of Adjusted EBITDA to historical net income (loss), the closest GAAP measure, which are included in this Presentation and preliminary proxy statement led by MCAC on November 10, 2020 with the SEC. However, not all of the information necessary for a quantitative reconciliation of the forward-looking non-GAAP nancial measures to the most directly comparable GAAP nancial measures is available without unreasonable e orts at this time. Important Information About the Proposed Business Combination and Where to Find It In connection with the Proposed Business Combination, MCAC has led a preliminary proxy statement with the SEC on November 10, 2020 and intends to le a de nitive proxy statement (collectively, the "Proxy Statement") with the SEC. The de nitive Proxy Statement, once led, will be distributed and mailed by MCAC to holders of MCAC's common stock in connection with MCAC's solicitation of proxies for the vote by MCAC's stockholders with respect to the Proposed Business Combination and other matters as described in the Proxy Statement. INVESTORS AND STOCKHOLDERS OF MCAC ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED BUSINESS COMBINATION THAT MCAC FILES WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT MCAC, PLAYBOY, AND THE PROPOSED BUSINESS COMBINATION. Investors and security holders may obtain free copies of the preliminary Proxy Statement and de nitive Proxy Statement (when available) and other documents led with the SEC by MCAC through the website maintained by the SEC at http://www.sec.gov, or by visiting the investor relations section of https://www.mcacquisition.com./ INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Participants in the Solicitation MCAC and Playboy and their respective directors and certain of their respective executive o cers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Business Combination. Information about the directors and executive o cers of MCAC is set forth in its nal prospectus dated June 4, 2020, and in the preliminary Proxy Statement, as modi ed or supplemented by any Form 3 or Form 4 led with the SEC since the date of such ling. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the de nitive Proxy Statement and other relevant materials to be led with the SEC regarding the Proposed Business Combination when they become available. Stockholders, potential investors and other interested persons should read the de nitive Proxy Statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents as indicated above. No Offer or Solicitation This Presentation shall not constitute an o er to sell or the solicitation of an o er to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such o er, solicitation or sale would be unlawful prior to registration or quali cation under the securities laws of any such jurisdiction. Noo ering of securities will be made except by means of a prospectus meeting the requirements of Securities Act of 1933, as amended, or an exemption therefrom. Trademarks This Presentation contains trademarks, service marks, trade names and copyrights of MCAC, Playboy and other companies, which are the property of their respective owners.#4PLAYBOY 2020 4 Table of Contents I. Investor Highlights II. Business Overview III. Recent Results IV. Growth Strategy V. Our Products VI. Social Good VII. Opportunity Summary VIII. Appendix#5PLAYBOY 2020 PLAYBOY Investor Highlights#6PLAYBOY 2020 Investment Highlights Massive, Global Consumer Platform Highly Profitable Business Model Well-Positioned Organic Growth & M&A Strategy Well-Aligned Incentives 1. Assumes no redemptions by MCAC shareholders ● . ● Vibrant existing digital commerce business, >1 million active consumers and ~50m social fans, ensures omni- channel capabilities. • Highly efficient licensing business that provides ~$400M in forward-booked cash flows. ● Iconic, consumer lifestyle brand with $3B of annual spend in over 180 countries • Four defined multibillion-dollar addressable markets, including Sexual Wellness, Style & Apparel, Gaming & Lifestyle, Beauty & Grooming On path to targeted $100M in adjusted EBITDA by 2025, with projected 2021E revenue and adjusted EBITDA of $166.8M and $40.3M, respectively ● . • Alignment of interests, existing shareholders have rolled 100% into the deal, with 12-month lock ups. Post-deal, existing shareholder base including management will own approximately 66% of the combined entity on a fully diluted basis.