#1PLAYBOY INVESTOR PRESENTATION October 2020#2PLAYBOY 2020 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, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit 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 verified 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 Stat ments 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 other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified 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 definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of MCAC and Playboy. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the Proposed Business Combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Business Combination or that the approval of the stockholders of MCAC or Playboy is not obtained; failure to realize the anticipated benefits of the Proposed Business Combination; risks relating to the uncertainty of the projected financial information with respect to Playboy; risks related to the organic and inorganic growth of Playboy's business and the timing of expected business milestones; the effects of competition on Playboy's future business; the amount of redemption requests made by MCAC's stockholders; the ability of MCAC or the combined company to issue equity or equity-linked securities or obtain debt financing in connection with the Proposed Business Combination or in the future, and those factors discussed in MCAC's final prospectus dated June 5, 2020 under the heading "Risk Factors," and other documents of MCAC filed, or to be filed, with the Securities and Exchange Commission ("SEC"). If any of these risks materialize or our assumptions prove incorrect, actual results could differ 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 differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect 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 specifically 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 financial information with respect to Playboy. Such projected financial 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 financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties. See "Forward-Looking Statements" above. Actual results may differ materially from the results contemplated by the financial 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 reflected in such forecasts will be achieved.#3PLAYBOY 2020 3 Legal Disclaimer (Continued) Financial Information; Non-GAAP Financial Measures The financial information and data contained in this Presentation is unaudited and 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 differently in, any proxy statement/prospectus or registration statement to be filed by MCAC with the SEC, and such differences may be material. In particular, all Playboy historical financial information included herein is preliminary and subject to change pending finalization of the audits of Playboy and its subsidiaries as of and for the years ended December 31, 2019 and December 31, 2018 in accordance with PCAOB auditing standards, including without limitation the adoption and application of FASB ASC Topic 606, Revenue From Contracts With Customers, which is expected to result in certain licensing revenue recognition period to period timing differences from Playboy's historical revenue included in this Presentation. Some of the financial information and data contained in this Presentation, such as Adjusted Revenue, Adjusted EBITDA and Adjusted EBITDA Margin, 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 financial measures provides an additional tool for investors to use in evaluating historical or projected operating results and trends in and in comparing Playboy's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and revenue that are required by GAAP to be recorded in Playboy's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and revenue items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents historical non-GAAP financial measures in connection with GAAP results. You should review Playboy's audited financial statements, which will be included in the Proxy Statement (as defined below). However, not all of the information necessary for a quantitative reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures is available without unreasonable efforts at this time. Important Information About the Proposed Business Combination and Where to Find It In connection with the Proposed Business Combination, MCAC intends to file a proxy statement (the "Proxy Statement") with the SEC, which will be distributed 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. MCAC will mail a definitive proxy statement, when available, to its stockholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT, ANY AMENDMENTS THERETO AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL 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 definitive proxy statement (when available) and other documents filed with the SEC by MCAC through the website maintained by the SEC at http://www.sec.gov, or by directing a request to MCAC at 311 West 43rd Street, 12th Floor, New York, NY 10036. 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 officers 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 officers of MCAC is set forth in its final prospectus dated June 5, 2020. 