¹ 2020 Projected Revenues expected to be up 75% year over year, and Projected Adjusted EBITDA expected to be up 112% year over year Financial flexibility and committed capital/unrestricted cash of >$100 million to fuel growth strategy.¹ Over $180M of NOLs expected to provide significant tax shield against acquired income. Mountain Crest SPAC has no warrants outstanding, less complicated and less dilutive structure compared to other SPACs today.#7PLAYBOY 2020 7 Summary Financial Overview Adjusted EBITDA % $78.1 2019A $13.2 2019A 17% $137.0 2020E $28.0 2020E 20% Revenue ($MM) $166.8 2021E Adjusted EBITDA ($MM) $40.3 2021E 24% $296.0 2025E $104.0 2025E 35% Source: Management projections. 2020E Revenue and Adjusted EBITDA reflect updated projections per per the supplement to investor presentation furnished as an exhibit to the 8-K filed with the SEC by MCAC on October 20, 2020 Note: 2019A revenues and EBITDA do not include Yandy. Yandy was acquired by Playboy in Dec 2019.#8Business Overview PLAYBOY#9Playboy is one of the largest lifestyle brands in the world today with $3B of global consumer spend, massive global reach, and unrivaled audience appeal. 1M+ Active digital commerce consumers TOP 20 Most licensed brand in the world 180+ Countries where we sell products LEADING Men's apparel brand in China 97% Global unaided brand awareness ~50M Global social media fans K X PLAYB PLAYBOY PLAYBOY YBOY PLAYBOY FRAGRANCE ORIGINAL COMING GROSER EX FLAKBOY MAKE THE COVER. PLAYBOY PLAYBOY FOR HIM/FOR HER#10PLAYBOY 2020 10 Consumer Categories We offer consumers a lifestyle of pleasure & leisure in four high-growth categories. Sexual Wellness INTIMACY GEL PLAYBOY Giving people the products & services they need to connect more intimately and experience deeper romance. Style & Apparel Self-expression is all about being bold and we help you look and feel good about your style everyday. Gaming & Lifestyle The elevated take on home, art, music and "playtime" activities with our gaming & hospitality o erings. Grooming & Beauty PLAY More than skin-deep- skincare, grooming and fragrance products give inner con dence all deserve.#11PLAYBOY 2020 11 Consumer Category Revenue Breakdown The Sexual Wellness and Style & Apparel categories represent our biggest revenue contributions. $55.0 $139.1 Sexual Wellness Revenue by Consumer Category ($MM) $74.0 Source: Company Management Numbers exclude $1.5M of 2020 legacy revenue from businesses that have been discontinued in 2020 $124.4 Style & Apparel $16.6 $3.5 Gaming & Lifestyle 2020E 2025E $16.2 $2.9 Beauty & Grooming#12PLAYBOY 2020 12 Our Revenue Models We generate revenue through three monetization models which cut across our reportable segments.¹ Direct Sales & Subscriptions Royalty-Based Revenue Third Party Retail Sales • Sexual Wellness direct commerce AOV in first half of 2020 was $72 Digital subscription offerings reach more than 100k paying subscribers . Direct sales digital commerce channels include yandy.com, playboy.com, pleasureforall.com ● ~$400M of forward-booked contracted cashflows through 2029 ~80% gross margin business; 95% historical renewal rate Strategy to augment direct sales with 3rd party retail to expand points of sale, raise brand awareness, and gain consumer insights Revenue in 2020 includes sales of lingerie and costumes fulfilled by Amazon, late Fall roll-out of owned sexual wellness products at major US retailers 1. See second page of Appendix 2. Numbers exclude $1.5M of 2020 legacy revenue from businesses that have been discontinued in 2020 2020E Revenue² $67.6M $66.6M $1.3M#13PLAYBOY 2020 13 Direct Sales & Subs Revenue Growth In 2020, Direct Sales & Subs revenue grew significantly driven by M&A. Direct Sales & Subs Revenue ($M) Growth driven by acquisition of digital commerce platform, yandy.com Source: Company management. $5.4 Jan-Sept 2019A $46.3 Jan-Sept 2020A ● Acquired yandy.com in Dec 2019 and currently transforming playboy.com into commerce destination • $72 AOV for Jan to June 2020 70K+ orders per month ● Growing Consumer Base ● Integrated warehouse and fulfillment operations Comprehensive commerce technology and data platform#14PLAYBOY 2020 14 Licensing Contracted Cashflows Our royalty-based revenue provides a highly visible and strong cash foundation. $27.6 $46.7 Contracted Cashflows ($MM) Source: Company Management ¹ Includes 2H2020-2029 contracted cashflows $46.4 $47.6 $48.2 $48.5 $49.5 $47.0 $35.6 2H20 2021 2022 2023 2024 2025 2026 2027 2028 •~$400M of forward-booked contracted minimum guarantee cashflows¹ •Licensing revenue may exceed higher-than-contracted minimum guarantees (% sales) .80%+ gross margins • Assumes no renewals (historical renewal rate is more than 95%)#15PLAYBOY 2020 15 Geographically-Diversified Revenue We have strong distribution of our products around the world, with significant opportunity for continued growth. Source: Company Management 52% Revenue from North American product sales 6% Revenue from LatAm and global partner product sales $2% Revenue from EMEAR product sales 40% Revenue from APAC product sales#16Recent Results rapy Olayboy boy olabor#17PLAYBOY 2020 17 Year to Date Financials For the first 9 months of 2020, we have grown Revenue and Adjusted EBITDA by 78% and 129% respectively Source: Company Management January - September Revenue ($MM) $56.9 9M 2019 $101.3 9M 2020 January - September Adjusted EBITDA ($MM) $21.8 $9.5 9M 2019 9M 2020#18Growth Strategy INTIMACY GEL PLAYBOY PLAYBOY AROUSAL SPRAY#19PLAYBOY 2020 Category Growth Plans We are well-positioned to achieve $100M+ in EBITDA by 2025. A Sexual Wellness growth plans: Introduce new product offerings in sexual fun and sexual health in US and key international markets for sales on owned and third party platforms Introduce of new sexual wellness education services ● . ● ● B Style & Apparel growth plans: Expand apparel licensing business in China to women's lines and influencer- driven collaborations Expand owned digital commerce apparel business with streetwear, athleisure CATEGORY GROWTH PLANS ● c Gaming & Lifestyle growth plans: Expand gaming licensing deals across new geographies and types games Expand lifestyle licensing offerings in US and key international markets ● Expand owned digital and physical retail locations Expand third-party retail partnerships ● D Beauty & Grooming growth plans: Introduce owned Playboy-branded men's and women's skincare and grooming products D ($ in millions) $3 C $4 B $74 $55 $137 2020-2025E ADJUSTED EBITDA BRIDGE 2020E Revonue $83 A $50 B $13 $13 D $296 $111 Sexual Style & Gaming & Beauty & 2025E Wollness Apparel Lifestyle Grooming Revenue Growth Growth Growth Growth Source: Management projections. 2020E Revenue and Adjusted EBITDA reflect updated projections per per the supplement to investor presentation furnished as an exhibit to the 8-K filed with the SEC by MCAC on October 20, 2020 COGS $37 Segment OPEX $46 G&A $3 D&A $104 2025E Adjuste d EBITDA#20PLAYBOY 2020 20 The Sexual Wellness Opportunity We are well-positioned to capture enormous growth in a growing category. A Rapidly Growing Sector¹ Revenue of global sexual wellness market - Forecasted 2024 $388B $283B $264B $247B 2020 2019 2018 That Consumers Associate With Us² 57% Of younger consumers think Playboy should represent sexual wellness 23% Would be more likely to purchase sexual wellness products from Playboy 1. Source: Grand View Research, Medgadget; Includes Intimates, Condoms, Lubricants, Sex Toys, Sexual Supplements, CBD, and Sexual Health markets. 2019E-2024E figures are extrapolated at 2018-2024 CAGR of 10.6% for Supplements, 2018-2024 CAGR of 22.2% for CBD, and 2019-2024 CAGR of 7.8% for Sexual Health & Relationship Products & Services. 2. Playboy-commissioned consumer research 3. Arizton Research Report, 2018 With Mainstream Distribution Brick & mortar continues to serve as a desired destination for consumers of condoms, lubricants, and sex toys3 Drug Stores 6% Mass Market Players 21% Grocery Stores 15% C Speciality Stores 27% Online 31%#21PLAYBOY 2020 21 Our Sexual Wellness Growth Plan Growth will be driven by expanding our owned product offerings, owning a greater share of the distribution, and diversifying third party retail partners. 