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 proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the Proposed Business Combination when they become available. Stockholders, potential investors and other interested persons should read the proxy statement/prospectus 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 offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering 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 Transaction Summary Playboy Enterprises Inc. ("Playboy") to be acquired by Mountain Crest Acquisition Corp. ("MCAC"), a publicly listed special purpose acquisition vehicle with $58.5M cash in trust . Playboy pre-money equity value of $239.2M (plus $142.1M of debt = $381.3M enterprise value) Playboy is rolling 100% of its equity into MCAC Transaction includes a $50M common stock PIPE @ $10.00/share Playboy has agreed to purchase 700k sponsor promote shares @ $6.35/share ($4.44M) Pro forma market capitalization of ~$373M; enterprise value of $413M¹ Playboy owns ~66% of the combined entity on a fully diluted basis $101M new cash on the balance sheet ¹Assumes zero redemptions from SPAC 2 Does not include a total of 0.3M unit purchase options to the MCAC IPO underwriter 3Does not reflect closing adjustments; shares issued or issuable to Playboy shareholders at closing may increase or decrease based on the net debt calculation adjustments at closing POST-TRANSACTION ENTERPRISE VALUE BUILD-UP ($MM)1,2,3 Shares Outstanding Price Per Share Market Capitalization Plus: Debt Less: Cash Enterprise Value 2021 Est. EBITDA EV/ 2021 Est. EBITDA Shares in millions Mountain Crest Sponsor SPAC IPO Investors PIPE Investors Playboy Total 37.3 $10.00 $372.7 $142.1 $101.5 $413.3 Shares 1.1 6.5 5.0 24.6 37.3 $40.3 10.3x % SOURCES & USES ($MM) PRO FORMA OWNERSHIP1,2,3 3.0% 17.5% 13.4% 66.1% 100.0% Sources Cash Remaining in Trust Playboy Equity Roll PIPE Common Shares Total Sources Playboy Equity Roll Fees & Expenses (Estimated) Cash to Balance Sheet Total Uses Uses Playboy 66.1% SPAC Investors 17.5% $58.5 $239.2 $50.0 $347.7 SPAC Sponsor 3.0% PIPE Investors 13.4% $239.2 $7.0 $101.5 $347.7#5PLAYBOY 2020 5 Introductions . . BEN KOHN Chief Executive Officer Former partner at Rizvi Traverse, a leading entertainment-focused private equity firm 25+ years experience managing media & entertainment companies Superior returns generated on transactions completed at Rizvi Traverse . PLAYBOY RACHEL WEBBER Chief Brand & Strategy Officer Former EVP of Digital at National Geographic . Senior positions at Fox, Rovio Entertainment, Tumblr, and News Corp . DAVID ISRAEL COO / CFO Former Chairman, CEO and founding partner of Procysive Corporation Former CEO, International for Reed Business Information#6PLAYBOY 2020 6 PLAYBOY IS A MASSIVE CONSUMER LIFESTYLE PLATFORM $3B GLOBAL CONSUMER SPEND 97% GLOBAL UNAIDED BRAND AWARENESS 60/40 MALE/FEMALE CONSUMER BREAKDOWN 50B+ GLOBAL PRESS IMPRESSIONS LEADING MEN'S APPAREL BRAND IN CHINA 1M+ ACTIVE ECOMMERCE CONSUMERS 300% NORTH AMERICA RETAIL SPEND GROWTH IN 2019 180+ COUNTRIES WHERE WE SELL PRODUCTS ~50M GLOBAL SOCIAL MEDIA FANS#7PLAYBOY 2020 Foundation Set to Achieve $100M+ Adjusted EBITDA Goal by 2025 Expand Holdings Review and Clean Up 2017 + Full strategic review + Streamlined team + Ended advertising business + Ended off-brand partnerships + Closed underperforming businesses Establish a Foundation 2018 + Built new management team + Defined brand mission + Focused business strategy + Strengthened global licensing business as cash foundation Build Brand and Business 2019 2020 2021+ $100M+ Adjusted EBITDA 5 year goal + Aggregate highly fractured Sexual Wellness category via new product development and acquisition + Re-introduced brand to audiences via content partnerships with influencers including Kylie Jenner, Travis Scott, Bad Bunny, Lizzo, King Princess and others + Re-established US business with apparel collaborations for older Gen-Z and younger millennials, driving ~$30M retail in 2019 + Acquired Yandy to build commerce and O&O foundation + Launched first O&O products via D2C and mass retailers (Wal-Mart & CVS) + Built unified consumer data platform + Rapidly grow digital gaming business globally via acquisition + Introduce beauty, skincare and grooming product lines in US and China + Take advantage of white space category and territory opportunities (e.g., India)#8PLAYBOY 2020 8 Growth to Date Management has accelerated top-line revenue and EBITDA growth by executing organic and inorganic strategies. STRONG ADJUSTED REVENUE GROWTH ($MM)¹ 19-20E GROWTH = 68% $78.2 2019A $131.2 2020E Source: Company management. 12019A revenues and EBITDA do not include Yandy. Yandy was acquired by Playboy in Dec 2019. *See non-GAAP to GAAP reconciliations at the end of the presentation. DOUBLING ADJUSTED EBITDA GROWTH ($MM)¹ 19-20E GROWTH = 106% $11.7 2019A $24.1 2020E#9PLAYBOY 2020 Playboy's mission is to CREATE A CULTURE WHERE ALL PEOPLE CAN PURSUE PLEASURE S zu 5995 Artwork designed by Andy Warhol for Jan, 1986 Playboy cover#10PLAYBOY 2020 10 THIS IS OUR LEGACY For more than six decades, we've curated sophistication, art, music and culture. We've entertained. We've advocated for self expression and personal freedom. We've evolved, in real time, responding to and creating culture. We've remained critical thought leaders and a platform for voices- the emerging, the outspoken and the legendary. For sixty-seven years, we have walked the walk. • MLK JOYCE CAROL OATES STEVE JOBS JOHN STEINBECK JACK KEROUAC MALCOLM X GABRIEL GARCIA MARQUEZ. HUNTER S. THOMPSON KATE MOSS IAN FLEMING SALVADOR DALI RAY BRADBURY NORMAN MAILER. PLAYBOY ENTERTAINMENT FOR MEN F WONDERFUL WEEKESS PLAYBOY ENTERTAINMENT FOR MEN ENTERTAINMENT FOR MEN PLAYBOY: ENTERTAINMENT FOR MEN PLAY Crea PLAYBOY ENTERTAINMENT FOR ALL PLAYBOY IPTAINMENT FOR MEN ENTERTAINMENT FOR MEN PLAYBOY PLAYBOY ENTERTAINMENT FOR MEN US . CHER SHEL SILVERSTEIN MARILYN MONROE HARUKI MURAKAMI ANDY WARHOL MARGARET ATWOOD JOSEPH HELLER • ROALD DAHL KURT VONNEGUT JOHN LENNON VLADIMIR NABOKOV WHOOPI GOLDBERG GORE VIDAL.#11PLAYBOY 2020 11 67 Years of Cultural Relevance Content. Products. Influencers. Experiences. PLAYBOY PLAYBOY PLAYBOY PLAYBOY PLAYBOY PLAYBOY X MISSGUIDED, PHOTOGRAPHER: ADAM RINDY, MODEL: GIGI VASSALLO#12PLAYBOY 2020 12 We deliver THE PLEASURE LIFESTYLE PLATFORM SEXUAL WELLNESS Intimacy, Lingerie STYLE & APPAREL Fashion, Accessories GAMING & LIFESTYLE Digital Gaming, Hospitality, Spirits BEAUTY & GROOMING Fragrance, Skincare Cosmetics Sleepware Lingerie Fashion Collabs Condoms Gaming Fragrance Men's Grooming Apparel & Accessories Intimacy Kits Furniture Day Dinner Parties Integrating into the habits of people around the world with products and experiences that help you look good and feel good. Night Education & Erotic Content Supplements Conversation & Debate Skincare & Cosmetics Arousal Cannabis Travel Art Galleries Advocacy Jazz Clubs Cocktail Bars ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Spirits & Glassware Fine aDining#13AROUSAL SPRAY BY PLAYBOY SEXUAL WELLNESS + Intimacy products, including condoms, lubricants, wipes, CBD- based arousal offerings + Ecommerce lingerie business GAMING & LIFESTYLE + Digital gaming + Casinos & hospitality experiences + Spirits + Home, art & music STYLE & APPAREL + Men's & women's apparel & accessories + 20+ fashion collabs across US, Europe & Asia + Wide retail distribution BEAUTY & GROOMING + Global fragrance for men & women + CBD-based bath + Beauty, grooming & skincare expansion underway M HODN#14PLAYBOY 2020 14 Diversified Offerings Represent Massive Market Playboy's existing business demonstrates strong consumer affinity in key categories; market size showcases enormous growth opportunities. Projected 2024 Market Size 2020E Market Size 2020E Playboy Consumer Retail Sales5 2020E Adjusted Revenues (% of Total Adjusted Revenue) Key Playboy Enterprises Consumer Product Offerings in Market Today Current Business Model(s) SEXUAL WELLNESS $388 billion¹ $283 billion $100 million $54 million (41%) Intimates and lingerie (yandy.com and collaborations) Condoms, lubricants, wipes and intimacy kits CBD arousal offerings Supplements including natural ED Playboy Advisor education, health & relationship content PlayboyTV, Playboy Plus, Playboy.tv D2C product sales and subscription Licensing Strategic Collaborations STYLE & APPAREL $1.9 trillion² $1.3 trillion $2.7 billion $69 million (53%) Men's & women's casual wear, shoes / footwear, sleepwear, swimwear, formal suits, leather & non-leather goods, sweaters, active wear, and accessories Collaborations with fashion and accessories brands including Missguided, Pac Sun, Supreme, others D2C product sales Licensing Strategic Collaborations ¹ Includes Intimates, Condoms, Lubricants, Sex Toys, Sexual Supplements, CBD, and Sexual Health markets. 2 Includes Men's and Women's Apparel and Accessories markets. 3 Includes Digital Gaming, Spirits, Furniture, Bedding, Art, and Recorded Music markets. 4 Includes Men's and Women's Fragrance, Skincare, Men's Grooming, Color Cosmetics, and Beauty Supplement markets. 5 Includes global retail spend against the Playboy brand based on management estimates. Source(s): Euromonitor, Aritzon, Statista, Grand View Research, Business Wire, PR News Wire, Wall Street Research. *See non-GAAP to GAAP reconciliations at the end of the presentation. GAMING & LIFESTYLE $1.4 trillion³ $1.2 trillion $52 million $4 million (3%) Gaming including casinos & social venues, slots and table games, social casino gaming, live dealer Sports betting partnerships Gaming skins and in-app purchases Furniture & art Playboy Jazz Festival Spirits JV D2C product sales Licensing Strategic Collaborations & JVs BEAUTY & GROOMING $434 billion4 $360 billion $16 million $3 million (2%) Men's and women's fragrance Color cosmetics Licensing#15PLAYBOY 2020 15 Building Upon A Highly Profitable Model Combination of business models and direct access to consumers allows for higher profitability and long-term scale; licensing & direct access to consumers allows for accelerated product testing & consumer insights. Multiple Monetization Models... LICENSING FEES O&O PRODUCT SALES DIGITAL SUBSCRIPTIONS X Combined With An Owned Marketing Platform... 50M+ ORGANIC REACH 200M INFLUENCER NETWORK REACH 3.5M ACTIVE CUSTOMERS Creates Low Cost, High Value Consumers accelerated & efficient product R&D lower consumer acquisition costs higher consumer LTV#16* Transitioning the Business Model from Licensing to Owned & Operated PLAYBOY 2020 16 LICENSING MODEL . Historically focused omnichannel licensing business model . ~70% of Playboy's licensed products are sold online More than 3,000 physical retail points of sale 95% renewal rates with licensees, 7+ year tenured contracts Leading Men's Apparel brand in China; huge growth opportunity in Women's & adjacent categories MISSGUIDED M PEACE, LOVE AND FASHION PACSUN GOLDEN STATE of MIND $28M in retail sales between Missguided and PacSun collaborations in 2019 O&O EXPANSION • Transition into an O&O platform to capture greater share of $3B global consumer spend against the brand . Geographic expansion in U.S., EU and Asia Captures more revenue per unit sold and generates valuable consumer data and insights Organic social marketing and influencer reach drives efficient customer acquisition Walmart ♥CVS pharmacy Secured distribution for sexual wellness product offerings#17* Core Licensing Business Generates Massive Contracted Cashflows PLAYBOY 2020 17 $27.6 CONTRACTED CASHFLOWS ($MM) $46.7 2H2020 2021 Source: Management. ¹Includes 2028 and 2029 contracted cashflows. $46.4 2022 $47.6 2023 $48.2 2024 $48.5 2025 $49.5 2026 $47.0 2027 • Approx. $40OM of forward- booked contracted cashflows¹ .80%+ gross margins • Assumes no renewals (historical renewal rate is more than 