2020 vs 2025 Revenue Channel Mix Licensing Direct Sales 3rd Party Retail Source: Company Management $10.2 $44.3 $0.4 2020 $21.3 $81.4 $36.4 2025 Category Innovation Arousal Body care Key Growth Drivers . . Direct to Consumer Optimization Expanded owned brands product offerings to capture higher margin Owning product discovery to reduce CAC via advisory, education, and other content services . Bedroom accessories Lingerie Retail Partnerships End of 2020 sexual wellness launch in Walmart and CVS 2021 expansion of product lines with additional SKUs and expansion into additional retailers 2022+ new category launches; sexual wellness aisle reinvention#22PLAYBOY 2020 22 M&A Strategy We are well-positioned to accelerate our organic growth via acquisitions. ● Areas of Focus Direct to consumers relationships Product portfolios and innovation in key categories • Distribution capabilities Existing licensees ● ● ● ● Unique Sexual Wellness Opportunity Fractured market with little differentiation between many small players Small-business owners with minimal ability to scale Lack of strong brand identity and low consumer loyalty Consumer desire for omni-channel experience ● Proven Ability to Execute ● Proven ability to execute and integrate acquisitions • Management team with history of successful M&A experience $180M+ NOLs provide tax shield against acquired income ● • Strong track record integrating and accelerating acquired businesses#2323 Our Products#24PLAYBOY 2020 Playboy Sexual Wellness Product Portfolio 2020 OFFERINGS: Condoms • Lubricants • Intimacy kits Endurance wipes ● POTENTIAL FUTURE Collections ● • Intimacy subscriptions Bedroom accessories Lingerie • CBD-based arousal products Walmart: Save money. Live better. OFFERINGS: Expansion of CBD line • Body care Education services Playboy Sexual Wellness products are currently sold in 10,000+ POS in the U.S. across Mass, Drug, Grocery, Specialty and on playboy.com and yandy.com CVS pharmacy PLAYBOU SPRAY PLAYBOY INTIMATE WIPES PLAYBOY#25PLAYBOY 2020 Playboy Style & Apparel Product Portfolio 2020 OFFERINGS: Mens's casual and active wear, suits, leather goods, undergarments, accessories in China • Streetwear collaborations in the US and UK • Women's fast fashion & leisurewear POTENTIAL FUTURE OFFERINGS: • Collabs with Yandy • Women's apparel in China 2 淘宝网 JD.COM Alibaba.com Taobao.com ● Expanded owned apparel and collaborations in US & UK Playboy apparel products are available across 2500 brick & mortar stores and 1000 ecomm stores in China, and at yandy.com, playboy.com and high-end retail and boutiques in the US and UK 天猫LO TMALL COM Supreme URBAN OUTFITTERS PLAYBOY BY PACS UN S MISSGUIDED ЯР PHILIPP PLEIN (47) PLAYBOY WE PARTNER WITH THE BEST. Coco de Mer LONDON PEACEBIRD MEN ANTI SOCIAL SOCIAL CLUB soulland Supreme PACSUN Good Worth bustl(9 Jean John MARC JACOBS CORTINA MISSGUIDED MOSCHINO The Kooples MASON GARMENTS BUSCEMI JOYRICH 15 BURTON Optique#26PLAYBOY 2020 Playboy Gaming & Lifestyle Product Portfolio 2020 OFFERINGS: Social & real- money casino gaming • London Casino • Spirits JV POTENTIAL FUTURE OFFERINGS: Mobile gaming •Sports betting expansion • Immersive gaming ● India hospitality Home furnishing & art prints ● SG SCIENTIFIC GAMES Microgaming partnerships Texas Poker Clubs Playboy gaming partners include Scienti c Games, Microgaming & Caesar's International. Playboy home products are available on playboy.com and wayfair.com. wayfair.com CAESARS ENTERTAINMENT PLAYBOY SOCIAL CLUB HOUSTON A ww#27PLAYBOY 2020 Playboy Beauty & Grooming Product Portfolio 2020 OFFERINGS: Men and women's fragrance UK & Germany) POTENTIAL FUTURE Expansion of fragrance to North America ● • Color cosmetics in North America ● Color cosmetics (Brazil) OFFERINGS: • Skincare in North America Men's Grooming in North America and China Playboy's current beauty and grooming o erings are available in major retail