95%)#18PLAYBOY 2020 18 Playboy Has Increased Its Licensing Value In 2018, Playboy was ranked 40th on list of the world's most powerful brands by Licensing Global, by comparing retail sales of licensed merchandise across all major sectors of business, from entertainment to sports, food, fashion, art and design, and more. In 2019, Playboy leapt to 21st and then climbed to 17th this year. 2018 33 Mattel 34 NFL 35 BBC 36 Weight Watchers 37 Stanley Black & Decker 38 Entertainment One 39 The Hershey Company 40 Playboy 41 Twentieth Century Fox 2019 19 18 19 20 Pentland Brands 21 Playboy 22 Proctor & Gamble The Pokémon Company Caterpillar 23 24 25 Ferrari NBA Bluestar Alliance The Electrolux Group 2020 16 NFL 17 Playboy 18 Rainbow 19 The Electrolux Group NBA 20 21 Stanley Black & Decker 22 Caterpillar 23 Pentland Brands 24 Proctor & Gamble#19PLAYBOY 2020 19 Building a Multi-Channel Distribution Strategy US and Europe royalty revenue doubled from $3M in 2018 to over $6M in 2020; territories poised for rapid growth with expanded retail presence for both licensed and new O&O products. 2018 COLLABS Joyrich Buscemil Supreme Moschino The Kooples Philipp Plein Coco De Mer PHYSICAL RETAIL + Saks Urban Outfitters Walmart (US) +HEALTH DIGITAL RETAIL Pac Sun (US) Missguided (UK/Multinational) 2019 COLLABS Monse Soulland Anti-Social Social Club Eleven Paris Marc Jacobs Alpha Industries Mason Garments PHYSICAL RETAIL + Lidz Macy's Nordstrom Urban Outfitters Walmart (US) +HEALTH DIGITAL RETAIL Playboy.com Pac Sun (US) Missguided (UK/Multinational) Amazon 2020 COLLABS Huf Bustle Dalmata Supreme FazeClan Hatton Labs Honey-Birdette Suspicious Antwerp Comme Des Garçons PB Labs (Revenge, Aoki) PHYSICAL RETAIL + Lidz Browns Selfridges Nordstrom Bloomingdale's Urban Outfitters Galeries Lafeyettes Walmart (US, Mexico) CVS SuperDrug (UK) I DM & Rossmann (Multinational) HEALTH DIGITAL RETAIL Playboy.com yandy.com Pac Sun (US) Wayfair (US) Missguided (UK/Multinational) Urban Planet (CA) Tezenis (IT; Multinational) Jack & Jones (EU) Def Shop (GE; Multinational) Amazon#20PLAYBOY 2020 20 Playboy Acquisition Strategy Playboy is uniquely positioned to augment its organic growth through investment and acquisitions of companies across the Pleasure Lifestyle consumer categories. ACQUIRE Scale portfolio of owned brands through strategic acquisitions Expand and diversify product and service offerings Sexual Wellness the sexual happiness people" allbodies. LELO PLEASURE OBJECTS hims INCUBATE Incubate new owned consumer brands Enter into strategic collaborations to launch new products and co- create content / experiences MISSGUIDED Code Mer LONDON POPSHOP LIVE . . Illustrative Strategic Acquisition & Incubation Targets Style & Apparel Gaming & Lifestyle INVEST Enhance technology, product development, marketing, and distribution capabilities Build scaled data & analytics platform HEheuritech RummyCircle.com POINTSBET 8889 HOLDINGS Infrastructure / Consumer Data Platforms depop axonista SALTEDGE . . . INTEGRATE Drive scale Accelerate top-line revenue growth Optimize product mix Increase customer LTV Drive consumer engagement and sales Over $180M NOLS shield taxable income Beauty & Grooming function of beauty HARRY'S MANSCAPED#21PLAYBOY 2020 21 ● ● Yandy Acquisition Case Study SUCCESSFUL ACQUISITION OF YANDY Acquired in December 2019 Ecommerce retailer of lingerie, dresses, costumes and accessories: o 20,000 products from over 100 active brands Strong customer base: o 750K active customers o Email list of 2.5+M subscribers o Average of over 70K orders per month • Warehouse and fulfillment center infrastructure • Comprehensive ecommerce software platform Source: Company management. 1YTD as of 6/30. *See non-GAAP to GAAP reconciliations at the end of the presentation. SIGNIFICANT REVENUE GROWTH YTD ($MM)¹ $18.4 Adjusted EBITDA Margin YTD 2019 $1.6 YTD 2019 YoY growth = 37% SIGNIFICANT ADJUSTED EBITDA GROWTH YTD ($MM)¹ 9% YANDY COM YOY growth = 157% $25.2 YTD 2020 $4.1 YTD 2020 16%#22PLAYBOY 2020 22 World-Class Management Team BEN KOHN Chief Executive Officer DAVID ISRAEL COO / CFO Demonstrated track record of acquiring, building and growing businesses. Former partner at Rizvi Traverse, a leading entertainment-focused private equity firm 25+ years experience managing media & entertainment companies (Playboy, ICM Partners, Summit Entertainment, SESAC, RealD) Superior returns generated on transactions completed at Rizvi Traverse Former Chairman, CEO and founding partner of Procysive Corporation . Prior to Procysive, Israel was CEO, International for Reed Business Information, and has held a variety of senior roles in Media, Entertainment and Technology RACHEL WEBBER Chief Brand & Strategy Officer REENA PATEL COO, Global Licensing and Joint Ventures Former EVP of Digital at National Geographic, responsible for the company's digital business, product, and technology development Prior to National Geographic, served as SVP at Fox and held other senior positions at Rovio Entertainment, Tumblr, and News Corp Former Head of Global Licensing for International Game Technology (NYSE: IGT), directing all brand and licensing business for IGT's global online and physical gaming portfolio Prior experience at Merrill Lynch Investment Managers, Scotiabank, and Sun Life Investments 20+ years experience driving revenue growth and brand / market expansion initiatives across hospitality, apparel, entertainment, sports, and CPG Prior, Managing Director at Mackinac Partners, advising private equity firms on brand acquisitions and growth strategies JARED DOUGHERTY President, Global Licensing and Joint Ventures#23PLAYBOY 2020 23 SUMMARY FINANCIAL OVERVIEW GA N#24PLAYBOY 2020 24 Summary Financial Overview Adjusted EBITDA Margin $78.2 2018A $13.5 2018A 17% Source: Management projections. 12018-2019A revenues and EBITDA do not include Yandy. Yandy was acquired by Playboy in Dec 2019. *See non-GAAP to GAAP reconciliations at the end of the presentation. ADJUSTED REVENUE ($MM)¹ $78.2 2019A $11.7 2019A 15% $131.2 ADJUSTED EBITDA ($MM)¹ 2020E $24.1 2020E 18% $166.8 2021E $40.3 2021E 24%#25PLAYBOY 2020 25 Near-Term Growth Drivers 2020 GROWTH ASSUMPTIONS Transition to consumer products and owned and operated model Acquisition of Yandy on 12/31/2019 Sexual wellness products (i.e. condoms, lubricants, and wipes) being rolled out in Walmart and CVS stores in September 2020 . Continued geographic expansion in U.S., EU and Asia 2021 GROWTH ASSUMPTIONS Continued transition to owned and operated Increasing sales of Playboy sexual wellness products - CBD, lubricants, wipes, condoms, and adult toys . Growth in licensed and owned digital gaming Continued expansion to new geographies and product categories Source: Management projections. 12018-2019A revenues and EBITDA do not include Yandy. Yandy was acquired by Playboy in Dec 2019. *See non-GAAP to GAAP reconciliations at the end of the presentation. $78.2 2018A $13.5 ADJUSTED REVENUE ($MM)¹ 2018A YOY 2018A Adjusted Revenue Growth (2.0%) $11.7 $78.2 2019A 2019A 2019A 2020E (0.0%) 67.8% ADJUSTED EBITDA ($MM)¹ YOY Adjusted EBITDA Growth $24.1 2020E $131.2 2018A 6.6% 2020E $40.3 2021E 2019A 2020E (13.5%) 105.9% 2021E 27.1% 2021E 67.0% $166.8 2021E $100.0 2025 Target#26PLAYBOY 2020 26 Adjusted EBITDA Target Bridge $24.1 2020E Adjusted EBITDA ¹Legacy business ceased operations in 2020. $8.4 Licensing ADJUSTED EBITDA TARGET $7.0 Sexual Wellness $1.2 Legacy Business¹ $1.0 Yandy $(1.5) G&A Expenses $40.3 2021E Adjusted EBITDA#27PLAYBOY 2020 D $3 с B A Organic Growth To $100M+ of Adjusted EBITDA Target by 2025 27 $69 $4 $54 $131 2020E Adjusted Revenue 5-YEAR ADJUSTED EBITDA BRIDGE ($MM)¹ $84 A Sexual Wellness Growth $13 B Highly achievable organic target where acquisitions can further accelerate growth. Gaming & Lifestyle $55 C Style & Apparel $13 D Beauty & Grooming Growth $296 $111 2025E Adjusted Revenue COGS $37 Segment OPEX $46 G&A $3 D&A $104 2025E Adjusted EBITDA ¹Model assumes all organic growth; does not factor in inorganic growth opportunities; Minimal CapEx expected, resulting in high free cash flow conversion *See non-GAAP to GAAP reconciliations at the end of the presentation. A Sexual Wellness: KEY GROWTH ASSUMPTIONS Introduction of new CBD, wipes, condoms and lubricant products • Sale of lingerie and bedroom accessories through Yandy.com Customer segmentation tools better understand and target customers Higher average price points Cross selling across various customer segments ● B Gaming & Lifestyle: • Roll out digital O&O gaming assets and cross-sell to adult and Yandy customers Expand gaming licensing deals across new geographies and types of games c Style & Apparel: Expand licensing business to new geographies and product categories Execute in geographies where Playboy partner with established companies that have market pull, political connections and local market expertise . D Beauty & Grooming: Playboy-branded men's and women's skincare and grooming products Women's beauty product line#28PLAYBOY 2020 28 Summary: Playboy Investment Highlights 1 234 5 Iconic Global Consumer Platform Highly Profitable Business Model Massive Growth Opportunity In O&O M&A Acceleration Opportunity World Class Management Team ● Business model and efficient marketing strategy enables meaningful margin expansion as growth accelerates • Drives low-cost product development, reduced CAC, and increased customer LTV ● ● ● 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 ● Approximately $400M of contracted cashflows provide significant reinvestment opportunity Proven execution expanding from licensing to O&O product model Well-positioned to scale portfolio of owned brands and enhance capabilities via strategic acquisitions Accelerates top-line growth and EBITDA expansion Over $180M of NOLs expected to provide significant tax shield against acquired income Track record of acquiring and growing businesses to generate significant returns for investors 2020 on track to grow adjusted revenues by approximately 70% and double adjusted EBITDA • Grown Yandy ~37% YoY in the first six months post acquisition#29PLAYBOY 2020 29 APPENDIX#30PLAYBOY 2020 30 Sexual Wellness Growth Plan ($ in billions) GLOBAL SEXUAL WELLNESS MARKET¹1,2 $247 2018A $264 Playboy's Sexual Wellness Segment Expected to Generate Approx. $54M in revenue in 2020. 2019E 18A-24E CAGR = 7.8% $283 2020E $304 2021E $328 2022E $355 2023E $388 2024E Source: Grand View Research, Medgadget ¹Includes Intimates, Condoms, Lubricants, Sex Toys, Sexual Supplements, CBD, and Sexual Health markets. 22019E-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. Playboy Brand Value: Playboy represents a trusted brand to the consumer and represents sex sa healthy part of an aspirational lifestyle ● . Growth Opportunity: The sexual wellness industry is a large, highly-fragmented industry, estimated to grow to ~$388 billion by 2024 . ● GROWTH OPPORTUNITY ● ● Playboy has the ability to be the mainstream lifestyle brand and trend setter in sexual wellness Establishing trends puts Playboy in a powerful position to sell products at scale Expansion plan already underway for Playboy's recent product launches including condoms, lubricants, arousal spray, wipes (including CBD based offerings) Opportunity to expand market share of lingerie, sex toys and accessories via acquisition and integration into Yandy infrastructure Opportunity to acquire or build educational content services and intimacy support offerings to expand subscription and micro-transactions, leveraging well-known Playboy franchises such as the Playboy Advisor Opportunity to acquire dating services which will serve as strong monetization and consumer data engine to power advanced marketing of suite of offerings Opportunity to more efficiently bring to market supplements (such as ED offerings) via brand awareness and organic marketing channels Opportunity to serve as a paid marketing platform for other sexual wellness brands that are prohibited from advertising on other channels#31PLAYBOY 2020 31 Style & Apparel Growth Plan GLOBAL APPAREL & ACCESSORIES MARKET¹,² ($ in billions) $1,113 Playboy's Fashion & Apparel Segment Expected To Generate Approx. $69M in revenue in 2020. 