across Europe and Brazil ROSSMANN dm Superdrug mercado libre PLAYBOY FRAGRANCE 1X59 ALL DAY Y PLAYBOY MAKE THE COVER. PLATBOT FOR HIM & NIGHT Aloe at dy#28Social Good#29PLAYBOY 2020 29 Our Responsibility Playboy has been an outspoken champion of equality and free expression for almost 70 years. We believe advocacy and activism isn't just our heritage, it is our future. Today we focus our work on rallying our audiences to get involved and supporting on-the-ground organizations. ACLU TREVOR LAST BLACK LIVES PRISONER MATTER PROJECT Some of the organizations we have recently supported MATIONAL NETWORK OF ABORTION FUNDS 1959, Miles Davis at Playboy Jazz Festival A Legacy of Advocacy 1991, "Tula" Cossey is Playboy's rst transgender model POT SHOT Jesent foran T 1970, Playboy helps jumpstart NORML org proti otkacie and must 1965, interview with MLK 2019, interview with Tarana Burke#30PLAYBOY 2020 30 Our Work Today Through the lenses of equality and freedom of expression, we focus our efforts on the issues rooted in our heritage that remain highly relevant to our consumers today. CANNABIS Law Reform Criminal Justice Reform GENDER Reproductive Rights Sex Worker Rights Censorship VOTE! WALLT RACE ce knows are my rite drug Social Justice Marginalized Communities GARZTP JATTE LGBTQ+ Legal Protections Identity Celebration R#31PLAYBOY PLAYBOY PLAYBOY PLA Opportunity Summary BOY allo#32PLAYBOY 2020 32 Summary 1 2 33 4 5 Iconic Global Consumer Platform Highly Profitable Business Model Massive Growth Opportunity In O&O M&A Acceleration Opportunity World Class Management Team • One of the world's most iconic global consumer lifestyle brands with massive global reach Diversified portfolio of products/services in four high-growth consumer categories $3B in annual global consumer spend against the Playboy brand across 180 countries Business model and efficient marketing strategy achieves meaningful margin expansion as growth accelerates • Drives low-cost product development, reduced CAC, and increased customer LTV ● Approximately $400M of contracted cashflows provide significant reinvestment opportunity Proven execution expanding from licensing to O&O and direct sales commercial model Well-positioned to scale portfolio of owned brands and enhance capabilities via strategic acquisitions • Accelerates top-line growth and EBITDA expansion Over $180M of NOLS provide significant tax shield against acquired income . Track record of acquiring and growing businesses to generate significant returns for investors 2020 on track to grow adjusted revenues by approximately 70% and double adjusted EBITDA#3333 Appendix / 10#34PLAYBOY 2020 34 Consolidated Adjusted EBITDA Reconciliation GAAP NI to Adjusted EBITDA Reconciliations ($000s) Net Income Adjustments Depreciation & Amortization Income Tax Expense/(Benefit) Interest Expense EBITDA Adjustments Stock-Based Compensation Reduction in Force Expenses Litigation and Settlement Expenses Non-Recurring Items Management Fees and Expenses Non-Operating Expenses Transaction Expenses Total Adjustments Adjusted EBITDA EA A A FA $ 2019 (23,576) $ 3,093 $ 4,850 $ 14,225 $ (1,408) $ 7,368 $ 1,184 $ 5,000 (353) $ 1,005 $ 19 $ 353 14,576 $ 13,168 $ YTD Sept 2019 (17,558) $ 2,430 $ 4,499 $ 10,884 $ 255 $ 6,655 $ 1,184 $ 762 $ 750 $ (95) $ $ 9,256 $ 9,511 $ YTD Sept 2020 (4,759) 1,703 3,470 10,073 10,487 2,496 2,801 3,230 757 124 1880 11,288 21,775#35PLAYBOY 2020 35 Alignment with Reportable Segments Detail on how our monetization models discussed in this document align with our reportable segments. Direct Sales & Subscriptions Royalty-Based Revenue Third Party Retail Sales Consists of: Online direct-to-consumer sales of consumer products portion of Direct-to-Consumer segment • Playboy's digital subscription services portion of the Digital Subscriptions & Services segment ● Consists of: Full Licensing segment Digital gaming trademark license portion of Digital Subscriptions & Services segment ● • Playboy TV (MVPD relationships) portion of Digital Subscriptions & Services segment ● ● Consists of: Third party retail sales portion of the Direct-to-Consumer segment ●#36THANK YOU