2018A $1,218 2019E 18A-24E CAGR = 9.7% $1,335 2020E $1,464 2021E $1,607 2022E $1,766 2023E $1,942 2024E Source: Research and Markets, Statista. ¹ Includes Men's and Women's Apparel and Accessories markets. 2 2019E-2024E figures are extrapolated at 2018-2022 CAGR of 11.8% for Apparel and 2020-2023 CAGR of 9.7% for Accessories. GROWTH OPPORTUNITY Playboy Brand Value: Leading men's apparel brand in China Product categories cover men's & women's casual wear, shoes / footwear, intimates / lingerie, sleepwear, swimwear, formal suits, leather & non-leather goods, sweaters, active wear, and accessories ● Proven consumer demand for "wearing the Rabbit Head" - particularly with contemporary, sophisticated Hypebeast / streetwear consumer; recent high-end fashion collaborations with Supreme, Moschino, MissGuided, Joyrich, PacSun Growth Opportunity: Expansion to O&O business model via development of in-house team and/or acquisition or acqui-hire; investment in data science infrastructure to power ability to respond quickly to consumer trends; Yandy back-end infrastructure provides ability to move quickly with in-house 3PL Expansion of men's business in China to women's apparel business; in addition to expansion of all categories by building local on-the ground management in China Big revenue and cultural relevance opportunities via fashion collaborations with leading brands and influencers; big partnerships in development for 2H 2020#32PLAYBOY 2020 32 Gaming & Lifestyle Growth Plan GLOBAL LIFESTYLE EXPERIENCES MARKET¹,2 ($ in billions) $1,122 Playboy's Lifestyle Experiences Segment Expected To Generate Approx. $4M in revenue in 2020. 2018A $1,165 2019E 18A-24E CAGR = 4.0% $1,210 2020E $1,259 2021E $1,310 2022E $1,361 2023E $1,416 2024E Source: Grand View Research, Wall Street Research, Artsy, Billboard.com, Music Business Worldwide, Statista. ¹ Includes Digital Gaming, Spirits, Furniture, Bedding, Art, and Recorded Music markets. 22019E-2024E figures extrapolated based on 2018-2024 CAGR of 7.3% for Digital Gaming, 2018-2024 CAGR of 5.1% for Furniture, 2018-2024 CAGR of 3.2% for Spirits, 2018-2024 CAGR of 5.1% for Bedding, 2014-2019 CAGR of (5.7%) for Art, and 2014-2019 CAGR of 5.9& for Recorded Music; Digital Gaming Includes Online Gaming and Online Sports Betting; Digital Gaming 2018-2024 CAGR estimate of 7.3% based on a blended 2018-2024 CAGR of Online Gaming and Online Sports Betting; Art Includes Online Art Sales and Art Auction Sales. Playboy Brand Value: Playboy brand well known for creating aspirational, culture-driven and fun experiences that span gaming, nightlife, hospitality, art & music ● ● ● GROWTH OPPORTUNITY Growth Opportunity: Social casino gaming generated $6.2B in revenue in 2019; opportunity to build a portfolio of games with shared branding to drive revenue and lower user acquisition costs ● ● Existing gaming partnerships with the biggest suppliers globally: Microgaming, Caesars Entertainment, Scientific Games, FanDuel and more Well positioned to expand brand into lifestyle experiences in China Open platforms, such as Unreal, enable efficient development of immersive virtual experiences; strong opportunity to create virtual Playboy Mansion / Game House to take advantage of consumer behavior and with a target audience that has an affinity for Playboy Success with Fanduel partnerships demonstrates brand affinity with sports betting consumer base JV partnership and execution plan in place to launch Spirits in China in 1H 2021 Discussions underway with producers to expand beloved Playboy Jazz Festival#33PLAYBOY 2020 33 Beauty & Grooming Growth Plan GLOBAL BEAUTY & GROOMING MARKET¹,2 ($ in billions) Playboy's Beauty & Grooming Segment Expected To Generate Approx. $3M in revenue in 2020 $328 $343 18A-24E CAGR = 4.8% $360 $377 2020E $395 $414 2018A 2019E 2021E Source: Grand View Research, Markets and Markets, Business News Wire, PR News Wire. ¹ Includes Men's and Women's Fragrance, Skincare, Men's Grooming, Color Cosmetics, and Beauty Supplement markets. 22019E-2024E figures are extrapolated at 2018-2024 CAGR of 5.0% for Men's Grooming, 2018-2024 CAGR of 6.2% for Color Cosmetics, 2018-2024 CAGR of 3.7% for Men's and Women's Fragrance, 2018-2024 CAGR of 4.4% for Skincare, and 2016-2023 CAGR of 9.5% for Beauty Supplements. 2022E $434 2023E 2024E Playboy Brand Value: Proven commercial success in fragrance category; from 2012 to 2014 date achieved $100M annual retail business with fragrance line for men and women with Coty licensing partnership ● ● ● GROWTH OPPORTUNITY ● ● Recent color cosmetics partnership in Brazil demonstrates consumer affinity for brand in category Growth Opportunity: New fragrance line set to launch in Fall 2020 across North America and European markets Brand's positioning on free expression and body positivity, alongside built-in network of Playmates who can serve as beauty ambassadors, positions brand well for expansion into category targeting existing consumer base today purchasing apparel and consuming branded content Collaboration discussions underway for color cosmetics and men's grooming with big-name influencers and contemporary beauty brands Company-conducted India consumer research demonstrates opportunity to brand in territory in Beauty and Grooming category Brand's reach in China positions Playboy well for expansion into men's grooming and skincare in territory#34PLAYBOY 2020 34 Comparable Company Benchmarking (1/3) EV / 2021E Adjusted EBITDA 2019A-2021E Adjusted Revenue CAGR 2019A-2021E Adjusted EBITDA CAGR Adjusted EBITDA Margin 10.3x Playboy 46.0% Playboy 85.4% Playboy 24.1% ¹ Playboy 19.5x Sexual Wellness 3.6% Sexual Wellness 1.9% Sexual Wellness 25.3% Sexual Wellness 10.4x Fashion Apparel & Accessoires Digital and Experiences (4.0%) Fashion Apparel & Accessoires 12.3% 13.6x Fashion Apparel & Accessoires ¹ Figure represents Playboy's 2021 adjusted EBITDA margin. Source(s): Capital IQ as of 09/25/2020; Management. Note(s): Figures for public comparable companies represent median figures and unadjusted revenue; Playboy's EV/2021E EBITDA multiple assumes a $413mm pro forma Enterprise Value; see non-GAAP to GAAP reconciliations at the end of the presentation. 13.6% (8.4%) Fashion Apparel & Accessoires Digital and Experiences Digital and Experiences 3.8% 24.7% Digital and Experiences. 14.2x Beauty & Grooming 0.3% Beauty & Grooming (2.0%) Beauty & Grooming 19.9% Beauty & Grooming 17.8x Direct to Customer 22.1% Direct to Customer 80.4% Direct to Customer 3.3% Direct to Customer 13.7x Aggregate Comps 3.3% Aggregate Comps 2.9% Aggregate Comps 15.2% Aggregate Comps#35PLAYBOY 2020 35 Comparable Company Benchmarking (2/3) Sexual Wellness Reckitt Benckiser Group plc Church & Dwight Co., Inc. Average Median Fashion Apparel & Accessories NIKE, Inc. V.F. Corporation PUMA SE Columbia Sportswear Company Ralph Lauren Corporation Under Armour, Inc. Gildan Activewear Inc. PVH Corp. Kontoor Brands, Inc. Oxford Industries, Inc. G-III Apparel Group, Ltd. Average Median Digital and Experiences Aristocrat Leisure Limited DraftKings Inc. Live Nation Entertainment, Inc. Zynga Inc. Scientific Games Corporation Glu Mobile Inc. DoubleUGames Co., Ltd. Average Median Stock Price $98.68 96.50 $109.75 61.66 81.42 80.63 67.05 9.73 19.69 50.13 21.12 45.84 10.04 $20.31 35.15 51.12 9.31 19.83 8.13 60.40 Source(s): Capital IQ as of 09/25/20. ¹Multiples larger than 100.0x and less than 0.0x deemed not meaningful. Market Valuation % 52-Week High 94.0% 99.3% 100.0% 61.5% 82.0% 78.4% 52.3% 44.3% 51.7% 46.4% 48.8% 56.9% 29.2% 74.2% 78.5% 66.7% 87.1% 62.7% 74.9% 83.9% Market Cap ($M) $70,183 23,866 $171,198 24,026 12,177 5,334 4,898 4,200 3,903 3,561 1,206 766 469 $12,969 12,498 10,844 10,012 1,878 1,388 1,025 Enterprise Value $82,41 8 25,281 $172,068 26,787 11,890 4,838 4,117 4,358 4,784 5,61 5 2,087 734 566 $14,394 11,251 13,160 9,024 10,068 1,105 1,199 CY2020 4.7x 5.3x 5.0x 5.0x 4.6x 3.1x 2.0x 1.9x 09x 1.1x 2.7x 0.8x 1.0x 0.9x 0.3x 1.8x 1.1x 5.1x 21.6x 6.3x 4.9x 3.8x 2.0x 2.1x 6.5x EV/Revenue CY2021 4.7x 5.1x 4.9x 4.9x 3.8x 2.6x 1.7x 1.6x 0.7x 09x 2.1x 0.6x 09x Q7x Q2x 1.4x 0.9x 4.3x 14.8x 1.5x 3.6x 3.2x 1.9x 2.1x 4.5x 3.2x Valuation Metrics¹ CY2022 4.6x 4.9x 4.8x 4.8x 3.5x 2.4x 1.5x 1.5x Q7x 09x 1.8x a6x 09x NM NM 1.5x 1.5x 4.0x 103x 1.1x 3.2x 2.9x 1.7x 2.0x 3.6x 2.9x CY2020 17.7x 22.2x 19.9x 19.9x 54.4x 29.6x 24.7x 17.2x 11.6x NM 55.6x NM 11.6x NM 5.1 x 26.2x 21.0x 18.3x NM NM 17.8x 12.9x 19.1x 5.7x 14.8x 17.8x EVEBITDA CY2021 18.0x 21.3x 19.7x 19.7x 24.3x 17.2x 13.7x 10.4x 4.5x 145 105x 6.3x 7.5x 6.2x 2.5x 10.7x 10.4x 13.8x NM 21.2x 14.4x 8.2x 13.7x 5.6x 12.8x 13.7x CY2022 16.8x 20.3x 18.5x 18.5x 20.7x 145x 11.2x 9.4x 4.7x 11.2x 9.2x 5.7x 6.9x NM NM 10.4x 9.4x 11.7x NM 13.0x 12.6x 7.4x 10.8x 5.1x 101x 11.3x Growth Profile (CAGR) CY2019-CY 2021 EBITDA Revenue 1.0% 6.2% 3.6% 3.6% 4.8% (0.6%) 6.8% (1.4%) (4.0%) (4.9%) (9.3%) (6.2%) (3.6%) (5.3%) (11.0%) (3.2%) (4.0%) 3.6% 53.3% (14.1%) 38.5% (3.2%) 19.3% 13.6% 15.9% 13.6% (4.3%) 8.0% 1.9% 1.9% 5.7% (2.1%) 18.9% (1.0%) (8.4%) (20.9%) (9.3%) (11.4%) (0.4%) (9.6%) (14.0%) (4.8%) (8.4%) 1.9% (39.6%) (13.0%) 163.2% 3.8% 57.9% 10.5% 26.4% 3.8% Margin Profile EBITDA Margin CY2020 26.7% 23.9% 25.3% 25.3% 8.4% 10.4% 8.0% 11.1% 7.9% (3.9%) 4.9% 1.3% 9.0% (0.6%) 5.4% 5.6% 7.9% 27.6% (53.1%) (43.4%) 27.6% 29.2% 10.5% 36.6% 5.0% 27.6% CY2021 26.4% 24.1% 25.3% 25.3% 15.8% 15.0% 12.3% 15.8% 15.6% 6.3% 19.5% 10.2% 11.7% 11.8% 9.0% 13.0% 12.3% 30.9% (29.5%) 7.3% 24.7% 38.3% 13.8% 36.9% 17.5% 24.7%#36PLAYBOY 2020 36 Comparable Company Benchmarking (3/3) Beauty & Grooming L'Oréal S.A. The Estée Lauder Companies Inc. Ulta Beauty, Inc. Coty Inc. Inter Parfums, Inc. e.l.f. Beauty, Inc. Average Median Direct to Consumer Wayfair Inc. Chewy, Inc. Farfetch Limited YETI Holdings, Inc. Canada Goose Holdings Inc. Stitch Fix, Inc. Revolve Group, Inc. Purple Innovation, Inc. The Loves ac Company Casper Sleep Inc. Average Median Aggregate Average Aggregate Median Stock Price $322.65 207.01 214.00 3.79 42.59 18.55 $340.66 56.97 29.32 51.72 22.79 23.89 19.59 20.82 30.53 9.26 Source(s): Capital IQ as of 09/25/20. ¹Multiples larger than 100.0x and less than 0.0x deemed not meaningful. Market Valuation % 52-Week High 92.2% 93.9% 62.6% 28.2% 52.3% 88.2% 99.7% 96.1% 92.0% 94.0% 50.3% 78.5% 73.4% 75.0% 82.8% 58.4% Market Cap ($M) $180,459 74,523 12.051 2,892 1,343 941 $32,496 22,877 9,957 4,500 2.510 2,450 1,362 1,111 443 372 Enterprise Value $1 63,747 75,636 11,688 11,766 1,316 1,017 $32,105 22,723 9,791 4,662 2.660 2,233 1,235 1,053 388 339 CY2020 5.0x 5.6x 1.9x 2.3x 3.0x 3.5x 3.5x 3.2x 2.3x 3.3x 6.4x 4.6x 4.6x 1.2x 2.1x 1.7x 1.3x 0.7x 2.8x 2,2x 3.5x 2.5x EV/Revenue CY2021 4,6x 4.7x 1.6x 2.4x 2.1x 3.3x 3.1x 2.8x 2.1x 2.7x 4.8x 4.0x 3.5x 1.0x 1.7x 1.3x 1.1x Q.5x 2.3x 1.9x 2.7x 2.1x Valuation Metrics¹ CY2022 4.3x 4,4x 1.5x NM NM 3.1x 3.3x 3.7x 1.7x 2.3x 3.9x 3.7x 3.2x 09x 1.4x 1.2x 09x 04x 2.0x 1.6x 2.5x 1.9x CY2020 21.5x 33.9x 201x 65.2x 36.1 x 16.4x 32.2x 27.7x 51.7x NM NM 21.9x 19.0x NM 22.9x 12.9x NM NM 25.7x 21.9x 24.8x 19.6x EVÆEBITDA CY2021 19.2x 20,2x 10.3x 14.1x 12.9x 14.3x 15.2x 14.2x 59.1 x NM NM 18.7x 11.3x NM 16.9x 11.0x 35.0x NM 25.3x 17.8x 15.4x 13.8x CY2022 17.8x 19.1x 9.6x NM NM 13.1x 14.9x 155x 37.7x 77.1x 69.1 x 16.9x 10.9x 30.7x 12.7x 100x 15.0x 16.9x 29.7x 16.9x 17.7x 12.7x Growth Profile (CAGR) CY2019-CY 2021 EBITDA Revenue 2.9% 0.7% (0.2%) (23.0%) (6.0%) 6.7% (3.1%) 0.3% 30.9% 31.2% 40.7% 12.9% 1.4% 11.2% 9.9% 35.8% 24.4% 19.9% 21.8% 22.1% 7.9% 3.3% 6.0% (0.2%) (3.7%) (22.3%) (6.7%) 16.6% (1.7%) (2.0%) 138.5% 161.7% 107.6% 20.7% 101% (151.6%) 15.1% 77.2% 180.6% 83.6% 64.3% 80.4% 21.4% 2.9% Margin Profile EBITDA Margin CY2020 23.2% 16.4% 9.6% 3.6% 8.2% 21.3% 13.7% 13.0% 4.5% 0.2% (5.2%) 20.8% 24.0% (3.1%) 9.0% 12.8% 0.2% (10.8%) 5.2% 2.4% 7.8% 8.7% CY2021 24.0% 23.2% 15.4% 16.8% 16.2% 23.0% 19.8% 19.9% 3.5% 1.9% 1.3% 21.4% 30.8% (0.1%) 101% 12.1% 3.1% (3.5%) 8.1% 3.3% 14.3% 15.2%#37PLAYBOY 2020 37 Consolidated Adjusted Revenue Reconciliation GAAP to Model Revenue Reconciliations ($000s) GAAP Revenue Adjustments Coty Deferred Revenue Recognition Acceleration UMD Novation Payment Shanghai Changhe Deferred Revenue Recognition Acceleration Comcast Co-Op Marketing New Handong Pro Forma Revenue Other Adjusted Revenue $ +A Audited 2018 100,873 (22,127) (500) (10) 78,236 2019 Unaudited YTD 6/30/20 94,237 $ 59,324 (15,630) (400) 7 78,214 3,333 62,657#38PLAYBOY 2020 38 Consolidated Adjusted EBITDA Reconciliation GAAP to Model EBITDA Reconciliations ($000s) Net Income Adjustments Depreciation & Amortization Income Tax Expense/(Benefit) Interest Expense EBITDA Operating Adjustments Loss on Disposal of Assets Yandy Bargain Purchase Gain Extinguishment of Debt Investment Income Other, net Operating EBITDA Management Adjustments on Recurring Revenue Non Recurring Expenses Other, net Total Management Adjustments Adjusted EBITDA Adjusted EBITDA Margin (%) $ Audited 2018 1,683 4,043 2,262 9,211 17,199 3,741 4,037 (21) 1,208 26,164 (22,627) 8,008 2,003 (12,616) 13,548 17.3% $ 2019 Unaudited YTD 6/30/20 265 $ (7,341) 3,093 3,184 14,225 20,767 71 1,484 (225) 221 22,318 (16,030) 4,434 997 (10,599) 11,719 15.0% 1,352 2,080 6,656 2,747 (28) (7) 2,712 3,333 5,560 670 9,563 12,276 19.6%#39PLAYBOY 2020 39 Yandy Adjusted EBITDA Reconciliation Yandy Enterprises LLC EBITDA Reconciliations ($000s) GAAP Net Income Adjustments Interest Expense, net Management Fee Depreciation & Amortization EBITDA Adjustments Transaction Expenses Non Recurring Expenses Adjusted EBITDA Adjusted EBITDA Margin (%) Unaudited YTD 6/30/19 YTD 6/30/20 (2,445) $ 1,159 90 2,233 1,038 178 375 1,591 8.7% 551 272 823 3,267 4,090 16.3%#40PLAYBOY 2020 40 Consolidated Income Statement ($000's) Revenue Commerce Digital Legacy Business Total Revenue YOY Growth (%) Direct Costs Commerce Digital Legacy Business Total Direct Costs Gross Profit Gross Profit Margin (%) Operating Expenses Segment OPEX G&A EBIT Add back: D&A Adjusted EBITDA Adjusted EBITDA Margin (%) Note(s): These numbers do not include public company costs; historical financials are presented on management adjusted basis. * See slides 37 and 38 for non-GAAP to GAAP reconciliations. 2018A 45,401 $ 27,343 5,492 78,236 (2.0%) (9,757) $ (6,658) (10,627) (27,041) 51,195 65.4% (14,753) $ (26,936) 9,506 4,043 13,548 17.3% $ Actuals 2019A YTD 6/30/2020 51,549 22,552 4,113 78,214 $ (0.0%) $ 71.3% (8,384) $ (4,351) (9,681) (22,416) 55,798 (10,537) $ (36,635) 8,625 3,094 11,719 15.0% $ 50,819 10,387 1,452 62,657 (18,286) (2,290) (1,952) (22,528) 40,129 64.0% (11,443) (17,763) 10,923 1,353 12,276 19.6%#41PLAYBOY 2020 41 Consolidated Balance Sheet ($000's) Assets Current Assets Cash Restricted Cash Accounts Receivable Inventories Programming Costs Purchase of Assets of Yandy, LLC Prepaid Expenses and Other Current Assets Total Current Assets Long Term Assets Property and Equipment, Net Trademarks Goodwill Other Intangible Assets, Net Other Noncurrent Assets Total Long-Term Assets Total Assets Audited 2018A Unaudited 2019A 6/30/2020 $ 26,841 $ 26,903 $ 22,151 966 7,704 8,025 353 91 5,299 9,738 372 963 5,598 322 502 13,627 11,392 5,424 11,552 $ 48,438 $ 59,307 $ 50,078 $3,642 $ 5,783 $ 5,612 330,048 330,604 330,875 504 504 7,812 504 2,977 1,872 11,983 11,984 12,003 $349,154 $350,747 $ 356,806 397,592 410,054 406,884 Liabilities & Shareholders' Equity Current Liabilities Accounts Payable Payable to Related Party Accrued Salaries, Wages and Employee Benefits Current Portion of Deferred Revenues Current Portion of Long-Term Debt Current portion of Convertible Promissory Note Other Current Liabilities and Accrued Expenses Total Current Liabilities Long-Term Liabilities Long-Term Debt, Net of Current Portion Deferred Revenues, Net of Current Portion Deferred Tax Liabilities Convertible Promissory Notes Other Noncurrent Liabilities Total Long-Term Liabilities Total Liabilities Shareholders' Equity Total Liabilities & Shareholders' Equity Audited 2018A $ Unaudited 6,802 $ 7,593 $ 7,364 3,261 5 3,613 30,499 4,363 2,654 32,268 23,962 2,305 3,182 2,798 3,500 11,533 13,500 13,427 13,500 14,037 $ 55,726 $ 71,819 $ 72,621 2019A 6/30/2020 $ $152,595 $ 157,810 $157,379 14,047 13,762 72,726 72,726 10,000 886 $ 250,254 $305,980 91,612 397,592 410,054 576 $244,874 $ 316,693 $ 93,361 15,978 72,726 676 $ 246,759 $319,380 $ 87,504 406,884#42